TABLE OF CONTENTS

Forward-Looking Statements	2
Earnings Release	3
Company Information	5
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 - Definitions	38

Cousins Properties 1 Q3 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 September 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, including proposed tax legislation by the Biden administration; 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 2 Q3 2021 Supplemental Information

EARNINGS RELEASE

COUSINS PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS

Raises 2021 FFO Guidance

ATLANTA (October 28, 2021) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2021.

“Leasing volume, at almost 600,000 square feet, continued to accelerate during the third quarter with 84% of the leases signed representing new and expansion space. In addition, cash net rents on these new leases were 23% higher than the leases they replaced, the largest increase for this important metric in nearly six years,” said Colin Connolly, president and chief executive officer of Cousins Properties. "Looking forward, demand for new, efficient, and highly-amenitized office space in our Sun Belt markets continues to accelerate, and we have assembled a portfolio that is in a terrific position to meet this demand."

Financial Results

For third quarter 2021:

•Net income available to common stockholders was $54.0 million, or $0.36 per share, compared to $28.1 million, or $0.19 per share, for third quarter 2020.

•Funds From Operations ("FFO") was $102.4 million, or $0.69 per share, compared to $102.0 million, or $0.69 per share, for third quarter 2020.

For nine months ended September 30, 2021:

•Net income available to common stockholders was $111.3 million, or $0.75 per share, compared to $226.2 million, or $1.52 per share, for nine months ended September 30, 2020.

•FFO was $306.4 million, or $2.06 per share, compared to $312.7 million, or $2.10 per share, for nine months ended September 30, 2020.

Operations & Leasing Activity

For third quarter 2021:

•Same property net operating income on a cash-basis increased 3.6%.

•Second generation net rent per square foot on a cash-basis increased 23.1%.

•Executed 597,000 square feet of office leases, including 503,000 square feet of new and expansion leases representing 84% of total leasing activity.

For nine months ended September 30, 2021:

•Same property net operating income on cash-basis increased 3.5%.

•Second generation net rent per square foot on a cash-basis increased 16.8%.

•Executed 1.4 million square feet of office leases, including 944,000 square feet of new and expansion leases representing 70% of total leasing activity.

Cousins Properties 3 Q3 2021 Supplemental Information

EARNINGS RELEASE

Investment and Financing Activity

•Acquired 725 Ponce, a 372,000 square foot office property in Atlanta, GA, for a gross price of $300.2 million.

•Entered into a 50/50 joint venture, with an initial contribution of $4.0 million, which owns the 715 Ponce land parcel adjacent to the 725 Ponce property.

•Entered into a 50/50 joint venture to develop Neuhoff, a mixed-use project in Nashville, TN, which will include 447,000 square feet of office and retail space as well as 542 multi-family units, for an estimated investment of $281.3 million at our share.

•Closed on a construction loan that provides for up to $156.4 million of funding at our share for the Neuhoff mixed-use project.

•Sold One South at the Plaza, an 891,000 square foot office property in Charlotte, NC, for a gross price of $271.5 million.

•Sold our 50% investment in Dimensional Place, a 281,000 square foot office property in Charlotte, NC, for a gross price of $60.8 million.

•Sold a land parcel adjacent to our 100 Mill office development in Phoenix, AZ to a hotel developer for a gross price of $6.4 million.

•Subsequent to quarter end, acquired Heights Union, a 294,000 square foot office property in Tampa, FL, for a gross price of $144.8 million.

Earnings Guidance

The Company has raised and narrowed its 2021 net income guidance to $0.91 to $0.95 per share from $0.73 to $0.81 per share primarily driven by gains on asset sales in the third quarter. The Company has also raised and narrowed its 2021 FFO guidance to $2.73 to $2.77 per share from $2.70 to $2.78 per share, increasing the midpoint to $2.75 from $2.74 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, October 29, 2021 to discuss the results of the quarter ended September 30, 2021. 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 Third 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 10160757. The playback can also be accessed on the Company's website.

Cousins Properties 4 Q3 2021 Supplemental Information

COMPANY INFORMATION

THE COMPANY

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.

MANAGEMENT

M. Colin Connolly	Gregg D. Adzema	Kennedy Hicks	Richard G. Hickson IV
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer	Executive Vice President, Investments and Managing Director - Atlanta	Executive Vice President, Operations
John S. McColl	Pamela F. Roper	Jeffrey D. Symes
Executive Vice President, Development	Executive Vice President, General Counsel and Corporate Secretary	Senior Vice President and Chief Accounting Officer

BOARD OF DIRECTORS

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

COMPANY INFORMATION / EQUITY COVERAGE(1)

Corporate Headquarters	Transfer Agent	BofA Securities	RW Baird	Wells Fargo	Barclays
3344 Peachtree Road NE Suite 1800 Atlanta GA 30326 404.407.1000	American Stock Transfer & Trust Company LLC astfinancial.com 800.937.5449	James Feldman 646.855.5808	David Rodgers 216.737.7341	Blaine Heck 443.263.6529	Anthony Powell 212.526.8768
Investor Relations	Stock Exchange	Green Street Advisors	J.P. Morgan	Truist Securities
Roni Imbeaux Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104	NYSE: CUZ	Daniel Ismail 949.640.8780	Anthony Paolone 212.622.6682	Michael Lewis 212.319.5659

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

Cousins Properties 5 Q3 2021 Supplemental Information

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2021		December 31, 2020
Assets:	(unaudited)
Real estate assets:
Operating properties, net of accumulated depreciation of $854,770 and $803,073 in 2021 and 2020, respectively	$	6,191,205	$	6,232,546
Projects under development	136,123		57,389
Land	150,766		162,406
	6,478,094		6,452,341
Real estate assets and other assets held for sale, net	—		125,746
Cash and cash equivalents	5,532		4,290
Restricted cash	1,236		1,848
Accounts receivable	13,205		20,248
Deferred rents receivable	152,278		138,341
Investment in unconsolidated joint ventures	111,351		125,481
Intangible assets, net	158,189		189,164
Other assets	57,479		49,939
Total assets	$	6,977,364	$	7,107,398
Liabilities:
Notes payable	$	2,047,599	$	2,162,719
Accounts payable and accrued expenses	203,627		186,267
Deferred income	76,475		62,319
Intangible liabilities, net	56,521		69,846
Other liabilities	115,600		118,103
Liabilities of real estate assets held for sale, net	—		12,606
Total liabilities	2,499,822		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 151,149,289 shares issued and outstanding in 2021 and 2020, respectively	151,273		151,149
Additional paid-in capital	5,547,808		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	(1,105,516)		(1,078,304)
Total stockholders' investment	4,445,092		4,467,134
Nonredeemable noncontrolling interests	32,450		28,404
Total equity	4,477,542		4,495,538
Total liabilities and equity	$	6,977,364	$	7,107,398

Cousins Properties 6 Q3 2021 Supplemental Information

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenues:
Rental property revenues	$	185,515	$	179,024	$	552,088	$	543,252
Fee income	3,094		4,350		12,426		13,772
Other	123		6		405		169
	188,732		183,380		564,919		557,193
Expenses:
Rental property operating expenses	65,354		62,844		195,465		189,003
Reimbursed expenses	383		373		1,149		1,216
General and administrative expenses	7,968		5,658		22,014		19,853
Interest expense	16,709		15,058		50,573		44,955
Depreciation and amortization	72,073		71,498		214,399		215,980
Transaction costs	—		—		—		428
Other	421		723		1,835		1,841
	162,908		156,154		485,435		473,276
Income from unconsolidated joint ventures	2,128		1,611		5,826		6,751
Gain (loss) on sales of investments in unconsolidated joint ventures	13,121		(59)		13,160		45,940
Gain (loss) on investment property transactions	13,063		(523)		13,037		90,192
Net income	54,136		28,255		111,507		226,800
Net income attributable to noncontrolling interests	(118)		(140)		(226)		(641)
Net income available to common stockholders	$	54,018	$	28,115	$	111,281	$	226,159
Net income per common share — basic	$	0.36	$	0.19	$	0.75	$	1.53
Net income per common share — diluted	$	0.36	$	0.19	$	0.75	$	1.52
Weighted average shares — basic	148,688		148,566		148,659		148,181
Weighted average shares — diluted	148,772		148,606		148,743		148,586

Cousins Properties 7 Q3 2021 Supplemental Information

KEY PERFORMANCE METRICS

	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		YTD 2021
Property Statistics
Consolidated Operating Properties	34		32		32		32		33		33		33		32		32		32
Consolidated Rentable Square Feet (in thousands)	19,599		18,249		18,249		18,245		18,897		18,897		19,145		18,122		17,899		17,899
Unconsolidated Operating Properties	4		3		3		3		3		3		3		4		3		3
Unconsolidated Rentable Square Feet (in thousands)	2,168		1,107		1,107		1,107		1,107		1,107		1,107		1,460		1,179		1,179
Total Operating Properties	38		35		35		35		36		36		36		36		35		35
Total Rentable Square Feet (in thousands)	21,767		19,356		19,356		19,352		20,004		20,004		20,252		19,582		19,078		19,078
Office Leasing Activity (1)
Net Leased during the Period (square feet, in thousands)	3,074		476		303		255		387		1,421		271		484		597		1,353
Net Rent (per square foot)	$30.43		$34.88		$33.54		$26.63		$31.54		$32.20		$31.12		$32.38		$34.73		$33.16
Net Free Rent (per square foot)	(0.63)		(1.92)		(0.92)		(1.23)		(1.16)		(1.38)		(1.70)		(1.33)		(1.59)		(1.52)
Leasing Commissions (per square foot)	(2.29)		(2.68)		(3.02)		(2.37)		(2.20)		(2.57)		(2.26)		(2.70)		(3.05)		(2.77)
Tenant Improvements (per square foot)	(3.69)		(5.27)		(4.17)		(1.57)		(2.99)		(3.75)		(3.63)		(4.58)		(6.03)		(5.03)
Leasing Costs (per square foot)	(6.61)		(9.87)		(8.11)		(5.17)		(6.35)		(7.70)		(7.59)		(8.61)		(10.67)		(9.32)
Net Effective Rent (per square foot)	$23.82		$25.01		$25.43		$21.46		$25.19		$24.50		$23.53		$23.77		$24.06		$23.84
Change in Second Generation Net Rent	21.3	%	26.9	%	31.8	%	24.7	%	24.7	%	27.2	%	21.5	%	21.7	%	31.6	%	26.0	%
Change in Cash-Basis Second Generation Net Rent	7.7	%	14.3	%	20.6	%	8.9	%	8.9	%	13.1	%	10.5	%	12.9	%	23.1	%	16.8	%
Same Property Information (2)
Percent Leased (period end)	94.6	%	94.8	%	94.4	%	93.6	%	92.7	%	92.7	%	89.9	%	90.7	%	90.7	%	90.7	%
Weighted Average Occupancy	91.8	%	91.4	%	91.5	%	91.9	%	92.4	%	91.8	%	89.3	%	90.7	%	89.0	%	90.3	%
Change in Net Operating Income ("NOI") (over prior year period)	2.6	%	3.2	%	(2.4)	%	(0.4)	%	(2.3)	%	(0.5)	%	(4.1)	%	1.4	%	(1.4)	%	(0.6)	%
Change in Cash-Basis NOI (over prior year period)	4.8	%	11.4	%	(1.6)	%	(3.0)	%	(3.3)	%	0.7	%	(2.7)	%	7.1	%	3.6	%	3.5	%
Development Pipeline (3)
Estimated Project Costs (in thousands)	$565,600		$565,600		$565,600		$566,400		$449,400		$449,400		$363,000		$492,200		$662,500		$662,500
Estimated Project Costs/Total Undepreciated Assets	6.9	%	7.1	%	7.0	%	7.0	%	5.4	%	5.4	%	4.3	%	6.1	%	8.1	%	8.1	%
Market Capitalization (4)
Common Stock Price (period end)	$41.20		$29.27		$29.83		$28.59		$33.50		$33.50		$35.35		$36.78		$37.29		$37.29
Common Stock/Units Outstanding (period end, in thousands)	148,506		148,565		148,593		148,589		148,589		148,589		148,679		148,713		148,713		148,713
Equity Market Capitalization (in thousands)	$6,118,447		$4,348,498		$4,432,529		$4,248,160		$4,977,732		$4,977,732		$5,255,803		$5,469,664		$5,545,508		$5,545,508
Debt (in thousands)	2,305,494		2,036,955		2,038,271		2,042,161		2,277,759		2,277,759		2,358,860		2,195,653		2,206,306		2,206,306
Total Market Capitalization (in thousands)	$8,423,941		$6,385,453		$6,470,800		$6,290,321		$7,255,491		$7,255,491		$7,614,663		$7,665,317		$7,751,814		$7,751,814
Continued on next page

Cousins Properties 8 Q3 2021 Supplemental Information

KEY PERFORMANCE METRICS

	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		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	%	28.1	%	28.1	%
Net Debt/Total Undepreciated Assets	27.8	%	24.0	%	24.9	%	24.6	%	27.0	%	27.0	%	27.6	%	26.9	%	26.7	%	26.7	%
Net Debt/Annualized Adjusted EBITDAre	4.55		3.66		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.54
Fixed Charges Coverage (Adjusted EBITDAre)	5.95		6.28		6.04		5.95		5.74		6.00		5.42		5.43		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		$0.31		$0.93
Funds From Operations (FFO) Payout Ratio	48.1	%	39.5	%	45.5	%	43.7	%	44.3	%	43.1	%	45.2	%	45.1	%	45.0	%	45.1	%
Funds Available for Distribution (FAD) Payout Ratio	66.8	%	59.0	%	75.1	%	64.8	%	76.0	%	67.9	%	57.8	%	64.6	%	66.6	%	62.8	%
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	%	0.39	%	0.39	%
Additional Information
In-Place Gross Rent (per square foot) (5)	$37.44		$39.29		$39.48		$39.72		$40.26		$40.26		$40.71		$42.00		$42.87		$42.87
Straight Line Rental Revenue (in thousands) (4)	$29,391		$9,859		$11,137		$12,935		$8,284		$42,215		$7,739		$5,625		$6,852		$20,216
Above and Below Market Rents Amortization, Net (in thousands) (4)	$9,472		$2,590		$2,519		$2,449		$2,503		$10,061		$2,388		$2,069		$1,989		$6,446
Second Generation Capital Expenditures (in thousands) (4)	$90,704		$23,817		$25,724		$17,718		$30,524		$97,783		$12,093		$23,118		$24,880		$60,091

(1)	See Office Leasing Activity on page 19 for additional detail and explanations.
(2)	Same Property Information is derived from the pool of same office properties as existed in the period originally reported. See Same Property Performance on page 18 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 31 for additional information.
(3)	The Company's 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-place gross rent equals the annualized cash-basis base rent including tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

Cousins Properties 9 Q3 2021 Supplemental Information

KEY PERFORMANCE METRICS

Total Rentable Square Feet             Equity Market Capitalization           Net Debt / Annualized Adjusted EBITDAre

Same Property NOI ChangeSecond Generation Net Rent Change Annualized General & Administrative

Cash-Basis (1)Cash-Basis (1)Expenses / Total Undepreciated Assets

(1) Office properties only.

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

Cousins Properties 10 Q3 2021 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

	(amounts in thousands, except per share amounts)
	2019		2020 1st		2020 2nd		2020 3rd		2020 4th		2020		2021 1st		2021 2nd		2021 3rd		YTD 2021
NOI	$	431,790	$	127,782	$	117,132	$	120,016	$	121,104	$	486,034	$	123,124	$	122,705	$	124,148	$	369,977
Gain (Loss) on Sales of Undepreciated Investment Properties	18,182		1,335		—		—		(723)		612		—		—		(64)		(64)
Fee Income	28,518		4,732		4,689		4,351		4,454		18,226		4,530		4,803		3,094		12,427
Other Income	7,861		2,994		726		406		199		4,325		298		897		2,013		3,208
Reimbursed Expenses	(4,004)		(521)		(322)		(373)		(364)		(1,580)		(368)		(398)		(383)		(1,149)
General and Administrative Expenses	(37,007)		(5,652)		(8,543)		(5,658)		(7,181)		(27,034)		(6,733)		(7,313)		(7,969)		(22,015)
Interest Expense	(59,701)		(16,554)		(14,543)		(15,497)		(16,082)		(62,676)		(17,723)		(17,519)		(17,513)		(52,755)
Other Expenses	(55,047)		(1,188)		(1,007)		(1,113)		(664)		(3,972)		(1,010)		(967)		(764)		(2,741)
Depreciation and Amortization of Non-Real Estate Assets	(1,799)		(207)		(173)		(154)		(154)		(688)		(158)		(157)		(156)		(471)
FFO (1)	$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	102,406	$	306,417
Weighted Average Shares - Diluted	129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,772		148,743
FFO per Share (1)	$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	0.69	$	2.06

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

Cousins Properties 11 Q3 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		2021 3rd		YTD 2021
NOI
Consolidated Properties
The Domain (2)	$	19,945	$	9,068	$	9,899	$	11,053	$	12,986	$	43,006	$	14,118	$	15,019	$	15,989	$	45,126
Spring & 8th (2)	29,369		7,351		7,255		7,340		7,286		29,232		7,367		7,320		7,367		22,054
Corporate Center (2)	26,484		6,157		5,928		6,113		7,199		25,397		7,371		7,157		7,326		21,854
Terminus (2) (3)	7,330		6,949		6,899		7,227		6,620		27,695		7,192		6,461		6,390		20,043
Northpark (2)	25,272		6,916		6,983		7,087		6,682		27,668		6,760		6,588		6,562		19,910
Hayden Ferry (2)	23,938		6,321		5,676		6,069		6,280		24,346		6,221		6,079		6,128		18,428
Fifth Third Center	17,993		4,573		4,791		4,643		4,347		18,354		4,782		4,963		4,437		14,182
One Eleven Congress	17,379		4,396		4,496		4,565		4,573		18,030		4,564		4,466		5,042		14,072
BriarLake Plaza (2)	10,217		4,681		4,367		4,359		4,697		18,104		4,483		4,530		4,913		13,926
The Terrace (2)	8,311		3,988		3,998		4,003		4,152		16,141		4,341		4,213		4,132		12,686
Promenade	18,359		4,506		3,950		4,256		4,101		16,813		4,060		4,116		4,156		12,332
San Jacinto Center	14,593		3,617		4,290		3,745		3,314		14,966		3,750		3,912		3,871		11,533
3344 Peachtree	13,303		5,267		2,966		3,352		3,498		15,083		3,549		3,690		3,874		11,113
Avalon (2)	7,408		1,821		2,587		3,065		3,526		10,999		3,714		3,993		3,283		10,990
The RailYard	—		—		—		—		929		929		3,175		3,112		3,172		9,459
Colorado Tower	13,991		3,350		3,303		3,055		2,640		12,348		2,382		3,253		3,563		9,198
Buckhead Plaza (2)	15,079		3,617		2,783		2,984		2,894		12,278		2,509		2,980		3,207		8,696
NASCAR Plaza	10,300		2,750		2,655		2,845		2,470		10,720		2,687		2,626		2,684		7,997
816 Congress	11,847		2,636		2,754		2,645		2,587		10,622		2,456		2,348		2,340		7,144
Legacy Union One	5,157		2,400		2,396		2,390		2,399		9,585		2,363		2,371		2,367		7,101
1200 Peachtree	7,691		2,332		2,318		2,371		2,319		9,340		2,286		2,278		2,242		6,806
3350 Peachtree	8,957		2,450		2,849		2,162		2,190		9,651		2,280		2,255		609		5,144
Tempe Gateway	7,750		2,084		1,835		1,827		1,770		7,516		1,417		1,452		1,734		4,603
111 West Rio	5,559		1,388		1,411		1,309		1,389		5,497		1,387		1,397		1,437		4,221
3348 Peachtree	6,167		1,502		1,309		1,308		1,341		5,460		1,262		1,258		1,344		3,864
Domain Point (2)	3,058		1,187		1,435		1,482		1,640		5,744		1,265		1,243		1,168		3,676
The Pointe	5,089		1,192		1,230		1,254		1,076		4,752		1,199		1,043		1,267		3,509
5950 Sherry Lane	2,316		1,239		1,184		1,298		1,280		5,001		1,188		1,200		1,057		3,445
725 Ponce	—		—		—		—		—		—		—		—		3,132		3,132
Meridian Mark Plaza	4,370		1,067		846		1,129		1,117		4,159		1,018		1,040		1,022		3,080
Research Park V	4,087		1,029		1,029		1,055		1,012		4,125		1,038		985		1,055		3,078
Harborview Plaza	2,013		795		840		863		793		3,291		831		720		841		2,392
Other (5)	46,045		15,118		8,677		8,954		7,597		40,346		5,355		3,200		675		9,230
Subtotal - Consolidated	399,377		121,747		112,939		115,808		116,704		467,198		118,370		117,268		118,386		354,024
Continued on next page

Cousins Properties 12 Q3 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	2021 3rd	YTD 2021
Unconsolidated Properties (6)
Carolina Square (2)	4,367	1,255	1,210	1,163	1,312	4,940	1,315	1,517	1,192	4,024
Emory University Hospital Midtown	4,239	1,078	962	1,080	1,090	4,210	1,048	1,094	1,092	3,234
120 West Trinity (2)	(48)	(60)	(13)	28	(4)	(49)	151	204	231	586
Terminus (2) (3)	10,548	—	—	—	—	—	—	—	—	—
Other (7)	13,307	3,762	2,034	1,937	2,002	9,735	2,240	2,622	3,247	8,109
Subtotal - Unconsolidated	32,413	6,035	4,193	4,208	4,400	18,836	4,754	5,437	5,762	15,953
Total Net Operating Income (1)	431,790	127,782	117,132	120,016	121,104	486,034	123,124	122,705	124,148	369,977
Gain (Loss) on Sales of Undepreciated Investment Properties
Consolidated	18,182	—	—	—	—	—	—	—	(64)	(64)
Unconsolidated (6)	—	1,335	—	—	(723)	612	—	—	—	—
Total Gain (Loss) on Sales of Undepreciated Investment Properties	18,182	1,335	—	—	(723)	612	—	—	(64)	(64)
Fee Income
Development Fees	22,058	3,835	3,846	3,804	3,849	15,334	3,900	4,173	2,476	10,549
Management Fees (8)	5,717	762	843	546	605	2,756	579	616	594	1,789
Leasing & Other Fees	743	135	—	1	—	136	51	14	24	89
Total Fee Income	28,518	4,732	4,689	4,351	4,454	18,226	4,530	4,803	3,094	12,427
Other Income
Termination Fees	7,227	2,844	539	372	79	3,834	42	782	1,775	2,599
Termination Fees - Unconsolidated (6)	16	1	2	5	1	9	—	7	74	81
Interest and Other Income	246	37	126	6	62	231	213	68	123	404
Interest and Other Income - Unconsolidated (6)	372	112	59	23	57	251	43	40	41	124
Total Other Income	7,861	2,994	726	406	199	4,325	298	897	2,013	3,208
Total Fee and Other Income	36,379	7,726	5,415	4,757	4,653	22,551	4,828	5,700	5,107	15,635
Reimbursed Expenses (8)	(4,004)	(521)	(322)	(373)	(364)	(1,580)	(368)	(398)	(383)	(1,149)
General and Administrative Expenses	(37,007)	(5,652)	(8,543)	(5,658)	(7,181)	(27,034)	(6,733)	(7,313)	(7,969)	(22,015)
Interest Expense
Consolidated Interest Expense
2019 Senior Notes, Unsecured ($275M)	(5,853)	(2,744)	(2,744)	(2,743)	(2,744)	(10,975)	(2,744)	(2,744)	(2,743)	(8,231)
2017 Senior Notes, Unsecured ($250M)	(9,958)	(2,489)	(2,490)	(2,490)	(2,489)	(9,958)	(2,490)	(2,489)	(2,490)	(7,469)
2019 Senior Notes, Unsecured ($250M)	(5,207)	(2,441)	(2,441)	(2,441)	(2,441)	(9,764)	(2,441)	(2,441)	(2,441)	(7,323)
Terminus (2) (3)	(1,540)	(1,526)	(1,511)	(1,497)	(1,482)	(6,016)	(1,468)	(1,452)	(1,437)	(4,357)
Credit Facility, Unsecured	(7,325)	(3,081)	(773)	(827)	(1,087)	(5,768)	(1,710)	(1,299)	(1,114)	(4,123)
2019 Senior Notes, Unsecured ($125M)	(2,554)	(1,197)	(1,197)	(1,198)	(1,197)	(4,789)	(1,197)	(1,198)	(1,197)	(3,592)
Fifth Third Center	(4,846)	(1,194)	(1,188)	(1,181)	(1,174)	(4,737)	(1,168)	(1,159)	(1,152)	(3,479)
Term Loan, Unsecured	(9,194)	(1,891)	(1,190)	(994)	(981)	(5,056)	(948)	(950)	(1,214)	(3,112)
2017 Senior Notes, Unsecured ($100M)	(4,145)	(1,036)	(1,037)	(1,036)	(1,036)	(4,145)	(1,036)	(1,037)	(1,036)	(3,109)
Colorado Tower	(4,173)	(1,030)	(1,026)	(1,020)	(1,015)	(4,091)	(1,009)	(1,005)	(998)	(3,012)
Promenade	(4,224)	(1,034)	(1,025)	(1,016)	(1,006)	(4,081)	(997)	(988)	(979)	(2,964)
Legacy Union One	(1,169)	(528)	(527)	(536)	(536)	(2,127)	(520)	(528)	(535)	(1,583)
Continued on next page

Cousins Properties 13 Q3 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		2021 3rd		YTD 2021
Domain 10 (9)	(3,111)		(768)		(763)		(760)		(755)		(3,046)		(751)		(748)		(800)		(2,299)
Other (10)	(1,883)		(254)		(40)		(41)		(41)		(376)		(41)		(37)		(44)		(122)
Capitalized (11)	11,219		5,309		3,959		2,722		2,334		14,324		1,312		1,419		1,471		4,202
Subtotal - Consolidated Interest Expense	(53,963)		(15,904)		(13,993)		(15,058)		(15,650)		(60,605)		(17,208)		(16,656)		(16,709)		(50,573)
Unconsolidated Interest Expense (6)
Emory University Hospital Midtown	(1,229)		(303)		(301)		(301)		(297)		(1,202)		(296)		(293)		(291)		(880)
Carolina Square (2)	(1,605)		(347)		(249)		(138)		(135)		(869)		(134)		(416)		(328)		(878)
300 Colorado	—		—		—		—		—		—		(85)		(154)		(185)		(424)
Terminus (2) (3)	(2,904)		—		—		—		—		—		—		—		—		—
Subtotal - Unconsolidated Interest Expense	(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(804)		(2,182)
Total Interest Expense	(59,701)		(16,554)		(14,543)		(15,497)		(16,082)		(62,676)		(17,723)		(17,519)		(17,513)		(52,755)
Other Expenses
Property Taxes and Other Holding Costs	(1,075)		(356)		(380)		(353)		(74)		(1,163)		(345)		(164)		(215)		(724)
Partners' Share of FFO in Consolidated Joint Ventures	(833)		(213)		(342)		(343)		(365)		(1,263)		(407)		(129)		(339)		(875)
Severance	(154)		(51)		(17)		—		(1)		(69)		(308)		(19)		—		(327)
Predevelopment & Other Costs	(402)		(153)		(255)		(417)		(224)		(1,049)		50		(655)		(210)		(815)
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)		(764)		(2,741)
Depreciation and Amortization of Non-Real Estate Assets	(1,799)		(207)		(173)		(154)		(154)		(688)		(158)		(157)		(156)		(471)
FFO (1)	$	328,793	$	112,721	$	97,959	$	101,978	$	100,589	$	413,247	$	101,960	$	102,051	$	102,406	$	306,417
Weighted Average Shares - Diluted	129,831		148,561		148,580		148,606		148,669		148,636		148,725		148,740		148,772		148,743
FFO per Share (1)	$	2.53	$	0.76	$	0.66	$	0.69	$	0.68	$	2.78	$	0.69	$	0.69	$	0.69	$	2.06

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 September 30, 2021, see page 24. Also, includes College Street Garage.
(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) Primarily represents properties sold prior to September 30, 2021, see page 24. Also includes 300 Colorado, which is in the final stages of development and not yet stabilized.
(8) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the            unconsolidated joint ventures is included in Management Fees.
(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 were unchanged.
(10) Represents interest on loans repaid prior to September 30, 2021.
(11) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development projects and equity in unconsolidated development projects.

Cousins Properties 14 Q3 2021 Supplemental Information

PORTFOLIO STATISTICS

Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased		Weighted Average Occupancy (1)		% of Total NOI (2)	Property Level Debt ($000) (3)
				3Q21	2Q21	3Q21	2Q21
Spring & 8th (4)	765,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	6.5%	$	—
Northpark (4)	1,539,000	Consolidated	100%	86.8%	86.5%	86.1%	86.7%	5.6%	—
Terminus (4)	1,226,000	Consolidated	100%	92.0%	87.9%	79.6%	79.6%	5.4%	189,467
Promenade	777,000	Consolidated	100%	77.6%	90.7%	88.9%	89.0%	3.5%	89,896
3344 Peachtree	484,000	Consolidated	100%	97.7%	95.3%	95.3%	95.3%	3.3%	—
Avalon (5)	480,000	Consolidated	90%	86.0%	86.0%	86.0%	86.0%	2.8%	—
Buckhead Plaza (4)	666,000	Consolidated	100%	81.7%	80.7%	75.3%	72.5%	2.6%	—
725 Ponce (6)	372,000	Consolidated	100%	100.0%	NA	98.4%	NA	2.6%	—
1200 Peachtree	370,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.9%	—
3348 Peachtree	258,000	Consolidated	100%	90.1%	90.1%	89.8%	89.7%	1.1%	—
Emory University Hospital Midtown	358,000	Unconsolidated	50%	98.2%	97.3%	97.1%	97.6%	0.9%	32,483
Meridian Mark Plaza	160,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	0.9%	—
3350 Peachtree	413,000	Consolidated	100%	52.6%	45.5%	45.5%	94.8%	0.5%	—
120 West Trinity Office (6)	43,000	Unconsolidated	20%	90.4%	90.4%	83.9%	77.3%	0.1%	—
ATLANTA	7,911,000			88.3%	87.7%	86.1%	88.2%	37.7%	311,846
The Domain (5)	1,899,000	Consolidated	100%	100.0%	100.0%	97.9%	100.0%	11.1%	75,905
One Eleven Congress	519,000	Consolidated	100%	93.7%	94.9%	93.9%	94.9%	4.3%	—
The Terrace (4)	619,000	Consolidated	100%	89.8%	92.4%	88.0%	88.1%	3.5%	—
San Jacinto Center	399,000	Consolidated	100%	93.5%	93.9%	93.5%	93.9%	3.3%	—
Colorado Tower	373,000	Consolidated	100%	100.0%	100.0%	97.2%	92.6%	3.0%	112,313
816 Congress	435,000	Consolidated	100%	77.8%	76.7%	75.7%	76.0%	2.0%	—
Domain Point (4)	240,000	Consolidated	96.5%	96.5%	83.3%	77.7%	74.9%	1.0%	—
Research Park V	173,000	Consolidated	100%	97.1%	97.1%	97.1%	97.1%	0.9%	—
AUSTIN	4,657,000			95.0%	94.4%	92.6%	92.7%	29.1%	188,218
Fifth Third Center	692,000	Consolidated	100%	94.4%	94.4%	94.4%	98.0%	3.7%	134,197
The RailYard (6)	329,000	Consolidated	100%	97.3%	96.8%	96.8%	96.8%	2.7%	—
NASCAR Plaza	394,000	Consolidated	100%	97.9%	97.8%	97.7%	97.8%	2.3%	—
CHARLOTTE	1,415,000			96.1%	95.9%	95.9%	97.7%	8.7%	134,197
Corporate Center (4)	1,227,000	Consolidated	100%	96.1%	97.0%	96.6%	97.0%	6.2%	—
The Pointe	253,000	Consolidated	100%	90.9%	89.6%	87.4%	90.1%	1.1%	—
Harborview Plaza	205,000	Consolidated	100%	78.7%	77.5%	77.5%	76.7%	0.7%	—
TAMPA	1,685,000			93.2%	93.5%	92.9%	93.5%	8.0%	—
Hayden Ferry (4)	792,000	Consolidated	100%	94.6%	93.7%	94.2%	95.7%	5.2%	—
Tempe Gateway	264,000	Consolidated	100%	78.1%	78.1%	78.1%	78.1%	1.5%	—
111 West Rio	225,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.2%	—
PHOENIX	1,281,000			92.2%	91.6%	91.9%	92.9%	7.9%	—
Continued on next page

Cousins Properties 15 Q3 2021 Supplemental Information

PORTFOLIO STATISTICS

Office Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased		Weighted Average Occupancy (1)		% of Total NOI (2)	Property Level Debt ($000) (3)
				3Q21	2Q21	3Q21	2Q21
Legacy Union One	319,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	2.1%	66,898
5950 Sherry Lane	197,000	Consolidated	100%	79.3%	84.9%	82.1%	85.1%	0.8%	—
DALLAS	516,000			92.1%	94.2%	93.2%	94.3%	2.9%	66,898
BriarLake Plaza - Houston (4)	835,000	Consolidated	100%	84.9%	84.9%	84.9%	84.9%	4.2%	—
Carolina Square - Chapel Hill	158,000	Unconsolidated	50%	94.5%	94.5%	94.5%	94.5%	0.4%	22,495
OTHER OFFICE	993,000			85.7%	85.7%	85.7%	85.7%	4.6%	22,495
TOTAL OFFICE	18,458,000			91.3%	91.0%	89.8%	91.0%	98.9%	$	723,654
Other Properties
Carolina Square Apartment - Chapel Hill (246 units) (6)	266,000	Unconsolidated	50%	98.4%	96.7%	93.0%	92.4%	0.5%	37,872
Carolina Square Retail - Chapel Hill (6)	44,000	Unconsolidated	50%	87.1%	87.1%	87.1%	87.1%	0.1%	6,265
College Street Garage - Charlotte (6)	NA	Consolidated	100%	NA	NA	NA	NA	0.3%	—
120 West Trinity Apartment - Atlanta (330 units) (6)	310,000	Unconsolidated	20%	98.8%	97.9%	95.6%	85.9%	0.2%	—
TOTAL OTHER	620,000			97.4%	96.1%	93.1%	90.0%	1.1%	$	44,137
TOTAL	19,078,000			91.4%	91.0%	89.8%	91.0%	100.0%	$	767,791

(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 September 30, 2021.
(3)	The Company's share of property-specific mortgage debt, including premiums and net of unamortized loan costs, as of September 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 September 30, 2021.
(6)	Not included in Same Property as of September 30, 2021.

Cousins Properties 16 Q3 2021 Supplemental Information

PORTFOLIO STATISTICS

Third Quarter 2021 Portfolio NOI by Market

Cousins Properties 17 Q3 2021 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	($ in thousands)
	Three Months Ended September 30,
	2021			2020			% Change
Rental Property Revenues (2)	$	160,041		$	160,482		(0.3)	%
Rental Property Operating Expenses (2)	57,221			56,193			1.8	%
Same Property Net Operating Income	$	102,820		$	104,289		(1.4)	%
Cash-Basis Rental Property Revenues (3)	$	153,483		$	149,111		2.9	%
Cash-Basis Rental Property Operating Expenses (4)	57,069			56,034			1.8	%
Cash-Basis Same Property Net Operating Income	$	96,414		$	93,077		3.6	%
End of Period Leased	90.7		%	92.8		%
Weighted Average Occupancy	89.0		%	91.4		%
	Nine Months Ended September 30,
	2021			2020			% Change
Rental Property Revenues (2)	$	481,262		$	478,570		0.6	%
Rental Property Operating Expenses (2)(5)	171,528			167,070			2.7	%
Same Property Net Operating Income	$	309,734		$	311,500		(0.6)	%
Cash-Basis Rental Property Revenues (3)	$	461,667		$	447,263		3.2	%
Cash-Basis Rental Property Operating Expenses (4)(5)	171,073			166,578			2.7	%
Cash-Basis Same Property Net Operating Income	$	290,594		$	280,685		3.5	%
Weighted Average Occupancy	90.3		%	91.0		%

(1)	Same Properties include those office properties that were stabilized and owned by the Company for the entirety of all comparable reporting periods presented. See Portfolio Statistics 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-Basis Rental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues, excluding termination fee income, straight-line rents and other deferred income amortization, amortization of lease inducements, and amortization of acquired above and below market rents.
(4)	Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
(5)	Same Property Rental Property Operating Expenses and Cash-Basis Same Property Rental Property Operating Expenses for the nine months ended September 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 Q3 2021 Supplemental Information

OFFICE LEASING ACTIVITY

	Three Months Ended September 30, 2021									Nine Months Ended September 30, 2021
	New		Renewal		Expansion		Total			New		Renewal		Expansion		Total
Gross leased square feet (1)							769,450									1,769,494
Less exclusions (2)							(172,019)									(416,601)
Net leased square feet	416,369		94,367		86,695		597,431			731,997		409,042		211,854		1,352,893
Number of transactions	22		12		9		43			51		43		18		112
Lease term in years (3)	8.4		6.2		5.6		7.7			7.8		5.2		6.1		6.8
Net effective rent calculation (per square foot  per year) (3)
Net annualized rent (4)	$	36.91	$	29.02	$	30.47	$	34.73		$	35.53	$	30.38	$	30.38	$	33.16
Net free rent	(1.62)		(1.76)		(1.23)		(1.59)			(1.45)		(1.38)		(1.99)		(1.52)
Leasing commissions	(3.32)		(2.56)		(2.27)		(3.05)			(3.13)		(2.31)		(2.40)		(2.77)
Tenant improvements	(6.83)		(2.29)		(6.28)		(6.03)			(6.02)		(2.65)		(6.20)		(5.03)
Total leasing costs	(11.77)		(6.61)		(9.78)		(10.67)			(10.60)		(6.34)		(10.59)		(9.32)
Net effective rent	$	25.14	$	22.41	$	20.69	$24.06			$	24.93	$	24.04	$	19.79	$	23.84
Second generation leased square footage (5)							451,186									1,030,835
Increase in straight-line basis second generation net rent per square foot (6)							31.6		%							26.0		%
Increase in cash-basis second generation net rent per square foot (7)							23.1		%							16.8		%

(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-line net 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 Q3 2021 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year (1)

Year of Expiration	Square Feet Expiring	% of Leased Space		Annual Contractual Rent ($000's) (2)		% of Annual Contractual Rent		Annual Contractual Rent/Sq. Ft.
2021	575,156	3.8	%	$	18,617	2.3	%	$	29.51
2022	1,087,795	6.7	%	45,891		5.7	%	41.09
2023	1,483,683	8.9	%	65,853		8.1	%	44.38
2024	1,130,178	6.9	%	50,146		6.2	%	43.57
2025	1,983,864	11.8	%	90,257		11.1	%	45.49
2026	1,494,079	8.9	%	72,192		8.9	%	48.22
2027	1,628,436	9.8	%	72,052		8.9	%	43.98
2028	1,202,711	7.4	%	61,750		7.6	%	50.05
2029	1,381,983	8.3	%	68,603		8.5	%	49.31
2030 & Thereafter	4,595,108	27.5	%	264,607		32.7	%	56.94
Total	16,562,993	100.0	%	$	809,968	100.0	%	$	48.29

(1) Company's share of leases expiring after September 30, 2021. Expiring square footage for which new leases have
     been executed is reflected based on the expiration date of the new lease.

(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an estimate of the tenant's share of operating expenses, if applicable, as defined in the respective leases.

Cousins Properties 20 Q3 2021 Supplemental Information

TOP 20 OFFICE TENANTS

	Tenant (1)	Number of Properties Occupied	Number of Markets Occupied	Company's Share of Square Footage	Company's Share of Annualized Rent ($000's) (2)		Percentage of Company's Share of Annualized Rent	Weighted Average Remaining Lease Term (Years)
1	NCR Corporation	1	1	762,090	$	35,790	5.2%	11.9
2	Amazon	4	3	667,794	32,580		4.8%	7.3
3	Facebook, Inc.	1	1	422,252	22,477		3.4%	8.4
4	Expedia, Inc.	1	1	430,547	22,071		3.2%	7.0
5	Bank of America	2	2	344,601	11,741		1.7%	4.2
6	Pioneer Natural Resources Company	2	1	160,730	9,956		1.5%	8.3
7	Apache Corporation	1	1	210,012	9,169		1.3%	3.1
8	Norfolk Southern Corporation	1	1	370,286	9,077		1.3%	0.3
9	Wells Fargo Bank, NA	4	3	198,376	8,752		1.3%	4.3
10	Ovintiv USA Inc. (3)	1	1	318,582	8,069		1.2%	5.8
11	Allstate	2	2	214,380	7,750		1.1%	6.0
12	SVB Financial Group	1	1	188,940	7,624		1.1%	4.3
13	ADP, LLC	1	1	225,000	7,597		1.1%	6.5
14	Regus Equity Business Centers, LLC	6	4	158,740	7,382		1.1%	6.1
15	WeWork Companies Inc.	4	2	169,050	7,369		1.1%	12.0
16	McGuirewoods LLP	3	3	197,282	7,061		1.0%	5.0
17	Westrock Shared Services, LLC	1	1	205,185	6,992		1.0%	8.6
18	Workrise Technologies, Inc.	1	1	93,210	6,578		1.0%	6.8
19	BlackRock, Inc.	1	1	131,656	6,294		0.9%	14.7
20	Samsung Engineering America	1	1	133,860	6,194		0.9%	5.2
	Total			5,602,573	$	240,523	35.2%	7.0
(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Annualized Rent represents the annualized rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of September 30, 2021. If the tenant is in a free rent period as of September 30, 2021, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full 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 the Company.
Note:	This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.

Cousins Properties 21 Q3 2021 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

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

(1) Annualized Rent represents the annualized rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of 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 Q3 2021 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price ($ in thousands) (1)
2021
725 Ponce	Office	Atlanta	100%	3Q	372,000	$	300,200
2020
The RailYard	Office	Charlotte	100%	4Q	329,000	201,300
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
					8,321,000	$	849,100

Completed Property Developments

Project	Type	Market	Company's Ownership Interest	Timing	Square Feet	Total Project Cost ($ 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
Domain 10	Office	Austin	100%	3Q	300,000	111,000
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	336,000
2017
8000 Avalon	Office	Atlanta	90%	2Q	229,000	73,000
Carolina Square	Mixed	Chapel Hill	50%	3Q	468,000	123,000
					2,967,000	$	1,041,000

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

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

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

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

(4) Purchased outside interest of 25.4% in 111 West Rio.

Cousins Properties 23 Q3 2021 Supplemental Information

INVESTMENT ACTIVITY

Completed Operating Property Dispositions

Property	Type	Market	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands) (1)
2021
Burnett Plaza	Office	Fort Worth	100%	2Q	1,023,000	$	137,500
One South at the Plaza	Office	Charlotte	100%	3Q	891,000	271,500
Dimensional Place (2)	Office	Charlotte	50%	3Q	281,000	60,800
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-Centre, and Citrus Center	Office	Orlando	100%	4Q	1,038,000	208,100
Courvoisier Centre (3)	Office	Miami	20%	4Q	343,000	33,900
					7,771,000	$	1,609,800

(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.

(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 Q3 2021 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project	Type	Market	Company's Ownership Interest		Construction Start Date	Square Feet/Units	Estimated Project Cost(1)(2) ($ in thousands)		Company's Share of Estimated Project Cost(2) ($ in thousands)		Project Cost Incurred to Date(2) ($ in thousands)		Company's Share of Project Cost Incurred to Date(2) ($ in thousands)		Percent Leased		Initial Revenue Recognition(3)	Estimated Stabilization(4)
300 Colorado (5)	Office	Austin	50	%	4Q18	369,000	$	193,000	$	96,500	$	168,710	$	84,355	88	%	1Q21	1Q22
100 Mill	Office	Phoenix	90	%	1Q20	287,000	153,000		137,700		102,888		92,599		48	%	1Q22	1Q23
Neuhoff (6)	Mixed	Nashville	50	%	3Q21		563,000		281,300		83,645		41,823
Commercial						447,000									—	%	2Q23	2Q24
Apartments						542									—	%	2Q24	2Q25
Domain 9	Office	Austin	100	%	2Q21	338,000	147,000		147,000		27,253		27,253		—	%	2Q23	2Q24
Total							$	1,056,000	$	662,500	$	382,496	$	246,030

(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 and Neuhoff, which have project-specific debt. The above excludes 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 2019 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.
(6)	The Neuhoff estimated project cost will be funded with a combination of $250.6 million of equity contributed by the joint venture partners, followed by a $312.7 million construction loan.

Cousins Properties 25 Q3 2021 Supplemental Information

LAND INVENTORY

	Market	Company's Ownership Interest	Financial Statement Presentation	Total Developable Land (Acres)	Cost Basis of Land ($ in thousands)
3354/3356 Peachtree	Atlanta	95%	Consolidated	3.2
715 Ponce	Atlanta	50%	Unconsolidated	1.0
901 West Peachtree (1)	Atlanta	100%	Consolidated	1.1
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
Corporate Center 5 & 6 (2)	Tampa	100%	Consolidated	14.1
Total				49.9	$	168,572
					159351
Company's Share				48.1	$	159,351

(1)	Includes a ground lease with future obligation to purchase.
(2)	Corporate Center 5 is controlled through a long-term ground lease.

Cousins Properties 26 Q3 2021 Supplemental Information

DEBT SCHEDULE (1)

Company's Share of Debt Maturities and Principal Payments
($ in thousands)
Description (Interest Rate Base, if not fixed)	Company's Ownership Interest	Rate at End of Quarter	Maturity Date	2021			2022			2023			2024			2025			Thereafter			Total Principal			Deferred Loan Costs		Above Market Premium		Total
Consolidated Debt - Floating Rate
Term Loan, Unsecured  (LIBOR + 1.05% to 1.65%) (2)	100%	1.13%	8/30/24	$	—		$	—		$	—		$	350,000		$	—		$	—		$	350,000		$	(2,084)	$	—	$	347,916
Credit Facility, Unsecured  (LIBOR + 1.05% to 1.45%) (3)	100%	1.13%	1/3/23	—			—			34,000			—			—			—			34,000			—		—		34,000
Total Consolidated Floating Rate Debt				—			—			34,000			350,000			—			—			384,000			(2,084)		—		381,916
Consolidated Debt - Fixed Rate
2019 Senior Notes, Unsecured	100%	3.95%	7/6/29	—			—			—			—			—			275,000			275,000			(870)		—		274,130
2017 Senior Notes, Unsecured	100%	3.91%	7/6/25	—			—			—			—			250,000			—			250,000			(687)		—		249,313
2019 Senior Notes, Unsecured	100%	3.86%	7/6/28	—			—			—			—			—			250,000			250,000			(765)		—		249,235
Fifth Third Center	100%	3.37%	10/1/26	857			3,502			3,622			3,746			3,874			118,928			134,529			(331)		—		134,197
2019 Senior Notes, Unsecured	100%	3.78%	7/6/27	—			—			—			—			—			125,000			125,000			(366)		—		124,634
Terminus 100	100%	5.25%	1/1/23	846			3,497			108,181			—			—			—			112,524			—		3,095		115,619
Colorado Tower	100%	3.45%	9/1/26	636			2,598			2,689			2,783			2,881			101,199			112,786			(473)		—		112,313
2017 Senior Notes, Unsecured	100%	4.09%	7/6/27	—			—			—			—			—			100,000			100,000			(305)		—		99,695
Promenade	100%	4.27%	10/1/22	900			89,052			—			—			—			—			89,952			(56)		—		89,896
Domain 10 (4)	100%	3.75%	11/1/24	462			1,891			1,963			72,558			—			—			76,874			(969)		—		75,905
Terminus 200	100%	3.79%	1/1/23	454			1,861			70,700			—			—			—			73,015			—		833		73,848
Legacy Union One	100%	4.24%	1/1/23	—			—			66,000			—			—			—			66,000			—		898		66,898
Total Consolidated Fixed Rate Debt				4,155			102,401			253,155			79,087			256,755			970,127			1,665,680			(4,822)		4,826		1,665,683
Total Consolidated Debt				4,155			102,401			287,155			429,087			256,755			970,127			2,049,680			(6,906)		4,826		2,047,599
Unconsolidated Debt - Floating Rate
Carolina Square (LIBOR + 1.80%)	50%	1.90%	3/18/26	255			1,020			1,020			1,020			1,020			63,015			67,350			(718)		—		66,632
300 Colorado (LIBOR + 2.25%) (5)	50%	2.35%	1/17/22	—			46,272			—			—			—			—			46,272			(146)		—		46,126
Neuhoff (LIBOR + 3.45%) (6)	50%	3.53%	9/30/25	—			—			—			—			16,534			—			16,534			(3,068)		—		13,466
Total Unconsolidated Floating Rate Debt				255			47,292			1,020			1,020			17,554			63,015			130,156			(3,932)		—		126,224
																			.
Unconsolidated Debt - Fixed Rate
Emory University Hospital Midtown	50%	3.50%	6/1/23	221			903			31,436			—			—			—			32,560			(77)		—		32,483
Total Unconsolidated Fixed Rate Debt				221			903			31,436			—			—			—			32,560			(77)		—		32,483
Total Unconsolidated Debt				476			48,195			32,456			1,020			17,554			63,015			162,716			(4,009)		—		158,707
Total Debt				$	4,631		$	150,596		$	319,611		$	430,107		$	274,309		$	1,033,142		$	2,212,396		$	(10,915)	$	4,826	$	2,206,306
Total Maturities (7)				$	—		$	132,567		$	309,932		$	420,865		$	266,534		$	1,027,919		$	2,157,817
% of Maturities				—		%	6		%	14		%	20		%	12		%	48		%	100		%

Cousins Properties 27 Q3 2021 Supplemental Information

DEBT SCHEDULE (1)

Floating and Fixed Rate Debt Analysis

	Total Principal ($ in thousands)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	514,156	23	%	1.31	%	2.7
Fixed Rate Debt	1,698,240		77	%	3.94	%	4.7
Total Debt	$	2,212,396	100	%	3.33	%	4.2

(1)	All amounts are presented at Company share.
(2)	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 September 30, 2021 was 1.05%.
(3)	As of September 30, 2021, the company had $34.0 million drawn under the Credit Facility and had the ability to borrow the remaining $966.0 million. The spread over LIBOR under the Credit Facility at September 30, 2021 was 1.05%.
(4)	In June 2021, we executed a collateral substitution 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.
(5)	The Company's share of the total borrowing capacity of the construction loan is $63.0 million.
(6)	The Company's share of the total borrowing capacity of the construction loan is $156.4 million.
(7)	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 Q3 2021 Supplemental Information

DEBT SCHEDULE (1)

Cousins Properties 29 Q3 2021 Supplemental Information

JOINT VENTURE INFORMATION (1)

Joint Venture	Property	Cash Flows to Cousins (2)	Options
AMCO 120 WT Holdings LLC	120 West Trinity	20% of cash flows.	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.
Austin 300 Colorado Project LP	300 Colorado	50% of cash flows.	Partners can put their combined interest to Cousins, or Cousins can call Partners' combined interest, at a then agreed upon value during a 24-month period following the final phase rent commencement.
Carolina Square Holdings LP	Carolina Square	50% of cash flows.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
Crawford Long-CPI, LLC	Emory University Hospital Midtown	50% of cash flows.	Cousins can put its interest to Partner, or Partner can call Cousins' interest, at a value determined by appraisal.
HICO 100 Mill LLC	100 Mill	90% of cash flows until return of contributed capital to both Partners.	Cousins can trigger a sale process following construction completion, subject to a right of first offer that can be exercised by Partner.
HICO Avalon LLC	8000 Avalon	90% of cash flows until return of contributed capital to both Partners.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
HICO Avalon II LLC	10000 Avalon	90% of cash flows until return of contributed capital to both Partners.	Cousins or Partner can trigger a sale process beginning Q1 2022, subject to a right of first offer that can be exercised by the non-triggering party.
Neuhoff Holdings LLC	Neuhoff	50% of cash flows.	Cousins or Partner can trigger a sale process, subject to a right of first offer that can be exercised by the non-triggering party.
TR Domain Point LLC	Domain Point	Preferred return on preferred equity contribution, then 96.5% of remaining cash flows.	Partner has put option beginning Q1 2023 under various circumstances.

(1)	This schedule only contains information related to joint ventures that hold an ownership interest in operating assets or projects under active development.
(2)	Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction proceeds that are not yet effective, including the distribution of promoted interest.

Cousins Properties 30 Q3 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		2021 3rd		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	$	54,018	$	111,281
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		71,918		213,929
Share of unconsolidated joint ventures	14,158		2,347		2,106		2,125		2,162		8,740		2,365		2,810		2,917		8,092
Partners' share of real estate depreciation	(521)		(149)		(212)		(209)		(172)		(742)		(211)		(228)		(231)		(670)
(Gain) loss on sale of depreciated properties:
Consolidated properties	(92,578)		(90,916)		201		523		87		(90,105)		17		9		(13,127)		(13,101)
Share of unconsolidated joint ventures	15		(318)		(168)		15		21		(450)		—		3		23		26
Investments in unconsolidated joint ventures	—		(44,894)		232		59		25		(44,578)		(39)		—		(13,121)		(13,160)
Impairment	—		—		—		—		14,829		14,829		—		—		—		—
Non-controlling interest related to unitholders	1,952		302		5		5		3		315		6		5		9		20
FFO	328,793		112,721		97,959		101,978		100,589		413,247		101,960		102,051		102,406		306,417
Interest Expense	59,701		16,554		14,543		15,497		16,082		62,676		17,723		17,519		17,513		52,755
Income Tax Expenses	(298)		50		(50)		—		—		—		—		—		—		—
Non-Real Estate Depreciation and Amortization	1,799		207		173		154		154		688		158		157		156		471
EBITDAre (1)	389,995		129,532		112,625		117,629		116,825		476,611		119,841		119,727		120,075		359,643
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		120,075		359,643
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		4,835		12,958
Other Properties	3,058		816		789		751		855		3,211		969		1,099		927		2,995
Net Operating Income	32,413		6,035		4,193		4,208		4,400		18,836		4,754		5,437		5,762		15,953
Loss on Sale of Undepreciated Property	—		—		—		—		(598)		(598)		—		—		—		—
Interest Expense	(5,738)		(650)		(550)		(439)		(432)		(2,071)		(515)		(863)		(804)		(2,182)
Termination Fee Income	16		1		2		5		1		9		—		7		74		81
Other Income	148		68		8		(23)		8		61		29		27		36		92
Funds from Operations - Unconsolidated Joint Ventures	26,839		5,454		3,653		3,751		3,379		16,237		4,268		4,608		5,068		13,944
Gain (Loss) on Sale of Depreciated Investment Properties, net	(15)		318		168		(15)		(21)		450		—		(3)		(23)		(26)
Depreciation and Amortization of Real Estate	(14,158)		(2,347)		(2,106)		(2,125)		(2,162)		(8,740)		(2,365)		(2,810)		(2,917)		(8,092)
Income from Unconsolidated Joint Ventures	12,666		3,425		1,715		1,611		1,196		7,947		1,903		1,795		2,128		5,826
Market Capitalization
Common Stock Price at Period End	$	41.20	$	29.27	$	29.83	$	28.59	$	33.50	$	33.50	$	35.35	$	36.78	$	37.29	$	37.29
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		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		5,545,508		5,545,508
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		2,047,599		2,047,599
Share of Unconsolidated Debt	82,519		92,921		98,754		107,256		115,040		115,040		144,168		145,480		158,707		158,707
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		2,206,306		2,206,306
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		7,751,814		7,751,814
Continued on next page

Cousins Properties 31 Q3 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		2021 3rd		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		2,206,306		2,206,306
Less: Cash and Cash Equivalents	(15,603)		(124,632)		(28,255)		(36,872)		(4,290)		(4,290)		(14,576)		(9,792)		(5,532)		(5,532)
Less: Share of Unconsolidated Cash and Cash Equivalents (1)	(8,634)		(9,516)		(8,826)		(12,098)		(9,419)		(9,419)		(7,518)		(7,598)		(20,492)		(20,492)
Net Debt (1)	2,281,257		1,902,807		2,001,190		1,993,191		2,264,050		2,264,050		2,336,766		2,178,263		2,180,282		2,180,282
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		7,751,814		7,751,814
Net Debt / Total Market Capitalization	27.1	%	29.8	%	30.9	%	31.7	%	31.2	%	31.2	%	30.7	%	28.4	%	28.1	%	28.1	%
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		6,977,364		6,977,364
Accumulated Depreciation - Consolidated	802,807		878,199		954,352		1,028,975		1,090,566		1,090,566		1,164,427		975,658		1,054,847		1,054,847
Undepreciated Assets - Unconsolidated (1)	391,457		290,134		294,987		304,976		304,539		304,539		303,472		302,630		238,455		238,455
Less: Investment in Unconsolidated Joint Ventures	(133,884)		(128,916)		(129,857)		(129,814)		(125,481)		(125,481)		(113,353)		(112,718)		(111,351)		(111,351)
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		8,159,315		8,159,315
Net Debt (1)	2,281,257		1,902,807		2,001,190		1,993,191		2,264,050		2,264,050		2,336,766		2,178,263		2,180,282		2,180,282
Net Debt / Total Undepreciated Assets (1)	27.8	%	24.0	%	24.9	%	24.6	%	27.0	%	27.0	%	27.6	%	26.9	%	26.7	%	26.7	%
Coverage Ratios (1)
Interest Expense	59,701		16,554		14,543		15,497		16,082		62,676		17,723		17,519		17,513		52,755
Scheduled Principal Payments	14,726		4,126		4,120		4,282		4,284		16,812		4,370		4,544		4,587		13,501
Fixed Charges	74,427		20,680		18,663		19,779		20,366		79,488		22,093		22,063		22,100		66,256
EBITDAre	389,995		129,532		112,625		117,629		116,825		476,611		119,841		119,727		120,075		359,643
Fixed Charges Coverage Ratio (EBITDAre) (1)	5.24		6.26		6.03		5.95		5.74		6.00		5.42		5.43		5.43		5.43
Adjusted EBITDAre	442,876		129,897		112,688		117,629		116,825		477,039		119,841		119,727		120,075		359,643
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		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		2,180,282		2,180,282
Annualized EBITDAre (3)	493,632		518,128		450,500		470,516		467,300		467,300		479,364		478,908		480,300		480,300
Net Debt / Annualized EBITDAre	4.62		3.67		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.54
Annualized Adjusted EBITDAre (3)	501,644		519,588		450,752		470,516		467,300		467,300		479,364		478,908		480,300		480,300
Net Debt / Annualized Adjusted EBITDAre	4.55		3.66		4.44		4.24		4.84		4.84		4.87		4.55		4.54		4.54
Dividend Information
Common Dividends	158,174		44,562		44,570		44,570		44,561		178,263		46,135		46,038		46,094		138,267
FFO	328,793		112,721		97,959		101,978		100,589		413,247		101,960		102,051		102,406		306,417
FFO Payout Ratio	48.1	%	39.5	%	45.5	%	43.7	%	44.3	%	43.1	%	45.2	%	45.1	%	45.0	%	45.1	%
Continued on next page

Cousins Properties 32 Q3 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			2021 3rd			YTD 2021
FFO	328,793			112,721			97,959			101,978			100,589			413,247			101,960			102,051			102,406			306,417
Amortization of Deferred Financing Costs	2,630			700			686			691			700			2,777			698			698			834			2,230
Non-Cash Stock-Based Compensation	3,830			1,285			2,199			931			883			5,298			1,667			1,708			1,800			5,175
Non-Real Estate Depreciation and Amortization	1,799			207			173			154			154			688			158			157			156			471
Lease Inducements	886			233			251			253			281			1,018			1,035			1,032			1,128			3,195
Straight Line Rent Ground Leases	500			126			128			120			116			490			112			112			113			337
Above and Below Market Ground Rent	158			39			40			39			40			158			39			40			39			118
Transaction Costs (2)	52,881			365			63			—			—			428			—			—			—			—
Debt Premium Amortization	(1,130)			(916)			(916)			(916)			(916)			(3,664)			(916)			(916)			(916)			(2,748)
Deferred Income - Tenant Improvements	(5,808)			(1,606)			(1,816)			(1,328)			(2,658)			(7,408)			(2,683)			(2,769)			(2,728)			(8,180)
Above and Below Market Rents, Net	(9,472)			(2,590)			(2,519)			(2,449)			(2,503)			(10,061)			(2,388)			(2,069)			(1,989)			(6,446)
Second Generation Capital Expenditures (CAPEX)	(90,704)			(23,817)			(25,724)			(17,718)			(30,524)			(97,783)			(12,093)			(23,118)			(24,880)			(60,091)
Straight Line Rental Revenue	(29,391)			(9,859)			(11,137)			(12,935)			(8,284)			(42,215)			(7,739)			(5,625)			(6,852)			(20,216)
Loss (Gain) on Sales of Undepreciated Investment Properties	(18,182)			(1,335)			—			—			723			(612)			—			—			64			64
FAD (1)	236,790			75,553			59,387			68,820			58,601			262,361			79,850			71,301			69,175			220,326
Weighted Average Shares - Diluted	129,831			148,561			148,580			148,606			148,669			148,636			148,725			148,740			148,772			148,743
FAD per share	$	1.82		$	0.51		$	0.40		$	0.46		$	0.39		$	1.77		$	0.54		$	0.48		$	0.46		$	1.48
Common Dividends	158,174			44,562			44,570			44,570			44,561			178,263			46,135			46,038			46,094			138,267
Common Dividends per share	$	1.16		$	0.30		$	0.30		$	0.30		$	0.30		$	1.20		$	0.31		$	0.31		$	0.31		$	0.93
FAD Payout Ratio (1)	66.8		%	59.0		%	75.1		%	64.8		%	76.0		%	67.9		%	57.8		%	64.6		%	66.6		%	62.8		%
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			8,159,315			8,159,315
General and Administrative Expenses	37,007			5,652			8,543			5,658			7,181			27,034			6,733			7,313			7,968			22,014
Annualized General and Administrative Expenses (3) / Total Undepreciated Assets	0.45		%	0.28		%	0.43		%	0.28		%	0.34		%	0.34		%	0.32		%	0.36		%	0.39		%	0.39		%
2nd Generation CAPEX
Second Generation Leasing Related Costs	80,500			19,444			21,394			13,534			23,712			78,084			9,258			17,295			18,231			44,784
Second Generation Building Improvements	10,204			4,373			4,330			4,184			6,812			19,699			2,835			5,823			6,649			15,307
	90,704			23,817			25,724			17,718			30,524			97,783			12,093			23,118			24,880			60,091
(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the       Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but believes that including these amounts in the categories indicated is       meaningful to investors and analysts.
(2) In 2019 and 2020, transaction costs relate primarily to the merger with TIER REIT, Inc.
(3) Amounts represent most recent quarter annualized.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties 33 Q3 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Three Months Ended September 30,
	2021					2020
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	54,018	148,688	$	0.36	$	28,115	148,566	$	0.19
Noncontrolling interest related to unitholders	9		25	—		5		25	—
Conversion of stock options	—		—	—		—		3	—
Conversion of unvested restricted stock units	—		59	—		—		12	—
Net Income — Diluted	54,027		148,772	0.36		28,120		148,606	0.19
Depreciation and amortization of real estate assets:
Consolidated properties	71,918		—	0.49		71,345		—	0.48
Share of unconsolidated joint ventures	2,917		—	0.02		2,125		—	0.02
Partners' share of real estate depreciation	(231)		—	—		(209)		—	—
Loss (gain) on sale of depreciated properties:
Consolidated properties	(13,127)		—	(0.09)		523		—	—
Share of unconsolidated joint ventures	23		—	—		15		—	—
Investments in unconsolidated joint ventures	(13,121)		—	(0.09)		59		—	—
Funds From Operations	$	102,406	148,772	$	0.69	$	101,978	148,606	$	0.69

Cousins Properties 34 Q3 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

FUNDS FROM OPERATIONS

	(in thousands, except per share amounts)
	Nine Months Ended September 30,
	2021					2020
	Dollars		Weighted Average Common Shares	Per Share Amount		Dollars		Weighted Average Common Shares	Per Share Amount
Net Income Available to Common Stockholders	$	111,281	148,659	$	0.75	$	226,159	148,181	$	1.53
Noncontrolling interest related to unitholders	20		25	—		312		388	(0.01)
Conversion of stock options	—		1	—		—		5	—
Conversion of unvested restricted stock units	—		58	—		—		12	—
Net Income — Diluted	111,301		148,743	0.75		226,471		148,586	1.52
Depreciation and amortization of real estate assets:
Consolidated properties	213,929		—	1.44		215,445		—	1.45
Share of unconsolidated joint ventures	8,092		—	0.05		6,578		—	0.05
Partners' share of real estate depreciation	(670)		—	—		(570)		—	—
Loss (gain) on sale of depreciated properties:
Consolidated properties	(13,101)		—	(0.09)		(90,192)		—	(0.61)
Share of unconsolidated joint ventures	26		—	—		(471)		—	—
Investments in unconsolidated joint ventures	(13,160)		—	(0.09)		(44,603)		—	(0.31)
Funds From Operations	$	306,417	148,743	$	2.06	$	312,658	148,586	$	2.10

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 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 Q3 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	($ in thousands)
	Three Months Ended				Nine Months Ended
Net Operating Income	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net income	$	54,136	$	28,255	$	111,507	$	226,800
Net operating income from unconsolidated joint ventures	5,762		4,208		15,953		14,436
Fee income	(3,094)		(4,350)		(12,426)		(13,772)
Termination fee income	(1,775)		(372)		(2,599)		(3,755)
Other income	(123)		(6)		(405)		(169)
Reimbursed expenses	383		373		1,149		1,216
General and administrative expenses	7,968		5,658		22,014		19,853
Interest expense	16,709		15,058		50,573		44,955
Depreciation and amortization	72,073		71,498		214,399		215,980
Transaction costs	—		—		—		428
Other expenses	421		723		1,835		1,841
Income from unconsolidated joint ventures	(2,128)		(1,611)		(5,826)		(6,751)
Loss (gain) on sale of investment in unconsolidated joint ventures	(13,121)		59		(13,160)		(45,940)
Loss (gain) on investment property transactions	(13,063)		523		(13,037)		(90,192)
Net Operating Income	124,148		120,016		369,977		364,930
Less:
Partners' share of NOI from consolidated joint ventures	(455)		(311)		(870)		(535)
Cousins' Share of NOI	$	123,693	$	119,705	$	369,107	$	364,395
Net Operating Income	$	124,148	$	120,016	$	369,977	$	364,930
Non-cash income	(10,138)		(16,689)		(30,665)		(46,331)
Non-cash expense	151		159		455		492
Cash-Basis Net Operating Income	$	114,161	$	103,486	$	339,767	$	410,769
Net Operating Income
Same Property	$	102,820	$	104,289	$	309,734	$	311,500
Non-Same Property	21,328		15,727		60,243		51,613
3344 Peachtree Legal Expense Recovery	—		—		—		1,817
	$	124,148	$	120,016	$	369,977	$	364,930
Cash-Basis Net Operating Income
Same Property	$	96,414	$	93,077	$	290,594	$	280,685
Non-Same Property	17,747		10,409		49,173		128,267
3344 Peachtree Legal Expense Recovery	—		—		—		1,817
	$	114,161	$	103,486	$	339,767	$	410,769

Cousins Properties 36 Q3 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 Amount (1)		Dollars		Per Share Amount (1)
Net Income Available to Common Stockholders	$	136,025	$	0.91	$	141,977	$	0.95
Add: Noncontrolling interest related to unitholders	24		—		24		—
Net Income	136,049		0.91		142,001		0.95
Add: Depreciation and amortization of real estate assets	296,372		1.99		296,372		1.99
Less: Gain on sale of investment properties	(13,037)		(0.09)		(13,037)		(0.09)
Less: Gain on sale of investment in joint ventures	(13,160)		(0.09)		(13,160)		(0.09)
Funds From Operations	$	406,224	$	2.73	$	412,176	$	2.77
(1) Calculated based on projected weighted average shares outstanding of 148.8 million.

Cousins Properties 37 Q3 2021 Supplemental Information

NON-GAAP FINANCIAL MEASURES - DEFINITIONS

The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company.

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

“EBITDAre” is a supplemental operating performance measure used in the real estate industry. The Company calculates EBITDAre in accordance with the 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 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 fee income) less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation, amortization, and impairment are also excluded from NOI for the reasons described under FFO above.

“Same Property Net Operating Income” represents Net Operating Income or Cash-Basis Net Operating Income for those office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that achieved 90% economic occupancy or has been substantially complete and owned by the Company for each of the two periods presented. Same Property Net Operating Income or Cash-Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.

“Second Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. The Company excludes from second generation costs amounts incurred to lease vacant space in newly acquired buildings, building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards, and leasing costs and building improvements associated with properties identified as under redevelopment or repositioning. In addition, the Company excludes building improvements intended to attract tenants to increase revenues and/or occupancy rates.

Cousins Properties 38 Q3 2021 Supplemental Information