COUSINS PROPERTIES INC 10-K

Item 2. Properties The following table sets forth certain information related to operating properties in which we have an ownership interest. Except as noted, all information presented is as of December 31, 2022 ($ in thousands): Operating Properties (1) Company's Share Office Properties Rentable Square Feet Financial Statement Presentation Company's Ownership Interest End of Period Leased Weighted Average Occupancy (2) % of Total Net Operating Income (3) Property Level Debt (4) Annualized Rent (5) 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% — 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% — 3344 Peachtree 484,000 Consolidated 100% 96.9% 95.8% 3.0% — 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% — 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% — Research Park V 173,000 Consolidated 100% 97.1% 97.1% 0.9% — AUSTIN 4,600,000 94.7% 90.6% 31.1% 183,144 Corporate Center (6) 1,227,000 Consolidated 100% 97.2% 95.1% 5.6% — Heights Union (6) (7) 294,000 Consolidated 100% 100.0% 94.1% 2.4% — The Pointe 253,000 Consolidated 100% 92.1% 89.0% 1.0% — Harborview Plaza 205,000 Consolidated 100% 80.8% 80.8% 0.7% — TAMPA 1,979,000 95.2% 92.7% 9.7% — Hayden Ferry (6) 792,000 Consolidated 100% 94.2% 91.0% 4.7% — 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% — 5950 Sherry Lane 197,000 Consolidated 100% 73.4% 71.9% 0.5% — DALLAS 516,000 89.8% 89.3% 2.3% — 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 Table continued on next page 18 Table of Contents Company's Share Office Properties Rentable Square Feet Financial Statement Presentation Company's Ownership Interest End of Period Leased Weighted Average Occupancy (2) % of Total Net Operating Income (3) Property Level Debt (4) Annualized Rent (5) Other Properties 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% — TOTAL OTHER 310,000 93.8% 93.3% 0.9% $ — $ 1,700 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 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. See Item 7. 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. Included in this a mount is $30.0 million of annuali zed base rent for tenants in a free rent period. (6) Contains two or more buildings that are grouped together for reporting purposes. (7) Not included in Same Property as of December 31, 2022. See Item 7. 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) As of December 31, 2022, our leases expire as follows: Year of Expiration Square Feet Expiring % of Leased Space Annual Contractual Rent (in thousands) (2) % of Annual Contractual Rent Annual Contractual Rent/Sq. Ft. 2023 1,001,369 6.1 % $ 42,730 5.1 % $ 42.67 2024 984,168 6.0 % 43,871 5.2 % 44.58 2025 1,820,919 11.1 % 83,602 10.0 % 45.91 2026 1,407,304 8.6 % 66,369 7.9 % 47.16 2027 1,633,446 9.9 % 71,832 8.6 % 43.98 2028 1,551,577 9.5 % 76,714 9.2 % 49.44 2029 1,506,291 9.2 % 72,050 8.6 % 47.83 2030 1,504,787 9.2 % 97,597 11.7 % 64.86 2031 1,122,709 6.8 % 66,084 7.9 % 58.86 2032 & Thereafter 3,893,428 23.6 % 216,295 25.8 % 55.55 Total 16,425,998 100.0 % $ 837,144 100.0 % $ 50.96 (1) Company's share of leases expiring after December 31, 2022. 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 the tenant's share of operating expenses, if applicable, as defined in the respective leases. 19 Table of Contents Top 20 Office Tenants As of December 31, 2022, 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 (in thousands) (2) Percentage of Company's Share of Annualized Rent Weighted Average Remaining Lease Term (Years) 1 Amazon 5 3 1,005,416 $ 51,308 7.3% 6.4 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 6 Bank of America 2 2 347,139 12,071 1.7% 3.0 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 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 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 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 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 $7.9 million of annualized based rent for tenants in a free rent period. Note: This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded. 20 Table of Contents Tenant Industry Diversification As of December 31, 2022, our tenant industry diversification was as follows: Industry (1) Percentage of Company's Share of Annualized Rent (2) Technology 26.1 % Financial 16.3 % Professional Services 14.4 % Legal 8.8 % Energy 7.0 % Consumer Goods & Services 6.3 % Health Care 5.5 % Real Estate 4.6 % Other 3.7 % Insurance 3.0 % Construction/Design 2.2 % Marketing/Media/Creative 2.1 % Total 100.0 % (1) Management uses SIC codes when available, along with judgment, to determine tenant industry classification. (2) Annualized Rent represents the annualized cash rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent. Development Pipeline (1) As of December 31, 2022, information on our projects under development was as follows ($ in thousands): 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) Neuhoff (4) Mixed Nashville 50 % 3Q21 $ 563,000 $ 281,500 $ 297,625 $ 148,813 Commercial 448,000 — % 3Q23 Apartments 542 — % 2Q24 Domain 9 Office Austin 100 % 2Q21 338,000 147,000 147,000 107,969 107,969 97 % 1Q24 Total $ 710,000 $ 428,500 $ 405,594 $ 256,782 (1) This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization. Amounts included in the estimated project cost column are the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. (2) Estimated and incurred project costs are construction costs plus financing costs on project-specific debt. 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. (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. 21 Table of Contents Land Holdings As of December 31, 2022, we owned the following land holdings, either directly or indirectly through joint ventures: Market Company's Ownership Interest Financial Statement Presentation Total Developable Land (Acres) Cost Basis of Land (in thousands) 3354/3356 Peachtree Atlanta 95% Consolidated 3.2 715 Ponce Atlanta 50% Unconsolidated 1.0 887 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 Central Austin 100% Consolidated 5.6 South End Station Charlotte 100% Consolidated 3.4 303 Tremont Charlotte 100% Consolidated 2.4 Legacy Union 2 & 3 Dallas 95% Consolidated 4.0 Corporate Center 5 & 6 (2) Tampa 100% Consolidated 14.1 Total 47.4 $ 166,515 Company's Share 46.4 $ 159,710 (1) Includes a ground lease with future obligation to purchase. (2) Corporate Center 5 is controlled through a long-term ground lease.