• • • • • • • • • • • • • • • • • •
5
COMMODITY OFFICE ASSETS ✓ New or recently redeveloped properties that command premium rents and enjoy higher occupancy ✓ Located in the best markets and submarkets with close proximity to thriving and dynamic neighborhoods ✓ Highly-amenitized including on-site retail & food, activated outdoor space, collaboration & meeting space, state-of-the art fitness options with locker rooms ✓ Inspired design and efficient systems and floorplates are becoming gating factors for increasingly discerning customers LIFESTYLE OFFICE ASSETS × Older vintage assets with few or no in-building amenities and limited outdoor activation × Proximity to single-use office districts with challenging walkability and few post work entertainment options × Dated designs as well as inefficient building systems and floorplates with bland common areas × Fundamental interior features – low ceiling heights, small windows, etc. – are uneconomic to change or improve through redevelopment × Inconvenient and exposed surface parking with limited transit options Companies are recognizing the importance of desirable office space in recruitment, retention and culture Large portions have become obsolete and unleasable – eventually will be redeveloped into another use
RECENTLY COMPLETED REDEVELOPMENT
IN-PROCESS REDEVELOPMENTS
IN-PROCESS REDEVELOPMENTS
BANK OF AMERICA ANALYSIS OF PORTFOLIO QUALITY1
CLASS A ASKING RENT ($/SF)1,2
⚫ ⚫ ⚫ ⚫ THEMES
FLIGHT TO QUALITY
SUN BELT MIGRATION1
POPULATION GROWTH IN COUSINS’ MARKETS1
FORTUNE 100 OFFICE ATTENDANCE POLICIES1
LEASING VOLUME vs PRE-PANDEMIC1 (MM SF)
U.S. OFFICE INVENTORY1 (MM SF)
LEASE EXPIRATIONS BY YEAR1
COUSINS PORTFOLIO OCCUPANCY vs LEASED1
COUSINS IN-PLACE GROSS RENTS1
ASSET RECYCLING1
CURRENT DEVELOPMENT PIPELINE NASHVILLE
RECENT ACQUISITIONS
NET DEBT/EBITDA1
COUSINS INCREASE IN 2ND GENERATION CASH NET RENT1
FFO/SHARE GROWTH 2023 vs 20251
NET ASSET VALUE APPRECIATION PER GREEN STREET1
3344 Peachtree Road NE Suite 1800 Atlanta, GA 30326 Executive Vice President and Chief Financial Officer gadzema@cousins.com 404.407.1116 Vice President, Finance and Investor Relations rimbeaux@cousins.com 404.407.1104
