EX-99.1 2 aearningsreleaseex9914q20.htm EX-99.1 Document

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TABLE OF CONTENTS




Forward-Looking Statements
Earnings Release
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Funds From Operations - Detail
Portfolio Statistics
Same Property Performance
Office Leasing Activity
Office Lease Expirations
Top 20 Office Tenants
Tenant Industry Diversification
Investment Activity
Land Inventory
Debt Schedule
Joint Venture Information
Non-GAAP Financial Measures - Calculations and Reconciliations
Non-GAAP Financial Measures - Discussion















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Cousins PropertiesQ4 2020 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, 2020. 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 the following: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets or changes in existing market concentrations; future changes in interest rates; and all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments, or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas where we have high concentrations of our lease revenues, including the impact of high unemployment, volatility in the public equity and debt markets, and international economic and other conditions; the impact of a public health crisis, including the COVID-19 pandemic, and the governmental and third-party response to such a crisis, which may affect our key personnel, our tenants, and the costs of operating our assets; the impact of social distancing, shelter-in-place, border closings, travel restrictions, remote work requirements, and similar governmental and private measures taken to combat the spread of a public health crisis on our operations and our tenants; sociopolitical unrest such as political instability, civil unrest, armed hostilities, or political activism which may result in a disruption of day-to-day building operations; changes to our strategy with regard to land and other non-core holdings that may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); cyber security breaches; changes in senior management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business; material changes in the rates, or the ability to pay, dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.
The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.
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Q4 2020 Supplemental Information
EARNINGS RELEASE

COUSINS PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS
Provides Initial 2021 Earnings Guidance
Highlights
•Net income was $0.07 per share for the quarter and $1.60 for the year.
•Funds from operations was $0.68 per share for the quarter and $2.78 for the year.
•Same property net operating income on a cash basis decreased 3.3% for the quarter and increased 0.7% for the year.
•Same property net operating income on a cash basis, adjusted for temporary COVID-19 payment deferrals and reduced parking income, increased 1.7% for the quarter and increased 4.5% for the year.
•Second generation net rent per square foot on a cash basis increased 8.9% for the quarter and increased 13.1% for the year.
•Executed 387,611 square feet of office leases during the quarter and 1,421,213 square feet during the year.
•Executed COVID-19 related rent deferral agreements representing 0.3% of annualized contractual rents during the quarter and 1.5% during the year.
•Collected 98.8% of rents, including 99.2% from office customers, during the quarter and collected 99.1% of rents, including 99.4% from office customers, in December.
•Acquired a 329,000 square foot creative office asset in the South End submarket of Charlotte known as The RailYard for $201 million.
•Acquired South End Station, a 3.4 acre parcel of land, and 303 Tremont, a 2.4 acre parcel of land, in the South End submarket of Charlotte, for a combined gross purchase price of $47 million.

ATLANTA (February 11, 2021) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2020.
“We took advantage of economic uncertainty during the fourth quarter and made several significant investments in Charlotte that will provide a solid foundation for growth in that dynamic city for years to come,” said Colin Connolly, president and chief executive officer of Cousins Properties. “While the COVID-19 pandemic will likely continue to impact the office industry through the first half of 2021, we remain confident in the long-term power of our Sun Belt strategy and firmly believe additional compelling investment opportunities will emerge that will allow us to take advantage of our unique operating platform and best-in-class balance sheet to create substantial value for our shareholders.”






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Q4 2020 Supplemental Information
EARNINGS RELEASE


Financial Results
Net income available to common stockholders was $11.1 million, or $0.07 per share, for the fourth quarter of 2020, compared with net income available to common stockholders of $117.1 million, or $0.80 per share, for the fourth quarter of 2019. Net income available to common stockholders was $237.3 million, or $1.60 per share, for the year ended December 31, 2020, compared with $150.4 million, or $1.17 per share, for the year ended December 31, 2019.
Funds From Operations ("FFO") was $100.6 million, or $0.68 per share, for the fourth quarter of 2020, compared with $106.2 million, or $0.72 per share for the fourth quarter of 2019. FFO was $413.2 million, or $2.78 per share, for the year ended December 31, 2020, compared with $328.8 million, or $2.53 per share, for the year ended December 31, 2019.
Variances in net income and FFO were significantly impacted by transaction costs associated with the Company's 2019 merger with TIER REIT, Inc.

2021 Guidance
For the year ending December 31, 2021, the Company expects to report net income in the range of $0.83 to $0.93 per share and FFO in the range of $2.76 to $2.86 per share. This guidance does not include any property acquisitions, property dispositions, or development starts during 2021. In addition, this guidance assumes physical occupancy remains significantly below normalized levels until the second half of 2021. The Company anticipates providing additional assumptions behind its earnings guidance as the year progresses.
The above guidance reflects management’s current plans and assumptions as of the date of this report, including those related to the pace and strength of recovery from the COVID-19 pandemic, 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 12, 2021, to discuss the results of the quarter and year ended December 31, 2020. 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 10151322. The playback can also be accessed on the Company's website.
Acting through its operating partnership, Cousins Properties LP, Cousins Properties is a leading fully-integrated real estate investment trust (REIT) with extensive experience in development, acquisition, financing, management, and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use properties in Sunbelt markets.
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Q4 2020 Supplemental Information
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31, 2020December 31, 2019
Assets:(unaudited) 
Real estate assets:  
Operating properties, net of accumulated depreciation of $803,073 and $577,139 in 2020 and 2019, respectively$6,232,546 $5,669,324 
Projects under development57,389 410,097 
Land162,406 116,860 
6,452,341 6,196,281 
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $14,188 and $61,093 in 2020 and 2019, respectively125,746 360,582 
Cash and cash equivalents4,290 15,603 
Restricted cash1,848 2,005 
Notes and accounts receivable20,248 23,680 
Deferred rents receivable138,341 102,314 
Investment in unconsolidated joint ventures125,481 133,884 
Intangible assets, net189,164 257,649 
Other assets49,939 59,449 
Total assets$7,107,398 $7,151,447 
Liabilities:
Notes payable$2,162,719 $2,222,975 
Accounts payable and accrued expenses186,267 209,904 
Deferred income62,319 52,269 
Intangible liabilities, net of accumulated amortization of $73,967 and $55,798 in 2020 and 2019, respectively69,846 83,105 
Other liabilities118,103 134,128 
Liabilities of real estate assets held for sale, net of accumulated amortization of $1,205 and $7,771 in 2020 and 2019, respectively12,606 21,231 
Total liabilities2,611,860 2,723,612 
Commitments and contingencies
Equity:
  Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 1,716,837 shares issued and outstanding in 2019; no shares were issued or outstanding in 2020— 1,717 
Common stock, $1 par value, 300,000,000 shares authorized, and 151,149,289 and 149,347,382 shares issued and outstanding in 2020 and 2019, respectively151,149 149,347 
Additional paid-in capital5,542,762 5,493,883 
Treasury stock at cost, 2,584,933 shares in 2020 and 2019(148,473)(148,473)
Distributions in excess of cumulative net income(1,078,304)(1,137,200)
Total stockholders' investment4,467,134 4,359,274 
Nonredeemable noncontrolling interests28,404 68,561 
Total equity4,495,538 4,427,835 
Total liabilities and equity$7,107,398 $7,151,447 
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Q4 2020 Supplemental Information
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in thousands, except per share amounts)
Three Months Ended December 31,Year Ended December 31,
 2020201920202019
Revenues:   
Rental property revenues$178,631 $189,127 $721,883 $628,751 
Fee income4,454 5,220 18,226 28,518 
Other62 92 231 246 
 183,147 194,439 740,340 657,515 
Expenses:
Rental property operating expenses61,847 66,308 250,850 222,146 
Reimbursed expenses364 735 1,580 4,004 
General and administrative expenses7,181 11,321 27,034 37,007 
Interest expense15,650 16,384 60,605 53,963 
Impairment (1)14,829 — 14,829 — 
Depreciation and amortization72,668 78,372 288,648 257,149 
Transaction costs— 2,003 428 52,881 
Other250 8 2,091 1,109 
 172,789 175,131 646,065 628,259 
Income from unconsolidated joint ventures1,196 2,887 7,947 12,666 
Gain (loss) on sales of investments in unconsolidated joint ventures(173)— 45,767 — 
Gain (loss) on investment property transactions(67)96,373 90,125 110,761 
Net income11,314 118,568 238,114 152,683 
Net income attributable to noncontrolling interests(195)(1,456)(836)(2,265)
Net income available to common stockholders$11,119 $117,112 $237,278 $150,418 
Net income per common share — basic and diluted$0.07 $0.80 $1.60 $1.17 
Weighted average shares — basic148,564 146,762 148,277 128,060 
Weighted average shares — diluted148,669 148,534 148,636 129,831 
(1)
Impairment relates to Burnett Plaza in Fort Worth, Texas, which is held for sale as of December 31, 2020.
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Q4 2020 Supplemental Information
KEY PERFORMANCE METRICS
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Property Statistics
Consolidated Operating Properties2324333334343232323333
Consolidated Rentable Square Feet (in thousands)12,20312,57318,37218,37219,59919,59918,24918,24918,24518,89718,897
Unconsolidated Operating Properties
45554433333
Unconsolidated Rentable Square Feet (in thousands)
3,1133,3943,3943,3942,1682,1681,1071,1071,1071,1071,107
Total Operating Properties2729383838383535353636
Total Rentable Square Feet (in thousands)15,31615,96721,76621,76621,76721,76719,35619,35619,35220,00420,004
Office Leasing Activity (1)
Net Leased during the Period (square feet in thousands)1,5976821,0897415623,0744763032553871,421
Net Effective Rent Calculation (per square foot)
Net Rent$31.01$27.86$29.34$33.66$31.38$30.43$34.88$33.54$26.63$31.54$32.20
Net Free Rent(0.85)(0.49)(0.52)(0.64)(1.01)(0.63)(1.92)(0.92)(1.23)(1.16)(1.38)
Leasing Commissions
(2.41)(1.13)(2.34)(2.86)(2.84)(2.29)(2.68)(3.02)(2.37)(2.20)(2.57)
Tenant Improvements
(4.40)(1.74)(4.69)(3.13)(4.89)(3.69)(5.27)(4.17)(1.57)(2.99)(3.75)
Leasing Costs(7.66)(3.36)(7.55)(6.63)(8.74)(6.61)(9.87)(8.11)(5.17)(6.35)(7.70)
Net Effective Rent$23.35$24.50$21.79$27.03$22.64$23.82$25.01$25.43$21.46$25.19$24.50
Change in Second Generation Net Rent32.5 %22.8 %21.5 %17.2 %25.5 %21.3 %26.9 %31.8 %24.7 %24.7 %27.2 %
Change in Cash-Basis Second Generation Net Rent13.2 %7.1 %4.9 %8.1 %12.6 %7.7 %14.3 %20.6 %8.9 %8.9 %13.1 %
Same Property Information (2)
Percent Leased (period end)94.5 %94.4 %93.9 %93.7 %94.6 %94.6 %94.8 %94.4 %93.6 %92.7 %92.7 %
Weighted Average Occupancy 91.9 %92.0 %91.8 %90.9 %91.1 %91.8 %91.4 %91.5 %91.9 %92.4 %91.8 %
Change in Net Operating Income (over prior year period)
2.1 %4.3 %4.5 %0.3 %1.4 %2.6 %3.2 %(2.4)%(0.4)%(2.3)%(0.5)%
Change in Cash-Basis Net Operating Income (over prior year period)
4.7 %4.0 %5.5 %2.9 %6.0 %4.8 %11.4 %(1.6)%(3.0)%(3.3)%0.7 %
Development Pipeline (3)
Estimated Project Costs (in thousands)$245,900$199,900$427,900$427,900$565,600$565,600$565,600$565,600$566,400$449,400$449,400
Estimated Project Costs/ Total Undepreciated Assets4.7 %3.8 %5.5 %5.4 %6.9 %6.9 %7.1 %7.0 %7.0 %5.4 %5.4 %
Market Capitalization (4)
Common Stock Price (period end)$31.60$38.64$36.17$37.59$41.20$41.20$29.27$29.83$28.59$33.50$33.50
Common Stock/Units Outstanding (period end in thousands)106,840106,890148,507148,506148,506148,506148,565148,593148,589148,589148,589
Equity Market Capitalization (in thousands)$3,376,144$4,130,230$5,371,498$5,582,341$6,118,447$6,118,447$4,348,498$4,432,529$4,248,160$4,977,732$4,977,732
Debt (in thousands)1,234,0161,287,1642,007,6632,023,1362,305,4942,305,4942,036,9552,038,2712,042,1612,277,7592,277,759
Total Market Capitalization (in thousands)$4,610,152$5,417,403$7,379,161$7,605,477$8,423,941$8,423,941$6,385,453$6,470,800$6,290,321$7,255,491$7,255,491
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Q4 2020 Supplemental Information
KEY PERFORMANCE METRICS
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Credit Ratios (4)
Net Debt/Total Market Capitalization26.5 %23.4 %26.8 %26.2 %27.1 %27.1 %29.8 %30.9 %31.7 %31.2 %31.2 %
Net Debt/Total Undepreciated Assets24.0 %24.1 %25.5 %25.2 %27.8 %27.8 %24.0 %24.9 %24.6 %27.0 %27.0 %
Net Debt/Annualized Adjusted EBITDAre (5)
3.643.265.154.024.554.553.664.444.244.844.84
Fixed Charges Coverage (Adjusted EBITDAre)
5.466.085.586.215.915.956.286.045.955.746.00
Dividend Information (4)
Common Dividend per Share$1.04$0.29$0.29$0.29$0.29$1.16$0.30$0.30$0.30$0.30$1.20
Funds From Operations (FFO) Payout Ratio before Transaction Costs40.8 %36.1 %52.1 %39.7 %39.3 %41.4 %39.4 %45.5 %43.7 %44.3 %43.1 %
Funds Available for Distribution (FAD) Payout Ratio61.2 %56.4 %131.6 %53.9 %60.8 %67.2 %59.7 %77.4 %65.0 %76.4 %68.5 %
Operations Ratio (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets
0.43 %0.87 %0.43 %0.30 %0.55 %0.45 %0.28 %0.43 %0.28 %0.34 %0.32 %
Additional Information (4) (in thousands, except per square foot amounts)
In-Place Gross Rent (per square foot) (6)$36.41$36.95$36.98$37.26$37.44$37.44$39.29$39.48$39.72$40.26$40.26
Straight Line Rental Revenue
$26,017$8,732$6,068$6,522$8,123$29,445$9,895$11,238$13,054$8,394$42,581
Below Market Rents Amortization, net$6,877$1,670$1,981$3,042$2,846$9,539$2,808$2,737$2,534$2,523$10,602
Second Generation Capital Expenditures
$56,667$8,074$40,604$18,946$23,085$90,709$23,817$25,716$17,718$30,624$97,875

(1)See Office Leasing Activity on page 20 for additional detail and explanations.
(2)
Same Property Information is derived from the pool of office properties, as defined, in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 32 for additional information.
(3)Cousins' share of estimated project costs. See Development Pipeline on page 26 for additional detail.
(4)See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(5)
Given the timing of the closing of the TIER merger, the actual calculation of this ratio was temporarily high for the second quarter of 2019 and decreased when a full quarter of TIER operations were included in EBITDAre. Second quarter 2019 EBITDAre, annualized for the calculation, included 17 days of Legacy TIER operations while the total impact of the TIER transaction was included in net debt as of June 30, 2019.
(6)In-place gross rent equals the annualized cash basis base rent including tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.



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Q4 2020 Supplemental Information
KEY PERFORMANCE METRICS

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    (1) Office properties only.
    
    
    Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.
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Q4 2020 Supplemental Information
FUNDS FROM OPERATIONS - SUMMARY (1)
(amounts in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Net Operating Income$326,063 $87,731 $97,417 $120,642 $126,000 $431,790 $127,782 $117,132 $120,016 $121,104 $486,034 
Gain (loss) on Sales of Undepreciated Investment Properties3,291 13,132 1,337 21 3,692 18,182 1,335 — — (723)612 
Fee Income10,089 8,728 7,075 7,495 5,220 28,518 4,732 4,689 4,351 4,454 18,226 
Other Income3,678 748 306 3,671 3,136 7,861 2,994 726 406 199 4,325 
Reimbursed Expenses(3,782)(932)(1,047)(1,290)(735)(4,004)(521)(322)(373)(364)(1,580)
General and Administrative Expenses(22,040)(11,460)(8,374)(5,852)(11,321)(37,007)(5,652)(8,543)(5,658)(7,181)(27,034)
Interest Expense(45,886)(12,574)(13,692)(16,377)(17,058)(59,701)(16,554)(14,543)(15,497)(16,082)(62,676)
Other Expenses(1,642)(404)(50,699)(1,658)(2,286)(55,047)(1,188)(1,007)(1,113)(664)(3,972)
Depreciation and Amortization of Non-Real Estate Assets(1,872)(456)(454)(443)(446)(1,799)(207)(173)(154)(154)(688)
FFO (1)$267,899 $84,513 $31,869 $106,209 $106,202 $328,793 $112,721 $97,959 $101,978 $100,589 $413,247 
Weighted Average Shares - Diluted106,868 106,901 114,670 148,530 148,534 129,831 148,561 148,580 148,606 148,669 148,636 
FFO per Share (1)$2.51 $0.79 $0.28 $0.72 $0.72 $2.53 $0.76 $0.66 $0.69 $0.68 $2.78 

     (1) See pages 32 and 35 for reconciliations of Funds From Operations to net income available to common shareholders.
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Q4 2020 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)


(amounts in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Net Operating Income
Consolidated Properties
The Domain (2) $— $— $1,881 $8,926 $9,138 $19,945 $9,068 $9,899 $11,053 $11,701 $41,721 
Spring & 8th (2)21,450 7,218 7,385 7,392 7,374 29,369 7,351 7,255 7,340 7,286 29,232 
Terminus (2) (3)— — — — 7,330 7,330 6,949 6,899 7,227 6,620 27,695 
Northpark (2)24,418 6,463 6,039 6,521 6,249 25,272 6,916 6,983 7,087 6,682 27,668 
Corporate Center (2)23,946 6,386 6,785 6,619 6,694 26,484 6,157 5,928 6,113 7,199 25,397 
Hayden Ferry (2)23,465 5,945 6,154 5,721 6,118 23,938 6,321 5,676 6,069 6,280 24,346 
One South at the Plaza (fka Bank of America Plaza) (2)— — 933 5,103 4,569 10,605 5,323 5,028 5,191 4,478 20,020 
Fifth Third Center19,130 4,735 4,503 4,408 4,347 17,993 4,573 4,791 4,643 4,347 18,354 
BriarLake Plaza (2)— — 852 4,623 4,742 10,217 4,681 4,367 4,359 4,697 18,104 
One Eleven Congress16,218 4,446 4,515 4,203 4,215 17,379 4,396 4,496 4,565 4,573 18,030 
Promenade16,502 4,788 4,708 4,353 4,510 18,359 4,506 3,950 4,256 4,101 16,813 
The Terrace (2)— — 749 3,617 3,945 8,311 3,988 3,998 4,003 4,152 16,141 
3344 Peachtree12,182 3,142 3,328 3,345 3,488 13,303 5,267 2,966 3,352 3,498 15,083 
San Jacinto Center14,652 3,665 3,679 3,637 3,612 14,593 3,617 4,290 3,745 3,314 14,966 
Burnett Plaza— — 710 3,556 3,963 8,229 3,631 3,649 3,725 3,158 14,163 
Colorado Tower13,773 3,480 3,483 3,502 3,526 13,991 3,350 3,303 3,055 2,640 12,348 
Buckhead Plaza (2)16,851 4,047 3,968 3,765 3,299 15,079 3,617 2,783 2,984 2,894 12,278 
NASCAR Plaza10,334 2,538 2,494 2,586 2,682 10,300 2,750 2,655 2,845 2,470 10,720 
816 Congress11,656 3,290 2,879 2,969 2,709 11,847 2,636 2,754 2,645 2,587 10,622 
3350 Peachtree7,633 2,011 2,345 2,329 2,272 8,957 2,450 2,849 2,162 2,190 9,651 
Legacy Union One— — 450 2,360 2,347 5,157 2,400 2,396 2,390 2,399 9,585 
1200 Peachtree— 775 2,318 2,332 2,266 7,691 2,332 2,318 2,371 2,319 9,340 
Tempe Gateway7,934 2,165 1,757 1,785 2,043 7,750 2,084 1,835 1,827 1,770 7,516 
8000 Avalon5,432 1,714 1,916 1,899 1,879 7,408 1,759 1,867 1,856 1,721 7,203 
Domain Point (2)— — 348 1,571 1,139 3,058 1,187 1,435 1,482 1,640 5,744 
111 West Rio5,477 1,381 1,380 1,407 1,391 5,559 1,388 1,411 1,309 1,389 5,497 
3348 Peachtree5,720 1,527 1,499 1,598 1,543 6,167 1,502 1,309 1,308 1,341 5,460 
5950 Sherry Lane— — 220 1,056 1,040 2,316 1,239 1,184 1,298 1,280 5,001 
The Pointe4,815 1,255 1,235 1,260 1,339 5,089 1,192 1,230 1,254 1,076 4,752 
Meridian Mark Plaza3,849 1,018 1,163 1,104 1,085 4,370 1,067 846 1,129 1,117 4,159 
Research Park V4,066 1,031 1,023 1,006 1,027 4,087 1,029 1,029 1,055 1,012 4,125 
Harborview Plaza1,753 346 553 431 683 2,013 795 840 863 793 3,291 
The RailYard— — — — — — — — — 929 929 
Other (4) 25,919 6,492 6,786 6,621 7,312 27,211 6,226 720 1,247 3,051 11,244 
Subtotal - Consolidated297,175 79,858 88,038 111,605 119,876 399,377 121,747 112,939 115,808 116,704 467,198 
Cousins Properties
12
Q4 2020 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)


(amounts in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Unconsolidated Properties (5)
Dimensional Place— 206 1,770 1,912 1,873 5,761 1,900 1,955 1,964 1,840 7,659 
Carolina Square (2)3,823 1,097 1,053 1,009 1,208 4,367 1,255 1,210 1,163 1,312 4,940 
Emory University Hospital Midtown4,024 1,027 1,036 1,072 1,104 4,239 1,078 962 1,080 1,090 4,210 
Terminus (2) (3)13,501 3,670 3,662 3,216 — 10,548 — — — — — 
Other (4)7,540 1,873 1,858 1,828 1,939 7,498 1,802 66 1 158 2,027 
Subtotal - Unconsolidated28,888 7,873 9,379 9,037 6,124 32,413 6,035 4,193 4,208 4,400 18,836 
Total Net Operating Income (1)326,063 87,731 97,417 120,642 126,000 431,790 127,782 117,132 120,016 121,104 486,034 
Gain on Sales of Undepreciated Investment Properties
Sales Less Cost of Sales - Consolidated512 13,132 1,337 21 3,692 18,182 — — — — — 
Sales Less Cost of Sales - Unconsolidated (5)2,779 — — — — — 1,335 — — (723)612 
Total Gain on Sales of Undepreciated Investment Properties3,291 13,132 1,337 21 3,692 18,182 1,335 — — (723)612 
Fee Income
Development Fees2,935 7,022 5,112 5,670 4,254 22,058 3,835 3,846 3,804 3,849 15,334 
Management Fees (6)5,911 1,379 1,548 1,824 966 5,717 762 843 546 605 2,756 
Leasing & Other Fees1,243 327 415 1 — 743 135 — 1 — 136 
Total Fee Income10,089 8,728 7,075 7,495 5,220 28,518 4,732 4,689 4,351 4,454 18,226 
Other Income
Termination Fees1,548 520 190 3,575 2,942 7,227 2,844 539 372 79 3,834 
Termination Fees - Unconsolidated (5)— 3 4 9 — 16 1 2 5 1 9 
Interest and Other Income1,722 140 11 3 92 246 37 126 6 62 231 
Interest and Other Income - Unconsolidated (5)315 85 101 84 102 372 112 59 23 57 251 
Gain on Extinguishment of Debt93 — — — — — — — — — — 
Total Other Income3,678 748 306 3,671 3,136 7,861 2,994 726 406 199 4,325 
Total Fee and Other Income13,767 9,476 7,381 11,166 8,356 36,379 7,726 5,415 4,757 4,653 22,551 
Reimbursed Expenses(3,782)(932)(1,047)(1,290)(735)(4,004)(521)(322)(373)(364)(1,580)
General and Administrative Expenses(22,040)(11,460)(8,374)(5,852)(11,321)(37,007)(5,652)(8,543)(5,658)(7,181)(27,034)
Interest Expense
Consolidated Debt
2019 Senior Notes, Unsecured ($275M)— — (366)(2,744)(2,743)(5,853)(2,744)(2,744)(2,743)(2,744)(10,975)
2017 Senior Notes, Unsecured ($250M)(9,958)(2,490)(2,489)(2,490)(2,489)(9,958)(2,489)(2,490)(2,490)(2,489)(9,958)
2019 Senior Notes, Unsecured ($250M)— — (326)(2,440)(2,441)(5,207)(2,441)(2,441)(2,441)(2,441)(9,764)
Terminus (2) (3)— — — — (1,540)(1,540)(1,526)(1,511)(1,497)(1,482)(6,016)
Credit Facility, Unsecured (3,023)(1,289)(1,705)(1,628)(2,703)(7,325)(3,081)(773)(827)(1,087)(5,768)
Term Loan, Unsecured(8,495)(2,422)(2,421)(2,302)(2,049)(9,194)(1,891)(1,190)(994)(981)(5,056)
2019 Senior Notes, Unsecured ($125M)— — (160)(1,197)(1,197)(2,554)(1,197)(1,197)(1,198)(1,197)(4,789)
Fifth Third Center(4,951)(1,221)(1,215)(1,208)(1,202)(4,846)(1,194)(1,188)(1,181)(1,174)(4,737)
2017 Senior Notes, Unsecured ($100M)(4,145)(1,036)(1,037)(1,036)(1,036)(4,145)(1,036)(1,037)(1,036)(1,036)(4,145)
Colorado Tower(4,233)(1,051)(1,046)(1,040)(1,036)(4,173)(1,030)(1,026)(1,020)(1,015)(4,091)
Promenade(4,360)(1,069)(1,060)(1,052)(1,043)(4,224)(1,034)(1,025)(1,016)(1,006)(4,081)
Cousins Properties
13
Q4 2020 Supplemental Information
FUNDS FROM OPERATIONS - DETAIL (1)


(amounts in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
816 Congress(3,173)(784)(779)(776)(772)(3,111)(768)(763)(760)(755)(3,046)
Legacy Union One— — (98)(536)(535)(1,169)(528)(527)(536)(536)(2,127)
Other (4)(1,994)(473)(473)(469)(468)(1,883)(254)(40)(41)(41)(376)
Capitalized (7)4,902 1,015 1,116 4,218 4,870 11,219 5,309 3,959 2,722 2,334 14,324 
Subtotal - Consolidated (39,430)(10,820)(12,059)(14,700)(16,384)(53,963)(15,904)(13,993)(15,058)(15,650)(60,605)
Unconsolidated Debt (5)
Emory University Hospital Midtown(1,257)(310)(308)(307)(304)(1,229)(303)(301)(301)(297)(1,202)
Carolina Square (2)(1,223)(406)(420)(409)(370)(1,605)(347)(249)(138)(135)(869)
Terminus (2) (3)(3,976)(1,038)(905)(961)— (2,904)— — — — — 
Subtotal - Unconsolidated (6,456)(1,754)(1,633)(1,677)(674)(5,738)(650)(550)(439)(432)(2,071)
Total Interest Expense(45,886)(12,574)(13,692)(16,377)(17,058)(59,701)(16,554)(14,543)(15,497)(16,082)(62,676)
Other Expenses
Severance (60)(23)(23)(84)(24)(154)(51)(17)— (1)(69)
Partners' Share of FFO in Consolidated Joint Ventures(558)(171)(192)(249)(221)(833)(213)(342)(343)(365)(1,263)
Property Taxes and Other Holding Costs(583)(184)(209)(392)(290)(1,075)(356)(380)(353)(74)(1,163)
Loss on Extinguishment of Debt(85)— — — — — — — — — — 
Income Tax Expense— — (242)242 298 298 (50)50 — — — 
Predevelopment & Other Costs(108)(23)(206)(127)(46)(402)(153)(255)(417)(224)(1,049)
Transaction Costs(248)(3)(49,827)(1,048)(2,003)(52,881)(365)(63)— — (428)
Total Other Expenses(1,642)(404)(50,699)(1,658)(2,286)(55,047)(1,188)(1,007)(1,113)(664)(3,972)
Depreciation and Amortization of Non-Real Estate Assets(1,872)(456)(454)(443)(446)(1,799)(207)(173)(154)(154)(688)
FFO (1)$267,899 $84,513 $31,869 $106,209 $106,202 $328,793 $112,721 $97,959 $101,978 $100,589 $413,247 
Weighted Average Shares - Diluted106,868 106,901 114,670 148,530 148,534 129,831 148,561 148,580 148,606 148,669 148,636 
FFO per Share (1)$2.51 $0.79 $0.28 $0.72 $0.72 $2.53 $0.76 $0.66 $0.69 $0.68 $2.78 
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 32.
(2) Contains multiple buildings that are grouped together for reporting purposes.
(3) On October 1, 2019, the Company purchased its partner's 50% interest in Terminus Office Holdings LLC.
(4) Primarily represents properties sold and loans repaid prior to December 31, 2020 that are not considered discontinued operations. The Company sold the Hearst Tower and Woodcrest operating
      properties and its interest in the Gateway Village unconsolidated joint venture in the first quarter of 2020. Includes preliminary operational activity at 10000 Avalon, 120 West Trinity and
      Domain 10, which are in the final stages of development and not yet stabilized.
(5) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category multiplied by the Company's ownership interest. The Company does not control
the operations of the unconsolidated joint ventures, but believes including these amounts in the categories indicated is meaningful to investors and analysts.
(6) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.
(7) Amounts of interest expense related to consolidated debt that is capitalized to consolidated development projects and equity in unconsolidated development projects.
Cousins Properties
14
Q4 2020 Supplemental Information
PORTFOLIO STATISTICS
Office PropertiesRentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (1)% of Total
Net Operating
Income (2)		Property Level Debt ($000) (3)
4Q203Q204Q203Q20
Spring & 8th (4)765,000 Consolidated100%100.0%100.0%100.0%100.0%6.2%$— 
Terminus (4) (5)1,226,000 Consolidated100%85.1%83.0%81.7%83.2%5.7%195,489 
Northpark (4)1,539,000 Consolidated100%90.9%92.2%91.5%91.9%5.7%— 
Promenade777,000 Consolidated100%89.6%90.4%90.8%90.5%3.5%92,492 
3344 Peachtree484,000 Consolidated100%95.3%95.3%91.4%88.9%3.0%— 
Buckhead Plaza (4)666,000 Consolidated100%73.2%73.8%70.9%71.7%2.5%— 
1200 Peachtree (5)370,000 Consolidated100%100.0%100.0%100.0%100.0%2.0%— 
3350 Peachtree413,000 Consolidated100%95.2%95.2%95.2%95.2%1.9%— 
8000 Avalon229,000 Consolidated90%97.8%97.8%97.8%97.8%1.5%— 
3348 Peachtree258,000 Consolidated100%91.0%91.0%90.8%91.0%1.1%— 
Meridian Mark Plaza160,000 Consolidated100%100.0%100.0%100.0%100.0%1.0%— 
Emory University Hospital Midtown358,000 Unconsolidated50%98.6%98.6%98.6%97.7%0.9%33,098
ATLANTA7,245,000 90.7%90.7%89.9%90.1%35.0%321,079 
The Domain (4) (5)1,603,000 Consolidated100%100.0%100.0%95.8%94.8%10.0%— 
One Eleven Congress519,000 Consolidated100%87.6%91.8%91.1%90.1%3.9%— 
The Terrace (4) (5)619,000 Consolidated100%90.6%88.8%87.4%85.7%3.6%— 
San Jacinto Center399,000 Consolidated100%93.9%96.5%94.4%96.5%2.8%— 
Colorado Tower373,000 Consolidated100%99.1%99.1%86.0%92.1%2.3%114,114 
816 Congress435,000 Consolidated100%83.9%85.0%84.6%85.8%2.2%77,917 
Domain Point (4) (5)243,000 Consolidated96.5%90.6%90.6%90.6%90.6%1.4%— 
Research Park V173,000 Consolidated100%97.1%97.1%97.1%97.1%0.9%— 
AUSTIN4,364,000 94.3%94.5%91.8%91.6%27.1%192,031 
Fifth Third Center692,000 Consolidated100%99.5%99.6%99.5%99.8%3.7%136,676 
One South at the Plaza
(fka Bank of America Plaza) (5)		891,000 Consolidated100%58.0%76.9%76.3%79.9%3.8%— 
NASCAR Plaza394,000 Consolidated100%99.4%99.4%99.6%99.6%2.1%— 
Dimensional Place (5)281,000 Unconsolidated50%95.6%95.6%95.6%95.6%1.6%— 
The RailYard (5)329,000 Consolidated100%96.8%—%96.8%—%—%— 
CHARLOTTE2,587,000 83.8%89.7%90.5%91.1%11.2%136,676 
Hayden Ferry (4)792,000 Consolidated100%97.9%98.2%97.6%94.4%5.3%— 
Tempe Gateway264,000 Consolidated100%78.1%89.3%81.5%94.8%1.4%— 
111 West Rio225,000 Consolidated100%100.0%100.0%100.0%100.0%1.2%— 
PHOENIX1,281,000 94.2%96.7%94.7%95.4%7.9%— 
Corporate Center (4)1,227,000 Consolidated100%97.0%97.1%96.5%89.0%6.2%— 
The Pointe253,000 Consolidated100%89.6%91.4%90.6%91.4%0.9%— 
Harborview Plaza205,000 Consolidated100%76.3%76.3%76.3%76.3%0.7%— 
TAMPA1,685,000 93.4%93.7%93.1%87.8%7.8%— 
Continued on next page
Cousins Properties
15
Q4 2020 Supplemental Information
PORTFOLIO STATISTICS
Office PropertiesRentable Square FeetFinancial Statement PresentationCompany's Ownership InterestEnd of Period LeasedWeighted Average Occupancy (1)% of Total
Net Operating
Income (2)		Property Level Debt ($000) (3)
4Q203Q204Q203Q20
Legacy Union One (5)319,000 Consolidated100%100.0%100.0%100.0%100.0%2.1%67,437 
5950 Sherry Lane (5)197,000 Consolidated100%85.6%93.1%87.8%91.8%1.0%— 
DALLAS516,000 94.5%97.4%95.3%96.9%3.1%67,437 
BriarLake Plaza - Houston (4) (5)835,000 Consolidated100%84.9%84.1%84.1%84.1%4.0%— 
Burnett Plaza - Fort Worth (5)1,023,000 Consolidated100%86.1%87.2%78.7%88.0%2.7%— 
Carolina Square - Chapel Hill158,000 Unconsolidated50%94.5%94.5%94.5%94.1%0.4%13,004 
OTHER OFFICE2,016,000 85.9%86.2%81.7%86.6%7.1%13,004 
TOTAL OFFICE19,694,000 90.7%91.8%90.3%90.5%99.2%$730,227 
Other Properties
Carolina Square Apartment - Chapel Hill (246 units) (5)266,000 Unconsolidated50%100.0%100.0%100.0%98.1%0.7%21,892 
Carolina Square Retail - Chapel Hill44,000 Unconsolidated50%89.8%89.8%89.8%89.8%0.1%3,621 
TOTAL OTHER310,000 98.6%98.6%98.6%96.9%0.8%$25,513 
TOTAL20,004,000 90.8%91.9%90.4%90.6%100.0%$755,740 
(1)The weighted average economic occupancy of the property over the period for which the property was available for occupancy.
(2)
The Company's share of net operating income from stabilized properties for the three months ended December 31, 2020.
(3)
The Company's share of property specific mortgage debt, including premiums and net of unamortized loan costs, as of December 31, 2020.
(4)Contains two or more buildings that are grouped together for reporting purposes.
(5)
Not included in Same Property as of December 31, 2020.
Cousins Properties
16
Q4 2020 Supplemental Information
PORTFOLIO STATISTICS
chart-a5492c62c408479b9d71a.jpg
Cousins Properties
17
Q4 2020 Supplemental Information
SAME PROPERTY PERFORMANCE (1)

($ in thousands)
Three Months Ended December 31,
20202019% Change
Rental Property Revenues (2)$110,171 $113,978 (3.3)%
Rental Property Operating Expenses (2)38,330 40,442 (5.2)%
Same Property Net Operating Income$71,841 $73,536 (2.3)%
Cash-Basis Rental Property Revenues (3)$103,913 $108,255 (4.0)%
Cash-Basis Rental Property Operating Expenses (4)38,174 40,277 (5.2)%
Cash-Basis Same Property Net Operating Income$65,739 $67,978 (3.3)%
Add: Payment Deferrals (5)794 — 100.0 %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (5)$66,533 $67,978 (2.1)%
Less: Parking Net Operating Income(5,121)(7,610)(32.7)%
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking (6)$61,412 $60,368 1.7 %
End of Period Leased92.7 %94.5 %
Weighted Average Occupancy92.4 %91.3 %
Year Ended December 31,
20202019% Change
Rental Property Revenues (2)$449,241 $460,640 (2.5)%
Rental Property Operating Expenses (2)155,891 165,832 (6.0)%
Same Property Net Operating Income$293,350 $294,808 (0.5)%
Cash-Basis Rental Property Revenues (3)$423,737 $431,747 (1.9)%
Cash-Basis Rental Property Operating Expenses (4)155,243 165,175 (6.0)%
Cash-Basis Same Property Net Operating Income$268,494 $266,572 0.7 %
Add: Payment Deferrals (5)2,691 — 100.0 %
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (5)$271,185 $266,572 1.7 %
Less: Parking Net Operating Income(24,116)(30,125)(19.9)%
Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking (6)$247,069 $236,447 4.5 %
Weighted Average Occupancy91.8 %91.8 %

See next page for footnotes



Cousins Properties
18
Q4 2020 Supplemental Information
SAME PROPERTY PERFORMANCE (1)


(1)Same Properties include those office properties that were fully operational and owned by the Company for the entirety of the comparable reporting periods. See Portfolio Statistics beginning on page 15 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 32.
(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, amortization of lease inducements, and amortization of acquired above and below market rents.
(4)Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
(5)
As a result of the COVID-19 pandemic, the Company has entered into lease amendments with certain tenants to provide payment deferrals without lease extensions. Management believes that Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals (net of any repayments made) provides analysts and investors with useful information related to the Company's core operations before the impact of certain lease amendments with tenants who have experienced disruptions in their business as a result of the COVID-19 pandemic and allows for comparability of the results of its operations with other real estate companies.
(6)Cash-Basis Same Property Net Operating Income Adjusted for Payment Deferrals and Parking represents Cash-Basis Net Operating Income Adjusted for Payment Deferrals before parking net operating income and is intended to provide analysts and investors with useful information related to the Company's core operations before the impact of significant changes in physical occupancy at the Company's properties as a result of the COVID-19 pandemic, which is materially impacting parking net operating income.
Cousins Properties
19
Q4 2020 Supplemental Information
OFFICE LEASING ACTIVITY(1)

Three Months Ended December 31, 2020Year Ended December 31, 2020
NewRenewalExpansionTotalNewRenewalExpansionTotal
 Gross leased (square feet) 571,1932,845,979
 Less exclusions (2)(183,582)(1,424,766)
 Net leased (square feet) 22,847 334,572 30,192 387,611416,657864,892139,6641,421,213
 Number of transactions 6 12 3 21325514101
 Lease term (years) (3) 6.4 6.5 7.1 6.68.56.27.47.0
 Net effective rent calculation (per square foot per year) (3)
      Net annualized rent (4) $30.06 $31.91 $28.62 $31.54 $38.86 $29.33 $30.13 $32.20 
      Net free rent(1.57)(0.99)(2.81)(1.16)(2.12)(1.06)(1.12)(1.38)
      Leasing commissions (2.70)(2.15)(2.41)(2.20)(3.14)(2.33)(2.36)(2.57)
      Tenant improvements (2.89)(2.71)(6.28)(2.99)(6.78)(2.07)(5.14)(3.75)
Leasing costs(7.16)(5.85)(11.50)(6.35)(12.04)(5.46)(8.62)(7.70)
      Net effective rent $22.90 $26.06 $17.12 $25.19 $26.82 $23.87 $21.51 $24.50 
 Second generation leased square footage (5)(6) 347,6051,116,758
 Increase in second generation net rent per square foot (3)(4)(5)(6) 24.7 %27.2 %
 Increase in cash-basis second generation net rent per square foot (3)(5)(6) 8.9 %13.1 %
 (1) Office leasing activity is comprised of total square feet leased, unadjusted for ownership share, and excluding apartment property leasing and retail property
leasing.
 (2) Adjusted for leases one year or less, leases for office property retail, amenity, storage, percentage rent, intercompany space, and rent deferrals/extension
agreements related to the COVID-19 pandemic.
 (3) Weighted average.
 (4) Straight-line net rent per square foot (operating expenses deducted from gross leases) over the lease term.
 (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 net rent at the end of term paid by the prior tenant compared to net rent at the beginning of term paid by the current tenant. For early renewals,
the increase in net rent at the end of term of the original lease is compared to net rent at the beginning of the extended term of the lease.

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Q4 2020 Supplemental Information
OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)
 Year of Expiration  Square Feet
Expiring		 % of Leased
Space		 Annual
Contractual Rent
($000's) (2)		 % of Annual
Contractual
Rent		 Annual
Contractual
Rent/Sq. Ft.
20211,988,585 11.0 %$69,480 8.5 %$34.94 
20221,359,054 7.5 %57,939 7.1 %42.63 
20231,552,657 8.6 %65,266 8.0 %42.04 
20241,163,934 6.4 %48,649 5.9 %41.80 
20252,023,617 11.2 %90,328 11.0 %44.64 
20261,622,577 9.0 %75,691 9.2 %46.65 
20271,506,613 8.3 %63,785 7.8 %42.34 
20281,301,956 7.2 %59,948 7.3 %46.04 
20291,067,126 5.9 %49,907 6.1 %46.77 
2030 & Thereafter4,490,339 24.9 %237,849 29.1 %52.97 
Total18,076,458 100.0 %$818,842 100.0 %$45.30 

chart-bdc7fccfa9854d7abec1a.jpg
(1) Company's share.
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of tenant's share of operating expenses, if applicable, as defined in the respective leases.
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Q4 2020 Supplemental Information
TOP 20 OFFICE TENANTS
Tenant (1)Number of Properties OccupiedNumber of Markets Occupied Company's Share of Square Footage Company's Share of Annualized Rent (2)Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)
1NCR Corporation11762,090 $35,754,771 5.1%13
2 Amazon43602,945 28,185,712 4.0%6
3 Expedia, Inc.11363,751 17,379,131 2.5%9
4 Facebook,Inc.11323,328 16,944,648 2.4%9
5 Bank of America21513,724 15,943,460 2.3%3
6 Norfolk Southern Corporation21394,621 9,716,585 1.4%1
7 Apache Corporation11210,012 9,150,550 1.3%4
8 Americredit Financial Services (dba GM Financial)22333,782 9,136,376 1.3%9
9 Pioneer Natural Resources Company
(fka Parsley Energy, L.P.)		21135,612 8,570,098 1.2%6
10 Wells Fargo Bank, NA43198,376 8,518,272 1.2%5
11 Ovintiv USA Inc (fka Encana Oil & Gas (USA) Inc.) (3)11318,582 7,949,937 1.1%6
12 Allstate22214,380 7,561,934 1.1%7
13 ADP, LLC11225,000 7,479,972 1.1%7
14 SVB Financial Group11188,940 7,397,135 1.0%5
15 Regus Equity Business Centers, LLC64158,740 7,067,647 1.0%5
16 Westrock Shared Services, LLC11205,185 6,955,383 1.0%9
17 Dimensional Fund Advisors LP11132,434 6,871,718 1.0%13
18 McGuirewoods LLP33197,282 6,864,549 1.0%6
19 RigUp, Inc.1193,210 6,386,794 0.9%8
20 Samsung Engineering America11133,860 6,153,090 0.8%6
Total5,705,854 $229,987,762 32.7%7
(1)In some cases, the actual tenant may be an affiliate of the entity shown.
(2)Annualized Rent represents the annualized rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay rent.
(3)Ovintiv USA Inc. has multiple subleases for substantially all of its space. In the event of termination of the Ovintiv lease, such subleases would become direct leases with Cousins.
Note:This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.


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Q4 2020 Supplemental Information
TENANT INDUSTRY DIVERSIFICATION
chart-2b3a82e8994045bfb3d1a.jpg
Note: Management uses SIC codes when available, along with judgment, to determine tenant industry classification.
(1) Annualized Rent represents the annualized rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.
(2) Several of our Energy & Utilities tenants have entered into subleases with unaffiliated parties for large portions of their space or have executed amendments to surrender portions of their currently leased space. In the event of lease terminations, generally such subleases would become direct leases with the Company, although the lease term and rent due under such subleases may differ from the primary lease. After considering the industry classification of these subleases and considering contractual space surrender obligations, the portion of our rent from Energy & Utilities tenants is reduced to 4.1%. Note that the industry percentages in the chart above have not been adjusted to reflect the various industry sectors of such subtenants, with the exception of Energy & Utilities.
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Q4 2020 Supplemental Information
INVESTMENT ACTIVITY


Completed Property Acquisitions
PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Purchase Price
($ in thousands) (1)
2020
The RailYardOfficeCharlotte100%4Q329,000 201,000 
2019
1200 PeachtreeOfficeAtlanta100%1Q370,000 82,000 
TIER REIT, Inc.OfficeVariousVarious2Q5,799,000 (2)
Terminus (3)OfficeAtlanta100%4Q1,226,000 246,000 
2017
111 West Rio (4)OfficePhoenix100%1Q225,000 19,600 
2016
Parkway PropertiesOfficeVariousVarious4Q8,819,000 (5)
Cousins Fund II, L.P. (6)OfficeVarious100%4Q(6)279,100 
16,768,000 $827,700 

Completed Property Developments
ProjectTypeMarketCompany's Ownership InterestTimingSquare FeetTotal Project Cost
($ in thousands) (1)
2020
Domain 12OfficeAustin100%4Q320,000 $117,000 
2019
Dimensional PlaceOfficeCharlotte50%1Q281,000 96,000 
2018
Spring & 8thOfficeAtlanta100%1Q/4Q765,000 332,500 
2017
8000 AvalonOfficeAtlanta90%2Q229,000 73,000 
Carolina SquareMixedChapel Hill50%3Q468,000 123,000 
2015
Colorado TowerOfficeAustin100%1Q373,000 126,100 
Emory Point - Phase IIMixedAtlanta75%3Q302,000 75,400 
Research Park VOfficeAustin100%4Q173,000 45,000 
2,911,000 $988,000 
(1) Except as otherwise noted, amounts represent total purchase prices, total project cost paid by the company, and, where applicable, its joint venture partner, including certain allocated costs required by GAAP that were not incurred by the joint venture.
(2) Properties acquired in the merger with TIER REIT, Inc.
(3) Purchased outside interest of 50% in Terminus Office Holdings, LLC for $246 million before reductions for existing mortgage debt.
(4) Purchased outside interest of 25.4% in 111 West Rio.
(5) Properties acquired in the merger with Parkway Properties, Inc.
(6) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million.

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Q4 2020 Supplemental Information
INVESTMENT ACTIVITY


Completed Property Dispositions
PropertyTypeMarketCompany's Ownership InterestTimingSquare FeetGross Sales Price
($ in thousands) (1)
2020
Hearst TowerOfficeCharlotte100%1Q966,000 $455,500 
Gateway Village (2)OfficeCharlotte50%1Q1,061,000 52,200 
WoodcrestOfficeCherry Hill100%1Q386,000 25,300 
2017
Emory Point I and IIMixedAtlanta75%2Q786,000 199,000 
American Cancer Society CenterOfficeAtlanta100%2Q996,000 166,000 
Bank of America Center, One Orlando ---Centre, and Citrus Center
OfficeOrlando100%4Q1,038,000 208,100 
Courvoisier Centre (3)OfficeMiami20%4Q343,000 33,900 
2016
100 North Point Center EastOfficeAtlanta100%1Q129,000 22,000 
Post Oak Central and Greenway Plaza (4)OfficeHouston100%4Q5,628,000 — 
Two Liberty PlaceOfficePhiladelphia100%4Q941,000 219,000 
191 Peachtree OfficeAtlanta100%4Q1,225,000 267,500 
Lincoln PlaceOfficeMiami100%4Q140,000 80,000 
The ForumOfficeAtlanta100%4Q220,000 70,000 
2015
2100 RossOfficeDallas100%3Q844,000 131,000 
200, 333, and 555 North Point Center EastOfficeAtlanta100%4Q411,000 70,300 
The Points at WaterviewOfficeDallas100%4Q203,000 26,800 
15,317,000 $2,026,600 
(1) Except as otherwise noted, amounts represent total gross sales prices received by the Company and, where applicable, its joint venture partner.
(2) The Company sold its interest in the joint venture to its partner for $52.2 million. The proceeds represent a 17% internal rate of return for the Company on its invested capital, as stipulated in the partnership agreement.
(3) The Company sold its partnership interest for $12.6 million in a transaction that valued its interest in the property at $33.9 million, prior to deduction for existing mortgage debt.
(4) After the merger with Parkway Properties, Inc., these properties were spun off in a related transaction to Parkway, Inc.
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Q4 2020 Supplemental Information
DEVELOPMENT PIPELINE (1)

ProjectTypeMarketCompany's Ownership InterestConstruction Start DateNumber of Square Feet / Apartment UnitsEstimated Project Cost(1)(2)
($ in thousands)		Company's Share of Estimated Project Cost(2)
($ in thousands)		Project Cost Incurred to Date(2)
($ in thousands)		Company's Share of Project Cost Incurred to Date(2)
($ in thousands)		Percent LeasedInitial Revenue Recognition(3)Estimated Stabilization(4)
120 West TrinityMixedAtlanta20 %1Q17$89,000 $17,800 $87,872 $17,574 
   Office (5)52,000 68 %2Q202Q21
   Apartments330 66 %4Q194Q20
10000 AvalonOfficeAtlanta90 %3Q18251,000 96,000 86,400 94,771 85,294 75 %1Q201Q21
300 Colorado (6)OfficeAustin50 %4Q18358,000 193,000 96,500 154,476 77,238 87 %1Q211Q22
Domain 10OfficeAustin100 %4Q18300,000 111,000 111,000 93,987 93,987 98 %3Q203Q21
100 MillOfficePhoenix90 %1Q20287,000 153,000 137,700 54,848 49,364 44 %1Q221Q23
Total $642,000 $449,400 $485,954 $323,457 

(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 include financing costs only on project-specific debt, and exclude certain allocated capitalized costs required by GAAP that are not incurred by the joint venture and fair value adjustments for legacy TIER projects that were recorded as a result of the Merger.
(3)Initial revenue recognition represents the quarter within which the Company estimates it will begin recognizing revenue under GAAP.
(4)Estimated stabilization is the quarter within which the Company estimates it will achieve 90% economic occupancy. Beginning with initial economic occupancy, until the earlier of the achievement of 90% economic occupancy or one year, interest, taxes, and operating expenses are capitalized on the portion of the building that remains under development.
(5)The 120 West Trinity office component has 33,000 square feet of office space and 19,000 square feet of retail space.
(6)300 Colorado estimated project cost will be funded with a combination of $67 million of equity contributed by the joint venture partners, followed by a $126 million construction loan.



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Q4 2020 Supplemental Information
LAND INVENTORY
MarketCompany's Ownership InterestFinancial Statement PresentationTotal Developable Land (Acres)Cost Basis of Land ($ in thousands)
3354 PeachtreeAtlanta95%Consolidated3.0 
901 West Peachtree (1)Atlanta100%Consolidated1.0 
The Avenue Forsyth-Adjacent Land Atlanta100%Consolidated10.4 
Domain Point 3Austin90%Consolidated1.7 
Domain 9Austin100%Consolidated2.5 
Domain Central (Domain 14 & 15)Austin100%Consolidated5.6 
South End StationCharlotte100%Consolidated3.4 
303 TremontCharlotte100%Consolidated2.4 
Legacy Union 2 & 3Dallas95%Consolidated4.0 
Victory Center Dallas75%Unconsolidated3.0 
100 Mill-Adjacent LandPhoenix90%Consolidated0.7 
Corporate Center 5 & 6 (2)Tampa100%Consolidated14.1 
Total51.8 $172,185 
Company's Share50.5 $167,383 
(1)Includes a ground lease with future obligation to purchase.
(2)Corporate Center 5 is controlled through a long-term ground lease.





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Q4 2020 Supplemental Information
DEBT SCHEDULE
Company's Share of Debt Maturities and Principal Payments
($ in thousands)
Description (Interest Rate Base, if not fixed)Company's Ownership InterestRate at End of QuarterMaturity Date20212022202320242025ThereafterTotal PrincipalDeferred Loan Costs Above / Below Market ValueTotal
Consolidated Debt - Floating Rate
 Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (1)100%1.34%12/2/21250,000—————250,000 (415)— 249,585 
 Credit Facility, Unsecured (LIBOR + 1.05%-1.45%) (2) 100%1.19%1/3/23——232,400———232,400 — — 232,400 
Total Floating Rate Debt250,000—232,400———482,400 (415)— 481,985 
Consolidated Debt - Fixed Rate
2019 Senior Notes, Unsecured100%3.95%7/6/29—————275,000275,000 (955)— 274,045 
2017 Senior Notes, Unsecured100%3.91%7/6/25————250,000—250,000 (824)— 249,176 
2019 Senior Notes, Unsecured100%3.86%7/6/28—————250,000250,000 (851)— 249,149 
Fifth Third Center 100%3.37%10/1/263,3853,5023,6223,7463,874118,928137,057 (381)— 136,676 
2019 Senior Notes, Unsecured100%3.78%7/6/27—————125,000125,000 (414)— 124,586 
Terminus 100100%5.25%1/1/233,3193,497108,181———114,997 — 4,836 119,833 
Colorado Tower 100%3.45%9/1/262,5102,5982,6892,7832,881101,199114,660 (546)— 114,114 
2017 Senior Notes, Unsecured100%4.09%7/6/27—————100,000100,000 (346)— 99,654 
Promenade 100%4.27%10/1/223,54189,052————92,593 (101)— 92,492 
816 Congress 100%3.75%11/1/241,8211,8911,96372,558——78,232 (315)— 77,917 
Terminus 200100%3.79%1/1/231,7921,86170,701——74,354 — 1,301 75,655 
Legacy Union One100%4.24%1/1/23——66,000———66,000 — 1,437 67,437 
Total Fixed Rate Debt16,368102,401253,15679,087256,755970,1271,677,893 (4,733)7,574 1,680,734 
Total Consolidated Debt266,368102,401485,55679,087256,755970,1272,160,293 (5,148)7,574 2,162,719 
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.25%) (3)50%1.39%5/1/2138,517—————38,517 — — 38,517 
300 Colorado (LIBOR + 2.25%) (4)50%2.39%1/17/22—43,424————43,424 — — 43,424 
Total Floating Rate Debt38,51743,424————81,941 — — 81,941 
.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown50%3.50%6/1/2387290331,436———33,211 (113)— 33,098 
Total Fixed Rate Debt87290331,436———33,211 (113)— 33,098 
Total Unconsolidated Debt39,38944,32731,436———115,153(113)— 115,040 
Total Debt$305,757$146,728$516,992$79,087$256,755$970,127$2,275,446$(5,261)$7,574 $2,277,759 
Total Maturities (5)$288,517$129,719$508,332$70,865$250,000$965,159$2,212,592
% of Maturities13 %6 %23 %3 %11 %44 %100 %


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Q4 2020 Supplemental Information
DEBT SCHEDULE


Floating and Fixed Rate Debt Analysis
Total Debt Principal ($ in thousands)Total Debt (%)Weighted Average Interest RateWeighted Average Maturity (Yrs.)
Floating Rate Debt$564,341 24 %1.37 %1.3 
Fixed Rate Debt1,711,105 76 %3.94 %5.4 
Total Debt$2,275,446 100 %3.30 %4.4 


(1) The spread over LIBOR, under the Term Loan, at December 31, 2020 was 1.20%.
(2) As of December 31, 2020, the company had $232.4 million drawn under the Credit Facility and had the ability to borrow the full $767.6 million available. The spread over LIBOR, under the Credit Facility, at December 31, 2020 was 1.05%.
(3) The Company's share of the total borrowing capacity of the facility is $39.9 million.
(4) The Company's share of the total borrowing capacity of the facility is $63.0 million.
(5) Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
Cousins Properties
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Q4 2020 Supplemental Information
DEBT SCHEDULE
chart-d73d5241f99541af9871a.jpg
Cousins Properties
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Q4 2020 Supplemental Information
JOINT VENTURE INFORMATION (1)

Joint VenturePropertyCash Flows to Cousins (2)Options
AMCO 120 WT Holdings LLC120 West Trinity20% of cash flows.Cousins or Partner can trigger a buyout beginning 24 months after construction completion, 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.
Austin 300 Colorado Project LP300 Colorado50% of cash flows.Partners can put their combined interest to Cousins, or Cousins can call Partners' combined interest, at a then agreed upon value during a 24-month period following final phase rent commencement.
Carolina Square Holdings LPCarolina Square50% of cash flows.Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non-triggering party.
Crawford Long-CPI, LLCEmory University Hospital Midtown50% of cash flows.Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal.
DC Charlotte Plaza LLLPDimensional Place50% of cash flows.Partner can purchase Cousins' interest during Q2 2021 at a value determined by appraisal and subject to a cap rate range of 6.5% to 8.0%.
HICO 100 Mill LLC100 Mill90% of cash flows until return of contributed capital to both partners.Cousins can trigger sale process following construction completion, subject to a right of first offer that can be exercised by Partner.
HICO Avalon LLC8000 Avalon90% of cash flows until return of contributed capital to both Partners.Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non-triggering party.
HICO Avalon II LLC10000 Avalon90% of cash flows until return of contributed capital to both Partners.Cousins or Partner can trigger sale process 24 months after construction completion, subject to a right of first offer that can be exercised by the non-triggering party.
TR Domain Point LLCDomain PointPreferred return on preferred equity contribution, then 90% of remaining cash flows.Partner has put option beginning Q1 2023 under various circumstances.
(1)This schedule only contains information related to joint ventures that hold an ownership interest in operating assets or projects under active development.
(2)Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction proceeds that are not yet effective, including the distribution of promoted interest.
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Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
FFO and EBITDAre
Net income (loss) available to common stockholders$79,164 $35,341 $(22,409)$20,374 $117,112 $150,418 $174,943 $23,101 $28,115 $11,119 $237,278 
Depreciation and amortization of real estate assets:
Consolidated properties179,510 45,405 50,450 81,569 77,925 255,349 71,406 72,694 71,345 72,515 287,960 
Share of unconsolidated joint ventures13,078 3,254 4,154 4,148 2,602 14,158 2,347 2,106 2,125 2,162 8,740 
Partners' share of real estate depreciation(302)(96)(99)(171)(155)(521)(149)(212)(209)(172)(742)
(Gain) loss on sale of depreciated properties:
Consolidated properties(4,925)21 33 48 (92,680)(92,578)(90,916)201 523 87 (90,105)
Share of unconsolidated joint ventures29 — 5 — 10 15 (318)(168)15 21 (450)
Investments in unconsolidated joint ventures— — — — — — (44,894)232 59 25 (44,578)
Impairment— — — — — — — — — 14,829 14,829 
Non-controlling interest related to unit holders1,345 588 (265)241 1,388 1,952 302 5 5 3 315 
FFO267,899 84,513 31,869 106,209 106,202 328,793 112,721 97,959 101,978 100,589 413,247 
Interest Expense45,886 12,574 13,692 16,377 17,058 59,701 16,554 14,543 15,497 16,082 62,676 
Income Tax Expenses— — 242 (242)(298)(298)50 (50)— — — 
Non-Real Estate Depreciation and Amortization1,872 456 454 443 446 1,799 207 173 154 154 688 
EBITDAre (1)
315,657 97,543 46,257 122,787 123,408 389,995 129,532 112,625 117,629 116,825 476,611 
Transaction Costs (2)248 3 49,827 1,048 2,003 52,881 365 63 — — 428 
Gain on Extinguishment of Debt(8)— — — — — — — — — — 
Adjusted EBITDAre (1)
315,897 97,546 96,084 123,835 125,411 442,876 129,897 112,688 117,629 116,825 477,039 
Income from Unconsolidated Joint Ventures
Net Operating Income
Office Properties26,644 7,006 8,670 8,369 5,310 29,355 5,219 3,404 3,457 3,545 15,625 
Other Properties2,244 867 709 668 814 3,058 816 789 751 855 3,211 
Net Operating Income28,888 7,873 9,379 9,037 6,124 32,413 6,035 4,193 4,208 4,400 18,836 
Sales Less Cost of Sales2,779 — — — — — — — — (598)(598)
Interest Expense(6,456)(1,754)(1,633)(1,677)(674)(5,738)(650)(550)(439)(432)(2,071)
Termination Fee Income— 3 4 9 — 16 1 2 5 1 9 
Other Income120 36 43 20 49 148 68 8 (23)8 61 
Funds from Operations - Unconsolidated Joint Ventures25,331 6,158 7,793 7,389 5,499 26,839 5,454 3,653 3,751 3,379 16,237 
Gain (Loss) on Sale of Depreciated Investment Properties, net(29)— (4)— (10)(15)318 168 (15)(21)450 
Depreciation and Amortization of Real Estate(13,078)(3,254)(4,154)(4,148)(2,602)(14,158)(2,347)(2,106)(2,125)(2,162)(8,740)
Income from Unconsolidated Joint Ventures12,224 2,904 3,635 3,241 2,887 12,666 3,425 1,715 1,611 1,196 7,947 
Market Capitalization
Common Stock Price at Period End$31.60 $38.64 $36.17 $37.59 $41.20 $41.20 $29.27 $29.83 $28.59 $33.50 $33.50 
Number of Common Stock/Units Outstanding at Period End106,840 106,890 148,507 148,506 148,506 148,506 148,565 148,593 148,589 148,589 148,589 
Equity Market Capitalization3,376,144 4,130,230 5,371,498 5,582,341 6,118,447 6,118,447 4,348,498 4,432,529 4,248,160 4,977,732 4,977,732 
Consolidated Debt1,062,570 1,116,474 1,837,449 1,850,817 2,222,975 2,222,975 1,944,034 1,939,517 1,934,905 2,162,719 2,162,719 
Share of Unconsolidated Debt171,446 170,690 170,214 172,319 82,519 82,519 92,921 98,754 107,256 115,040 115,040 
Debt (1)1,234,016 1,287,164 2,007,663 2,023,136 2,305,494 2,305,494 2,036,955 2,038,271 2,042,161 2,277,759 2,277,759 
Total Market Capitalization4,610,152 5,417,403 7,379,161 7,605,477 8,423,941 8,423,941 6,385,453 6,470,800 6,290,321 7,255,491 7,255,491 
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32
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
Credit Ratios
Debt (1) 1,234,016 1,287,164 2,007,663 2,023,136 2,305,494 2,305,494 2,036,955 2,038,271 2,042,161 2,277,759 2,277,759 
Less: Cash and Cash Equivalents(2,547)(3,456)(11,885)(12,396)(15,603)(15,603)(124,632)(28,255)(36,872)(4,290)(4,290)
Less: Share of Unconsolidated Cash and Cash Equivalents(10,302)(13,427)(15,671)(20,154)(8,634)(8,634)(9,516)(8,826)(12,098)(9,419)(9,419)
Net Debt1,221,167 1,270,281 1,980,107 1,990,586 2,281,257 2,281,257 1,902,807 2,001,190 1,993,191 2,264,050 2,264,050 
Total Market Capitalization4,610,152 5,417,403 7,379,161 7,605,477 8,423,941 8,423,941 6,385,453 6,470,800 6,290,321 7,255,491 7,255,491 
Net Debt / Total Market Capitalization26.5 %23.4 %26.8 %26.2 %27.1 %27.1 %29.8 %30.9 %31.7 %31.2 %31.2 %
Total Assets - Consolidated4,146,296 4,251,193 6,676,672 6,704,120 7,151,447 7,151,447 6,901,934 6,908,448 6,886,596 7,107,398 7,107,398 
Accumulated Depreciation - Consolidated566,749 643,140 696,531 781,998 802,807 802,807 878,199 954,352 1,028,975 1,090,566 1,090,566 
Undepreciated Assets - Unconsolidated (1)530,076 553,098 568,387 590,183 391,457 391,457 290,134 294,987 304,976 304,539 304,539 
Less: Investment in Unconsolidated Joint Ventures(161,907)(167,429)(176,169)(186,079)(133,884)(133,884)(128,916)(129,857)(129,814)(125,481)(125,481)
Total Undepreciated Assets (1)5,081,214 5,280,002 7,765,421 7,890,222 8,211,827 8,211,827 7,941,351 8,027,930 8,090,733 8,377,022 8,377,022 
Net Debt1,221,167 1,270,281 1,980,107 1,990,586 2,281,257 2,281,257 1,902,807 2,001,190 1,993,191 2,264,050 2,264,050 
Net Debt / Total Undepreciated Assets (1)24.0 %24.1 %25.5 %25.2 %27.8 %27.8 %24.0 %24.9 %24.6 %27.0 %27.0 %
Coverage Ratios (1)
Interest Expense45,886 12,574 13,692 16,377 17,058 59,701 16,554 14,543 15,497 16,082 62,676 
Scheduled Principal Payments12,008 3,481 3,516 3,551 4,178 14,726 4,126 4,120 4,282 4,284 16,812 
Fixed Charges57,894 16,055 17,208 19,928 21,236 74,427 20,680 18,663 19,779 20,366 79,488 
EBITDAre
315,657 97,543 46,257 122,787 123,408 389,995 129,532 112,625 117,629 116,825 476,611 
Fixed Charges Coverage Ratio (EBITDAre) (1)
5.45 6.08 2.69 6.16 5.81 5.24 6.26 6.03 5.95 5.74 6.00 
Adjusted EBITDAre
315,897 97,546 96,084 123,835 125,411 442,876 129,897 112,688 117,629 116,825 477,039 
Fixed Charges Coverage Ratio (Adjusted EBITDAre) (1)
5.46 6.08 5.58 6.21 5.91 5.95 6.28 6.04 5.95 5.74 6.00 
Net Debt1,221,167 1,270,281 1,980,107 1,990,586 2,281,257 2,281,257 1,902,807 2,001,190 1,993,191 2,264,050 2,264,050 
Annualized EBITDAre (3)
334,968 390,172 185,028 491,148 493,632 493,632 518,128 450,500 470,516 467,300 467,300 
Net Debt / Annualized EBITDAre (3)
3.65 3.26 10.70 4.05 4.62 4.62 3.67 4.44 4.24 4.84 4.84 
Annualized Adjusted EBITDAre (3)
335,048 390,184 384,336 495,340 501,644 501,644 519,588 450,752 470,516 467,300 467,300 
Net Debt / Annualized Adjusted EBITDAre (3)
3.64 3.26 5.15 4.02 4.55 4.55 3.66 4.44 4.24 4.84 4.84 
Dividend Information
Common Dividends109,291 30,492 42,562 42,559 42,561 158,174 44,562 44,570 44,570 44,561 178,263 
FFO267,899 84,513 31,869 106,209 106,202 328,793 112,721 97,959 101,978 100,589 413,247 
         FFO Payout Ratio40.8 %36.1 %133.6 %40.1 %40.1 %48.1 %39.5 %45.5 %43.7 %44.3 %43.1 %
Transaction Costs (2)248 3 49,827 1,048 2,003 52,881 365 63 — — 428 
FFO before Transaction Costs (2)268,147 84,516 81,696 107,257 108,205 381,674 113,086 98,022 101,978 100,589 413,675 
         FFO Payout Ratio before Transaction Costs (2)40.8 %36.1 %52.1 %39.7 %39.3 %41.4 %39.4 %45.5 %43.7 %44.3 %43.1 %
Cousins Properties
33
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
(in thousands, except per share amounts)
20182019 1st2019 2nd2019 3rd2019 4th20192020 1st2020 2nd2020 3rd2020 4th2020
FFO267,899 84,513 31,869 106,209 106,202 328,793 112,721 97,959 101,978 100,589 413,247 
Amortization of Deferred Financing Costs2,417 615 630 692 693 2,630 700 686 691 700 2,777 
Non-Cash Stock-Based Compensation2,257 607 625 615 621 2,468 1,285 1,139 931 883 4,238 
Non-Real Estate Depreciation and Amortization1,872 456 454 443 446 1,799 207 173 154 154 688 
Lease Inducements760 157 (401)(537)(514)(1,295)(532)(508)(506)(478)(2,024)
Straight Line Rent Ground Leases589 127 124 123 126 500 126 128 120 116 490 
Above and Below Market Ground Rent158 39 40 39 40 158 39 40 39 40 158 
Transaction Costs (2)248 3 49,827 1,048 2,003 52,881 365 63 — — 428 
Debt Premium Amortization(880)— (34)(180)(916)(1,130)(916)(916)(916)(916)(3,664)
Gain on Extinguishment of Debt(8)— — — — — — — — — — 
Deferred Income - Tenant Improvements(3,772)(870)(940)(923)(932)(3,665)(851)(1,073)(595)(1,921)(4,440)
Above and Below Market Rents(6,877)(1,670)(1,981)(3,042)(2,846)(9,539)(2,808)(2,737)(2,534)(2,523)(10,602)
Second Generation Capital Expenditures (CAPEX)(56,667)(8,074)(40,604)(18,946)(23,085)(90,709)(23,817)(25,716)(17,718)(30,624)(97,875)
Straight Line Rental Revenue(26,017)(8,732)(6,068)(6,522)(8,123)(29,445)(9,895)(11,238)(13,054)(8,394)(42,581)
Gain (loss) on Sales of Undepreciated Investment Properties(3,291)(13,132)(1,337)(21)(3,692)(18,182)(1,335)— — 723 (612)
          FAD (1)178,688 54,039 32,204 78,998 70,023 235,264 75,289 58,000 68,590 58,349 260,228 
Common Dividends (4)109,291 30,492 42,562 42,559 42,561 158,174 44,562 44,570 44,570 44,561 178,263 
          FAD Payout Ratio (1)61.2 %56.4 %132.2 %53.9 %60.8 %67.2 %59.2 %77.4 %65.0 %76.4 %68.5 %
Operations Ratio
Total Undepreciated Assets (1)5,081,214 5,280,002 7,765,421 7,890,222 8,211,827 8,211,827 7,941,351 8,027,930 8,090,733 8,377,022 8,377,022 
General and Administrative Expenses
22,040 11,460 8,374 5,852 11,321 37,007 5,652 8,543 5,658 7,181 27,034 
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets
0.43 %0.87 %0.43 %0.30 %0.55 %0.45 %0.28 %0.43 %0.28 %0.34 %0.32 %
2nd Generation TI & Leasing Costs & Building CAPEX
Second Generation Leasing Related Costs51,149 7,527 39,834 15,891 17,248 80,500 19,444 21,386 13,534 23,812 78,176 
Second Generation Building Improvements5,518 547 770 3,055 5,837 10,209 4,373 4,330 4,184 6,812 19,699 
56,667 8,074 40,604 18,946 23,085 90,709 23,817 25,716 17,718 30,624 97,875 
(1) Includes Company share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but believes that including these amounts in the categories indicated is meaningful to investors and analysts.
(2) In 2018, transaction costs related primarily to the transactions with Parkway Properties, Inc. In 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
(3) Annualized equals quarter amount annualized. Given the timing of the closing of the transactions with TIER, the actual calculation of this ratio was unusually high for the second quarter of 2019 and decreased once a full quarter of TIER operations was included in EBITDAre. Second quarter EBITADAre, annualized for the calculation, included 17 days of Legacy TIER operations while the total impact of the TIER transactions was included in net debt as of June 30, 2019.
(4) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.






Cousins Properties
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Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

(in thousands, except per share amounts)
 
Three Months Ended December 31,
 
2020
2019
DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share Amount
Net Income Available to Common Stockholders$11,119 148,564$0.07 $117,112 146,762 $0.80 
Noncontrolling interest related to unitholders 3 25— 1,388 1,744 — 
Conversion of stock options— 7— — 28 — 
Conversion of unvested restricted stock units— 73— — — — 
Net Income — Diluted 11,122 148,6690.07 118,500 148,534 0.80 
Depreciation and amortization of real estate assets:
Consolidated properties72,515 — 0.49 77,925 — 0.52 
Share of unconsolidated joint ventures2,162 — 0.02 2,602 — 0.02 
Partners' share of real estate depreciation(172)— — (155)— — 
Gain/loss on sale of depreciated properties:
Consolidated properties87 — — (92,680)— (0.62)
Share of unconsolidated joint ventures21 — — 10 — — 
Investments in unconsolidated joint ventures25 — — — — — 
Impairment14,829 — 0.10 — — — 
Funds From Operations$100,589 148,669 $0.68 $106,202 148,534 $0.72 














Cousins Properties
35
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

(in thousands, except per share amounts)
Year Ended December 31,
2020
2019
DollarsWeighted Average Common SharesPer Share AmountDollarsWeighted Average Common SharesPer Share Amount
Net Income Available to Common Stockholders$237,278 148,277 $1.60 $150,418 128,060 $1.17 
Noncontrolling interest related to unitholders315 297 — 1,952 1,744 — 
Conversion of stock options— 8 — — 27 — 
Conversion of unvested restricted stock units— 54 — — — — 
Net Income — Diluted237,593 148,636 1.60 152,370 129,831 1.17 
Depreciation and amortization of real estate assets:
Consolidated properties287,960 — 1.94 255,349 — 1.97 
Share of unconsolidated joint ventures8,740 — 0.06 14,158 — 0.11 
Partners' share of real estate depreciation(742)— — (521)— — 
Gain/loss on sale of depreciated properties:
Consolidated properties(90,105)— (0.61)(92,578)— (0.72)
Share of unconsolidated joint ventures(450)— — 15 — — 
Investments in unconsolidated joint ventures(44,578)— (0.31)— — — 
Impairment14,829 — 0.10 — — — 
Funds From Operations$413,247 148,636 2.78 $328,793 129,831 2.53 

The tables above show Funds From Operations (“FFO”) and the related reconciliation to Net Income Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts' ("NAREIT") definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees.
Cousins Properties
36
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
($ in thousands)
Three Months EndedYear Ended
Net Operating Income
December 31, 2020
December 31, 2019December 31, 2020December 31, 2019
Net income$11,314 $118,568 $238,114 $152,683 
Net operating income from unconsolidated joint ventures4,400 6,124 18,836 32,413 
Fee income(4,454)(5,220)(18,226)(28,518)
Termination fee income(80)(2,943)(3,835)(7,228)
Other income(62)(92)(231)(246)
Reimbursed expenses364 735 1,580 4,004 
General and administrative expenses7,181 11,321 27,034 37,007 
Interest expense15,650 16,384 60,605 53,963 
Impairment14,829 — 14,829 — 
Depreciation and amortization72,668 78,372 288,648 257,149 
Transaction costs— 2,003 428 52,881 
Other expenses250 8 2,091 1,109 
Income from unconsolidated joint ventures(1,196)(2,887)(7,947)(12,666)
Gain/loss on sale of investment in unconsolidated joint ventures173 — (45,767)— 
Gain/loss on investment property transactions67 (96,373)(90,125)(110,761)
Net Operating Income121,104 126,000 486,034 431,790 
Less:
Partners' share of NOI from consolidated joint ventures(411)(228)(1,302)(848)
Cousins' Share of NOI120,693 125,772 484,732 430,942 
 
Straight line rent8,394 8,122 42,582 29,445 
Non-cash income3,986 4,291 16,129 14,499 
Non-cash expense(156)(165)(648)(658)
Cash Basis Net Operating Income$108,880 $113,752 $544,097 $388,504 
Net Operating Income
Same Property$71,841 $73,536 $293,350 $294,808 
Non-Same Property49,263 52,464 192,684 136,982 
$121,104 $126,000 $486,034 $431,790 
Cash Basis Net Operating Income
Same Property$65,739 $67,978 $268,494 $266,572 
Non-Same Property43,141 45,774 275,603 121,932 
$108,880 $113,752 $544,097 $388,504 







Cousins Properties
37
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS


RECONCILIATION OF 2021 PROJECTED NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS TO 2021 PROJECTED FFO



Full Year 2021 Guidance
($ in thousands, except per share amounts)
LowHigh
DollarsPer Share Amount (1)DollarsPer Share Amount (1)
Net Income Available to Common Stockholders$123,398 $0.83 $138,277 $0.93 
Add: Noncontrolling interest related to unitholders26 $— 26 $— 
Net Income123,424 $0.83 138,303 $0.93 
Add: Depreciation and amortization of real estate assets287,238 $1.93 287,238 $1.93 
Funds From Operations$410,662 $2.76 $425,541 $2.86 
(1) Calculated based on projected weighted average shares outstanding of 148.8 million.

Cousins Properties
38
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - DISCUSSION
The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company.
“Cash-Basis Net Operating Income” represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense.
“EBITDAre” is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDAre in accordance with the National Association of Real Estate Investment Trusts' (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, losses (gains) on the disposition of depreciated property, and impairment. All additions include the Company's share of unconsolidated joint ventures. Management believes that EBITDAre provides analysts and investors with uniform and appropriate information to use in various ratios that evaluate the Company's level of debt.
“Adjusted EBITDAre” represents EBITDAre plus loss on debt extinguishment and transaction costs. Management believes that Adjusted EBITDAre provides analysts and investors with appropriate information to use in various ratios that evaluate the Company's level of debt.
"Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude the effect of non-cash items, gains (losses) on undepreciated real estate sales, and transaction costs. 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, which is 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 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 fees) 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 have been fully operational in each of the comparable reporting periods. A fully operational property is one that achieved 90% economic occupancy or has been substantially complete and owned by the Company for each of the two periods presented. Same Property Net Operating Income or Cash-Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.
“Second Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. The Company excludes from second generation costs amounts incurred to lease vacant space in newly acquired buildings, building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards, and leasing costs and building improvements associated with properties identified as under redevelopment or repositioning. In addition, the Company excludes building improvements intended to attract tenants to increase revenues and/or occupancy rates.
“Net Income and FFO Before Transaction Costs” represents net income and FFO before costs associated with the mergers with Parkway Properties and TIER.  Management believes that Net Income and FFO Before Transaction Costs provides analysts and investors with user information related to the Company’s core operations and for comparability of the results of its operations with other real estate companies.

Cousins Properties
39
Q4 2020 Supplemental Information
NON-GAAP FINANCIAL MEASURES - DISCUSSION

“Cash-Basis Same Property NOI Adjusted for Payment Deferrals" represents Cash-Basis Same Property NOI after excluding the impact of payment deferrals without extensions. As a result of the COVID-19 pandemic, the Company has entered into lease amendments with certain tenants who have experienced disruptions in their business as a result of the COVID-19 pandemic to provide payment deferrals without lease extensions. Management believes that Cash-Basis Same Property NOI Adjusted for Payment Deferrals provides analysts and investors with useful information related to the Company's core operations before the impact of certain lease amendments with tenants and allows for comparability of the results of its operations with other real estate companies.

























“Cash-Basis Same Property NOI Adjusted for Payment Deferrals and Parking" represents Cash-Basis Same Property NOI Adjusted for Payment Deferrals before parking net operating income and is intended to provide analysts and investors with useful information related to the Company's core operations before the impact of significant changes in physical occupancy at the Company's properties as a result of the COVID-19 pandemic, which is materially impacting parking net operating income, and allows for comparability of the results of its operations with other real estate companies.
Cousins Properties
40
Q4 2020 Supplemental Information