Financial Data and Key Metrics Changes - The company reported a Funds From Operations (FFO) of $0.69 per share for Q1 2021, with same-property cash Net Operating Income (NOI) declining by 2.7% year-over-year [42][44] - Cash rents on expiring leases increased by 10.5%, marking a positive trend in rent growth despite the pandemic [32][43] - The net debt to EBITDA ratio stood at 4.87 times, indicating a strong balance sheet [50] Business Line Data and Key Metrics Changes - The company leased 271,000 square feet during the quarter, with a notable 10.5% increase in second-generation cash rents [11][32] - The occupancy rate for the total office portfolio decreased to 90.2%, with weighted average occupancy at 89.3% [28] - The development pipeline is valued at $363 million, with 79% pre-leased [10] Market Data and Key Metrics Changes - Customer utilization averaged about 20%, with higher rates in markets like Atlanta, Dallas, and Tampa, which exceeded 30% [25] - The leasing pipeline showed significant improvement, with active proposals increasing by 68% and space tours rising by 89% compared to Q4 2020 [39] Company Strategy and Development Direction - The company aims to build a premier urban Sunbelt office portfolio, focusing on markets with strong long-term growth characteristics [8][9] - The strategy includes disciplined capital allocation and leveraging local operating platforms to enhance community involvement [9][10] - The company plans to fund new investments through the sale of less relevant buildings, showcasing a proactive approach to portfolio management [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a market recovery as vaccinations become widely available, with expectations for increased leasing activity in the second half of the year [12][36] - The company is well-positioned to capitalize on the migration of companies to the Sunbelt, with large tech firms prioritizing newer, amenitized properties [16][34] - Management acknowledged that 2021 would be a transitional year for earnings and occupancy, with known move-outs impacting short-term results [22][70] Other Important Information - The company sold Burnett Plaza for $137.5 million, exiting a non-core market, and acquired The RailYard for $201 million [19][48] - A dividend increase of 3.3% was announced, reflecting strong underlying cash flow growth [51] Q&A Session Summary Question: Were there any standout markets or properties with strong activity? - Management highlighted Austin and Atlanta as markets with significant leasing activity, driven by tech company expansions [56] Question: What are the development opportunities in Nashville and Dallas? - Management indicated ongoing interest in Nashville and Dallas, noting migration trends and potential for growth in these markets [62] Question: Can you provide an update on known or expected vacates in the portfolio? - Management reported robust activity for properties at 1200 Peachtree and 3350 Peachtree, with significant leasing interest [65] Question: What are the thoughts on starting Domain 9's speculative development? - Management expressed confidence in the decision to start Domain 9, citing strong market fundamentals and demand in Austin [71] Question: How is the demand for assets changing post-COVID? - Management noted an increase in interest from investors in Sunbelt markets, with expectations for more transactions as the market stabilizes [95]

[Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements about future results, strategy, and market trends, subject to risks and uncertainties based on current management expectations - This report contains forward-looking statements regarding future results, business strategy, acquisitions, development, capital expenditures, and market trends. These statements are based on current management expectations and are subject to numerous risks and uncertainties[5](index=5&type=chunk) - Actual results may differ materially due to factors such as capital availability, economic conditions, real estate market volatility (especially in Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas), leasing risks, tenant financial health, interest rate changes, and the impacts of the COVID-19 pandemic[5](index=5&type=chunk) [PART I-FINANCIAL INFORMATION](index=5&type=section&id=PART%20I-FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201%2E%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements for Q1 2021, including balance sheets, operations, equity, and cash flows, with detailed notes on accounting policies and significant transactions [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets remained stable at approximately **$7.1 billion** as of March 31, 2021, while total liabilities slightly increased and total equity marginally decreased Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 (unaudited, in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$7,106,182** | **$7,107,398** | | Total Real Estate Assets | $6,442,511 | $6,452,341 | | Cash and cash equivalents | $14,576 | $4,290 | | **Total Liabilities** | **$2,624,934** | **$2,611,860** | | Notes payable | $2,214,692 | $2,162,719 | | **Total Equity** | **$4,481,248** | **$4,495,538** | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Net income available to common stockholders significantly decreased to **$29.1 million** or **$0.20 per diluted share** in Q1 2021, primarily due to the absence of large gains from investment property sales seen in Q1 2020 Q1 2021 vs. Q1 2020 Statement of Operations (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--- | :--- | :--- | | Total Revenues | $189,550 | $193,898 | | Total Expenses | $162,164 | $159,160 | | Gain on sales of investments | $39 | $46,230 | | Gain (loss) on investment property | ($17) | $90,916 | | **Net Income** | **$29,311** | **$175,309** | | Net Income Available to Common Stockholders | $29,110 | $174,943 | | **Net Income per Share — Diluted** | **$0.20** | **$1.18** | [Consolidated Statements of Equity](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EQUITY) Total equity decreased by **$14.3 million** in Q1 2021 to **$4.481 billion**, primarily due to **$46.2 million** in common dividends partially offset by **$29.3 million** in net income - Total equity decreased by **$14.3 million** during Q1 2021, from **$4.495 billion** to **$4.481 billion**[17](index=17&type=chunk) - The company paid common dividends of **$0.31 per share**, totaling **$46.2 million** during the first quarter of 2021[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operating activities increased to **$35.8 million** in Q1 2021, while investing activities used **$35.8 million** and financing activities provided **$9.7 million**, reflecting shifts from the prior year's property sales and debt management Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $35,777 | $12,964 | | Net cash provided by (used in) investing activities | ($35,772) | $417,784 | | Net cash provided by (used in) financing activities | $9,689 | ($321,777) | | **Net Increase in Cash** | **$9,694** | **$108,971** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Notes detail the company's REIT business in Sun Belt markets, including an **$8 million** land acquisition, a post-quarter **$137.5 million** property sale, joint venture details, **$2.2 billion** in notes payable, and no COVID-19 related impairments recorded despite uncertainty - The company's business focuses on developing, acquiring, leasing, and owning Class A office properties in Sun Belt markets, including Atlanta, Austin, Charlotte, Phoenix, Tampa, and Dallas[25](index=25&type=chunk) - On March 12, 2021, the company acquired a 0.24-acre land parcel in Atlanta for a gross purchase price of **$8 million**[35](index=35&type=chunk) - Subsequent to the quarter end, on April 7, 2021, the company sold its Burnett Plaza property for a gross purchase price of **$137.5 million**[38](index=38&type=chunk) - The company acknowledges substantial uncertainty due to the COVID-19 pandemic but has not recorded any impairments on long-lived investments or significant valuation adjustments for tenant receivables as of March 31, 2021[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 performance, noting **271,000 sq. ft.** leased, a **21.5%** increase in net effective rent on renewals, a **4.1%** YoY decrease in same property NOI, **$0.69** FFO per share, and **$711.0 million** available liquidity, reinforcing its Sun Belt market strategy - During Q1 2021, the company leased or renewed **271,000 square feet** of office space. For spaces re-leased within the past year, net effective rent increased by **21.5%**[94](index=94&type=chunk) - Same property net operating income (NOI) decreased by **4.1%** year-over-year, mainly due to lower parking revenue resulting from decreased physical occupancy during the COVID-19 pandemic and a significant tenant lease expiration[94](index=94&type=chunk) - As of March 31, 2021, the company had **$711.0 million** of borrowing capacity under its Credit Facility and **$14.6 million** in cash and cash equivalents[121](index=121&type=chunk) Funds From Operations (FFO) Reconciliation (in thousands, except per share) | Metric | Three Months Ended March 31, 2021 (in thousands) | | :--- | :--- | | Net Income Available to Common Stockholders | $29,110 | | Adjustments (Depreciation, Gains/Losses, etc.) | $72,850 | | **Funds From Operations (FFO)** | **$101,960** | | Weighted Average Shares - Diluted | 148,725 | | **FFO per Share** | **$0.69** | Contractual Obligations Summary (as of March 31, 2021, in thousands) | Obligation Type | Total (in thousands) | Less than 1 Year (in thousands) | 1-3 Years (in thousands) | 3-5 Years (in thousands) | More than 5 years (in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Company debt | $2,212,863 | $262,338 | $644,556 | $335,842 | $970,127 | | Interest commitments | $340,605 | $62,978 | $107,774 | $90,465 | $79,388 | | Ground leases | $214,270 | $3,049 | $5,566 | $8,705 | $196,950 | | **Total Obligations** | **$2,767,923** | **$328,504** | **$757,936** | **$435,018** | **$1,246,465** | [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk associated with the company's notes payable were reported as of March 31, 2021, compared to the 2020 Annual Report on Form 10-K disclosures - There have been no material changes in the market risk associated with the company's notes payable compared to what was disclosed in the 2020 Annual Report on Form 10-K[142](index=142&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - An evaluation supervised by management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[144](index=144&type=chunk) - No changes in internal control over financial reporting were identified during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[144](index=144&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II%2E%20OTHER%20INFORMATION) [Legal Proceedings](index=32&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, which management does not expect to have a material adverse effect on financial condition or results of operations - Information regarding legal proceedings is detailed in Note 9 of the financial statements, which states that ongoing proceedings are not expected to have a material adverse effect on the company[146](index=146&type=chunk)[67](index=67&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes in the company's risk factors were reported from those previously disclosed in the 2020 Annual Report on Form 10-K - There have been no material changes in risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[147](index=147&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2021, the company did not engage in any sales of unregistered equity securities or repurchases of its common shares - The company did not make any sales of unregistered securities during the first quarter of 2021[149](index=149&type=chunk) - The company did not purchase any of its common shares during the first quarter of 2021[149](index=149&type=chunk) [Exhibits](index=35&type=section&id=Item%206%2E%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial data in inline XBRL format - The report includes a list of filed exhibits, such as CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and financial statements formatted in inline XBRL[153](index=153&type=chunk) [Signatures](index=36&type=section&id=SIGNATURES) The report was signed on April 29, 2021, by Gregg D. Adzema, Executive Vice President and Chief Financial Officer - The report was duly signed on April 29, 2021, by Gregg D. Adzema, Executive Vice President and Chief Financial Officer[156](index=156&type=chunk)

Cousins Properties, Inc. (NYSE:CUZ) Q4 2020 Earnings Conference Call February 12, 2021 10:00 AM ET Company Participants Pamela Roper – General Counsel Colin Connolly – President and Chief Executive Officer Richard Hickson – Executive Vice President-Operations Gregg Adzema – Chief Financial Officer Conference Call Participants Blaine Heck – Wells Fargo Dave Rodgers – Baird Michael Lewis – Truist Securities Jamie Feldman – Bank of America Operator Good day, and welcome to the Cousins Properties Fourth Quarter ...

Georgia | --- | --- | --- | --- | |-------|---------|------------------------------|-------| | | | | | | | | | | | | | 58-0869052 | | | | (I.R.S. | Employer Identification No.) | | | | | | | | | | 30326-4802 | | | | | (Zip Code) | | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, ...

Cousins Properties Incorporated (NYSE:CUZ) Q3 2020 Earnings Conference Call October 29, 2020 10:00 AM ET Company Participants Pamela Roper - General Counsel Colin Connolly - President and CEO Richard Hickson - EVP, Operations Gregg Adzema - CFO Conference Call Participants Blaine Heck - Wells Fargo David Rodgers - Baird Operator Good morning, and welcome to the Cousins Properties Third Quarter Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the co ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11312 COUSINS PROPERTIES INCORPORATED (Exact name of registrant as specified in its charter) Georgia 58-0869052 (Sta ...

Cousins Properties Incorporated (NYSE:CUZ) Q2 2020 Earnings Conference Call July 31, 2020 10:00 AM ET Company Participants Pamela Roper - General Counsel Colin Connolly - President and Chief Executive Officer Richard Hickson - EVP, Operations Gregg Adzema - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Securities James Feldman - BofA Merrill Lynch David Rodgers - Robert W. Baird Operator Good morning and welcome to the Cousins Properties Second Quarter Conference Call. [Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |--------------------------------------------------------------------------------------------------------|------------------------------------------| | | | | COUSINS PRO ...

Cousins EARNINGS RELEASE & SUPPLEMENTAL INFORMATION . TABLE OF CONTENTS | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | Forward-Looking Statements | 3 | | | | | | | | Earnings Release | 4 | | | | | | | | Cousins COVID-19 Response | 7 | | | | | | | | Condensed Consolidated Balance Sheets | 8 | | | | | | | | Condensed Consolidated Statements of Operations | 9 | | | | ...

Cousins Properties Incorporated (NYSE:CUZ) Q1 2020 Earnings Conference Call May 1, 2020 10:00 AM ET Company Participants Pam Roper - General Counsel Colin Connolly - President & Chief Executive Officer Richard Hickson - Executive Vice President of Operations Gregg Adzema - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Jamie Feldman - Bank of America Merrill Lynch Michael Lewis - SunTrust Dave Rodgers - Baird John Guinee - Stifel Operator Good morning, and welcome to Cousins ...