What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-09 compared with 2022-02-03 · 46 added, 54 removed, 128 unchanged (44% of the section changed)

6 unchanged sentences

Income (3) Property Level Debt (4) Annualized Rent (5)

Spring & 8th (6) 765,000 Consolidated 100% 100.0% 100.0% 6.3% $ —

Terminus (6) 1,226,000 Consolidated 100% 88.7% 83.2% 6.6% $ 220,676

Spring & 8th (6) 765,000 Consolidated 100% 100.0% 100.0% 5.7% —

Northpark (6) 1,539,000 Consolidated 100% 76.1% 71.7% 3.8% —

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% 93.8% 86.0% 3.7% —

725 Ponce (7) 372,000 Consolidated 100% 100.0% 98.4% 3.6% —

Avalon (8) 480,000 Consolidated 100% 97.8% 98.7% 3.2% —

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% —

3344 Peachtree 484,000 Consolidated 100% 96.9% 95.8% 3.0% —

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

Promenade Tower 777,000 Consolidated 100% 77.8% 75.0% 2.6% —

3350 Peachtree 413,000 Consolidated 100% 57.0% 52.5% 1.1% —

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

3348 Peachtree 258,000 Consolidated 100% 75.5% 74.9% 0.9% —

Emory University Hospital Midtown 358,000 Unconsolidated 50% 99.5% 98.3% 0.9% 31,428

120 West Trinity Office (7) 43,000 Unconsolidated 20% 100.0% 90.4% 0.1% —

Promenade Central (7) (9) 370,000 Consolidated 100% 60.7% 11.1% 0.1% —

ATLANTA (9) 7,911,000 86.5% 83.3% 36.3% 252,104

The Domain (8) 1,899,000 Consolidated 100% 100.0% 100.0% 14.8% 73,945

300 Colorado (7) 378,000 Consolidated 100% 100.0% 88.3% 3.1% —

One Eleven Congress 519,000 Consolidated 100% 83.8% 80.6% 3.1% —

The Terrace (6) 619,000 Consolidated 100% 80.7% 76.2% 2.7% —

San Jacinto Center 399,000 Consolidated 100% 95.6% 93.5% 3.5% —

Colorado Tower 373,000 Consolidated 100% 97.4% 89.2% 2.6% 109,199

San Jacinto Center 399,000 Consolidated 100% 93.9% 78.7% 2.6% —

Domain Point (6) 240,000 Consolidated 96.5% 100.0% 96.6% 1.3% —

6 unchanged sentences

TAMPA 1,979,000 95.2% 92.7% 9.7% —

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

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

Hayden Ferry (6) 792,000 Consolidated 100% 94.2% 91.0% 4.7% —

Tempe Gateway 264,000 Consolidated 100% 78.1% 78.1% 1.3% —

100 Mill (7) 288,000 Consolidated 90% 92.3% 92.3% 2.6% —

111 West Rio 225,000 Consolidated 100% 100.0% 100.0% 1.1% —

Tempe Gateway 264,000 Consolidated 100% 65.4% 51.4% 0.5% —

PHOENIX 1,569,000 1569000 89.8% 85.7% 8.9% —

Fifth Third Center 692,000 Consolidated 100% 90.8% 90.8% 3.4% 129,921

The RailYard 329,000 Consolidated 100% 99.4% 98.6% 2.5% —

550 South 394,000 Consolidated 100% 97.9% 97.9% 2.1% —

CHARLOTTE 1,415,000 94.8% 94.6% 8.0% 129,921

Legacy Union One 319,000 Consolidated 100% 100.0% 100.0% 1.8% —

1 unchanged sentence

DALLAS 516,000 89.8% 89.3% 2.3% —

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

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

OTHER OFFICE 993,000 81.5% 81.7% 4.0% 22,392

BriarLake Plaza (6) 835,000 Consolidated 100% 95.5% 75.5% 2.8% —

HOUSTON 835,000 95.5% 75.5% 2.8% —

TOTAL OFFICE (9) 18,825,000 91.0% 87.1% 99.1% $ 565,169 $ 706,333

5 unchanged sentences

Other Properties

Carolina Square Apartment - Chapel Hill

(246 units) (7) 266,000 Unconsolidated 50% 100.0% 98.4% 0.5% $ 37,699

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% —

College Street Garage - Charlotte (7) N/A Consolidated 100% N/A N/A 0.8% —

120 West Trinity Apartment - Atlanta (330 Units) (7) 310,000 Unconsolidated 20% 93.8% 93.3% 0.1% —

1 unchanged sentence

TOTAL (9) 19,135,000 91.0% 87.1% 100.0% $ 565,169 $ 708,033

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

(1) Operating properties exclude properties on our development pipeline and properties sold prior to December 31, 2022.

(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, 2022.

(3) The Company's share of net operating income for the three months ended December 31, 2022.

(4) The Company's share of property-specific mortgage debt, including premiums and net of unamortized loan costs, as of December 31, 2021.

(5) The Company's share of annualized rent represents the sum of the annualized rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition of net operating income and a reconciliation to Net Income.

(4) The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of December 31, 2022.

(5) The Company's share of annualized rent represents the sum of the annualized cash rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

If a tenant is not paying rent due to a free rent concession, annualized rent is calculated based on the annualized contractual rent the tenant will pay in the first period it is required to pay rent.

2 unchanged sentences

(7) Not included in Same Property as of December 31, 2022.

(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.

Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition of Same Property.

(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, 2022, specifically Domain 10 and 10000 Avalon.

(9) While under redevelopment and until stabilization, Promenade Central was excluded from the Atlanta, Total Office, and Total Portfolio calculations of end of period leased and weighted average occupancy at and for the quarters ended December 31, 2022 and September 30, 2022.

Promenade Central will be added back to the total calculations when weighted average occupancy stabilizes, which is the earlier of when it reaches 90% occupancy or in fourth quarter 2023 (one year after the redevelopment activity was substantially complete).

Office Lease Expirations (1)

3 unchanged sentences

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

Rent (1) Annual

2023 1,001,369 6.1 % $ 42,730 5.1 % $ 42.67

16 unchanged sentences

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

1 Amazon 5 3 1,005,416 $ 51,308 7.3% 6.4

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

2 NCR Corporation 1 1 762,090 37,753 5.3% 10.6

3 Meta Platforms 1 1 422,252 23,818 3.4% 7.2

4 Pioneer Natural Resources 2 1 359,660 23,336 3.3% 8.7

5 Expedia 1 1 315,882 17,281 2.4% 8.3

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

6 Bank of America 2 2 347,139 12,071 1.7% 3.0

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

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

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

7 Wells Fargo 5 3 201,801 9,109 1.3% 3.1

8 Apache 1 1 210,012 8,952 1.3% 14.0

9 SVB Financial Group 1 1 204,751 8,432 1.2% 3.1

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

10 Ovintiv USA 1 1 318,582 8,190 1.2% 4.5

11 WeWork Companies 4 2 169,050 7,750 1.1% 10.7

12 ADP 1 1 225,000 7,479 1.1% 5.3

13 Westrock Shared Services 1 1 205,185 7,346 1.0% 7.3

14 Regus Equity Business Centers 5 4 145,119 7,060 1.0% 5.8

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

15 BlackRock 1 1 131,656 6,778 1.0% 13.4

16 Workrise Technologies 1 1 93,210 6,652 0.9% 5.6

17 McGuireWoods 2 2 187,119 6,556 0.9% 3.9

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

18 Amgen 1 1 163,169 6,330 0.9% 5.8

19 Samsung Engineering America 1 1 133,860 5,996 0.8% 3.9

20 Time Warner Cable 4 2 120,140 5,877 0.8% 3.0

Total 5,721,093 $ 268,074 37.9% 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 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 the Company.

(2) Annualized Rent represents the annualized cash rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2022.

If the tenant is in a free rent period for December 2022, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.

Included in this amount is $7.9 million of annualized based rent for tenants in a free rent period.

This schedule includes leases that have commenced.

4 unchanged sentences

Technology 26.1 %

Professional Services 15.7 %

Financial 16.3 %

Professional Services 14.4 %

Consumer Goods & Services 6.3 %

2 unchanged sentences

Insurance 3.0 %

Marketing/Media/Creative 2.1 %

Construction/Design 2.2 %

Transportation 1.5 %

Marketing/Media/Creative 2.1 %

Total 100.0 %

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

(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.

(2) Annualized Rent represents the annualized cash 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 full rent.

2 unchanged sentences

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

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

Neuhoff (4) Mixed Nashville 50 % 3Q21 $ 563,000 $ 281,500 $ 297,625 $ 148,813

7 unchanged sentences

(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.

Neuhoff has a project-specific construction loan (see Note 4).

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.

5 unchanged sentences

715 Ponce Atlanta 50% Unconsolidated 1.0

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

887 West Peachtree (1) Atlanta 100% Consolidated 1.6

The Avenue Forsyth-Adjacent Land Atlanta 100% Consolidated 10.4

4 unchanged sentences

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

1 unchanged sentence

Company's Share 46.4 $ 159,710

(1) Includes a long-term ground lease with future obligation to purchase.

(1) Includes a ground lease with future obligation to purchase.

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

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