COUSINS PROPERTIES INC 10-K

Item 7A. Quantitative and Qualitative Disclosure about Market Risk Our primary exposure to market risk results from our debt, which bears interest at both fixed and variable rates. We attempt to mitigate this risk by limiting our debt exposure in total and our maturities in any one year and weighting more towards fixed-rate debt in our portfolio. The fixed rate debt obligations limit the risk of fluctuating interest rates. As of December 31, 2020 and 2019, we had $1.7 billion of fixed rate debt outstanding at a weighted average interest rate of 3.95% and 3.97%, respectively. At December 31, 2020, we had $482.4 million of variable rate debt outstanding, which consisted of the Credit Facility with $232.4 million outstanding at an interest rate of 1.19% and the $250.0 million Term Loan with an interest rate of 1.34%. At December 31, 2019, we had $250.0 million of variable rate debt outstanding, which consisted of the $250.0 million Term Loan with an interest rate of 3.70%. Based on our average variable rate debt balances in 2020, interest incurred would have increased by $3.8 million in 2020 if these interest rates had been 1% higher. The information presented above should be read in conjunction with note 11 of notes to consolidated financial statements included in this Annual Report on Form 10-K. We did not have a significant level of notes receivable at December 31, 2020. 41 Table of C ontents