Cousins Properties (CUZ) investor relations material

Portfolio overview and market positioning

• 100% Sun Belt, 100% Class A office portfolio with an average year built of 2013 and 91.8% leased as of Q1 2026.

• 76% of the portfolio delivered or redeveloped since 2010, emphasizing modern, amenity-rich assets.

• Portfolio concentrated in high-growth markets: Austin (34%), Atlanta (31%), Charlotte (11%), with additional presence in Phoenix, Dallas, Houston, Nashville, and Tampa.

• Asking rents are 21% higher than pre-pandemic levels and 30% above Class A market averages.

• Lifestyle office assets command premium rents and higher occupancy due to superior amenities and locations.

Market trends and demand drivers

• Flight to quality is driving demand for newer, highly-amenitized office space, with 76% of NOI from assets developed or redeveloped since 2010.

• Sun Belt migration continues to accelerate, with top net migration states including Texas, North Carolina, and Arizona.

• Office supply is shrinking due to record high conversions and low development starts, creating a shortage of new, high-quality space.

• Sun Belt leasing volumes have exceeded pre-pandemic levels for over a year, outperforming gateway markets.

• Companies are increasing in-office attendance, with Fortune 100 employers now requiring an average of four days per week.

Growth strategy and capital allocation

• Strategic recycling of older assets improves portfolio quality and cash flows, with over $1.4 billion in new investments since 2024.

• Recently delivered 903K SF of development, with a land bank supporting 5.6MM SF of future projects.

• Modest lease expirations well below sector average, supporting organic growth and occupancy stability.

• Near record-level leasing pipeline with 1MM SF in negotiations or signed quarter-to-date.

• In-place gross rents have increased by 50% since 2017, reflecting strong rent growth from new leasing.