Exhibit

EX-99.1 2 a8-kearningsreleaseex9911q.htm EXHIBIT 99.1 Exhibit



TABLE OF CONTENTS



Forward-Looking Statements	3
Earnings Release	4
Condensed Consolidated Statements of Operations	6
Condensed Consolidated Balance Sheets	7
Key Performance Metrics	8
Funds From Operations - Summary	11
Funds From Operations - Detail	12
Portfolio Statistics	15
Same Property Performance	17
Office Leasing Activity	18
Office Lease Expirations	19
Top 20 Office Tenants	21
Tenant Industry Diversification	22
Investment Activity	23
Development Pipeline	25
Land Inventory	26
Debt Schedule	27
Non-GAAP Financial Measures - Calculations and Reconciliations	30
Non-GAAP Financial Measures - Discussion	35



Cousins Properties		Q4 2017 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, 2017 and as itemized herein. 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, our 2018 guidance and underlying assumptions, business and financial strategy, future financings, future acquisitions of land, future acquisitions and dispositions of operating assets, future development and redevelopment opportunities, future dispositions of land and other non-core assets, future issuances and repurchases of common or preferred stock, projected operating results, market and industry trends, future distributions, future projected capital expenditures, future 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 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, risks and uncertainties related to national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Charlotte, Austin, Phoenix, and Tampa where we have high concentrations of our lease revenue, changes to our strategy with regard to land and other non-core holdings that require impairment losses 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, and the risk of declining leasing rates, the adverse change in the financial condition of one or more of our major 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), 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 dividend rates or the ability to pay dividends on common shares or other securities, potential changes to the tax laws and accounting standards impacting REITs and real estate in general, and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission 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	Q1 2018 Supplemental Information



EARNINGS RELEASE

COUSINS PROPERTIES REPORTS FIRST QUARTER 2018 RESULTS

First Quarter Highlights


•	Net income available to common stockholders was $0.04 per share.


•	Funds From Operations was $0.15 per share.


•	Same property net operating income on a cash-basis increased 9.4%.


•	Second generation net rent per square foot on a cash-basis increased 19.3%.


•	Executed 329,583 square feet of office leases.


•	Commenced operations at 864 Spring Street, Phase I of NCR's world headquarters in Midtown Atlanta.


•	Closed a new $1 billion unsecured revolving credit facility that replaced the existing $500 million facility.


•	Formed a 50-50 joint venture to develop 300 Colorado, a 100% leased, 309,000 square foot office tower in downtown Austin.

ATLANTA (April 25, 2018) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2018.

“Office fundamentals in our Sun Belt markets remain solid. Same property performance is firmly positive and rents continue to roll up throughout our urban portfolio,” said Larry Gellerstetdt, Chairman and Chief Executive Officer of Cousins Properties. “Looking forward, our in-place rents remain below current market rents and we continue to replenish our development pipeline laying the foundation for significant future value creation.”

Financial Results

Net income available to common stockholders was $16.0 million, or $0.04 per share, for the first quarter of 2018, compared with $4.8 million, or $0.01 per share, for the first quarter of 2017.

Funds From Operations ("FFO") was $64.6 million, or $0.15 per share, for the first quarter of 2018, compared with $67.0 million, or $0.16 per share, for the first quarter of 2017.

2018 Guidance

The Company's 2018 net income and FFO guidance remains unchanged. This guidance reflects management's view of current and future market conditions, as well as the earnings impact of events referenced in this release and corresponding conference call. The Company also leaves unchanged the previously provided assumptions of its 2018 net income and FFO guidance, except for the following update:


•	Fee and other income of $11 million to $13 million, up from the previous range of $10 million to $12 million, due to $1 million in forecasted termination fees.



Cousins Properties	4	Q1 2018 Supplemental Information



EARNINGS RELEASE

A reconciliation of projected net income per share to projected FFO per share is provided as follows:



	Full Year 2018 Range
	Low		High
Net income per share	$	0.15	$	0.19
Add: Real estate depreciation and amortization	0.44		0.44
Funds From Operations per share	$	0.59	$	0.63

The Company's guidance is provided for information purposes based on current plans and assumptions and is subject to change.

Investor Conference Call and Webcast

The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Thursday, April 26, 2018, to discuss the results of the quarter ended March 31, 2018. 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 First 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 10118492. 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.



Cousins Properties	5	Q1 2018 Supplemental Information



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)



	Three Months Ended March 31,
	2018			2017
Revenues:
Rental property revenues	$	113,348		$	112,517
Fee income	2,894			1,936
Other	960			5,426
	117,202			119,879
Expenses:
Rental property operating expenses	40,191			41,526
Reimbursed expenses	942			865
General and administrative expenses	6,809			6,182
Interest expense	9,778			9,741
Depreciation and amortization	45,093			54,884
Acquisition and transaction costs	91			1,930
Other	320			404
	103,224			115,532
Loss on extinguishment of debt	(85		)	—
Income from continuing operations before unconsolidated joint ventures and loss on sale of investment properties	13,893			4,347
Income from unconsolidated joint ventures	2,885			581
Income from continuing operations before gain on sale of investment properties	16,778			4,928
Loss on sale of investment properties	(372		)	(70		)
Net income	16,406			4,858
Net income attributable to noncontrolling interests	(363		)	(107		)
Net income available to common stockholders	$	16,043		$	4,751
Net income per common share — basic and diluted	$	0.04		$	0.01
Weighted average shares — basic	420,154			402,781
Weighted average shares — diluted	427,695			411,186



Cousins Properties	6	Q1 2018 Supplemental Information



CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)



	March 31, 2018			December 31, 2017
	(unaudited)
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $311,238 and $275,977 in 2018 and 2017, respectively	$	3,528,617		$	3,332,619
Projects under development	81,964			280,982
Land	4,221			4,221
	3,614,802			3,617,822

Cash and cash equivalents	108,152			148,929
Restricted cash	1,185			56,816
Notes and accounts receivable, net of allowance for doubtful accounts of $298 and $535 in 2018 and 2017, respectively	16,668			14,420
Deferred rents receivable	65,995			58,158
Investment in unconsolidated joint ventures	145,465			101,414
Intangible assets, net	175,159			186,206
Other assets	31,884			20,854
Total assets	$	4,159,310		$	4,204,619
Liabilities:
Notes payable	$	1,091,258		$	1,093,228
Accounts payable and accrued expenses	87,964			137,909
Deferred income	37,895			37,383
Intangible liabilities, net of accumulated amortization of $32,503 and $28,960 in 2018 and 2017, respectively	66,911			70,454
Other liabilities	39,367			40,534
Total liabilities	1,323,395			1,379,508
Commitments and contingencies
Equity:
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 6,867,357 shares issued and outstanding in 2018 and 2017	6,867			6,867
Common stock, $1 par value, 700,000,000 shares authorized, 430,572,693 and 430,349,620 shares issued in 2018 and 2017, respectively	430,573			430,350
Additional paid-in capital	3,604,336			3,604,776
Treasury stock at cost, 10,329,082 shares in 2018 and 2017	(148,373		)	(148,373		)
Distributions in excess of cumulative net income	(1,110,590		)	(1,121,647		)
Total stockholders' investment	2,782,813			2,771,973
Nonredeemable noncontrolling interests	53,102			53,138
Total equity	2,835,915			2,825,111
Total liabilities and equity	$	4,159,310		$	4,204,619



Cousins Properties	7	Q1 2018 Supplemental Information



KEY PERFORMANCE METRICS



	2016		2017 1st		2017 2nd		2017 3rd		2017 4th		2017		2018 1st
Property Statistics
Consolidated Operating Properties	25		26		26		26		23		23		24
Consolidated Rentable Square Feet (in thousands)	13,024		13,249		12,477		12,466		11,428		11,428		11,936
Unconsolidated Operating Properties	8		7		5		6		5		5		5
Unconsolidated Rentable Square Feet (in thousands)	3,999		3,774		2,988		3,456		3,113		3,113		3,113
Total Operating Properties	33		33		31		32		28		28		29
Total Rentable Square Feet (in thousands)	17,023		17,023		15,465		15,922		14,541		14,541		15,049

Office Leasing Activity (1)
Net Leased during the Period (square feet in thousands)	2,354		571		341		335		943		2,190		330
Net Rent (per square foot)	$24.52		$26.10		$28.58		$26.57		$32.73		$29.41		$33.35
Free rent (per square foot)	(1.25)		(1.22)		(0.91)		(0.83)		(0.39)		(0.75)		(0.56)
Tenant improvements and leasing commissions (per square foot)	(5.10)		(6.22)		(6.51)		(5.01)		(6.09)		(6.02)		(4.84)
Net Effective Rent (per square foot)	$18.17		$18.66		$21.16		$20.73		$26.25		$22.64		$27.95
Change in Second Generation Net Rent	20.0	%	15.8	%	28.5	%	16.9	%	19.7	%	19.6	%	35.2	%
Change in Cash-Basis Second Generation Net Rent	10.3	%	3.3	%	13.5	%	7.3	%	6.3	%	6.9	%	19.3	%

Same Property Information (2)
Percent Leased (period end)	91.8	%	92.1	%	93.9	%	92.9	%	92.6	%	92.6	%	93.6	%
Weighted Average Occupancy	89.4	%	89.9	%	90.7	%	89.1	%	87.7	%	89.4	%	92.0	%
Change in Net Operating Income (over prior year period)	6.1	%	5.5	%	6.8	%	1.3	%	3.6	%	4.4	%	2.6	%
Change in Cash-Basis Net Operating Income (over prior year period)	8.4	%	5.4	%	8.6	%	2.0	%	4.2	%	5.3	%	9.4	%

Development Pipeline
Estimated Project Costs (in thousands) (3)	$512,200		$529,200		$463,500		$402,000		$490,500		$490,500		$271,500
Estimated Project Costs (3) / Total Undepreciated Assets	10.5	%	10.6	%	9.6	%	8.1	%	9.9	%	9.9	%	5.5	%

Market Capitalization (4)
Common Stock Price (period end)	$8.51		$8.27		$8.79		$9.34		$9.25		$9.25		$8.68
Common Stock/Units Outstanding (period end in thousands)	401,596		426,823		426,942		426,995		426,995		426,995		427,218
Equity Market Capitalization (in thousands)	$3,417,582		$3,529,826		$3,752,820		$3,988,133		$3,949,704		$3,949,704		$3,708,252
Debt (in thousands)	1,632,270		1,498,044		1,205,632		1,286,252		1,262,523		1,262,523		1,262,833
Total Market Capitalization (in thousands)	$5,049,852		$5,027,870		$4,958,452		$5,274,385		$5,212,227		$5,212,227		$4,971,085

Credit Ratios (4)
Net Debt/Total Market Capitalization	31.6	%	29.1	%	24.0	%	23.2	%	21.4	%	21.4	%	23.2	%
Net Debt/Total Undepreciated Assets	32.8	%	29.4	%	24.7	%	24.7	%	22.5	%	22.5	%	23.5	%
Net Debt/Annualized Adjusted EBITDAre	5.22		4.49		3.93		4.31		3.75		3.75		3.77
Fixed Charges Coverage (Adjusted EBITDAre)	4.63		5.13		5.49		5.82		6.01		5.58		5.39



Cousins Properties	8	Q1 2018 Supplemental Information



KEY PERFORMANCE METRICS



	2016		2017 1st		2017 2nd		2017 3rd		2017 4th		2017		2018 1st
Dividend Information (4)
Common Dividend per Share (5)	$0.30		$0.06		$0.06		$0.06		$0.06		$0.24		$0.065
FFO Payout Ratio	46.1	%	37.5	%	38.0	%	40.4	%	39.3	%	38.8	%	42.3	%
FAD Payout Ratio	59.0	%	56.4	%	52.9	%	67.2	%	66.8	%	60.2	%	61.6	%

Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.53	%	0.50	%	0.72	%	0.58	%	0.45	%	0.56	%	0.55	%

Additional Information (4)
Straight Line Rental Revenue	$18,967		$9,608		$7,826		$6,825		$6,714		$30,973		$8,136
Above and Below Market Rents Amortization	$7,097		$1,602		$1,929		$1,852		$1,838		$7,221		$1,793
Second Generation Capital Expenditures	$46,876		$10,971		$7,569		$15,949		$18,996		$53,485		$11,256

(1) See Office Leasing Activity on page 18 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 17 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 34 for additional information.

(3) Represents 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 30.

(5) The fourth quarter 2016 dividend was declared and paid one quarter in arrears.



Cousins Properties	9	Q1 2018 Supplemental Information



KEY PERFORMANCE METRICS

(1) Office properties only.

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



Cousins Properties	10	Q1 2018 Supplemental Information



FUNDS FROM OPERATIONS - SUMMARY (1)



	2016			2017 1st			2017 2nd			2017 3rd			2017 4th			2017			2018 1st
Net Operating Income	$	260,281		$	80,167		$	80,115		$	75,815		$	77,109		$	313,206		$	80,578
Land Sales Less Cost of Sales	3,770			—			63			4			—			67			330
Fee Income	8,347			1,936			1,854			2,597			2,245			8,632			2,894
Other Income	5,525			6,889			5,304			1,634			2,164			15,991			1,034
Reimbursed Expenses	(3,259		)	(865		)	(907		)	(895		)	(860		)	(3,527		)	(942		)
General and Administrative Expenses	(25,592		)	(6,182		)	(8,618		)	(7,193		)	(5,530		)	(27,523		)	(6,809		)
Interest Expense	(41,095		)	(12,066		)	(10,444		)	(9,363		)	(9,509		)	(41,382		)	(11,293		)
Other Expenses	(45,984		)	(2,391		)	(542		)	196			(953		)	(3,690		)	(695		)
Depreciation and Amortization of Non-Real Estate Assets	(1,365		)	(451		)	(465		)	(461		)	(497		)	(1,874		)	(473		)
FFO (1)	$	160,628		$	67,037		$	66,360		$62,334			$	64,169		$	259,900		$	64,624
Weighted Average Shares - Diluted	256,023			411,186			427,180			427,300			427,288			423,297			427,695
FFO per Share (1)	$	0.63		$	0.16		$	0.16		$	0.15		$	0.15		$	0.61		$	0.15

(1) See pages 30 and 33 for reconciliations of Funds from Operations to net income available to common shareholders.



Cousins Properties	11	Q1 2018 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL (1)



	2016		2017 1st		2017 2nd		2017 3rd		2017 4th		2017		2018 1st

Net Operating Income
Consolidated Properties
Hearst Tower	$	5,957	$	6,356	$	6,370	$	6,302	$	7,158	$	26,186	$	6,493
Corporate Center (2)	5,005		4,761		5,374		5,308		5,446		20,889		5,780
Hayden Ferry (2)	3,881		5,209		5,307		5,466		5,968		21,950		5,766
Northpark (2)	22,144		5,410		5,130		4,945		5,021		20,506		5,731
Fifth Third Center	17,501		4,842		4,681		4,772		4,989		19,284		4,729
864 Spring Street	—		—		—		—		50		50		4,726
Promenade	14,555		4,173		4,407		4,184		3,991		16,755		4,240
One Eleven Congress	3,256		3,713		3,735		4,172		3,526		15,146		4,036
San Jacinto Center	3,456		4,038		4,207		3,918		3,906		16,069		3,635
Colorado Tower	12,408		3,383		3,352		3,344		3,478		13,557		3,429
3344 Peachtree	3,505		3,235		2,884		2,705		2,085		10,909		2,994
One Buckhead Plaza	2,817		3,097		2,806		3,071		2,760		11,734		2,785
816 Congress Avenue	9,900		2,694		2,641		2,766		2,797		10,898		2,780
NASCAR Plaza	2,507		2,477		2,394		2,609		2,709		10,189		2,652
3350 Peachtree	2,006		2,264		2,288		2,153		1,968		8,673		1,987
Tempe Gateway	1,966		2,008		2,136		1,964		1,971		8,079		1,893
Two Buckhead Plaza	1,369		1,321		1,337		1,318		1,806		5,782		1,545
3348 Peachtree	1,541		1,491		1,491		1,657		1,507		6,146		1,405
8000 Avalon	—		—		—		80		353		433		1,357
111 West Rio	—		—		1,396		1,236		1,412		4,044		1,314
The Pointe	1,227		1,146		1,146		1,069		1,207		4,568		1,236
Research Park V	844		359		916		874		827		2,976		1,012
Meridian Mark Plaza	3,674		989		997		979		1,116		4,081		920
Harborview Plaza	898		930		931		1,035		1,074		3,970		712
Other (3)	32,487		7,095		6,580		2,954		2,650		19,279		—
Subtotal - Consolidated	152,904		70,991		72,506		68,881		69,775		282,153		73,157

Unconsolidated Properties (4)
Gateway Village (2)(5)	2,450		1,751		1,756		1,805		1,735		7,047		1,968
Terminus 200	6,754		1,798		1,749		1,769		1,663		6,979		1,755
Terminus 100	7,586		1,912		1,906		1,829		1,851		7,498		1,731
Emory University Hospital Midtown Medical Office Tower	3,970		989		948		961		1,015		3,913		990
Carolina Square	—		—		—		47		658		705		928
300 Colorado	—		—		—		—		—		—		49
Other (3)	8,026		2,726		1,250		523		412		4,911		—
Subtotal - Unconsolidated	28,786		9,176		7,609		6,934		7,334		31,053		7,421

Discontinued Operations (6)	78,591		—		—		—		—		—		—

Total Net Operating Income (1)	260,281		80,167		80,115		75,815		77,109		313,206		80,578

Sales Less Cost of Sales
Land Sales Less Cost of Sales - Consolidated	3,580		—		63		4		—		67		—
Land Sales Less Cost of Sales - Unconsolidated (4)	190		—		—		—		—		—		330
Total Sales Less Cost of Sales	3,770		—		63		4		—		67		330



Cousins Properties	12	Q1 2018 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL (1)



	2016		2017 1st		2017 2nd		2017 3rd		2017 4th		2017		2018 1st

Fee Income
Management Fees (7)	5,158		1,402		1,492		1,458		1,442		5,794		1,524
Leasing & Other Fees	912		102		44		77		475		698		1,079
Development Fees	2,277		432		318		1,062		328		2,140		291
Total Fee Income	8,347		1,936		1,854		2,597		2,245		8,632		2,894

Other Income
Interest and Other Income	928		188		262		258		1,540		2,248		600
Termination Fees	122		5,238		2,913		734		385		9,270		360
Interest and Other Income - Unconsolidated (4)	1,188		504		105		81		231		921		74
Gain on Extinguishment of Debt	—		—		1,829		429		—		2,258		—
Termination Fees - Unconsolidated (4)	3,000		959		195		132		8		1,294		—
Termination Fees - Discontinued Operations (6)	288		—		—		—		—		—		—
Interest and Other Income - Discontinued Operations (6)	(1	)	—		—		—		—		—		—
Total Other Income	5,525		6,889		5,304		1,634		2,164		15,991		1,034

Total Fee and Other Income	13,872		8,825		7,158		4,231		4,409		24,623		3,928

Reimbursed Expenses	(3,259	)	(865	)	(907	)	(895	)	(860	)	(3,527	)	(942	)

General and Administrative Expenses	(25,592	)	(6,182	)	(8,618	)	(7,193	)	(5,530	)	(27,523	)	(6,809	)

Interest Expense
Consolidated Debt
Senior Notes, Unsecured ($250M)	—		—		—		(2,353	)	(2,489	)	(4,842	)	(2,489	)
Term Loan, Unsecured	(386	)	(1,288	)	(1,564	)	(1,655	)	(1,691	)	(6,198	)	(1,858	)
Fifth Third Center	(1,702	)	(1,272	)	(1,266	)	(1,260	)	(1,254	)	(5,052	)	(1,247	)
Promenade	(4,614	)	(1,134	)	(1,127	)	(1,119	)	(1,112	)	(4,492	)	(1,102	)
Colorado Tower	(1,412	)	(1,059	)	(1,059	)	(1,059	)	(1,059	)	(4,236	)	(1,059	)
Senior Notes, Unsecured ($100M)	—		—		(876	)	(1,025	)	(1,036	)	(2,937	)	(1,036	)
816 Congress Avenue	(3,268	)	(814	)	(810	)	(806	)	(803	)	(3,233	)	(799	)
Credit Facility, Unsecured	(3,914	)	(1,035	)	(1,153	)	(444	)	(418	)	(3,050	)	(742	)
Meridian Mark Plaza	(1,512	)	(373	)	(372	)	(370	)	(368	)	(1,483	)	(366	)
The Pointe	(171	)	(176	)	(178	)	(177	)	(176	)	(707	)	(175	)
Other (3)	(14,369	)	(4,180	)	(2,336	)	(20	)	—		(6,536	)	—
Capitalized	4,697		1,590		2,218		2,701		2,733		9,242		1,095
Subtotal - Consolidated	(26,651	)	(9,741	)	(8,523	)	(7,587	)	(7,673	)	(33,524	)	(9,778	)

Unconsolidated Debt (4)
Terminus 100	(3,368	)	(831	)	(827	)	(824	)	(818	)	(3,300	)	(625	)
Terminus 200	(1,551	)	(383	)	(382	)	(380	)	(378	)	(1,523	)	(376	)
Emory University Hospital Midtown Medical Office Tower	(1,311	)	(324	)	(322	)	(320	)	(319	)	(1,285	)	(317	)
Carolina Square	—		—		—		(27	)	(157	)	(184	)	(197	)
Other (3)	(2,193	)	(787	)	(390	)	(225	)	(164	)	(1,566	)	—
Subtotal - Unconsolidated	(8,423	)	(2,325	)	(1,921	)	(1,776	)	(1,836	)	(7,858	)	(1,515	)



Cousins Properties	13	Q1 2018 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL (1)



	2016			2017 1st			2017 2nd			2017 3rd			2017 4th			2017			2018 1st

Discontinued Operations (6)	(6,021		)	—			—			—			—			—			—

Total Interest Expense	(41,095		)	(12,066		)	(10,444		)	(9,363		)	(9,509		)	(41,382		)	(11,293		)

Other Expenses
Severance	(249		)	(28		)	—			(73		)	(345		)	(446		)	(195		)
Partners' share of FFO in consolidated joint ventures	(3,775		)	—			—			(4		)	(12		)	(16		)	(144		)
Property Taxes and Other Holding Costs	(440		)	(304		)	(140		)	(139		)	(181		)	(764		)	(130		)
Transaction Costs - Merger	(24,522		)	(1,930		)	(246		)	677			(162		)	(1,661		)	(91		)
Loss on Extinguishment of Debt - Consolidated	—			—			—			—			—			—			(85		)
Predevelopment & Other	(943		)	(129		)	(156		)	(265		)	(253		)	(803		)	(50		)
Transaction Costs - Spin-off	(6,349		)	—			—			—			—			—			—
Loss on Extinguishment of Debt - Unconsolidated (4)	(5,180		)	—			—			—			—			—			—
Impairment Loss	(4,526		)	—			—			—			—			—			—
Total Other Expenses	(45,984		)	(2,391		)	(542		)	196			(953		)	(3,690		)	(695		)

Depreciation and Amortization of Non-Real Estate Assets	(1,365		)	(451		)	(465		)	(461		)	(497		)	(1,874		)	(473		)

FFO (1)	$	160,628		$	67,037		$	66,360		$	62,334		$	64,169		$	259,900		$	64,624
Weighted Average Shares - Diluted	256,023			411,186			427,180			427,300			427,288			423,297			427,695
FFO per Share (1)	$	0.63		$	0.16		$	0.16		$	0.15		$	0.15		$	0.61		$	0.15

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 30.

(2) Contains multiple buildings that are grouped together for reporting purposes.

(3) Represents properties sold and loans repaid prior to March 31, 2018 that are not considered discontinued operations.

(4) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but

believes including these amounts in the categories indicated is meaningful to investors and analysts.

(5) Through December 1, 2016, the Company received an 11.46% current return on its $11.1 million investment in Gateway Village and, when certain other revenue criteria were met, received additional returns. The Company recognized these amounts as

NOI from this venture. After December 1, 2016, net income and cash flows were allocated 50% to each joint venture member.

(6) Primarily represents Greenway Plaza and Post Oak Central.

(7) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.



Cousins Properties	14	Q1 2018 Supplemental Information



PORTFOLIO STATISTICS



	Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased		Weighted Average Occupancy		% of Total Net Operating Income (1)	Property Level Debt ($000) (2)
	Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	1Q18	4Q17	1Q18	4Q17	% of Total Net Operating Income (1)	Property Level Debt ($000) (2)
	Northpark (3)	1,539,000	Consolidated	100%	86.0%	86.3%	82.5%	75.3%	7.1%	$	—
	864 Spring Street	503,000	Consolidated	100%	100.0%	100.0%	100.0%	—%	5.9%	—
	Promenade	777,000	Consolidated	100%	94.2%	94.1%	94.1%	94.1%	5.3%	101,319
	3344 Peachtree	484,000	Consolidated	100%	92.4%	91.7%	91.5%	90.6%	3.7%	—
	One Buckhead Plaza	461,000	Consolidated	100%	88.7%	89.6%	88.8%	89.5%	3.5%	—
	3350 Peachtree	413,000	Consolidated	100%	86.2%	86.2%	86.2%	93.2%	2.5%	—
	Terminus 100	660,000	Unconsolidated	50%	90.1%	93.7%	86.2%	88.6%	2.2%	61,578
	Terminus 200	566,000	Unconsolidated	50%	94.1%	94.1%	93.7%	90.6%	2.2%	39,448
	Two Buckhead Plaza	210,000	Consolidated	100%	91.0%	91.0%	84.7%	83.9%	1.9%	—
	8000 Avalon	224,000	Consolidated	90%	96.8%	94.1%	70.9%	39.0%	1.7%	—
	3348 Peachtree	258,000	Consolidated	100%	87.1%	87.1%	87.1%	88.9%	1.7%	—
	Emory University Hospital Midtown Medical Office Tower	358,000	Unconsolidated	50%	99.9%	99.5%	99.9%	98.5%	1.2%	35,336
	Meridian Mark Plaza	160,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.1%	23,851
	ATLANTA	6,613,000			91.1%	90.5%	88.7%	84.9%	40.0%	261,532

	Hearst Tower	966,000	Consolidated	100%	99.1%	98.9%	99.0%	98.7%	8.0%	—
	Fifth Third Center	692,000	Consolidated	100%	99.7%	98.8%	95.8%	95.9%	5.9%	145,235
	NASCAR Plaza	394,000	Consolidated	100%	98.7%	98.7%	98.7%	98.7%	3.3%	—
	Gateway Village (3)	1,061,000	Unconsolidated	50%	99.4%	99.4%	99.4%	99.4%	2.4%	—
	CHARLOTTE	3,113,000			99.3%	98.9%	98.2%	98.1%	19.6%	145,235

	One Eleven Congress	519,000	Consolidated	100%	86.4%	87.8%	87.0%	85.0%	5.0%	—
	San Jacinto Center	395,000	Consolidated	100%	94.3%	94.4%	93.0%	98.7%	4.5%	—
	Colorado Tower	373,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	4.3%	119,190
	816 Congress	435,000	Consolidated	100%	97.7%	95.2%	95.2%	95.2%	3.5%	82,362
	Research Park V	173,000	Consolidated	100%	97.1%	97.1%	97.1%	85.7%	1.3%	—
	AUSTIN	1,895,000			94.3%	94.1%	93.6%	93.2%	18.6%	201,552

	Hayden Ferry (3)	789,000	Consolidated	100%	96.0%	96.2%	91.9%	91.2%	7.2%	—
	Tempe Gateway	264,000	Consolidated	100%	98.6%	98.6%	90.2%	98.5%	2.3%	—
	111 West Rio	225,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.6%	—
	PHOENIX	1,278,000			97.2%	97.3%	93.0%	94.3%	11.1%	—

	Corporate Center (3)	1,224,000	Consolidated	100%	97.5%	96.7%	94.6%	91.8%	7.2%	—
	The Pointe	253,000	Consolidated	100%	93.6%	93.1%	93.3%	95.0%	1.5%	22,567
	Harborview Plaza	205,000	Consolidated	100%	67.4%	99.7%	77.2%	98.0%	0.9%	—
	TAMPA	1,682,000			93.2%	96.5%	92.3%	93.1%	9.6%	22,567

	Carolina Square Office (4)	158,000	Unconsolidated	50%	74.8%	74.8%	69.2%	41.6%	0.5%	11,888
	CHAPEL HILL	158,000			74.8%	74.8%	69.2%	41.6%	0.5%	11,888

	TOTAL OFFICE	14,739,000			93.9%	94.1%	92.0%	90.5%	99.4%	$	642,774

	Other Properties
	Carolina Square Apartments (246 Units) (4)	266,000	Unconsolidated	50%	91.5%	91.1%	89.3%	87.4%	0.5%	20,014
	Carolina Square Retail (4)	44,000	Unconsolidated	50%	81.5%	81.5%	56.8%	58.0%	0.1%	3,311

	TOTAL OTHER	310,000			90.1%	89.7%	84.7%	83.2%	0.6%	$	23,325

	TOTAL	15,049,000							100.0%	$	666,099

See next page for footnotes



Cousins Properties	15	Q1 2018 Supplemental Information



PORTFOLIO STATISTICS



(1	)	Represents the Company's share of net operating income for the three months ended March 31, 2018.
(2	)	Represents the Company's share of property specific mortgage debt as of March 31, 2018.
(3	)	Contains multiple buildings that are grouped together for reporting purposes.
(4	)	The Company's share of Carolina Square debt has been allocated to office, retail, and apartments based on their relative square footage.



Cousins Properties	16	Q1 2018 Supplemental Information



SAME PROPERTY PERFORMANCE (1)



	Net Operating Income ($ in thousands)
	Three Months Ended March 31,
	2018			2017			% Change
Property Revenues (2)	$	114,322		$	109,996		3.9	%
Property Operating Expenses (2)	42,119			39,654			6.2	%
Property Net Operating Income	$	72,203		$	70,342		2.6	%

Cash-Basis Property Revenues (3)	$	106,561		$	98,542		8.1	%
Cash-Basis Property Operating Expenses (4)	41,969			39,504			6.2	%
Cash-Basis Property Net Operating Income	$	64,592		$	59,038		9.4	%

End of Period Leased	93.6		%	94.6		%
Weighted Average Occupancy	92.0		%	91.2		%



(1)	Same Properties include those office properties that were operational and stabilized on January 1, 2017, excluding properties subsequently sold. See Non-GAAP Financial Measures - Calculation and Reconciliations. Properties included in this reporting period are as follows:
	816 Congress	Harborview Plaza	Promenade
	3344 Peachtree	Hayden Ferry	Research Park V
	3348 Peachtree	Hearst Tower	San Jacinto Center
	3350 Peachtree	Meridian Mark Plaza	Tempe Gateway
	Colorado Tower	NASCAR Plaza	Terminus 100
	Corporate Center	Northpark	Terminus 200
	Emory University Hospital Midtown Medical Office Tower	One Buckhead Plaza	The Pointe
	Fifth Third Center	One Eleven Congress	Two Buckhead Plaza
	Gateway Village
(2)	Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures. Net operating income for unconsolidated joint ventures is calculated as property revenues less 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 Same Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Property Revenues, excluding straight-line rents, amortization of lease inducements, and amortization of acquired above and below market rents.
(4)	Cash-Basis Same Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.



Cousins Properties	17	Q1 2018 Supplemental Information



OFFICE LEASING ACTIVITY(1)



	Three Months Ended March 31, 2018
	New			Renewal			Expansion			Total
Gross leased (square feet)										449,721
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(120,138		)
Net leased (square feet)	40,768			259,616			29,199			329,583
Number of transactions	6			19			3			28
Lease term (years) (2)	6.6			4.8			7.7			5.3

Net rent (per square foot) (3)	$	28.00		$	34.28		$	32.56		33.35
Free rent (per square foot)	(0.90		)	(0.55		)	—			(0.56		)
Tenant Improvements and Commissions (per square foot)	(6.04		)	(4.49		)	(6.41		)	(4.84		)
Net effective rent (per square foot)	$	21.06		$	29.24		$	26.15		$	27.95

Second generation leased square feet (4)										302,389
Increase in second generation net rent (2)(3)(4)										35.2		%
Increase in cash-basis second generation net rent (2)(4)(5)										19.3		%

(1) Excludes apartment and retail leasing at mixed-use projects.
(2) Weighted average.
(3) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) 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.
(5) Represents increase in net rent at the end of term paid by the prior tenant compared to net rent at beginning of term paid by the current tenant. For early renewals, represents increase in net rent at the end of the term of the original lease compared to net rent at the beginning of the extended term of the lease.



Cousins Properties	18	Q1 2018 Supplemental Information



OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)



Year of Expiration	Square Feet Expiring	% of Leased Space		Annual Contractual Rents ($000's) (2)		% of Annual Contractual Rents		Annual Contractual Rent/Sq. Ft.

2018	560,079	4.5	%	$	14,560	3.6	%	$	26.00
2019	852,834	6.8	%	25,653		6.3	%	30.08
2020	876,161	7.0	%	28,276		6.9	%	32.27
2021	1,351,798	10.8	%	42,489		10.4	%	31.43
2022	1,465,112	11.7	%	44,289		10.8	%	30.23
2023	1,137,451	9.1	%	39,351		9.6	%	34.60
2024	976,737	7.8	%	35,598		8.7	%	36.45
2025	1,371,859	11.0	%	45,185		11.0	%	32.94
2026	1,271,101	10.2	%	33,482		8.2	%	26.35
2027 & Thereafter	2,644,301	21.1	%	100,496		24.5	%	38.00

Total	12,507,433	100.0	%	$	409,379	100.0	%	$	32.73

Lease Expirations Greater than 100,000 Square Feet Through Year End 2020 (1)



Expiration Date	Tenant	Market	Building	Square Feet Expiring
January 2019	National Union Fire Insurance Company (dba AIG)	Atlanta	Northpark	105,362



(1) Company's share.
(2) Annual Contractual Rent shown is the rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which may or may not include a base year of operating expenses depending upon the terms of the lease.



Cousins Properties	19	Q1 2018 Supplemental Information



OFFICE LEASE EXPIRATIONS

(1) Company's share



Cousins Properties	20	Q1 2018 Supplemental Information



TOP 20 OFFICE TENANTS



	Tenant (1)	Number of Properties Occupied	Number of Markets Occupied	Company's Share of Square Footage	Company's Share of Annualized Base Rent (2)		Percentage of Company's Share of Annualized Base Rent	Weighted Average Remaining Lease Term (Years)
1	Bank of America, N.A.	4	2	1,103,765	$	18,954,687	5.5%	7
2	NCR Corporation	1	1	503,133	16,034,849		4.6%	15
3	Wells Fargo Bank, N.A.	5	4	236,033	7,167,957		2.1%	4
4	McGuirewoods LLP	3	3	198,648	5,921,920		1.7%	9
5	Westrock Shared Services, LLC	1	1	179,711	5,519,026		1.6%	12
6	Blue Cross Blue Shield	1	1	198,834	5,468,395		1.6%	3
7	ADP, LLC	1	1	225,000	5,400,000		1.6%	10
8	Regus Equity Business Centers, LLC	7	4	169,994	5,377,514		1.5%	4
9	Smith, Gambrell & Russell, LLP	1	1	159,136	5,059,025		1.5%	3
10	OSI Restaurant Partners, LLC (dba Outback Steakhouse)	1	1	167,723	5,008,209		1.4%	7
11	NASCAR Media Group, LLC	1	1	139,461	4,796,073		1.4%	3
12	Hearst Communications, Inc.	1	1	137,724	4,341,060		1.3%	12
13	Parsley Energy, L.P.	1	1	135,107	4,219,392		1.2%	7
14	Amazon	3	2	120,153	4,209,909		1.2%	6
15	Board of Regents of the University System of Georgia (dba Georgia State University)	1	1	135,124	3,991,563		1.1%	6
16	K & L Gates LLP	1	1	110,914	3,838,935		1.1%	10
17	Fifth Third Bank	2	2	120,436	3,458,125		1.0%	4
18	Carlton Fields Jorden Burt, PA	1	1	83,798	3,351,082		1.0%	13
19	National Union Fire Insurance Company (dba AIG)	1	1	105,362	3,113,390		0.9%	1
20	SVB Financial Group (dba Silicon Valley Bank)	1	1	100,532	3,062,507		0.9%	6
	Grand Total			4,330,588	$	118,293,618	34.2%	7

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Annualized Base Rent represents the annualized minimum rent 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 Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent which may or may not include a base year of operating expenses depending upon the terms of the lease.
Note:	This schedule includes tenants whose leases have commenced and/or who have taken occupancy. Leases that have been signed but have not commenced are excluded.



Cousins Properties	21	Q1 2018 Supplemental Information



TENANT INDUSTRY DIVERSIFICATION

(1) Represents Company's share of total revenues excluding properties sold prior to March 31, 2018.

Note: Management uses SIC codes when available along with judgment to determine tenant industry classification.



Cousins Properties	22	Q1 2018 Supplemental Information



INVESTMENT ACTIVITY

Completed Property Acquisitions



Property	Type	Market	Company's Ownership Interest	Timing	Square Feet		Gross Purchase Price ($ in thousands) (1)

2017
111 West Rio (2)	Office	Phoenix	100.0%	1Q	225,000		$	19,600

2016
Parkway Properties	Office	Various	Various	4Q	8,819,000		(3		)
Cousins Fund II, L.P. (4)	Office	Various	100.0%	4Q	(4	)	279,100

2014
Fifth Third Center	Office	Charlotte	100.0%	3Q	698,000		215,000
Northpark	Office	Atlanta	100.0%	4Q	1,528,000		348,000

2013
Post Oak Central	Office	Houston	100.0%	1Q	1,280,000		230,900
Terminus 200	Office	Atlanta	50.0%	1Q	566,000		164,000
816 Congress	Office	Austin	100.0%	2Q	435,000		102,400
Greenway Plaza	Office	Houston	100.0%	3Q	4,348,000		950,000
777 Main	Office	Fort Worth	100.0%	3Q	980,000		160,000

					18,879,000		$	2,469,000

Completed Property Developments



Project	Type	Market	Company's Ownership Interest	Timing	Square Feet		Total Project Cost ($ in thousands) (1)

2018
864 Spring Street	Office	Atlanta	100.0%	1Q	503,000		$	216,900

2017
8000 Avalon	Office	Atlanta	90.0%	2Q	224,000		73,000
Carolina Square	Mixed	Chapel Hill	50.0%	3Q	468,000	(5)	123,000

2015
Colorado Tower	Office	Austin	100.0%	1Q	373,000		126,100
Emory Point - Phase II	Mixed	Atlanta	75.0%	3Q	302,000		75,400
Research Park V	Office	Austin	100.0%	4Q	173,000		45,000

2013
Emory Point - Phase I	Mixed	Atlanta	75.0%	4Q	484,000		102,300

					2,527,000		$	761,700

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

(2) The Company acquired a 74.6% interest in 111 West Rio as part of the Parkway merger and, in the first quarter of 2017, purchased the remaining 25.4% interest from American Airlines.

(3) Properties acquired in the Parkway Transaction. See further information in note 3 to the financial statements included in the Company's filings on Form 10-K for the years ended

December 31, 2016 and December 31, 2017, respectively, and reports filed with the SEC by the Company, Parkway Properties Inc., and Parkway Properties.

(4) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million; this included cash from the sale of Two Liberty Place in Philadelphia as well as the

Hayden Ferry buildings in Tempe and 3344 Peachtree in Atlanta.

(5) Carolina Square is comprised of 202,000 square feet of office and retail space and 246 apartments.



Cousins Properties	23	Q1 2018 Supplemental Information



INVESTMENT ACTIVITY

Completed Property Dispositions



Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands) (1)
2017
Emory Point I and II	Mixed	Atlanta	75.0%	2Q	786,000	$	199,000
American Cancer Society Center	Office	Atlanta	100.0%	2Q	996,000	166,000
Bank of America Center, One Orlando ---Centre, and Citrus Center	Office	Orlando	100.0%	4Q	1,038,000	208,100
Courvoisier Centre (2)	Office	Miami	20.0%	4Q	343,000	33,900

2016
100 North Point Center East	Office	Atlanta	100.0%	1Q	129,000	22,000
Post Oak Central and Greenway Plaza (3)	Office	Houston	100.0%	4Q	5,628,000	—
Two Liberty Place	Office	Philadelphia	100.0%	4Q	941,000	219,000
191 Peachtree	Office	Atlanta	100.0%	4Q	1,225,000	267,500
Lincoln Place	Office	Miami	100.0%	4Q	140,000	80,000
The Forum	Office	Atlanta	100.0%	4Q	220,000	70,000

2015
2100 Ross	Office	Dallas	100.0%	3Q	844,000	131,000
200, 333, and 555 North Point Center East	Office	Atlanta	100.0%	4Q	411,000	70,300
The Points at Waterview	Office	Dallas	100.0%	4Q	203,000	26,800

2014
Lakeshore and University Park Place	Office	Birmingham	100.0%	3Q	320,000	44,700
Mahan Village	Retail	Florida	50.5%	4Q	147,000	29,500
Cousins Watkins LLC	Retail	Other	50.5%	4Q	339,000	50,000
777 Main	Office	Fort Worth	100.0%	4Q	980,000	167,000

2013
Terminus 100	Office	Atlanta	100.0%	1Q	656,000	209,200
Tiffany Springs MarketCenter	Retail	Kansas City	88.5%	3Q	238,000	53,500
The Avenue Murfreesboro	Retail	Nashville	50.0%	3Q	752,000	164,000
CPV Two LLC and CPV Five LLC	Retail	Other	10.3%	3Q	2,113,000	522,300
Inhibitex	Office	Atlanta	100.0%	4Q	51,000	8,300
					18,500,000	$	2,742,100

(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 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.

(3) These properties were spun off as part of the Parkway Transaction. See further information in note 3 to the financial statements included in the Company's filings on Form 10-K for the

years ended December 31, 2016 and December 31, 2017, respectively, and reports filed with the SEC by the Company, Parkway, and New Parkway.



Cousins Properties	24	Q1 2018 Supplemental Information



DEVELOPMENT PIPELINE (1)



Project	Type	Market	Company's Ownership Interest		Actual or Projected Construction Start Date	Number of Square Feet /Apartment Units	Estimated Project Cost (1) ($ in thousands)		Company's Share of Estimated Project Costs		Project Cost Incurred to Date (2) ($ in thousands)		Company's Share of Project Costs Incurred to Date		Percent Leased		Initial Occupancy (3)	Estimated Stabilization (4)



858 Spring Street	Office	Atlanta	100	%	4Q16	260,000	$	120,000	$	120,000	$	81,964	$	81,964	100	%	4Q18	4Q18

Dimensional Place (5)	Office	Charlotte	50	%	4Q16	282,000	94,000		47,000		65,108		32,554		94	%	4Q18	4Q18

120 West Trinity (6)	Mixed	Atlanta	20	%	1Q17		85,000		17,000		20,879		4,176
Office						33,000									—	%	1Q20	3Q20
Retail						19,000									—	%	1Q20	3Q20
Apartments						330									—	%	4Q19	2Q20

300 Colorado (7)	Office	Austin	50	%	4Q18	309,000	175,000		87,500		32,770		16,385		100	%	1Q21	1Q21

Total							$	474,000	$	271,500	$	200,721	$	135,079



(1)	This schedule shows projects currently under active development through the substantial completion of construction. Amounts included in the estimated project cost column represent 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. The projected stabilization dates are also estimates and are subject to change as the project proceeds through the development process.
(2)	The quarter which the Company estimates the first tenant will take occupancy.
(3)	Stabilization is the earlier of the quarter within which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy.
(4)	Project Cost Incurred to Date includes predevelopment spending on projects where construction has not yet commenced.
(5)	Dimensional Place is comprised of 262,000 square feet of office space and 16,000 square feet of retail space. The office component is 100% leased and the retail component is not yet leased.
(6)	Initial occupancy and stabilization estimates have been revised to reflect the City of Decatur's updated certificate of occupancy requirements.
(7)	300 Colorado is comprised of 302,000 square feet of office space and 7,000 square feet of retail space, both of which are 100% leased. The budget is not finalized, and it is subject to change. In January 2018, the joint venture acquired the land for this project, and construction is expected to commence December 2018.



Cousins Properties	25	Q1 2018 Supplemental Information



LAND INVENTORY



	Market	Type	Company's Ownership Interest	Cost Basis of Land ($ in thousands)

Wildwood Office Park	Atlanta	Commercial	50%
North Point	Atlanta	Commercial	100%
The Avenue Forsyth-Adjacent Land	Atlanta	Commercial	100%
10000 Avalon	Atlanta	Commercial	75%
Victory Center	Dallas	Commercial	75%
Corporate Center	Tampa	Commercial	100%
Padre Island	Corpus Christi	Residential	50%


Total				$	46,371
Company's Share				$	23,226



Cousins Properties	26	Q1 2018 Supplemental Information



DEBT SCHEDULE



				Company's Share of Debt Maturities and Principal Payments
Description (Interest Rate Base, if not fixed)	Company's Ownership Interest	Rate at End of Quarter	Maturity Date	2018			2019			2020			2021			2022			Thereafter			Total Principal			Deferred Loan Costs			Above/Below Market Value		Total

Consolidated Debt
Floating Rate
Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (1)	100%	3.08%	12/2/21	$	—		$	—		$	—		$	250,000		$	—		$	—		$	250,000		$	(1,443	)	$	—	$	248,557
Credit Facility, Unsecured (LIBOR + 1.05%-1.45%) (2)	100%	2.93%	1/3/23	—			—			—			—			—			—			—			—			—		—
Total Floating Rate Debt				—			—			—			250,000			—			—			250,000			(1,443		)	—		248,557

Fixed Rate
Senior Notes, Unsecured	100%	3.91%	7/6/25	—			—			—			—			—			250,000			250,000			(1,326		)	—		248,674
Fifth Third Center	100%	3.37%	10/1/26	2,305			3,165			3,274			3,386			3,502			130,169			145,801			(566		)	—		145,235
Colorado Tower	100%	3.45%	9/1/26	573			2,343			2,425			2,510			2,598			109,551			120,000			(810		)	—		119,190
Promenade	100%	4.27%	10/1/22	2,350			3,252			3,393			3,541			89,052			—			101,588			(269		)	—		101,319
Senior Notes, Unsecured	100%	4.09%	7/6/27	—			—			—			—			—			100,000			100,000			(497		)	—		99,503
816 Congress	100%	3.75%	11/1/24	1,226			1,690			1,754			1,821			1,891			74,521			82,903			(541		)	—		82,362
Meridian Mark Plaza	100%	6.00%	8/1/20	388			546			22,978			—			—			—			23,912			(61		)	—		23,851
The Pointe	100%	4.01%	2/10/19	346			22,052			—			—			—			—			22,398			—			169		22,567
Total Fixed Rate Debt				7,188			33,048			33,824			11,258			97,043			664,241			846,602			(4,070		)	169		842,701

Total Consolidated Debt				7,188			33,048			33,824			261,258			97,043			664,241			1,096,602			(5,513		)	169		1,091,258

Unconsolidated Debt
Floating Rate
Carolina Square (LIBOR + 1.90%) (3)	50%	3.78%	5/1/18	35,213			—			—			—			—			—			35,213			—			—		35,213
Total Floating Rate Debt				35,213			—			—			—			—			—			35,213			—			—		35,213
																			.
Fixed Rate
Terminus 100	50%	5.25%	1/1/23	1,070			1,494			1,575			1,659			1,749			54,091			61,638			(60		)	—		61,578
Terminus 200	50%	3.79%	1/1/23	603			831			863			896			931			35,350			39,474			(26		)	—		39,448
Emory University Hospital Midtown Medical Office Tower	50%	3.50%	6/1/23	592			814			842			872			903			31,436			35,459			(123		)	—		35,336
Total Fixed Rate Debt				2,265			3,139			3,280			3,427			3,583			120,877			136,571			(209		)	—		136,362

Total Unconsolidated Debt				37,478			3,139			3,280			3,427			3,583			120,877			171,784			(209		)	—		171,575

Total Debt				$	44,666		$	36,187		$	37,104		$	264,685		$	100,626		$	785,118		$	1,268,386		$	(5,722	)	$	169	$	1,262,833

Total Maturities (4)				$	35,213		$	22,018		$	22,644		$	250,000		$	86,295		$	756,515		$	1,172,685
% of Maturities				3		%	2		%	2		%	21		%	7		%	65		%	100		%



Cousins Properties	27	Q1 2018 Supplemental Information



DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis



	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	285,213	22	%	3.17	%	3.2
Fixed Rate Debt	983,173		78	%	3.93	%	6.9
Total Debt	$	1,268,386	100	%	3.76	%	6.1

(1) The spread over LIBOR at March 31, 2018 was 1.20%.

(2) Total borrowing capacity of the Credit Facility as of March 31, 2018 was $997 million. The spread over LIBOR at March 31, 2018 was 1.05%.

(3) The Company's share of the total borrowing capacity of the construction loan is $39.9 million.

(4) 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	Q1 2018 Supplemental Information



DEBT SCHEDULE



Cousins Properties	29	Q1 2018 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2016			2017 1st			2017 2nd			2017 3rd			2017 4th			2017			2018 1st

Income from Discontinued Operations
Rental Property Revenues	$	136,927		$	—		$	—		$	—		$	—		$	—		$	—
Rental Property Operating Expenses	(58,336		)	—			—			—			—			—			—
Net Operating Income	78,591			—			—			—			—			—			—

Termination Fees	288			—			—			—			—			—			—
Interest and Other Expense	(6,022		)	—			—			—			—			—			—
Transaction Costs	(6,349		)	—			—			—			—			—			—
FFO from Discontinued Operations	66,508			—			—			—			—			—			—

Depreciation and Amortization of Real Estate	(47,345		)	—			—			—			—			—			—
Income from Discontinued Operations	19,163			—			—			—			—			—			—

FFO and EBITDAre
Net income available to common stockholders	79,109			4,751			168,089			12,067			31,368			216,275			16,043
Depreciation and amortization of real estate assets:
Consolidated properties	96,583			54,433			49,575			47,161			43,700			194,869			44,620
Share of unconsolidated joint ventures	13,904			4,195			3,478			2,862			2,656			13,191			3,419
Discontinued properties	47,345			—			—			—			—			—			—
Partners' share of real estate depreciation	(3,564		)	—			—			(4		)	(19		)	(23		)	(69		)
(Gain) loss on sale of depreciated properties:
Consolidated properties	(73,533		)	18			(119,767		)	36			(13,330		)	(133,043		)	372
Share of unconsolidated joint ventures	—			3,539			(37,871		)	—			(718		)	(35,050		)	(48		)
Non-controlling interest related to unit holders	784			101			2,856			212			512			3,681			287
FFO	160,628			67,037			66,360			62,334			64,169			259,900			64,624
Interest Expense	41,094			12,066			10,444			9,363			9,509			41,382			11,293
Non-Real Estate Depreciation and Amortization	1,365			451			465			461			497			1,874			473
Impairment Loss	4,526			—			—			—			—			—			—
EBITDAre (1)	207,613			79,554			77,269			72,158			74,175			303,156			76,390
Acquisition and Transaction Costs	30,871			1,930			246			(677		)	162			1,661			91
(Gain) Loss on Extinguishment of Debt	5,180			—			(1,829		)	(429		)	—			(2,258		)	85
Adjusted EBITDAre (1)	243,664			81,484			75,686			71,052			74,337			302,559			76,566

Income (Loss) from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	21,399			6,909			6,750			6,890			6,638			27,187			6,933
Other Properties	7,386			2,267			859			44			696			3,866			488
Net Operating Income	28,785			9,176			7,609			6,934			7,334			31,053			7,421
Sales Less Cost of Sales	190			—			—			—			—			—			330
Termination Fees	3,000			959			195			132			8			1,294			—
Interest Expense	(8,423		)	(2,325		)	(1,922		)	(1,776		)	(1,836		)	(7,859		)	(1,515		)
Other Income/(Expense)	916			505			45			33			185			768			20
Funds from Operations - Unconsolidated Joint Ventures	24,468			8,315			5,927			5,323			5,691			25,256			6,256



Cousins Properties	30	Q1 2018 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2016			2017 1st			2017 2nd			2017 3rd			2017 4th			2017			2018 1st

Gain (Loss) on Sale of Depreciated Investment Properties, net	$	—		$	(3,539	)	$	37,871		$	—		$	718		$	35,050		$	48
Depreciation and Amortization of Real Estate	(13,905		)	(4,195		)	(3,478		)	(2,862		)	(2,656		)	(13,191		)	(3,419		)
Net Income from Unconsolidated Joint Ventures	10,563			581			40,320			2,461			3,753			47,115			2,885

Market Capitalization
Common Stock price at Period End	8.51			8.27			8.79			9.34			9.25			9.25			8.68
Number of Common Stock/Units Outstanding at Period End	401,596			426,823			426,942			426,995			426,995			426,995			427,218
Common Stock Capitalization	3,417,582			3,529,826			3,752,820			3,988,133			3,949,704			3,949,704			3,708,252

Debt	1,380,920			1,240,728			1,019,619			1,095,177			1,093,228			1,093,228			1,091,258
Share of Unconsolidated Debt	251,350			257,316			186,013			191,075			169,295			169,295			171,575
Debt (1)	1,632,270			1,498,044			1,205,632			1,286,252			1,262,523			1,262,523			1,262,833

Total Market Capitalization	5,049,852			5,027,870			4,958,452			5,274,385			5,212,227			5,212,227			4,971,085

Credit Ratios
Net Debt (Debt (1) minus Cash)	1,596,583			1,462,289			1,189,212			1,224,085			1,113,594			1,113,594			1,154,681
Total Market Capitalization	5,049,852			5,027,870			4,958,452			5,274,385			5,212,227			5,212,227			4,971,085
Net Debt / Total Market Capitalization	31.6		%	29.1		%	24.0		%	23.2		%	21.4		%	21.4		%	23.2		%

Total Assets - Consolidated	4,171,607			4,206,289			4,136,046			4,224,200			4,204,619			4,204,619			4,159,310
Accumulated Depreciation - Consolidated	269,339			326,039			303,266			352,425			380,908			380,908			427,216
Undepreciated Assets - Unconsolidated (1)	604,236			578,207			467,992			483,299			455,100			455,100			481,858
Less: Investment in Unconsolidated Joint Ventures	(179,397		)	(128,589		)	(101,532		)	(109,222		)	(101,414		)	(101,414		)	(145,465		)
Total Undepreciated Assets (1)	4,865,785			4,981,946			4,805,772			4,950,702			4,939,213			4,939,213			4,922,919
Net Debt (Debt (1) minus Cash)	1,596,583			1,462,289			1,189,212			1,224,085			1,113,594			1,113,594			1,154,681
Undepreciated Assets (1)	4,865,785			4,981,946			4,805,772			4,950,702			4,939,213			4,939,213			4,922,919
Net Debt / Total Undepreciated Assets (1)	32.8		%	29.4		%	24.7		%	24.7		%	22.5		%	22.5		%	23.5		%

Coverage Ratios (1)
Interest Expense	41,094			12,066			10,444			9,363			9,509			41,382			11,293
Scheduled Principal Payments	11,563			3,810			3,334			2,846			2,869			12,859			2,900
Fixed Charges	52,657			15,876			13,778			12,209			12,378			54,241			14,193
EBITDAre	207,613			79,554			77,269			72,158			74,175			303,156			76,390
Fixed Charges Coverage Ratio (EBITDAre) (1)	3.94			5.01			5.61			5.91			5.99			5.59			5.38
Adjusted EBITDAre	243,664			81,484			75,686			71,052			74,337			302,559			76,566
Fixed Charges Coverage Ratio (Adjusted EBITDAre) (1)	4.63			5.13			5.49			5.82			6.01			5.58			5.39

Net Debt (Debt (1) minus Cash)	1,596,583			1,462,289			1,189,212			1,224,085			1,113,594			1,113,594			1,154,681
Annualized EBITDAre (2)	207,613			318,216			309,076			288,632			296,700			296,700			305,564
Net Debt / Annualized EBITDAre (2)	7.69			4.60			3.85			4.24			3.75			3.75			3.78
Annualized Adjusted EBITDAre (2)	306,116			325,936			302,744			284,208			297,348			297,348			306,264
Net Debt / Annualized Adjusted EBITDAre (2)	5.22			4.49			3.93			4.31			3.75			3.75			3.77



Cousins Properties	31	Q1 2018 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2016			2017 1st			2017 2nd			2017 3rd			2017 4th			2017			2018 1st

Dividend Information
Common Dividends (3)	$	74,126		$	25,161		$	25,212		$	25,201		$	25,202		$	100,776		$	27,315
FFO	160,628			67,037			66,360			62,334			64,169			259,900			64,624
FFO Payout Ratio	46.1		%	37.5		%	38.0		%	40.4		%	39.3		%	38.8		%	42.3		%

FFO	160,628			67,037			66,360			62,334			64,169			259,900			64,624
Amortization of Deferred Financing Costs	1,404			442			446			456			456			1,800			603
Non-Cash Stock-Based Compensation	1,647			489			480			507			507			1,983			543
Non-Real Estate Depreciation and Amortization	1,365			451			465			461			497			1,874			473
Lease Inducements	1,522			133			103			114			135			485			147
Straight Line Rent Ground Leases	104			110			110			110			110			440			110
Acquisition and Transaction Costs	30,871			1,930			246			(677		)	162			1,661			91
(Gain) Loss on Extinguishment of Debt	5,180			—			(1,829		)	(429		)	—			(2,258		)	85
Above and Below Market Ground Rent	(3		)	40			40			40			39			159			39
Impairment Loss	4,526			—			—			—			—			—			—
Above and Below Market Debt	(2,999		)	(3,190		)	(646		)	(51		)	(50		)	(3,937		)	(51		)
Gain on Undepreciated Real Estate Sales	(3,770		)	—			(63		)	(4		)	—			(67		)	(330		)
Deferred Income - Tenant Improvements	(1,926		)	(625		)	(732		)	(761		)	(750		)	(2,868		)	(819		)
Above and Below Market Rents	(7,097		)	(1,602		)	(1,929		)	(1,852		)	(1,838		)	(7,221		)	(1,793		)
Straight Line Rental Revenue	(18,967		)	(9,608		)	(7,826		)	(6,825		)	(6,714		)	(30,973		)	(8,136		)
Second Generation CAPEX	(46,876		)	(10,971		)	(7,569		)	(15,949		)	(18,996		)	(53,485		)	(11,256		)
FAD (1)	125,609			44,636			47,656			37,474			37,727			167,493			44,330
Common Dividends (3)	74,126			25,161			25,212			25,201			25,202			100,776			27,315
FAD Payout Ratio (1)	59.0		%	56.4		%	52.9		%	67.2		%	66.8		%	60.2		%	61.6		%

Operations Ratios
Total Undepreciated Assets (1)	4,865,785			4,981,946			4,805,772			4,950,702			4,939,213			4,939,213			4,922,919
General and Administrative Expenses	25,591			6,182			8,618			7,193			5,530			27,523			6,809
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets	0.53		%	0.50		%	0.72		%	0.58		%	0.45		%	0.56		%	0.55		%

2nd Generation TI & Leasing Costs & Building CAPEX
Second Generation Leasing Related Costs	33,236			10,710			7,258			15,480			17,168			50,616			10,319
Second Generation Building Improvements	13,640			261			311			469			1,828			2,869			937
	46,876			10,971			7,569			15,949			18,996			53,485			11,256

(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) Annualized equals quarter amount annualized.
(3) The fourth quarter 2016 dividend was declared and paid a quarter in arrears.
(4) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual annualized.

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



Cousins Properties	32	Q1 2018 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share amounts)



	Three Months Ended March 31,
	2018			2017
Net Income Available to Common Stockholders	$	16,043		$	4,751
Depreciation and amortization of real estate assets:
Consolidated properties	44,620			54,433
Share of unconsolidated joint ventures	3,419			4,195
Partners' share of real estate depreciation	(69		)	—
(Gain) loss on sale of depreciated properties:
Consolidated properties	372			18
Share of unconsolidated joint ventures	(48		)	3,539
Non-controlling interest related to unit holders	287			101
Funds From Operations	$	64,624		$	67,037
Per Common Share — Diluted:
Net Income Available to Common Shareholders	$	0.04		$	0.01
Funds from Operations	$	0.15		$	0.16
Weighted Average Shares — Diluted	427,695			411,186

The table above shows Funds From Operations Available to Common Stockholders (“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 losses 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 along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.



Cousins Properties	33	Q1 2018 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS



	Three Months Ended
Net Operating Income (in thousands)	March 31, 2018			March 31, 2017

Net income	$	16,406		$	4,858
Net operating income from unconsolidated joint ventures	7,421			9,176
Fee income	(2,894		)	(1,936		)
Other income	(960		)	(5,426		)
Reimbursed expenses	942			865
General and administrative expenses	6,809			6,182
Interest expense	9,778			9,741
Depreciation and amortization	45,093			54,884
Acquisition and transaction costs	91			1,930
Other expenses	320			404
Loss on extinguishment of debt	85			—
Income from unconsolidated joint ventures	(2,885		)	(581		)
Loss on sale of investment properties	372			70
Net Operating Income	$	80,578		$	80,167

Straight line rent	$	8,136		$	9,608
Non-cash income	2,612			2,227
Non-cash expense	(296		)	(283		)
Cash-Basis Net Operating Income	$	70,126		$	68,615

Net Operating Income
Same Property	$	72,203		$	70,342
Non-Same Property	8,375			9,825
	$	80,578		$	80,167

Cash-Basis Net Operating Income
Same Property	$	64,592		$	59,038
Non-Same Property	5,534			9,577
	$	70,126		$	68,615



Cousins Properties	34	Q1 2018 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.

“2nd 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 as well as building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards. In addition, the Company excludes leasing costs and building improvements associated with properties identified as under redevelopment or repositioning.

“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 accounting principles generally accepted in the United States (“GAAP”)) plus interest expense, income tax expense, depreciation and amortization, losses (gains) on the disposition of deprecated property, and impairment losses. 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 acquisition 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 and gains (losses) on undepreciated real estate sales. 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 Available to Common Stockholders” (“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 losses 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 Operating Income” ("NOI") is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. Net Operating Income, which is rental property revenues 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 and amortization are also excluded from Net Operating Income 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.



Cousins Properties	35	Q1 2018 Supplemental Information