What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-03 compared with 2021-02-11 · 57 added, 66 removed, 125 unchanged (50% of the section changed)

9 unchanged sentences

Northpark (6) 1,539,000 Consolidated 100% 87.1% 85.7% 5.7% —

Promenade 777,000 Consolidated 100% 89.6% 90.2% 3.5% 92,492

725 Ponce (7) 372,000 Consolidated 100% 100.0% 99.0% 3.9% —

3344 Peachtree 484,000 Consolidated 100% 97.7% 95.3% 3.3% —

Buckhead Plaza (6) 666,000 Consolidated 100% 87.0% 76.7% 3.3% —

1200 Peachtree (6) 370,000 Consolidated 100% 100.0% 100.0% 2.0% —

3350 Peachtree 413,000 Consolidated 100% 95.2% 95.2% 1.9% —

Avalon (8) 480,000 Consolidated 90% 99.5% 83.7% 2.9% —

Promenade Tower (fka Promenade) 777,000 Consolidated 100% 75.5% 73.4% 2.2% 89,011

Promenade Central (fka 1200 Peachtree) 370,000 Consolidated 100% 100.0% 100.0% 1.9% —

3348 Peachtree 258,000 Consolidated 100% 89.9% 90.1% 1.3% —

Meridian Mark Plaza 160,000 Consolidated 100% 100.0% 100.0% 1.0% —

Emory University Hospital Midtown 358,000 Unconsolidated 50% 98.2% 94.3% 0.9% 32,283

Meridian Mark Plaza 160,000 Consolidated 100% 100.0% 100.0% 0.9% —

3350 Peachtree 413,000 Consolidated 100% 52.5% 49.1% 0.8% —

120 West Trinity Office (7) 43,000 Unconsolidated 20% 90.4% 87.2% 0.1% —

ATLANTA 7,911,000 89.1% 84.9% 39.6% 308,725

4 unchanged sentences

Colorado Tower 373,000 Consolidated 100% 100.0% 100.0% 3.3% 111,701

816 Congress 435,000 Consolidated 100% 83.9% 86.1% 2.2% 77,917

Domain Point (6) 240,000 Consolidated 96.5% 96.6% 83.3% 1.2% —

1 unchanged sentence

AUSTIN 4,222,000 95.5% 92.9% 26.8% 187,223

Corporate Center 1,227,000 Consolidated 100% 95.7% 96.0% 6.2% —

Heights Union (6) (7) (9) 294,000 Consolidated 100% 93.0% 57.6% 1.1% —

The Pointe 253,000 Consolidated 100% 90.5% 87.8% 1.0% —

Harborview Plaza 205,000 Consolidated 100% 80.2% 77.9% 0.7% —

TAMPA (10) 1,979,000 93.1% 92.6% 9.0% —

Fifth Third Center 692,000 Consolidated 100% 94.4% 94.4% 3.8% 133,358

One South at the Plaza

(fka Bank of America Plaza) (6) 891,000 Consolidated 100% 58.0% 82.9% 3.8% —

NASCAR Plaza 394,000 Consolidated 100% 99.4% 99.2% 2.1% —

Dimensional Place (6) 281,000 Unconsolidated 50% 95.6% 95.1% 1.6% —

The RailYard (7) 329,000 Consolidated 100% 98.2% 96.8% 2.6% —

550 South (fka NASCAR Plaza) 394,000 Consolidated 100% 97.9% 97.7% 2.2% —

CHARLOTTE 1,415,000 96.3% 95.9% 8.6% 133,358

3 unchanged sentences

PHOENIX 1,281,000 1281000 92.2% 92.2% 7.7% —

Corporate Center (5) 1,227,000 Consolidated 100% 97.0% 91.7% 6.2% —

The Pointe 253,000 Consolidated 100% 89.6% 92.1% 0.9% —

Harborview Plaza 205,000 Consolidated 100% 76.3% 77.3% 0.7% —

TAMPA 1,685,000 93.4% 90.0% 7.8% —

Legacy Union One 319,000 Consolidated 100% 100.0% 100.0% 2.1% 66,718

2 unchanged sentences

BriarLake Plaza - Houston (6) 835,000 Consolidated 100% 79.9% 80.5% 3.6% —

Burnett Plaza - Fort Worth (6) 1,023,000 Consolidated 100% 86.1% 85.1% 2.7% —

Carolina Square - Chapel Hill 158,000 Unconsolidated 50% 98.5% 94.1% 0.4% 22,392

2 unchanged sentences

Table continued on next page

Table of C ontents

Company's Share

6 unchanged sentences

Carolina Square Retail - Chapel Hill (7) 44,000 Unconsolidated 50% 89.8% 87.1% 0.1% 6,236

College Street Garage - Charlotte (7) NA Consolidated 100% NA NA 0.5% —

120 West Trinity Apartment - Atlanta (330 Units) (7) 310,000 Unconsolidated 20% 98.8% 96.3% 0.2% —

TOTAL OTHER (10) 620,000 98.6% 96.6% 1.3% $ 43,935 $ 6,178

TOTAL (10) 18,937,000 91.6% 89.1% 100.0% $ 762,351 $ 693,843

(1) The weighted average economic occupancy of the property over the period for which the property was available for occupancy.

(1) Operating properties exclude properties on our development pipeline and properties sold as of and prior to December 31, 2021.

(2) The weighted average economic occupancy of the property over the period for which the property was available for occupancy during the three months ended December 31, 2021.

(3) The Company's share of net operating income for the three months ended December 31, 2021.

5 unchanged sentences

(7) Not included in Same Property as of December 31, 2021.

(8) Contains two or more buildings that are grouped together for reporting purposes, some of which are not included in Same Property as of December 31, 2021.

(9) Heights Union is a recently developed property acquired by Cousins on October 1, 2021.

The occupancy at December 31, 2021 is 57.6%, and stabilized occupancy of greater than 90% is anticipated to be achieved in the second quarter of 2022.

(10) The square footage of Heights Union has been excluded from the calculation of weighted average occupancy for the fourth quarter and leased at December 31, 2021.

Office Lease Expirations

2 unchanged sentences

Expiring (1) % of Leased

Space (1) Annual Contractual Rent ($000) (1) (2) % of Annual

Space (1) Annual Contractual Rent (in thousands) (1) (2) % of Annual

Rent (1) Annual

10 unchanged sentences

Total 15,925,741 100.0 % $ 782,499 100.0 % $ 48.49

(1) Company's share.

(1) Company's share of leases expiring after December 31, 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 tenant's share of operating expenses, if applicable, as defined in the respective leases.

Table of C ontents

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.

Top 20 Office Tenants

As of December 31, 2021, our top 20 office tenants were as follows:

Tenant (1) Number of Properties Occupied Number of Markets Occupied Company's Share of Square Footage Company's Share of Annualized Rent (2) Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)

Tenant (1) Number of Properties Occupied Number of Markets Occupied Company's Share of Square Footage Company's Share of Annualized Rent (in thousands) (2) Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years)

1 NCR Corporation 1 1 762,090 $ 35,974 5.2% 11.6

2 Amazon 4 3 692,474 33,996 4.9% 7.1

3 Expedia, Inc.

1 1 363,751 17,379,131 2.5% 9

4 Facebook,Inc.

1 1 323,328 16,944,648 2.4% 9

3 Meta Platforms (fka Facebook) 1 1 422,252 22,477 3.4% 8.2

4 Expedia 1 1 430,547 22,071 3.2% 6.8

5 Pioneer Natural Resources Company 2 1 359,660 21,697 3.2% 9.7

6 Bank of America 2 2 344,601 11,741 1.8% 3.9

6 Norfolk Southern Corporation 2 1 394,621 9,716,585 1.4% 1

7 Apache Corporation 1 1 210,012 9,271 1.3% 2.8

8 Americredit Financial Services (dba GM Financial) 2 2 333,782 9,136,376 1.3% 9

9 Pioneer Natural Resources Company

(fka Parsley Energy, L.P.) 2 1 135,612 8,570,098 1.2% 6

8 Norfolk Southern 1 1 370,286 9,077 1.3% —

9 Wells Fargo Bank, Na 4 3 198,376 8,775 1.3% 4.0

11 Ovintiv USA Inc (fka Encana Oil & Gas (USA) Inc.) (3) 1 1 318,582 7,949,937 1.1% 6

10 Ovintiv USA (3) 1 1 318,582 8,069 1.2% 5.5

11 Allstate 2 2 214,380 7,750 1.1% 5.7

13 ADP, LLC 1 1 225,000 7,479,972 1.1% 7

12 SVB Financial Group 1 1 188,940 7,624 1.1% 4.1

15 Regus Equity Business Centers, LLC 6 4 158,740 7,067,647 1.0% 5

16 Westrock Shared Services, LLC 1 1 205,185 6,955,383 1.0% 9

17 Dimensional Fund Advisors LP 1 1 132,434 6,871,718 1.0% 13

18 McGuirewoods LLP 3 3 197,282 6,864,549 1.0% 6

19 RigUp, Inc.

1 1 93,210 6,386,794 0.9% 8

13 ADP 1 1 225,000 7,597 1.1% 6.3

14 WeWork Companies 4 2 169,050 7,422 1.1% 11.8

15 Regus Equity Business Centers 6 4 158,740 7,407 1.1% 6.0

16 Westrock Shared Service 1 1 205,185 7,162 1.0% 8.3

17 Workrise Technologies 1 1 93,210 6,578 1.0% 6.6

18 McGuirewoods 2 2 187,119 6,499 0.9% 4.9

19 BlackRock 1 1 131,656 6,415 0.9% 14.4

20 Samsung Engineering America 1 1 133,860 6,196 0.8% 4.9

1 unchanged sentence

(1) In some cases, the actual tenant may be an affiliate of the entity shown.

(2) Annualized Rent represents the annualized rent including 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 rent.

(2) Annualized Rent represents the annualized rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant as of December 31, 2021.

If the tenant is in a free rent period as of December 31, 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 Cousins.

In the event of termination of the Ovintiv lease, such subleases would become direct leases with the Company.

This schedule includes leases that have commenced.

Leases that have been signed but have not commenced are excluded.

Table of C ontents

Tenant Industry Diversification

2 unchanged sentences

Technology 23.0 %

Financial 16.9 %

Professional Services 15.7 %

Financial 15.0 %

Consumer Goods & Services 6.8 %

Energy & Utilities 5.4 %

Health Care 6.1 %

Insurance 4.7 %

Real Estate 4.5 %

Construction/Design 2.5 %

Insurance 3.4 %

Marketing/Media/Creative 2.1 %

Construction/Design 2.1 %

Transportation 1.5 %

Government 1.1 %

(1) Management uses SIC codes when available, along with judgment, to determine tenant industry classification.

3 unchanged sentences

As of December 31, 2021, information on our projects under development was as follows ($ in thousands):

Project Type Market Company's Ownership Interest Construction Start Date Number of Square Feet / Apartment 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)

120 West Trinity Mixed Atlanta 20 % 1Q17 $ 89,000 $ 17,800 $ 87,872 $ 17,574

Office (4) 52,000 68 % 2Q20

Apartments 330 66 % 4Q19

10000 Avalon Office Atlanta 90 % 3Q18 251,000 96,000 86,400 94,771 85,294 75 % 1Q20

Project Type Market Company's Ownership Interest Construction Start Date Square Feet/Units Estimated Project Cost (1) (2) Company's Share of Estimated Project Cost (2) Project Cost Incurred to Date (2) Company's Share of Project Cost Incurred to Date (2) Percent Leased Initial Revenue Recognition(3)

300 Colorado Office Austin 100 % 4Q18 369,000 $ 193,000 $ 193,000 $ 163,839 $ 163,839 88 % 1Q21

Domain 10 Office Austin 100 % 4Q18 300,000 111,000 111,000 93,987 93,987 98 % 3Q20

100 Mill Office Phoenix 90 % 1Q20 287,000 153,000 137,700 119,584 107,626 81 % 1Q22

Neuhoff (4) Mixed Nashville 50 % 3Q21 562,500 281,300 131,315 65,658

Commercial 448,000 — % 2Q23

Apartments 542 — % 2Q24

Domain 9 Office Austin 100 % 2Q21 338,000 147,000 147,000 48,359 48,359 97 % 1Q24

Total $ 1,055,500 $ 759,000 $ 463,097 $ 385,481

2 unchanged sentences

Significant estimation is required to derive these costs, and the final costs may differ from these estimates.

(2) Estimated and incurred project costs include financing costs only on project-specific debt, and exclude certain allocated capitalized costs required by GAAP that are not incurred by the joint venture and fair value adjustments for legacy TIER projects that were recorded as a result of the Merger.

(3) Initial revenue recognition represents the quarter within which the Company estimates it will begin recognizing revenue under GAAP.

(4) The 120 West Trinity office component has 33,000 square feet of office space and 19,000 square feet of retail space.

(5) 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.

Table of C ontents

(2) Estimated and incurred project costs are construction costs plus financing costs on project-specific debt.

Neuhoff has a project-specific construction loan, and 300 Colorado had a project-specific loan that was paid off concurrent with the purchase of our partners' 50% interest in December 2021.

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 recognized or estimates it will begin recognizing revenue under GAAP.

(4) 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.

Land Holdings

2 unchanged sentences

3354/3356 Peachtree Atlanta 95% Consolidated 3.2

901 West Peachtree (1) Atlanta 100% Consolidated 1.0

715 Ponce Atlanta 50% Unconsolidated 1.0

887 West Peachtree (fka 901 West Peachtree) (1) Atlanta 100% Consolidated 1.6

The Avenue Forsyth-Adjacent Land Atlanta 100% Consolidated 10.4

Domain Point 3 Austin 90% Consolidated 1.7

Domain 9 Austin 100% Consolidated 2.5

Domain Central (Domain 14 & 15) Austin 100% Consolidated 5.6

Domain Central Austin 100% Consolidated 5.6

South End Station Charlotte 100% Consolidated 3.4

2 unchanged sentences

Victory Center Dallas 75% Unconsolidated 3.0

100 Mill-Adjacent Land Phoenix 90% Consolidated 0.7

Corporate Center 5 & 6 (2) Tampa 100% Consolidated 14.1

3 unchanged sentences

(2) Corporate Center 5 is controlled through a long-term ground lease.

Table of C ontents

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties