Cousins Properties Incorporated : Q2 2021 Earnings Release & Quarterly Information Package

TABLE OF CONTENTS

Forward-Looking Statements	3
Earnings Release	4
Consolidated Balance Sheets	6
Consolidated Statements of Operations	7
Key Performance Metrics	8
Funds From Operations - Summary	11
Funds From Operations - Detail	12
Portfolio Statistics	15
Same Property Performance	18
Office Leasing Activity	19
Office Lease Expirations	20
Top 20 Office Tenants	21
Tenant Industry Diversification	22
Investment Activity	23
Development Pipeline	25
Land Inventory	26
Debt Schedule	27
Joint Venture Information	30
Non-GAAP Financial Measures - Calculations and Reconciliations	31
Non-GAAP Financial Measures - Discussion	38

Cousins Properties	Q2 2021 Supplemental Information

FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are "forward-looking statements" within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2020, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground leases; future development and redevelopment opportunities, including fee development opportunities; future issuances and repurchases of common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; entry into new markets or changes in existing market concentrations; future changes in interest rates; and all statements that address operating performance, events, or developments that we expect or anticipate will occur in the future

- including statements relating to creating value for stockholders.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments, or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the availability of buyers and pricing with respect to the disposition of assets; changes in national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes), particularly in Atlanta, Austin, Charlotte, Phoenix, Tampa, Dallas, and Nashville 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 in regard to our real estate assets may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased space, and the risk of declining leasing rates; changes in the needs of our tenants brought about by the desire for co-working arrangements, trends toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition of one or more of our tenants; volatility in interest rates and insurance rates; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); cyber security breaches; changes in senior management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements; potential changes to state, local, or federal regulations applicable to our business; material changes in the rates, or the ability to pay, dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by the Company.

The words "believes," "expects," "anticipates," "estimates," "plans," "may," "intend," "will," or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.

Cousins Properties	3	Q2 2021 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS SECOND QUARTER 2021 RESULTS

Raises 2021 FFO Guidance

Highlights

• Net income was $0.19 per share for the quarter.
• Funds from operations was $0.69 per share for the quarter.
• Same property net operating income on a cash-basis increased 7.1% for the quarter.
• Second generation net rent per square foot on a cash-basis increased 12.9% for the quarter.
• Executed 484,000 square feet of office leases during the quarter, including 361,000 square feet of new and expansion leases which represents 74% of total leasing activity.
• Closed a $350 million unsecured term loan that matures in third quarter 2024, replacing a $250 million unsecured term loan that was scheduled to mature in fourth quarter 2021. The applicable LIBOR spread was reduced by 15 basis points.
• Sold Burnett Plaza, a one million square foot office property in Fort Worth, TX, for a gross sales price of $137.5 million.
• Commenced development of Domain 9, a 338,000 square foot office property in Austin, TX. Total development costs are expected to be $147.0 million.
• Joint venture partner exercised option to purchase our 50% interest in Dimensional Place, a 281,000 square foot office property in Charlotte, NC. The sale is expected to close at the end of the third quarter.
• Dionne Nelson elected to the Board of Directors effective May 21, 2021.
• Subsequent to quarter end:
• • Sold One South at the Plaza, a 891,000 square foot office property in Charlotte, NC, for a gross sales price of $271.5 million.
  • Acquired 725 Ponce, a 372,000 square foot office property in Atlanta, GA, for a purchase price of $300.2 million.
  • Entered into 50/50 joint venture to develop Neuhoff, a mixed-use project in Nashville, TN, which will include 448,000 square feet of office and retail space as well as 542 multi-family units for an estimated investment of $275 million.
  • Entered into a 50/50 joint venture, with an initial contribution of $4.0 million, which owns a land parcel adjacent to 725 Ponce upon which a 150,000-200,000 square foot property can be developed.
  • Sold a 0.7 acre land parcel adjacent to our 100 Mill development in Phoenix, AZ to a hotel developer for a gross sales price of $6.4 million.

ATLANTA (July 29, 2021) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2021.

"It was a terrific quarter, driven by solidly improving office fundamentals in all of our Sun Belt markets." said Colin Connolly, president and chief executive officer of Cousins Properties. "In particular, leasing volume increased to a level generally consistent with pre-Covid activity, with a very encouraging 74% of leases signed during the quarter representing new and expansion space. As companies plan their return to the office, they are focused on being in an environment where employees are excited to come to work and collaborate with one another. We are well positioned to meet this demand."

Cousins Properties	4	Q2 2021 Supplemental Information

EARNINGS RELEASE

Financial Results

Net income available to common stockholders was $28.2 million, or $0.19 per share, for the second quarter of 2021, compared with net income available to common stockholders of $23.1 million, or $0.16 per share, for the second quarter of 2020. Net income available to common stockholders was $57.3 million, or $0.39 per share, for the six months ended June 30, 2021, compared with net income available to common stockholders of $198.0 million, or $1.34 per share, for the six months ended June 30, 2020. Variances in net income were impacted by gains on sales of assets in 2020.

Funds From Operations ("FFO") was $102.1 million, or $0.69 per share, for the second quarter of 2021, compared with $98.0 million, or $0.66 per share, for the second quarter of 2020. Funds From Operations ("FFO") was $204.0 million, or $1.37 per share, for the six months ended June 30, 2021, compared with $210.7 million, or $1.42 per share, for the six months ended June 30, 2020.

Updated 2021 Guidance

The Company has updated its 2021 net income guidance to $0.73 to $0.81 per share from $0.74 to $0.84 per share. The Company has raised its 2021 FFO guidance to $2.70 to $2.78 per share up from $2.68 to $2.78 per share, increasing the midpoint to $2.74 from $2.73 per share. This guidance incorporates all of the transactions included in this earnings release. There are no other dispositions, acquisitions, or development starts included in this guidance.

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, July 30, 2021 to discuss the results of the quarter ended June 30, 2021. The number to call for this interactive teleconference is [phone]. The live webcast of this call can be accessed on the Company's website, www.cousins.com, through the "Cousins Properties Second Quarter Conference Call" link on the Investor Relations page. A replay of the conference call will be available for seven days by dialing [phone] and entering the passcode 10158383. The playback can also be accessed on the Company's website.

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

Cousins Properties	5	Q2 2021 Supplemental Information

CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

		June 30, 2021		December 31, 2020
Assets:		(unaudited)
Real estate assets:
Operating properties, net of accumulated depreciation of $791,431 and $803,073 in 2021	$	5,917,710	$	6,232,546
and 2020, respectively
Projects under development		113,841			57,389
Land		153,938			162,406
		6,185,489			6,452,341
Real estate assets and other assets held for sale, net		260,247			125,746
Cash and cash equivalents		9,792			4,290
Restricted cash		1,256			1,848
Accounts receivable		22,626			20,248
Deferred rents receivable		146,712			138,341
Investment in unconsolidated joint ventures		112,718			125,481
Intangible assets, net		155,918			189,164
Other assets		51,212			49,939
Total assets	$	6,945,970		$	7,107,398
Liabilities:
$	2,050,173	$	2,162,719
Notes payable
Accounts payable and accrued expenses		172,172			186,267
Deferred income		78,331			62,319
Intangible liabilities, net		55,313			69,846
Other liabilities		111,695			118,103
Liabilities of real estate assets held for sale, net		10,882			12,606
Total liabilities		2,478,566			2,611,860
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 151,272,969 and		151,273			151,149
151,149,289 shares issued and outstanding in 2021 and 2020, respectively
Additional paid-in capital		5,546,336			5,542,762
Treasury stock at cost, 2,584,933 shares in 2021 and 2020		(148,473)			(148,473)
Distributions in excess of cumulative net income		(1,113,273)			(1,078,304)
Total stockholders' investment		4,435,863			4,467,134
Nonredeemable noncontrolling interests		31,541			28,404
Total equity		4,467,404			4,495,538
Total liabilities and equity	$	6,945,970		$	7,107,398

Cousins Properties	6	Q2 2021 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

		Three Months Ended			Six Months Ended
		June 30,				June 30,
		2021			2020			2021			2020
Revenues:
Rental property revenues	$	181,766	$	175,099	$	366,573	$	364,228
Fee income		4,803			4,690			9,332			9,422
Other		68			126			282			163
		186,637			179,915			376,187			373,813
Expenses:
Rental property operating expenses		63,716			61,621			130,111			126,159
Reimbursed expenses		398			322			766			843
General and administrative expenses		7,313			8,543			14,046			14,195
Interest expense		16,656			13,993			33,864			29,897
Depreciation and amortization		71,456			72,868			142,326			144,482
Transaction costs		-			63			-			428
Other		824			552			1,414			1,118
		160,363			157,962			322,527			317,122
Income from unconsolidated joint ventures		1,795			1,715			3,698			5,140
Gain (loss) on sales of investments in unconsolidated joint ventures		-			(231)			39			45,999
Gain (loss) on investment property transactions		(9)			(201)			(26)			90,715
Net income		28,060			23,236			57,371			198,545
Net loss (income) attributable to noncontrolling interests		93			(135)			(108)			(501)
Net income available to common stockholders	$	28,153		$	23,101		$	57,263		$	198,044
Net income per common share - basic and diluted	$	0.19	$	0.16	$	0.39	$	1.34
Weighted average shares - basic		148,665			148,548			148,644			147,986
Weighted average shares - diluted
	148,740			148,580			148,716			148,570

Cousins Properties	7	Q2 2021 Supplemental Information

KEY PERFORMANCE METRICS

Property Statistics

Consolidated Operating Properties

Consolidated Rentable Square Feet (in thousands) Unconsolidated Operating Properties Unconsolidated Rentable Square Feet (in thousands) Total Operating Properties

Total Rentable Square Feet (in thousands)

Office Leasing Activity (1)

Net Leased during the Period (square feet, in thousands) Net Effective Rent Calculation (per square foot)

Net Rent

Net Free Rent Leasing Commissions Tenant Improvements

Leasing Costs Net Effective Rent

Change in Second Generation Net Rent

Change in Cash-Basis Second Generation Net Rent

Same Property Information (2)

Percent Leased (period end) Weighted Average Occupancy

Change in Net Operating Income (over prior year period)

Change in Cash-Basis Net Operating Income (over prior year period)

Development Pipeline (3)

Estimated Project Costs (in thousands)

Estimated Project Costs/ Total Undepreciated Assets

Market Capitalization (4)

Common Stock Price (period end)

Common Stock/Units Outstanding (period end, in thousands) Equity Market Capitalization (in thousands)

Debt (in thousands)

Total Market Capitalization (in thousands)

2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020	2021 1st	2021 2nd	YTD 2021
34	32	32	32	33	33		33	32	32
19,599	18,249	18,249	18,245	18,897	18,897	19,145	18,122	18,122
4	3	3	3	3	3		3	4	4
2,168	1,107	1,107	1,107	1,107	1,107	1,107	1,460	1,460
38	35	35	35	36	36		36	36	36
21,767	19,356	19,356	19,352	20,004	20,004	20,252	19,582	19,582
3,074	476	303	255	387	1,421	271	484	755
$30.43	$34.88	$33.54	$26.63	$31.54	$32.20	$31.12	$32.38	$31.93
(0.63)	(1.92)	(0.92)	(1.23)	(1.16)	(1.38)	(1.70)	(1.33)	(1.46)
(2.29)	(2.68)	(3.02)	(2.37)	(2.20)	(2.57)	(2.26)	(2.70)	(2.54)
(3.69)	(5.27)	(4.17)	(1.57)	(2.99)	(3.75)	(3.63)	(4.58)	(4.24)
(6.61)	(9.87)	(8.11)	(5.17)	(6.35)	(7.70)	(7.59)	(8.61)	(8.24)
$23.82	$25.01	$25.43	$21.46	$25.19	$24.50	$23.53	$23.77	$23.69
21.3 %	26.9 %	31.8 %	24.7 %	24.7 %	27.2 %	21.5	%	21.7 %	21.6 %
7.7 %	14.3 %	20.6 %	8.9 %	8.9 %	13.1 %	10.5	%	12.9 %	12.0 %
94.6 %	94.8 %	94.4 %	93.6 %	92.7 %	92.7 %	89.9	%	90.7 %	90.7 %
91.8 %	91.4 %	91.5 %	91.9 %	92.4 %	91.8 %	89.3	%	90.7 %	90.9 %
2.6 %	3.2 %	(2.4)%	(0.4)%	(2.3)%	(0.5)%	(4.1) %	1.4 %	(0.1)%
4.8 %	11.4 %	(1.6)%	(3.0)%	(3.3)%	0.7 %	(2.7) %	7.1 %	3.5 %
$565,600	$565,600	$565,600	$566,400	$449,400	$449,400	$363,000	$492,200	$492,200
6.9 %	7.1 %	7.0 %	7.0 %	5.4 %	5.4 %	4.3	%	6.1 %	6.1 %

$41.20	$29.27	$29.83	$28.59	$33.50	$33.50	$35.35	$36.78	$36.78
148,506	148,565	148,593	148,589	148,589	148,589	148,679	148,713	148,713
$6,118,447	$4,348,498	$4,432,529	$4,248,160	$4,977,732	$4,977,732	$5,255,803	$5,469,664	$5,469,664
2,305,494	2,036,955	2,038,271	2,042,161	2,277,759	2,277,759	2,358,860	2,195,653	2,195,653
$8,423,941	$6,385,453	$6,470,800	$6,290,321	$7,255,491	$7,255,491	$7,614,663	$7,665,317	$7,665,317

Continued on next page

Cousins Properties	8	Q2 2021 Supplemental Information

KEY PERFORMANCE METRICS

	2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020	2021 1st		2021 2nd	YTD 2021
Credit Ratios (4)
Net Debt/Total Market Capitalization	27.1 %	29.8 %	30.9 %	31.7 %	31.2 %	31.2 %	30.7	%	28.4 %	28.4 %
Net Debt/Total Undepreciated Assets	27.8 %	24.0 %	24.9 %	24.6 %	27.0 %	27.0 %	27.6	%	26.9 %	26.9 %
Net Debt/Annualized Adjusted EBITDAre	4.55	3.66	4.44	4.24	4.84	4.84	4.87	4.55	4.55
Fixed Charges Coverage (Adjusted EBITDAre)	5.95	6.28	6.04	5.95	5.74	6.00	5.42	5.43	5.43
Dividend Information (4)
Common Dividend per Share	$1.16	$0.30	$0.30	$0.30	$0.30	$1.20	$0.31	$0.31	$0.62
Funds From Operations (FFO) Payout Ratio	48.1 %	39.5 %	45.5 %	43.7 %	44.3 %	43.1 %	45.2	%	45.1 %	45.2 %
Funds Available for Distribution (FAD) Payout Ratio	66.8 %	59.0 %	75.1 %	64.8 %	76.0 %	67.9 %	57.8	%	64.6 %	61.0 %
Operations Ratio (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.45 %	0.28 %	0.43 %	0.28 %	0.34 %	0.32 %	0.32	%	0.36 %	0.35 %
Additional Information (in thousands, except per square foot amounts)
In-Place Gross Rent (per square foot) (5)	$37.44	$39.29	$39.48	$39.72	$40.26	$40.26	$40.71	$42.00	$42.00
Straight Line Rental Revenue (4)	$29,391	$9,859	$11,137	$12,935	$8,284	$42,215	$7,739	$5,625	$13,364
Above and Below Market Rents Amortization, Net (4)	$9,472	$2,590	$2,519	$2,449	$2,503	$10,061	$2,388	$2,069	$4,457
Second Generation Capital Expenditures (4)	$90,704	$23,817	$25,724	$17,718	$30,524	$97,783	$12,093	$23,118	$35,211

1. See Office Leasing Activity on page 19 for additional detail and explanations.
2. Same Property Information is derived from the pool of office properties, as existed in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 31 for additional information.
3. Cousins' share of estimated project costs. See Development Pipeline on page 25 for additional detail.
4. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
5. In-placegross rent equals the annualized cash-basis base rent including tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

Cousins Properties	9	Q2 2021 Supplemental Information

														KEY PERFORMANCE METRICS
							Total Rentable Square Feet							Equity Market Capitalization
		30,000											8,000
		25,000			21,767							6,000				6,118
					20,004												5,470
		20,000					19,582										4,978
	thousands)(in										millions)(in$
	15,000										4,000
		10,000											2,000
		5,000
		0											0
		12/31/19	12/31/20	06/30/21					12/31/19	12/31/20	06/30/21
					Same Property Net Operating Income Change						Second Generation Net Rent Change
								Cash-Basis (1)												Cash-Basis (1)
		6.0%		4.8%							18%
	Change	4.0%							3.5%					12%						13.1%	12.0%
	-Year																7.7%
	-over
	Year	2.0%												6%
								0.7%
		0.0%												0%
		2019	2020	YTD 2021				2019	2020	YTD 2021

(1) Office properties only.

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

6.00

5.00

4.00

3.00

2.00

1.00

0.00

0.80%

0.60%

0.40%

0.20%

0.00%

Net Debt / Annualized Adjusted EBITDAre

4.55	4.84
4.55

4Q194Q202Q21

Annualized General & Administrative Expenses / Total Undepreciated Assets

0.45%

0.32% 0.35%

2019

2020

YTD 2021

Cousins Properties	10	Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

Net Operating Income

Gain (Loss) on Sales of Undepreciated Investment Properties Fee Income

Other Income Reimbursed Expenses

General and Administrative Expenses Interest Expense

Other Expenses

Depreciation and Amortization of Non-Real Estate Assets FFO (1)

Weighted Average Shares - Diluted FFO per Share (1)

(amounts in thousands, except per share amounts)

2019		2020 1st	2020 2nd	2020 3rd		2020 4th		2020		2021 1st	2021 2nd	YTD 2021
$ 431,790	$	127,782	$ 117,132	$ 120,016	$	121,104	$	486,034	$	123,124	$ 122,705	$ 245,829
18,182		1,335	-	-		(723)		612		-	-	-
28,518		4,732	4,689	4,351		4,454		18,226		4,530	4,803	9,333
7,861		2,994	726	406		199		4,325		298	897	1,195
(4,004)		(521)	(322)	(373)		(364)		(1,580)		(368)	(398)	(766)
(37,007)		(5,652)	(8,543)	(5,658)		(7,181)		(27,034)		(6,733)	(7,313)	(14,046)
(59,701)		(16,554)	(14,543)	(15,497)		(16,082)		(62,676)		(17,723)	(17,519)	(35,242)
(55,047)		(1,188)	(1,007)	(1,113)		(664)		(3,972)		(1,010)	(967)	(1,977)
(1,799)		(207)	(173)	(154)		(154)		(688)		(158)	(157)	(315)

$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	204,011
	129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,716
$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	1.37

(1) See pages 31 and 34 for reconciliations of Funds From Operations to net income available to common shareholders.

Cousins Properties	11	Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

						(amounts in thousands, except per share amounts)
		2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		YTD 2021
Net Operating Income
Consolidated Properties
The Domain (2)	$	19,945	$	9,068	$	9,899	$	11,053	$	11,701	$	41,721	$	12,127	$	13,194	$	25,321
Spring & 8th (2)		29,369		7,351		7,255		7,340		7,286		29,232		7,367		7,320		14,687
Corporate Center (2)		26,484		6,157		5,928		6,113		7,199		25,397		7,371		7,157		14,528
Terminus (2) (3)		7,330		6,949		6,899		7,227		6,620		27,695		7,192		6,461		13,653
Northpark (2)		25,272		6,916		6,983		7,087		6,682		27,668		6,760		6,588		13,348
Hayden Ferry (2)		23,938		6,321		5,676		6,069		6,280		24,346		6,221		6,079		12,300
Fifth Third Center		17,993		4,573		4,791		4,643		4,347		18,354		4,782		4,963		9,745
One Eleven Congress		17,379		4,396		4,496		4,565		4,573		18,030		4,564		4,466		9,030
BriarLake Plaza (2)		10,217		4,681		4,367		4,359		4,697		18,104		4,483		4,530		9,013
The Terrace (2)		8,311		3,988		3,998		4,003		4,152		16,141		4,341		4,213		8,554
Promenade		18,359		4,506		3,950		4,256		4,101		16,813		4,060		4,116		8,176
Avalon (2)		7,408		1,821		2,587		3,065		3,526		10,999		3,714		3,993		7,707
San Jacinto Center		14,593		3,617		4,290		3,745		3,314		14,966		3,750		3,912		7,662
3344 Peachtree		13,303		5,267		2,966		3,352		3,498		15,083		3,549		3,690		7,239
The RailYard		-		-		-		-		929		929		3,175		3,112		6,287
Colorado Tower		13,991		3,350		3,303		3,055		2,640		12,348		2,382		3,253		5,635
Buckhead Plaza (2)		15,079		3,617		2,783		2,984		2,894		12,278		2,509		2,980		5,489
One South at the Plaza (4)		10,605		5,323		4,651		4,656		4,063		18,693		2,477		2,879		5,356
NASCAR Plaza		10,300		2,750		2,655		2,845		2,470		10,720		2,687		2,626		5,313
816 Congress		11,847		2,636		2,754		2,645		2,587		10,622		2,456		2,348		4,804
Legacy Union One		5,157		2,400		2,396		2,390		2,399		9,585		2,363		2,371		4,734
1200 Peachtree		7,691		2,332		2,318		2,371		2,319		9,340		2,286		2,278		4,564
3350 Peachtree		8,957		2,450		2,849		2,162		2,190		9,651		2,280		2,255		4,535
Tempe Gateway		7,750		2,084		1,835		1,827		1,770		7,516		1,417		1,452		2,869
111 West Rio		5,559		1,388		1,411		1,309		1,389		5,497		1,387		1,397		2,784
3348 Peachtree		6,167		1,502		1,309		1,308		1,341		5,460		1,262		1,258		2,520
Domain Point (2)		3,058		1,187		1,435		1,482		1,640		5,744		1,265		1,243		2,508
5950 Sherry Lane		2,316		1,239		1,184		1,298		1,280		5,001		1,188		1,200		2,388
The Pointe		5,089		1,192		1,230		1,254		1,076		4,752		1,199		1,043		2,242
Meridian Mark Plaza		4,370		1,067		846		1,129		1,117		4,159		1,018		1,040		2,058
Research Park V		4,087		1,029		1,029		1,055		1,012		4,125		1,038		985		2,023
Harborview Plaza		2,013		795		840		863		793		3,291		831		720		1,551
Other (5)		35,440		9,795		4,026		4,298		4,819		22,938		4,869		2,146		7,015
Subtotal - Consolidated		399,377		121,747		112,939		115,808		116,704		467,198		118,370		117,268		235,638
				Continued on next page

Cousins Properties	12	Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

			(amounts in thousands, except per share amounts)
	2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020		2021 1st	2021 2nd	YTD 2021
Unconsolidated Properties (6)
Dimensional Place	5,761	1,900	1,955	1,964	1,840	7,659		1,878	1,919	3,797
Carolina Square (2)	4,367	1,255	1,210	1,163	1,312	4,940		1,315	1,517	2,832
Emory University Hospital Midtown	4,239	1,078	962	1,080	1,090	4,210		1,048	1,094	2,142
120 West Trinity (2)	(48)	(60)	(13)	28	(4)	(49)		151	204	355
Terminus (2) (3)	10,548	-	-	-	-	-		-	-	-
Other (5)	7,546	1,862	79	(27)	162	2,076		362	703	1,065
Subtotal - Unconsolidated	32,413	6,035	4,193	4,208	4,400	18,836		4,754	5,437	10,191
Total Net Operating Income (1)	431,790	127,782	117,132	120,016	121,104	486,034		123,124	122,705	245,829
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	18,182	-	-	-	-	-		-	-	-
Unconsolidated (6)	-	1,335	-	-	(723)	612		-	-	-
Total Gain (Loss) on Sales of Undepreciated Investment Properties	18,182	1,335	-	-	(723)	612		-	-	-
Fee Income
Development Fees	22,058	3,835	3,846	3,804	3,849	15,334		3,900	4,173	8,073
Management Fees (7)	5,717	762	843	546	605	2,756		579	616	1,195
Leasing & Other Fees	743	135	-	1	-	136		51	14	65
Total Fee Income	28,518	4,732	4,689	4,351	4,454	18,226		4,530	4,803	9,333
Other Income
Termination Fees	7,227	2,844	539	372	79	3,834		42	782	824
Termination Fees - Unconsolidated (6)	16	1	2	5	1	9		-	7	7
Interest and Other Income	246	37	126	6	62	231		213	68	281
Interest and Other Income - Unconsolidated (6)	372	112	59	23	57	251		43	40	83
Total Other Income	7,861	2,994	726	406	199	4,325		298	897	1,195
Total Fee and Other Income	36,379	7,726	5,415	4,757	4,653	22,551		4,828	5,700	10,528
Reimbursed Expenses (7)	(4,004)	(521)	(322)	(373)	(364)	(1,580)		(368)	(398)	(766)
General and Administrative Expenses	(37,007)	(5,652)	(8,543)	(5,658)	(7,181)	(27,034)		(6,733)	(7,313)	(14,046)
Interest Expense
Consolidated Debt
2019 Senior Notes, Unsecured ($275M)	(5,853)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)		(2,744)	(2,744)	(5,488)
2017 Senior Notes, Unsecured ($250M)	(9,958)	(2,489)	(2,490)	(2,490)	(2,489)	(9,958)		(2,490)	(2,489)	(4,979)
2019 Senior Notes, Unsecured ($250M)	(5,207)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)		(2,441)	(2,441)	(4,882)
Credit Facility, Unsecured	(7,325)	(3,081)	(773)	(827)	(1,087)	(5,768)		(1,710)	(1,299)	(3,009)
Terminus (2) (3)	(1,540)	(1,526)	(1,511)	(1,497)	(1,482)	(6,016)		(1,468)	(1,452)	(2,920)
2019 Senior Notes, Unsecured ($125M)	(2,554)	(1,197)	(1,197)	(1,198)	(1,197)	(4,789)		(1,197)	(1,198)	(2,395)
Fifth Third Center	(4,846)	(1,194)	(1,188)	(1,181)	(1,174)	(4,737)		(1,168)	(1,159)	(2,327)
2017 Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)		(1,036)	(1,037)	(2,073)
Colorado Tower	(4,173)	(1,030)	(1,026)	(1,020)	(1,015)	(4,091)		(1,009)	(1,005)	(2,014)
Promenade	(4,224)	(1,034)	(1,025)	(1,016)	(1,006)	(4,081)		(997)	(988)	(1,985)
Term Loan, Unsecured	(9,194)	(1,891)	(1,190)	(994)	(981)	(5,056)		(948)	(950)	(1,898)

Continued on next page

Cousins Properties	13	Q2 2021 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

						(amounts in thousands, except per share amounts)
		2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		YTD 2021
816 Congress (9)		(3,111)		(768)		(763)		(760)		(755)		(3,046)		(751)		(731)		(1,482)
Legacy Union One		(1,169)		(528)		(527)		(536)		(536)		(2,127)		(520)		(528)		(1,048)
Domain 10 (9)		-		-		-		-		-		-		-		(17)		(17)
Other (10)		(1,883)		(254)		(40)		(41)		(41)		(376)		(41)		(37)		(78)
Capitalized (8)		11,219		5,309		3,959		2,722		2,334		14,324		1,312		1,419		2,731
Subtotal - Consolidated Interest Expense		(53,963)		(15,904)		(13,993)		(15,058)		(15,650)		(60,605)		(17,208)		(16,656)		(33,864)
Unconsolidated Debt (6)
Emory University Hospital Midtown		(1,229)		(303)		(301)		(301)		(297)		(1,202)		(296)		(293)		(589)
Carolina Square (2)		(1,605)		(347)		(249)		(138)		(135)		(869)		(134)		(416)		(550)
300 Colorado		-		-		-		-		-		-		(85)		(154)		(239)
Terminus (2) (3)		(2,904)		-		-		-		-		-		-		-		-
Subtotal - Unconsolidated Interest Expense		(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(1,378)
Total Interest Expense		(59,701)		(16,554)		(14,543)		(15,497)		(16,082)		(62,676)		(17,723)		(17,519)		(35,242)
Other Expenses
Property Taxes and Other Holding Costs		(1,075)		(356)		(380)		(353)		(74)		(1,163)		(345)		(164)		(509)
Partners' Share of FFO in Consolidated Joint Ventures		(833)		(213)		(342)		(343)		(365)		(1,263)		(407)		(129)		(536)
Severance		(154)		(51)		(17)		-		(1)		(69)		(308)		(19)		(327)
Predevelopment & Other Costs		(402)		(153)		(255)		(417)		(224)		(1,049)		50		(655)		(605)
Income Tax Expense		298		(50)		50		-		-		-		-		-		-
Transaction Costs		(52,881)		(365)		(63)		-		-		(428)		-		-		-
Total Other Expenses		(55,047)		(1,188)		(1,007)		(1,113)		(664)		(3,972)		(1,010)		(967)		(1,977)
Depreciation and Amortization of Non-Real Estate Assets		(1,799)		(207)		(173)		(154)		(154)		(688)		(158)		(157)		(315)
FFO (1)	$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	204,011
Weighted Average Shares - Diluted		129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,716
FFO per Share (1)	$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	1.37

Note: Amounts may differ slightly from other schedules contained herein due to rounding.

1. See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 31.
2. Contains multiple buildings that are grouped together for reporting purposes.
3. On October 1, 2019, the Company purchased its partner's 50% interest in Terminus Office Holdings LLC.
4. Prior period amounts adjusted to exclude College Street Garage, which was not included in the July 2021 sale of One South at the Plaza. See note 5.
5. Primarily represents properties sold prior to June 30, 2021, see page 24. Also, includes College Street Garage and preliminary operational activity at Domain 10 and 300 Colorado, which are in the final stages of development and not yet stabilized.
6. 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.
7. Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is included Management Fees.
8. Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development projects and equity in unconsolidated development projects.
9. In June 2021, we executed a collateral swap for the mortgage previously secured by the Company's 816 Congress property. The mortgage is now secured by the Company's Domain 10 property. Terms of the mortgage remain unchanged.
10. Primarily represents interest on loans repaid prior to June 30, 2021.

Cousins Properties	14	Q2 2021 Supplemental Information

PORTFOLIO STATISTICS

				Financial		Company's			End of Period Leased		Weighted Average Occupancy (1)		% of Total
		Rentable		Statement		Ownership					Net Operating			Property Level
Office Properties						2Q21		1Q21		2Q21		1Q21
	Square Feet		Presentation		Interest							Income (2)			Debt ($000) (3)
Spring & 8th (4)	765,000		Consolidated	100%	100.0%	100.0%	100.0%	100.0%	6.1%	$	-
Northpark (4)	1,539,000		Consolidated	100%	86.5%	87.9%	86.7%	88.8%	5.5%			-
Terminus (4)	1,226,000		Consolidated	100%	87.9%	81.8%	79.6%	81.6%	5.4%			191,490
Promenade	777,000		Consolidated	100%	90.7%	89.1%	89.0%	89.3%	3.4%			90,770
Avalon (5)	480,000		Consolidated	90%	86.0%	86.0%	86.0%	86.0%	3.3%			-
3344 Peachtree	484,000		Consolidated	100%	95.3%	95.3%	95.3%	95.3%	3.1%			-
Buckhead Plaza (4)	666,000		Consolidated	100%	80.7%	77.0%	72.5%	70.1%	2.4%			-
1200 Peachtree	370,000		Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.9%			-
3350 Peachtree	413,000		Consolidated	100%	45.5%	95.2%	94.8%	95.2%	1.9%			-
3348 Peachtree	258,000		Consolidated	100%	90.1%	90.1%	89.7%	89.0%	1.0%			-
Emory University Hospital Midtown	358,000		Unconsolidated	50%	97.3%	98.0%	97.6%	98.4%	0.9%			32,735
Meridian Mark Plaza	160,000		Consolidated	100%	100.0%	100.0%	100.0%	100.0%	0.9%			-
120 West Trinity (6)		43,000		Unconsolidated	20%		90.4%		NA		77.3%		NA		0.1%
ATLANTA	7,539,000					87.7%	89.3%	88.2%	88.8%	35.9%			314,995
The Domain (5)	1,603,000		Consolidated	100%	100.0%	100.0%	100.0%	95.8%	11.0%			-
One Eleven Congress	519,000		Consolidated	100%	94.9%	94.9%	94.9%	94.9%	3.7%			-
The Terrace (4)	619,000		Consolidated	100%	92.4%	89.4%	88.1%	88.9%	3.5%			-
San Jacinto Center	399,000		Consolidated	100%	93.9%	93.9%	93.9%	92.9%	3.3%			-
Colorado Tower	373,000		Consolidated	100%	100.0%	99.1%	92.6%	81.6%	2.7%			112,917
816 Congress	435,000		Consolidated	100%	76.7%	76.0%	76.0%	80.6%	2.0%			-
Domain Point (4)	240,000		Consolidated	96.5%	83.3%	83.3%	74.9%	74.9%	1.0%			-
Research Park V		173,000		Consolidated	100%		97.1%		97.1%		97.1%		97.1%		0.8%			-
AUSTIN	4,361,000					94.4%	93.9%	92.7%	90.7%	28.0%			112,917
Fifth Third Center	692,000		Consolidated	100%	94.4%	98.0%	98.0%	99.5%	4.1%			135,030
The RailYard (6)	329,000		Consolidated	100%	96.8%	96.8%	96.8%	96.8%	2.6%			-
One South at the Plaza (6) (7)	891,000		Consolidated	100%	57.6%	57.6%	57.1%	57.3%	2.4%			-
NASCAR Plaza	394,000		Consolidated	100%	97.8%	98.0%	97.8%	97.8%	2.2%			-
Dimensional Place (6) (8)		281,000		Unconsolidated	50%		96.9%		95.6%		95.6%		95.6%		1.6%			-
CHARLOTTE	2,587,000					82.0%	83.0%	82.8%	83.3%	12.9%			135,030
Corporate Center (4)	1,227,000		Consolidated	100%	97.0%	97.0%	97.0%	97.0%	5.9%			-
The Pointe	253,000		Consolidated	100%	89.6%	90.5%	90.1%	89.6%	0.9%			-
Harborview Plaza		205,000		Consolidated	100%		77.5%		76.3%		76.7%		76.3%		0.6%			-
TAMPA	1,685,000					93.5%	93.5%	93.5%	93.4%	7.4%			-
Hayden Ferry (4)	792,000		Consolidated	100%	93.7%	97.5%	95.7%	98.1%	5.0%			-
Tempe Gateway	264,000		Consolidated	100%	78.1%	78.1%	78.1%	78.1%	1.2%			-
111 West Rio		225,000		Consolidated	100%		100.0%		100.0%		100.0%		100.0%		1.2%			-
PHOENIX	1,281,000					91.6%	93.9%	92.9%	94.3%	7.4%			-
							Continued on next page

Cousins Properties	15	Q2 2021 Supplemental Information

PORTFOLIO STATISTICS

		Rentable		Financial		Company's		End of Period Leased		Weighted Average Occupancy (1)		% of Total
Office Properties			Statement		Ownership		2Q21		1Q21		2Q21		1Q21		Net Operating
	Square Feet		Presentation		Interest						Income (2)
Legacy Union One	319,000		Consolidated	100%	100.0%	100.0%	100.0%	100.0%	2.1%
5950 Sherry Lane		197,000		Consolidated	100%		84.9%		85.6%		85.1%		85.6%		0.9%
DALLAS	516,000					94.2%	94.5%	94.3%	94.5%	3.0%
BriarLake Plaza - Houston (4)	835,000		Consolidated	100%	84.9%	84.9%	84.9%	84.9%	3.8%
Carolina Square - Chapel Hill		158,000		Unconsolidated	50%		94.5%		94.5%		94.5%		94.5%		0.5%
OTHER OFFICE	993,000					85.7%	85.7%	85.7%	85.7%	4.3%
TOTAL OFFICE	18,962,000					89.4%	90.2%	89.4%	89.3%	98.9%
Other Properties
Carolina Square Apartment - Chapel Hill	266,000		Unconsolidated	50%	96.7%	100.0%	92.4%	99.9%	0.8%
(246 units) (6)
Carolina Square Retail - Chapel Hill (6)	44,000		Unconsolidated	50%	87.1%	87.1%	87.1%	82.2%	0.1%
College Street Garage - Charlotte (6)		NA		Consolidated	100%		NA		NA		NA		NA	0.1%
120 West Trinity Apartment - Atlanta		310,000		Unconsolidated	20%		97.9%		NA		85.9%		NA		0.1%
(330 units) (6)(9)
TOTAL OTHER		620,000						96.1%		98.2%		90.0%		97.4%		1.1%
TOTAL	19,582,000					89.5%	90.3%	89.4%	89.4%	100.0%

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 June 30, 2021.
3. The Company's share of property-specific mortgage debt, including premiums and net of unamortized loan costs, as of June 30, 2021.
4. Contains two or more buildings that are grouped together for reporting purposes.
5. Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of June 30, 2021.
6. Not included in Same Property as of June 30, 2021.
7. Held for sale as of June 30, 2021 and sold subsequent to quarter end.
8. The Company's partner in this unconsolidated joint venture has exercised their option to purchase the Company's 50% interest in accordance with the terms of the partnership agreement. The sale is expected to close at the end of the third quarter 2021.
9. Includes 9,000 square feet of retail space that was 25.1% leased as of June 30, 2021 and had a 25.1% weighted average occupancy during the second quarter of 2021.

Property Level Debt ($000) (3)

67,078

-

67,078

-

22,582

22,582

• 652,602

38,017

6,288

-

-

• 44,305
• 696,907

Cousins Properties	16	Q2 2021 Supplemental Information

PORTFOLIO STATISTICS

Second Quarter Portfolio NOI by Market

Atlanta 36.0%

Austin 28.0%

Other 5.2%

Dallas 3.0%

Charlotte 13.0%

Phoenix 7.4%

Tampa 7.4%

Cousins Properties	17	Q2 2021 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

			($	in thousands)
		Three Months Ended June 30,
		2021			2020			% Change
Rental Property Revenues (2)	$	161,096		$	156,679			2.8 %
Rental Property Operating Expenses (2)		57,216			54,185			5.6 %
Same Property Net Operating Income	$	103,880		$	102,494			1.4 %
Cash-Basis Rental Property Revenues (3)	$	155,635	$	146,015			6.6 %
Cash-Basis Rental Property Operating Expenses (4)		57,064			54,018			5.6 %
Cash-Basis Same Property Net Operating Income	$	98,571		$	91,997			7.1 %
End of Period Leased		90.7 %			93.3 %
Weighted Average Occupancy		90.7 %			91.0 %
		Six Months Ended June 30,
		2021			2020			% Change
Rental Property Revenues (2)	$	321,221		$	318,088			1.0 %
Rental Property Operating Expenses (2)(5)		114,307			110,876			3.1 %
Same Property Net Operating Income	$	206,914		$	207,212			(0.1)%
Cash-Basis Rental Property Revenues (3)	$	308,184	$	298,152			3.4 %
Cash-Basis Rental Property Operating Expenses (4)(5)		114,003			110,543			3.1 %
Cash-Basis Same Property Net Operating Income	$	194,181		$	187,609			3.5 %
Weighted Average Occupancy		90.9 %			90.8 %

1. Same Properties include those office properties that were stabilized 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 31.
2. Rental Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee income. Net operating income for unconsolidated joint ventures is calculated as Rental Property Revenues less termination fee income and Rental Property Expenses at the joint ventures multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.
3. Cash-BasisRental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues, excluding termination fee income, straight-line rents and other deferred income amortization, amortization of lease inducements, and amortization of acquired above and below market rents.
4. Cash-BasisRental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
5. Same Property Rental Property Operating Expenses and Cash-Basis Same Property Rental Property Operating Expenses for the six months ended June 30, 2020 have been adjusted to remove a $1.8 million one-time credit for construction-related legal expenses that were recovered through settlement during the three months ended March 31, 2020.

Cousins Properties	18	Q2 2021 Supplemental Information

OFFICE LEASING ACTIVITY

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	New		Renewal	Expansion	Total		New		Renewal	Expansion	Total
Gross leased square feet (1)					560,678						1,000,044
Less exclusions (2)					(76,342)						(244,582)
Net leased square feet	255,051	123,637	105,648	484,336	315,628	314,675	125,159	755,462
Number of transactions	19	14	6	39	29	31	9	69
Lease term in years (3)	7.3	5.6	6.5	6.7	7.0	4.8	6.5	6.0

Net effective rent calculation (per square foot per year) (3)

Net annualized rent (4)	$	33.71	$	31.40	$	30.33	$	32.38	$	33.70	$	30.79	$	30.32	$	31.93
Net free rent		(1.03)			(0.89)			(2.56)			(1.33)			(1.24)			(1.27)			(2.52)			(1.46)
Leasing commissions		(2.88)			(2.54)			(2.47)			(2.70)			(2.88)			(2.23)			(2.49)			(2.54)
Tenant improvements		(4.61)			(3.23)			(6.10)			(4.58)			(4.96)			(2.76)			(6.15)			(4.24)
Total leasing costs		(8.52)			(6.66)			(11.13)			(8.61)			(9.08)			(6.26)			(11.16)			(8.24)
Net effective rent	$	25.19	$	24.74	$	19.20			$23.77	$	24.62	$	24.53	$	19.16	$	23.69
Second generation leased square footage (5)											358,006												579,649
Increase in straight-line basis second generation net rent per square foot (6)							21.7	%												21.6	%
Increase in cash-basis second generation net rent per square foot (7)									12.9	%												12.0	%

1. Comprised of total square feet leased, unadjusted for ownership share, and excluding apartment leasing.
2. Adjusted for leases one year or less, leases for retail, amenity, storage, percentage rent, intercompany space, and rent deferrals/extension agreements related to the COVID-19 pandemic.
3. Weighted average of net leased square feet.
4. Straight-linenet rent per square foot (operating expenses deducted from gross leases) over the lease term prior to any deductions for leasing costs.
5. Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
6. Increase in second generation straight-line basis net annualized rent on a weighted average basis.
7. Increase in net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the increase in net cash rent at the end of the term of the original lease is compared to net cash rent at the beginning of the extended term of the lease. Net cash rent is net of any recovery of operating expenses but prior to any deductions for leasing costs.

Cousins Properties	19	Q2 2021 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

		Square Feet		% of Leased			Annual		% of Annual			Annual
Year of Expiration					Contractual Rent		Contractual			Contractual
	Expiring		Space			($000's) (2)		Rent			Rent/Sq. Ft.
2021	1,089,864	6.8 %	$	39,623	4.9 %	$	34.59
2022	1,163,844	7.1 %			52,073	6.5 %			43.65
2023	1,573,444	9.3 %			69,138	8.6 %			43.94
2024	1,172,527	7.1 %			50,994	6.3 %			42.74
2025	1,953,032	11.6 %			89,121	11.1 %			45.63
2026	1,521,899	9.0 %			73,423	9.1 %			48.15
2027	1,582,800	9.4 %			69,877	8.7 %			43.88
2028	1,279,778	7.8 %			62,245	7.7 %			47.48
2029	1,215,766	7.3 %			58,687	7.3 %			47.90
2030 & Thereafter		4,133,438		24.6 %			238,663		29.8 %			57.02
Total	16,686,392	100.0 %	$	803,844	100.0 %	$	47.57

Square Feet

6,000,000
4,000,000									4,133,438
2,000,000		1,573,444		1,953,032	1,521,899	1,582,800
1,163,844	1,172,527		1,279,778	1,215,766
1,089,864
0
2021	2022	2023	2024	2025	2026	2027	2028	2029	2030 &
6.8%	7.1%	9.3%	7.1%	11.6%	9.0%	9.4%	7.8%	7.3%	Thereafter
									24.6%
				% of Leased Space

1. Company's share of leases expiring after June 30, 2021.
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.

Cousins Properties	20	Q2 2021 Supplemental Information

TOP 20 OFFICE TENANTS

			Number		Number		Company's			Company's		Percentage of		Weighted
								Company's		Average
			of		of		Share of			Share of		Share of		Remaining
	Tenant (1)		Properties		Markets		Square			Annualized		Annualized		Lease Term
		Occupied		Occupied		Footage			Rent (2)		Rent		(Years)
1	NCR Corporation	1	1	762,090	$	35,789,947	5.3%	12
2	Amazon	4	3	564,033			27,098,541	4.0%	6
3	Expedia, Inc.	1	1	430,547			22,014,129	3.3%	7
4	Facebook, Inc.	1	1	323,328			16,900,122	2.5%	8
5	Bank of America	2	2	344,601			11,517,146	1.7%	4
6	Pioneer Natural Resources Company (fka Parsley Energy, L.P.)	2	1	160,730			9,956,499	1.6%	9
7	Norfolk Southern Corporation	2	1	394,621			9,920,450	1.5%	1
8	Apache Corporation	1	1	210,012			9,168,766	1.3%	3
9	Wells Fargo Bank, NA	4	3	198,376			8,748,345	1.3%	5
10	Ovintiv USA Inc (fka Encana Oil & Gas (USA) Inc.) (3)	1	1	318,582			7,949,937	1.2%	6
11	Allstate	2	2	214,380			7,749,926	1.1%	6
12	ADP, LLC	1	1	225,000			7,596,540	1.1%	7
13	SVB Financial Group	1	1	188,940			7,554,435	1.1%	5
14	Regus Equity Business Centers, LLC	6	4	158,740			7,350,039	1.1%	4
15	McGuirewoods LLP	3	3	197,282			7,036,205	1.0%	5
16	Westrock Shared Services, LLC	1	1	205,185			6,991,587	1.0%	9
17	Dimensional Fund Advisors LP	1	1	132,434			6,577,075	1.0%	13
18	Workrise Technologies, Inc. (fka RigUp, Inc.)	1	1	93,210			6,549,563	1.0%	7
19	Samsung Engineering America	1	1	133,860			6,193,830	0.9%	5
20	Amgen Inc.	1	1		163,169			5,977,974		0.8%		7
	Total					5,419,120	$	228,641,056	33.8%	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 June 30, 2021. If the tenant is in a free rent period as of June 30, 2021, 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.

Cousins Properties	21	Q2 2021 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

Percentage of Company's Share of Annualized Rent (1)

Technology 21.4%

Government 0.7%

Transportation 1.7%

Construction/Design 2.2%

Marketing/Media/Creative 2.5%

Other 3.7%

Insurance 4.1%

Real Estate 4.2%

Health Care 5.1%

Professional Services 15.6%

Financial 15.3%

Legal 11.0%

Consumer Goods & Services 7.1% Energy & Utilities 5.4%

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.

Cousins Properties	22	Q2 2021 Supplemental Information

INVESTMENT ACTIVITY

		Completed Property Acquisitions
Property	Type	Market	Company's Ownership	Timing	Square Feet		Gross Purchase Price
Interest			($ in thousands) (1)
2020
The RailYard	Office	Charlotte	100%	4Q	329,000			201,000
2019
1200 Peachtree	Office	Atlanta	100%	1Q	370,000			82,000
TIER REIT, Inc.	Office	Various	Various	2Q	5,799,000			(2)
Terminus (3)	Office	Atlanta	100%	4Q	1,226,000			246,000
2017
111 West Rio (4)	Office	Phoenix	100%	1Q	225,000			19,600
					7,949,000	$	548,600
		Completed Property Developments
Project	Type	Market	Company's Ownership	Timing	Square Feet			Total Project Cost
Interest			($ in thousands) (1)
2021
10000 Avalon	Office	Atlanta	90%	1Q	251,000	$	96,000
120 West Trinity	Mixed	Atlanta	20%	2Q	353,000			89,000
2020
Domain 12	Office	Austin	100%	4Q	320,000			117,000
2019
Dimensional Place	Office	Charlotte	50%	1Q	281,000			96,000
2018
Spring & 8th	Office	Atlanta	100%	1Q/4Q	765,000			332,500
2017
8000 Avalon	Office	Atlanta	90%	2Q	229,000			73,000
Carolina Square	Mixed	Chapel Hill	50%	3Q	468,000			123,000
					2,667,000		$	926,500

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.

Cousins Properties	23	Q2 2021 Supplemental Information

INVESTMENT ACTIVITY

		Completed Operating Property Dispositions
Property	Type	Market	Company's Ownership	Timing	Square Feet			Gross Sales Price
Interest			($ in thousands) (1)
2021
Burnett Plaza	Office	Fort Worth	100%	2Q	1,023,000	$	137,500
2020
Hearst Tower	Office	Charlotte	100%	1Q	966,000			455,500
Gateway Village (2)	Office	Charlotte	50%	1Q	1,061,000			52,200
Woodcrest	Office	Cherry Hill	100%	1Q	386,000			25,300
2017
Emory Point I and II	Mixed	Atlanta	75%	2Q	786,000			199,000
American Cancer Society Center	Office	Atlanta	100%	2Q	996,000			166,000
Bank of America Center, One Orlando	Office	Orlando	100%	4Q	1,038,000			208,100
---Centre, and Citrus Center
Courvoisier Centre (3)	Office	Miami	20%	4Q	343,000			33,900
					6,599,000		$	1,277,500

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.

Cousins Properties	24	Q2 2021 Supplemental Information

DEVELOPMENT PIPELINE (1)

																Company's			Project Cost		Company's Share of
						Company's						Estimated Project			Share of
							Construction						Estimated			Incurred to		Project Cost		Percent		Initial Revenue		Estimated
Project		Type		Market		Ownership			Square Feet		($	Cost(1)(2)		Project Cost(2)			Date(2)		Incurred to Date(2)
			Interest		Start Date		in thousands)		($ in thousands)		($ in thousands)		($	in thousands)		Leased		Recognition(3)		Stabilization(4)
Domain 10		Office		Austin	100 %		4Q18	300,000	$	111,000	$	111,000	$	98,452	$	98,452	100 %		3Q20		3Q21
300 Colorado (5)		Office		Austin	50 %		4Q18	369,000			193,000			96,500			165,567			82,783	88 %		1Q21		1Q22
100 Mill		Office		Phoenix	90 %		1Q20	287,000			153,000			137,700			88,410			79,569	48 %		1Q22		1Q23
Domain 9		Office		Austin	100 %		2Q21	338,000			147,000			147,000			20,389			20,389		- %		2Q23		2Q24
Total											$	604,000	$	492,200	$	372,818	$	281,193

1. This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Amounts included in the estimated project cost column are the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates.
2. Estimated and incurred project costs are construction costs plus financing costs on 300 Colorado, which has project-specific debt. They exclude any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP. They also exclude fair value adjustments 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 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.

Cousins Properties	25	Q2 2021 Supplemental Information

LAND INVENTORY

	Market		Company's Ownership		Financial Statement		Total Developable		Cost Basis of Land
		Interest		Presentation		Land (Acres)		($	in thousands)
3354/3356 Peachtree	Atlanta	95%		Consolidated	3.2
901 West Peachtree (1)	Atlanta	100%		Consolidated	1.0
The Avenue Forsyth-Adjacent Land	Atlanta	100%		Consolidated	10.4
Domain Point 3	Austin	90%		Consolidated	1.7
Domain Central	Austin	100%		Consolidated	5.6
South End Station	Charlotte	100%		Consolidated	3.4
303 Tremont	Charlotte	100%		Consolidated	2.4
Legacy Union 2 & 3	Dallas	95%		Consolidated	4.0
Victory Center	Dallas	75%		Unconsolidated	3.0
100 Mill-Adjacent Land (2)	Phoenix	100%		Consolidated	0.7
Corporate Center 5 & 6 (3)	Tampa	100%		Consolidated		14.1
Total						49.5	$	163,718
Company's Share							48.2		$	158,511

1. Includes a ground lease with future obligation to purchase.
2. Sold subsequent to quarter end.
3. Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties	26	Q2 2021 Supplemental Information

DEBT SCHEDULE

										Company's Share of Debt Maturities and Principal Payments
													($ in thousands)
	Company's		Rate at		Maturity														Total		Deferred		Above
Description (Interest Rate Base, if not fixed)	Ownership		End of			2021	2022	2023	2024	2025		Thereafter				Loan		Market		Total
Interest		Quarter		Date				Principal			Costs		Premium
Consolidated Debt - Floating Rate
Term Loan, Unsecured (LIBOR + 1.05% to 1.65%) (1)	100%	1.15%	8/30/24			-		-		-	350,000		-		-	350,000			(2,271)		-	347,729
Credit Facility, Unsecured (LIBOR + 1.05% to 1.45%) (2)	100%	1.15%	1/3/23			-		-		32,000		-		-		-		32,000			-		-		32,000
Total Floating Rate Debt								-		-	32,000	350,000		-		-	382,000			(2,271)		-	379,729
Consolidated Debt - Fixed Rate
2019 Senior Notes, Unsecured	100%	3.95%	7/6/29			-		-		-		-		-	275,000	275,000			(899)		-	274,101
2017 Senior Notes, Unsecured	100%	3.91%	7/6/25			-		-		-		-	250,000		-	250,000			(732)		-	249,268
2019 Senior Notes, Unsecured	100%	3.86%	7/6/28			-		-		-		-		-	250,000	250,000			(794)		-	249,206
Fifth Third Center	100%	3.37%	10/1/26			1,707	3,502	3,622	3,745	3,874	118,928	135,378			(348)		-	135,030
2019 Senior Notes, Unsecured	100%	3.78%	7/6/27			-		-		-		-		-	125,000	125,000			(382)		-	124,618
Terminus 100	100%	5.25%	1/1/23			1,681	3,498	108,181		-		-		-	113,360			-	3,676	117,036
Colorado Tower	100%	3.45%	9/1/26			1,266	2,598	2,689	2,783	2,880	101,199	113,415			(498)		-	112,917
2017 Senior Notes, Unsecured	100%	4.09%	7/6/27			-		-		-		-		-	100,000	100,000			(318)		-	99,682
Promenade	100%	4.27%	10/1/22			1,789	89,052		-		-		-		-	90,841			(71)		-	90,770
Domain 10 (3)	100%	3.75%	11/1/24			919	1,891	1,963	72,558		-		-	77,331			(1,047)		-	76,284
Terminus 200	100%	3.79%	1/1/23			905	1,860	70,701		-		-		-	73,466			-	988	74,454
Legacy Union One	100%	4.24%	1/1/23			-		-		66,000		-		-		-		66,000			-		1,078		67,078
Total Fixed Rate Debt								8,267		102,401		253,156		79,086		256,754		970,127		1,669,791			(5,089)		5,742		1,670,444
Total Consolidated Debt								8,267	102,401	285,156	429,086	256,754	970,127	2,051,791			(7,360)	5,742	2,050,173
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.80%)	50%	1.90%	3/18/26			510	1,020	1,020	1,020	1,020	63,015	67,605			(718)		-	66,887
300 Colorado (LIBOR + 2.25%) (4)	50%	2.35%	1/17/22			-		45,993		-		-		-		-		45,993			(135)		-		45,858
Total Floating Rate Debt								510		47,013		1,020		1,020		1,020		63,015		113,598			(853)		-		112,745
Unconsolidated Debt - Fixed Rate																	.
Emory University Hospital Midtown	50%	3.50%	6/1/23			440		903		31,436		-		-		-		32,779			(44)		-		32,735
Total Fixed Rate Debt								440		903		31,436		-		-		-		32,779			(44)		-		32,735
Total Unconsolidated Debt								950		47,916		32,456		1,020		1,020		63,015		146,377			(897)		-		145,480
Total Debt							$	9,217		$150,317		$317,612		$430,106		$257,774		$1,033,142		$ 2,198,168		$	(8,257)		$ 5,742		$2,195,653
Total Maturities (5)							$	-		$131,234		$307,932		$420,865		$250,000		$1,027,919		$ 2,137,950
% of Maturities								- %	6 %	14 %	20 %	12 %	48 %	100 %

Cousins Properties	27	Q2 2021 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

	Total Principal		Total Debt (%)	Weighted Average		Weighted Average
	($	in thousands)		Interest Rate		Maturity (Yrs.)
Floating Rate Debt	$	495,598	23 %		1.36 %		3.0
Fixed Rate Debt		1,702,570	77 %		3.94 %	5.0
Total Debt	$	2,198,168		100 %		3.36 %		4.5

1. On June 28, 2021, we entered into an Amended and Restated Term Loan Agreement under which we have a $350.0 million unsecured term loan. See footnote 7 of our Quarterly Report on Form 10-Q. The spread over LIBOR under the Term Loan at June 30, 2021 was 1.05%.
2. As of June 30, 2021, the company had $32.0 million drawn under the Credit Facility and had the ability to borrow the remaining $968.0 million. The spread over LIBOR under the Credit Facility at June 30, 2021 was 1.05%.
3. In June 2021, we executed a collateral swap for the mortgage previously secured by the Company's 816 Congress property in Austin. The mortgage is now secured by the Company's Domain 10 property in Austin. All other terms of the note were unchanged.
4. The Company's share of the total borrowing capacity of the construction loan 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	28	Q2 2021 Supplemental Information

DEBT SCHEDULE

$ (in thousands)

Debt Maturity Schedule as of June 30, 2021

500,000

420,865

400,000

307,932

300,000

	277,919	275,000
250,000		250,000
		225,000

200,000

131,234

100,000

0

0

2021

2022

2023

2024

2025

2026

2027

2028

2029

ConsolidatedUnconsolidated

Cousins Properties	29	Q2 2021 Supplemental Information

JOINT VENTURE INFORMATION (1)

Joint Venture		Property		Cash Flows to Cousins (2)
AMCO 120 WT Holdings LLC		120 West Trinity		20% of cash flows.
Austin 300 Colorado Project LP		300 Colorado		50% of cash flows.
Carolina Square Holdings LP		Carolina Square		50% of cash flows.
Crawford Long-CPI, LLC		Emory University		50% of cash flows.
		Hospital Midtown
DC Charlotte Plaza LLLP		Dimensional Place		50% of cash flows.
HICO 100 Mill LLC		100 Mill		90% of cash flows until return of
				contributed capital to both partners.
HICO Avalon LLC		8000 Avalon		90% of cash flows until return of
				contributed capital to both Partners.
HICO Avalon II LLC		10000 Avalon		90% of cash flows until return of
				contributed capital to both Partners.
TR Domain Point LLC		Domain Point		Preferred return on preferred equity
				contribution, then 96.5% of
				remaining cash flows.

Options

Cousins or Partner can trigger a buyout beginning Q4 2021, 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.

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.

Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non- triggering party.

Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal.

In the second quarter of 2021, our Partner exercised their option to purchase Cousins' interest at a value determined by appraisal and subject to a cap rate range of 6.5% to 8.0%. The sale is expected to close at the end of the third quarter of 2021.

Cousins can trigger sale process following construction completion, subject to a right of first offer that can be exercised by Partner.

Cousins or Partner can trigger sale process, subject to a right of first offer that can be exercised by the non- triggering party.

Cousins or Partner can trigger sale process beginning Q1 2022, subject to a right of first offer that can be exercised by the non-triggering party.

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.

Cousins Properties	30	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

							(in thousands, except per share amounts)
		2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		YTD 2021
FFO and EBITDAre
Net income available to common stockholders	$	150,418	$	174,943	$	23,101	$	28,115	$	11,119	$	237,278	$	29,110	$	28,153	$	57,263
Depreciation and amortization of real estate assets:
Consolidated properties		255,349		71,406		72,694		71,345		72,515		287,960		70,712		71,299		142,011
Share of unconsolidated joint ventures		14,158		2,347		2,106		2,125		2,162		8,740		2,365		2,810		5,175
Partners' share of real estate depreciation		(521)		(149)		(212)		(209)		(172)		(742)		(211)		(228)		(439)
(Gain) loss on sale of depreciated properties:
Consolidated properties		(92,578)		(90,916)		201		523		87		(90,105)		17		9		26
Share of unconsolidated joint ventures		15		(318)		(168)		15		21		(450)		-		3		3
Investments in unconsolidated joint ventures		-		(44,894)		232		59		25		(44,578)		(39)		-		(39)
Impairment		-		-		-		-		14,829		14,829		-		-		-
Non-controlling interest related to unitholders		1,952		302		5		5		3		315		6		5		11
FFO		328,793		112,721		97,959		101,978		100,589		413,247		101,960		102,051		204,011
Interest Expense		59,701		16,554		14,543		15,497		16,082		62,676		17,723		17,519		35,242
Income Tax Expenses		(298)		50		(50)		-		-		-		-		-		-
Non-Real Estate Depreciation and Amortization		1,799		207		173		154		154		688		158		157		315
EBITDAre (1)		389,995		129,532		112,625		117,629		116,825		476,611		119,841		119,727		239,568
Transaction Costs (2)		52,881		365		63		-		-		428		-				-
Adjusted EBITDAre (1)		442,876		129,897		112,688		117,629		116,825		477,039		119,841		119,727		239,568
Income from Unconsolidated Joint Ventures
Net Operating Income
Office Properties		29,355		5,219		3,404		3,457		3,545		15,625		3,785		4,338		8,123
Other Properties		3,058		816		789		751		855		3,211		969		1,099		2,068
Net Operating Income		32,413		6,035		4,193		4,208		4,400		18,836		4,754		5,437		10,191
Loss on Sale of Undepreciated Property		-		-		-		-		(598)		(598)		-		-		-
Interest Expense		(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(1,378)
Termination Fee Income		16		1		2		5		1		9		-		7		7
Other Income		148		68		8		(23)		8		61		29		27		56
Funds from Operations - Unconsolidated Joint Ventures		26,839		5,454		3,653		3,751		3,379		16,237		4,268		4,608		8,876
Gain (Loss) on Sale of Depreciated Investment Properties, net		(15)		318		168		(15)		(21)		450		-		(3)		(3)
Depreciation and Amortization of Real Estate		(14,158)		(2,347)		(2,106)		(2,125)		(2,162)		(8,740)		(2,365)		(2,810)		(5,175)
Income from Unconsolidated Joint Ventures		12,666		3,425		1,715		1,611		1,196		7,947		1,903		1,795		3,698
Market Capitalization
Common Stock Price at Period End	$	41.20	$	29.27	$	29.83	$	28.59	$	33.50	$	33.50	$	35.35	$	36.78	$	36.78
Number of Common Stock/Units Outstanding at Period End		148,506		148,565		148,593		148,589		148,589		148,589		148,679		148,713		148,713
Equity Market Capitalization		6,118,447		4,348,498		4,432,529		4,248,160		4,977,732		4,977,732		5,255,803	5,469,664		5,469,664
Consolidated Debt		2,222,975		1,944,034		1,939,517		1,934,905		2,162,719		2,162,719		2,214,692	2,050,173		2,050,173
Share of Unconsolidated Debt		82,519		92,921		98,754		107,256		115,040		115,040		144,168		145,480		145,480
Debt (1)		2,305,494		2,036,955		2,038,271		2,042,161		2,277,759		2,277,759		2,358,860	2,195,653		2,195,653
Total Market Capitalization		8,423,941		6,385,453		6,470,800		6,290,321		7,255,491		7,255,491		7,614,663	7,665,317		7,665,317

Continued on next page

Cousins Properties	31	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

				(in thousands, except per share amounts)
	2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020	2021 1st		2021 2nd	YTD 2021
Credit Ratios
Debt (1)	2,305,494	2,036,955	2,038,271	2,042,161	2,277,759	2,277,759	2,358,860		2,195,653	2,195,653
Less: Cash and Cash Equivalents	(15,603)	(124,632)	(28,255)	(36,872)	(4,290)	(4,290)	(14,576)		(9,792)	(9,792)
Less: Share of Unconsolidated Cash and Cash Equivalents	(8,634)	(9,516)	(8,826)	(12,098)	(9,419)	(9,419)	(7,518)		(7,598)	(7,598)
Net Debt	2,281,257	1,902,807	2,001,190	1,993,191	2,264,050	2,264,050	2,336,766		2,178,263	2,178,263
Total Market Capitalization	8,423,941	6,385,453	6,470,800	6,290,321	7,255,491	7,255,491	7,614,663		7,665,317	7,665,317
Net Debt / Total Market Capitalization	27.1 %	29.8 %	30.9 %	31.7 %	31.2 %	31.2 %	30.7	%	28.4 %	28.4 %
Total Assets - Consolidated	7,151,447	6,901,934	6,908,448	6,886,596	7,107,398	7,107,398	7,106,182		6,945,970	6,945,970
Accumulated Depreciation - Consolidated	802,807	878,199	954,352	1,028,975	1,090,566	1,090,566	1,164,427		975,658	975,658
Undepreciated Assets - Unconsolidated (1)	391,457	290,134	294,987	304,976	304,539	304,539	303,472		302,630	302,630
Less: Investment in Unconsolidated Joint Ventures	(133,884)	(128,916)	(129,857)	(129,814)	(125,481)	(125,481)	(113,353)		(112,718)	(112,718)
Total Undepreciated Assets (1)	8,211,827	7,941,351	8,027,930	8,090,733	8,377,022	8,377,022	8,460,728		8,111,540	8,111,540
Net Debt	2,281,257	1,902,807	2,001,190	1,993,191	2,264,050	2,264,050	2,336,766		2,178,263	2,178,263
Net Debt / Total Undepreciated Assets (1)	27.8 %	24.0 %	24.9 %	24.6 %	27.0 %	27.0 %	27.6	%	26.9 %	26.9 %
Coverage Ratios (1)
Interest Expense	59,701	16,554	14,543	15,497	16,082	62,676	17,723		17,519	35,242
Scheduled Principal Payments	14,726	4,126	4,120	4,282	4,284	16,812	4,370		4,544	8,914
Fixed Charges	74,427	20,680	18,663	19,779	20,366	79,488	22,093		22,063	44,156
EBITDAre	389,995	129,532	112,625	117,629	116,825	476,611	119,841		119,727	239,568
Fixed Charges Coverage Ratio (EBITDAre) (1)	5.24	6.26	6.03	5.95	5.74	6.00	5.42		5.43	5.43
Adjusted EBITDAre	442,876	129,897	112,688	117,629	116,825	477,039	119,841		119,727	239,568
Fixed Charges Coverage Ratio (Adjusted EBITDAre) (1)	5.95	6.28	6.04	5.95	5.74	6.00	5.42		5.43	5.43
Net Debt	2,281,257	1,902,807	2,001,190	1,993,191	2,264,050	2,264,050	2,336,766		2,178,263	2,178,263
Annualized EBITDAre (3)	493,632	518,128	450,500	470,516	467,300	467,300	479,364		478,908	479,136
Net Debt / Annualized EBITDAre	4.62	3.67	4.44	4.24	4.84	4.84	4.87		4.55	4.55
Annualized Adjusted EBITDAre (3)	501,644	519,588	450,752	470,516	467,300	467,300	479,364		478,908	479,136
Net Debt / Annualized Adjusted EBITDAre	4.55	3.66	4.44	4.24	4.84	4.84	4.87		4.55	4.55
Dividend Information
Common Dividends	158,174	44,562	44,570	44,570	44,561	178,263	46,135		46,038	92,173
FFO	328,793	112,721	97,959	101,978	100,589	413,247	101,960		102,051	204,011
FFO Payout Ratio	48.1 %	39.5 %	45.5 %	43.7 %	44.3 %	43.1 %	45.2	%	45.1 %	45.2 %

Continued on next page

Cousins Properties	32	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

				(in thousands, except per share amounts)
	2019	2020 1st	2020 2nd	2020 3rd	2020 4th	2020	2021 1st		2021 2nd	YTD 2021
FFO	328,793	112,721	97,959	101,978	100,589	413,247	101,960		102,051	204,011
Amortization of Deferred Financing Costs	2,630	700	686	691	700	2,777	698		698	1,396
Non-CashStock-Based Compensation	3,830	1,285	2,199	931	883	5,298	1,667		1,708	3,375
Non-Real Estate Depreciation and Amortization	1,799	207	173	154	154	688	158		157	315
Lease Inducements	886	233	251	253	281	1,018	1,035		1,032	2,067
Straight Line Rent Ground Leases	500	126	128	120	116	490	112		112	224
Above and Below Market Ground Rent	158	39	40	39	40	158	39		40	79
Transaction Costs (2)	52,881	365	63	-	-	428	-		-	-
Debt Premium Amortization	(1,130)	(916)	(916)	(916)	(916)	(3,664)	(916)		(916)	(1,832)
Deferred Income - Tenant Improvements	(5,808)	(1,606)	(1,816)	(1,328)	(2,658)	(7,408)	(2,683)		(2,769)	(5,452)
Above and Below Market Rents, Net	(9,472)	(2,590)	(2,519)	(2,449)	(2,503)	(10,061)	(2,388)		(2,069)	(4,457)
Second Generation Capital Expenditures (CAPEX)	(90,704)	(23,817)	(25,724)	(17,718)	(30,524)	(97,783)	(12,093)		(23,118)	(35,211)
Straight Line Rental Revenue	(29,391)	(9,859)	(11,137)	(12,935)	(8,284)	(42,215)	(7,739)		(5,625)	(13,364)
Gain (Loss) on Sales of Undepreciated Investment Properties	(18,182)	(1,335)	-	-	723	(612)	-		-	-
FAD (1)	236,790	75,553	59,387	68,820	58,601	262,361	79,850		71,301	151,151
Common Dividends	158,174	44,562	44,570	44,570	44,561	178,263	46,135		46,038	92,173
FAD Payout Ratio (1)	66.8 %	59.0 %	75.1 %	64.8 %	76.0 %	67.9 %	57.8	%	64.6 %	61.0 %
Operations Ratio
Total Undepreciated Assets (1)	8,211,827	7,941,351	8,027,930	8,090,733	8,377,022	8,377,022	8,460,728		8,111,540	8,111,540
General and Administrative Expenses	37,007	5,652	8,543	5,658	7,181	27,034	6,733		7,313	14,046
Annualized General and Administrative Expenses (3) / Total	0.45 %	0.28 %	0.43 %	0.28 %	0.34 %	0.32 %	0.32	%	0.36 %	0.35 %
Undepreciated Assets
2nd Generation CAPEX
Second Generation Leasing Related Costs	80,500	19,444	21,394	13,534	23,712	78,084	9,258		17,295	26,553
Second Generation Building Improvements	10,204	4,373	4,330	4,184	6,812	19,699	2,835		5,823	8,658
	90,704	23,817	25,724	17,718	30,524	97,783	12,093		23,118	35,211

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 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
3. Quarter amount represents quarter annualized; year-to-date represents year-to-date annualized.

Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties	33	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

				(in thousands, except per share amounts)
				Three Months Ended June 30,
			2021									2020
				Weighted	Per Share						Weighted	Per Share
		Dollars		Average			Dollars		Average
			Common Shares	Amount			Common Shares	Amount
Net Income Available to Common Stockholders	$	28,153	148,665		$	0.19	$	23,101			148,548		$	0.16
Noncontrolling interest related to unitholders		5	25			-			5			25			-
Conversion of stock options		-		-		-			-	5			-
Conversion of unvested restricted stock units		-		50			-			-			2			-
Net Income - Diluted		28,158	148,740			0.19			23,106			148,580			0.16
Depreciation and amortization of real estate assets:
Consolidated properties		71,299		-		0.48			72,694			-		0.49
Share of unconsolidated joint ventures		2,810		-		0.02			2,106			-		0.01
Partners' share of real estate depreciation		(228)		-		-			(212)			-		-
Loss (gain) on sale of depreciated properties:
Consolidated properties		9		-		-			201			-		-
Share of unconsolidated joint ventures		3		-		-			(168)			-		-
Investments in unconsolidated joint ventures		-		-			-			232			-			-
Funds From Operations	$	102,051	148,740		$	0.69	$	97,959			148,580		$	0.66

Cousins Properties	34	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

				(in thousands, except per share amounts)
					Six Months Ended June 30,
			2021										2020
				Weighted			Per Share						Weighted	Per Share
		Dollars		Average					Dollars		Average
			Common Shares			Amount			Common Shares	Amount
Net Income Available to Common Stockholders	$	57,263	148,644	$	0.39	$	198,044			147,986		$	1.34
Noncontrolling interest related to unitholders		11	25				-			307			572			-
Conversion of stock options		-	2				-			-	10
Conversion of unvested restricted stock units		-		45				-			-			2			-
Net Income - Diluted		57,274	148,716				0.39			198,351			148,570			1.34
Depreciation and amortization of real estate assets:
Consolidated properties		142,011		-				0.95			144,100			-		0.97
Share of unconsolidated joint ventures		5,175		-				0.03			4,453			-		0.03
Partners' share of real estate depreciation		(439)		-				-			(361)			-		-
Loss (gain) on sale of depreciated properties:
Consolidated properties		26		-				-			(90,715)			-		(0.61)
Share of unconsolidated joint ventures		3		-				-			(486)			-		-
Investments in unconsolidated joint ventures		(39)		-				-			(44,662)			-			(0.31)
Funds From Operations	$	204,011	148,716	$	1.37	$	210,680			148,570		$	1.42

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 available to common stockholders (computed in accordance with accounting principles generally accepted in the United States ("GAAP")), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, impairment on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO is used by industry analysts and investors as a supplemental measure of an equity REIT's operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees.

Cousins Properties	35	Q2 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

					($ in thousands)
		Three Months Ended			Six Months Ended
Net Operating Income		June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Net income	$	28,060	$	23,236	$	57,371	$	198,545
Net operating income from unconsolidated joint ventures		5,437			4,193			10,191			10,228
Fee income		(4,803)			(4,690)			(9,332)			(9,422)
Termination fee income		(782)			(539)			(824)			(3,383)
Other income		(68)			(126)			(282)			(163)
Reimbursed expenses		398			322			766			843
General and administrative expenses		7,313			8,543			14,046			14,195
Interest expense		16,656			13,993			33,864			29,897
Depreciation and amortization		71,456			72,868			142,326			144,482
Transaction costs		-			63			-			428
Other expenses		824			552			1,414			1,118
Income from unconsolidated joint ventures		(1,795)			(1,715)			(3,698)			(5,140)
Gain/loss on sale of investment in unconsolidated joint ventures		-			231			(39)			(45,999)
Gain/loss on investment property transactions		9			201			26			(90,715)
Net Operating Income		122,705			117,132			245,829			244,914
Less:
Partners' share of NOI from consolidated joint ventures		(455)			(311)			(870)			(535)
Cousins' Share of NOI	$	122,250		$	116,821		$	244,959		$	244,379
Net Operating Income	$	122,705	$	117,132	$	245,829	$	244,914
Non-cash income		(8,952)			(15,556)			(20,530)			(29,642)
Non-cash expense		151			167			303			332
Cash-Basis Net Operating Income	$	113,904	$	101,743	$	225,602	$	274,224
Net Operating Income
Same Property	$	103,880	$	102,494	$	206,914	$	207,212
Non-Same Property		18,825			14,638			38,915			35,885
3344 Peachtree Legal Expense Recovery		-			-			-			1,817
	$	122,705	$	117,132	$	245,829	$	244,914
Cash-Basis Net Operating Income
Same Property	$	98,571	$	91,997	$	194,181	$	187,609
Non-Same Property		15,333			9,746			31,421			84,798
3344 Peachtree Legal Expense Recovery		-			-			-			1,817
	$	113,904	$	101,743	$	225,602	$	274,224

Cousins Properties	36	Q2 2021 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)
		Low				High
		Dollars			Per Share			Dollars			Per Share
				Amount (1)					Amount (1)
Net Income Available to Common Stockholders	$	108,258	$	0.73	$	120,162	$	0.81
Add: Noncontrolling interest related to unitholders		24			-			24			-
Net Income
	108,282			0.73			120,186			0.81
Add: Depreciation and amortization of real estate assets		293,478			1.97			293,478			1.97
Funds From Operations	$	401,760	$	2.70	$	413,664	$	2.78

(1) Calculated based on projected weighted average shares outstanding of 148.8 million.

Cousins Properties	37	Q2 2021 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-BasisNet 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. Properties held for sale at June 30, 2021 are excluded from Same Property. 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.

"FFO Before Transaction Costs" represents FFO before costs associated with the merger with TIER REIT, Inc. Management believes that 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	38	Q2 2021 Supplemental Information