0000025232false00000252322024-07-252024-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 25, 2024
Cousins Properties Incorporated
(Exact name of registrant as specified in its charter)
Georgia 001-11312 58-0869052
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)

3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (404) 407-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par value per shareCUZNew York Stock Exchange ("NYSE")

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the securities Act of 1933 (§230.405 of this chapter) or Rule 12b-12 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    
    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02. Results of Operations and Financial Condition.
On July 25, 2024, Cousins Properties Incorporated (the “Company”) issued a Press Release and Quarterly Information Package containing information about the Company’s financial condition and results of operations for the quarter ended June 30, 2024. A copy of the Company’s Press Release and Quarterly Information Package is available on the Company's website under Investor Relations and is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.
    (a)    Exhibits

Exhibit Number        Exhibit Description



Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2024


COUSINS PROPERTIES INCORPORATED
By:/s/ Gregg D. Adzema
Gregg D. Adzema
Executive Vice President and Chief Financial Officer


supplementcover2q24a.jpg
Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to
uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2023, and the Quarterly Report
on Form 10-Q for the quarter ended June 30, 2024. These forward-looking statements include information about the Company's possible or assumed future
results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements
regarding subjects that are forward-looking by their nature, such as: guidance and underlying assumptions; business and financial strategy; future debt
financings; future acquisitions and dispositions of operating assets or joint venture interests; future acquisitions and dispositions of land, including ground
leases; future acquisitions of investments in real estate debt; future development and redevelopment opportunities; future issuances and repurchases of
common stock, limited partnership units, or preferred stock; future distributions; projected capital expenditures; market and industry trends; future occupancy
or volume and velocity of leasing activity; entry into new markets, changes in existing market concentrations, or exits from existing markets; future changes in
interest rates and liquidity of capital markets; and all statements that address operating performance, events, investments, or developments that we expect or
anticipate will occur in the future — including statements relating to creating value for stockholders.
Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account
information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are
known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking
statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability
to refinance or repay indebtedness as it matures; any changes to our credit rating; the failure of purchase, sale, or other contracts to ultimately close; the
failure to achieve anticipated benefits from acquisitions, developments, investments, or dispositions; the effect of common stock or operating partnership unit
issuances, including those undertaken on a forward basis; the availability of buyers and pricing with respect to the disposition of assets; changes in national
and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate (including supply and demand changes),
particularly in Atlanta, Austin, Tampa, Charlotte, Phoenix, Dallas, and Nashville, including the impact of high unemployment, volatility in the public equity and
debt markets, and international economic and other conditions; threatened terrorist attacks or sociopolitical unrest such as political instability, civil unrest,
armed hostilities, or political activism which may result in a disruption of day-to-day building operations; changes to our strategy in regard to our real estate
assets which may require impairment to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, the ability to lease
newly developed and/or recently acquired space, the failure of a tenant to commence or complete tenant improvements on schedule or to occupy leased
space, and the risk of declining leasing rates; changes in the preferences of our tenants brought about by the desire for co-working arrangements, trends
toward utilizing less office space per employee, and the effect of employees working remotely; any adverse change in the financial condition or liquidity of one
or more of our tenants or borrowers under our real estate debt investments; volatility in interest rates (including the impact upon the effectiveness of forward
interest rate contract arrangements) and insurance rates; inflation; competition from other developers or investors; the risks associated with real estate
developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); supply chain disruptions, labor
shortages, and increased construction costs; risks associated with security breaches through cyberattacks, cyber intrusions or otherwise, as well as other
significant disruptions of our information technology networks and related systems, which support our operations and our buildings; changes in senior
management, changes in the Board of Directors, and the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental
issues; the potential liability for a failure to meet regulatory requirements, including the Americans with Disabilities Act and similar laws or the impact of any
investigation regarding the same; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants
under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust or meet regulatory requirements; potential changes to
state, local, or federal regulations applicable to our business; material changes in dividend rates on common shares or other securities or the ability to pay
those dividends; potential changes to the tax laws impacting REITs and real estate in general; risks associated with climate change and severe weather events,
as well as the regulatory efforts intended to reduce the effects of climate changes and investor and public perception of our efforts to respond to the same;
the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results; risks associated with
possible federal, state, local, or property tax audits; and those additional risks and environmental or other factors discussed in reports filed with the Securities
and Exchange Commission ("SEC") by the Company.
FORWARD-LOOKING STATEMENTS
Cousins Properties
2
Q2 2024 Supplemental Information
The risks set forth above are not exhaustive. The Annual Report on Form 10-K for the year ended December 31, 2023, including Part I, Item 1A. Risk
Factors, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, including Part II, Item 1A. Risk Factors, include additional factors that
could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors
emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the potential impact of all risk factors on our
business or the extent to which any factors, or any combination of factors, may cause actual results to differ materially from those contained in any forward-
looking statements. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to
identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are
reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. Given the uncertainties and risks discussed and referenced
herein, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our Quarterly
Reports on Form 10-Q and our Annual Reports on Form 10-K for future periods, and our Current Reports on Form 8-K as we file such reports with the SEC,
and to other materials we may file with or furnish to the SEC, for a discussion of risks and uncertainties that may cause actual results, performance, or
achievements to differ materially from those expressed or implied by any forward-looking statements. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.
FORWARD-LOOKING STATEMENTS
Cousins Properties
3
Q2 2024 Supplemental Information
COUSINS PROPERTIES REPORTS SECOND QUARTER 2024 RESULTS
Raises Midpoint of Full Year 2024 FFO Guidance by $0.02 per share
ATLANTA (July 25, 2024) - Cousins Properties (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2024.
“We had another solid quarter, driven by improving office fundamentals in our Sun Belt markets,” said Colin Connolly, president and
chief executive officer of Cousins Properties. "Demand for highly-amenitized lifestyle office space continues to accelerate while supply
has contracted. As the market begins to re-balance, we are deploying capital into compelling and accretive investment opportunities."
Financial Results
For second quarter 2024:
Net income available to common stockholders was $7.8 million, or $0.05 per share, compared to $22.6 million, or $0.15 per
share, for second quarter 2023. The decrease in net income is primarily attributable to increased depreciation expense.
Funds From Operations ("FFO") was $103.3 million, or $0.68 per share, compared to $103.0 million, or $0.68 per share, for
second quarter 2023.
For six months ended June 30, 2024:
Net income available to common stockholders was $21.1 million, or $0.14 per share, compared to $44.8 million, or $0.29 per
share, for the six months ended June 30, 2023. The decrease in net income is primarily attributable to increased depreciation
expense.
Funds From Operations ("FFO") was $202.8 million, or $1.33 per share, compared to $201.0 million, or $1.32 per share, for the
six months ended June 30, 2023.
Operations and Leasing Activity
For second quarter 2024:
Same property net operating income ("NOI") on a cash-basis increased 5.1%.
Second generation net rent per square foot on a cash-basis increased 18.2%.
Executed 391,000 square feet of office leases, including 240,000 square feet of new and expansion leases, representing 61% of
total leasing activity.
For six months ended June 30, 2024:
Same property NOI on a cash-basis increased 5.8%.
Second generation net rent per square foot on a cash-basis increased 11.7%.
Executed 794,000 square feet of office leases, including 526,000 square feet of new and expansion leases, representing 66% of
total leasing activity.
EARNINGS RELEASE
Cousins Properties
4
Q2 2024 Supplemental Information
Financing and Investing Activity
In April, we received corporate investment grade credit ratings of BBB and Baa2 from S&P and Moody's, respectively.
In May and June, we acquired two mezzanine loans for $27.2 million. The weighted average spread over SOFR for these loans is
8.66%.
Earnings Guidance
Full year 2024 earnings guidance updated as follows:
Net income between $0.31 and $0.36 per share, updated from previous guidance of $0.32 and $0.39 per share.
FFO between $2.63 and $2.68 per share, updated from previous guidance of $2.60 and $2.67 per share.
The increase in FFO is primarily driven by improved leasing activity, higher parking income, and the recent acquisition of two
mezzanine loans.
Guidance does not include any benefit from our approximately $9.6 million SVB Financial Group bankruptcy claim.
Guidance does not include any operating property acquisitions, operating property dispositions, or development starts.
Guidance does not include any capital markets transactions.
Guidance reflects management’s current plans and assumptions as of the date of this earnings release and is subject to the risks
and uncertainties more fully described in our Securities and Exchange Commission filings. Actual results could differ materially
from this guidance.
Investor Conference Call and Webcast
The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, July 26, 2024 to discuss the results of the quarter
ended June 30, 2024. The number to call for this interactive teleconference is (800) 836-8184. The live webcast of this call can be
accessed on the Company's website, www.cousins.com, through the “Cousins Properties Second Quarter Conference Call” link on the
Investor Relations page. A replay of the conference call will be available for seven days by dialing (888) 660-6345 and entering the
passcode 43599#. The playback can also be accessed on the Company's website.
EARNINGS RELEASE
Cousins Properties
5
Q2 2024 Supplemental Information
THE COMPANY
Cousins Properties Incorporated ("Cousins") is a fully integrated, self-administered, and self-managed real estate investment trust
(REIT). The Company, based in Atlanta and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A
office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive
expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a
comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information,
please visit www.cousins.com.
MANAGEMENT
M. Colin Connolly
Gregg D. Adzema
Kennedy Hicks
Richard G. Hickson IV
President & Chief Executive Officer
Executive Vice President &                         
Chief Financial Officer
Executive Vice President, Chief
Investment Officer & Managing Director
Executive Vice President, Operations
John S. McColl
Pamela F. Roper
Jeffrey D. Symes
Executive Vice President, Development
Executive Vice President, General
Counsel & Corporate Secretary
Senior Vice President &               
Chief Accounting Officer
BOARD OF DIRECTORS
Robert M. Chapman
Charles T. Cannada
M. Colin Connolly
Non-executive Chairman of Cousins Properties, Chief
Executive Officer of Centerpoint Properties Trust
Private Investor
President and Chief Executive Officer of           
Cousins Properties
Scott W. Fordham
Lillian C. Giornelli
R. Kent Griffin Jr.
Former Chief Executive Officer and                 
Director of TIER REIT, Inc.
Chairman, Chief Executive Officer and Trustee of   
The Cousins Foundation Inc.
Managing Director of Phicas Investors
Donna W. Hyland
Dionne Nelson
R. Dary Stone
President and Chief Executive Officer of       
Children's Healthcare of Atlanta
President and Chief Executive Officer of           
Laurel Street Residential
President and Chief Executive Officer of                 
R.D. Stone Interests
COMPANY INFORMATION
Cousins Properties
6
Q2 2024 Supplemental Information
COMPANY INFORMATION
EQUITY RESEARCH COVERAGE (1)
Corporate Headquarters
Investor Relations
Barclays
BofA Securities
BMO Capital
3344 Peachtree Road NE
Suite 1800
Atlanta GA 30326
404.407.1000
Roni Imbeaux 
Vice President, Finance &
Investor Relations
rimbeaux@cousins.com
404.407.1104
Brendan Lynch
212.526.9428
Camille Bonnel
416.369.2140
John Kim
212.885.4115
Evercore ISI
Green Street
Jefferies
Transfer Agent
Equiniti Trust Company
equiniti.com
866.627.2649
Stock Exchange
NYSE: CUZ
Steve Sakwa
212.446.9462
Dylan Burzinski
949.640.8780
Peter Abramowitz
212.336.7241
J.P. Morgan
KeyBanc
Mizuho Securities
RATING AGENCIES (1)
Anthony Paolone
212.622.6682
Upal Rana
917.368.2316
Vikram Malhotra
212.282.3827
S&P Global Ratings
Moody's Investors Service
RW Baird
Truist Securities
Wells Fargo
Hannah Gray
212.438.0244
Current Corporate
Credit Rating: BBB
Christian Azzi
212.553.9342
Current Corporate
Credit Rating: Baa2
Nicholas Thillman
414.298.5053
Michael Lewis
212.319.5659
Blaine Heck
410.662.2556
Wolfe Research
Andrew Rosivach
646.582.9250
(1) Please note that any opinions, estimates, or forecasts regarding Cousins' performance made by the analysts and rating agencies listed above are theirs alone and do not represent
opinions, forecasts, or predictions of Cousins or its management. Cousins does not, by its reference above or distribution, imply its endorsement of, or concurrence with, such information,
conclusions, or recommendations.
         
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COMPANY INFORMATION
Cousins Properties
7
Q2 2024 Supplemental Information
(in thousands, except share and per share amounts)
June 30, 2024
December 31, 2023
Assets:
 
Real estate assets:
 
 
Operating properties, net of accumulated depreciation of $1,476,681 and $1,329,406 in 2024
and 2023, respectively
$6,917,570
$6,775,093
Projects under development
132,884
Land
154,727
154,728
7,072,297
7,062,705
Cash and cash equivalents
5,954
6,047
Investments in real estate debt, at fair value
27,585
Accounts receivable
16,348
11,109
Deferred rents receivable
221,268
209,370
Investment in unconsolidated joint ventures
160,873
143,831
Intangible assets, net
98,472
110,667
Other assets, net
97,731
90,745
Total assets
$7,700,528
$7,634,474
Liabilities:
Notes payable
$2,586,732
$2,457,627
Accounts payable and accrued expenses
236,786
299,767
Deferred income
263,420
181,744
Intangible liabilities, net
38,044
42,193
Other liabilities
98,042
104,830
Total liabilities
3,223,024
3,086,161
Commitments and contingencies
Equity:
Stockholders' investment:
Common stock, $1 par value per share, 300,000,000 shares authorized, 152,140,188 and
154,335,798 issued, and 152,140,188 and 151,799,215 outstanding in 2024 and 2023, respectively
152,140
154,336
Additional paid-in capital
5,500,937
5,638,709
Treasury stock at cost, 2,536,583 shares in 2023
(145,696)
Distributions in excess of cumulative net income
(1,202,222)
(1,125,390)
Accumulated other comprehensive income
2,767
2,192
Total stockholders' investment
4,453,622
4,524,151
Nonredeemable noncontrolling interests
23,882
24,162
Total equity
4,477,504
4,548,313
Total liabilities and equity
$7,700,528
$7,634,474
CONSOLIDATED BALANCE SHEETS
Cousins Properties
8
Q2 2024 Supplemental Information
(unaudited; in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
 
2024
2023
2024
2023
Revenues:
 
 
 
Rental property revenues
$211,474
$203,954
$420,292
$404,030
Fee income
406
352
785
726
Other
1,098
14
1,142
2,292
 
212,978
204,320
422,219
407,048
Expenses:
Rental property operating expenses
70,634
67,099
141,709
138,312
Reimbursed expenses
151
159
291
366
General and administrative expenses
8,907
8,021
18,121
16,459
Interest expense
29,743
25,972
58,651
51,002
Depreciation and amortization
95,415
80,269
181,645
156,039
Other
603
476
1,275
861
 
205,453
181,996
401,692
363,039
Income from unconsolidated joint ventures
439
753
787
1,426
Gain (loss) on investment property transactions
(3)
98
(2)
Net income
7,961
23,077
21,412
45,433
Net income attributable to noncontrolling interests
(121)
(456)
(284)
(616)
Net income available to common stockholders
$7,840
$22,621
$21,128
$44,817
Net income per common share — basic
$0.05
$0.15
$0.14
$0.30
Net income per common share — diluted
$0.05
$0.15
$0.14
$0.29
Weighted average shares — basic
152,095
151,721
152,020
151,650
Weighted average shares — diluted
152,614
152,126
152,500
152,003
CONSOLIDATED STATEMENTS OF OPERATIONS
Cousins Properties
9
Q2 2024 Supplemental Information
2022
2023 1st
2023 2nd
2023 3rd
2023 4th
2023
2024 1st
2024 2nd
YTD 2024
Property Statistics
Consolidated Operating Properties
34
34
34
34
34
34
34
34
34
Consolidated Rentable Square Feet (in thousands)
18,424
18,444
18,444
18,434
18,434
18,434
18,434
18,434
18,434
Unconsolidated Operating Properties
2
2
2
2
2
2
2
2
2
Unconsolidated Rentable Square Feet (in thousands)
711
711
711
711
711
711
711
711
711
Total Operating Properties
36
36
36
36
36
36
36
36
36
Total Rentable Square Feet (in thousands)
19,135
19,155
19,155
19,145
19,145
19,145
19,145
19,145
19,145
Office Percent Leased (period end)
91.0%
90.8%
90.8%
91.1%
90.9%
90.9%
90.8%
91.2%
91.2%
Office Weighted Average Occupancy
87.3%
87.2%
87.7%
88.0%
87.6%
87.5%
88.4%
88.5%
88.4%
Office Leasing Activity (2)
Net Leased during the Period (SF, in thousands)
1,976
258
435
548
453
1,694
404
391
794
Net Rent (per SF)
$34.08
$34.45
$38.65
$33.94
$33.53
$35.15
$36.06
$37.64
$36.83
Net Free Rent (per SF)
(1.97)
(2.07)
(2.04)
(2.27)
(2.56)
(2.25)
(2.10)
(2.51)
(2.30)
Leasing Commissions (per SF)
(2.74)
(2.83)
(2.53)
(2.60)
(2.65)
(2.62)
(2.61)
(2.91)
(2.75)
Tenant Improvements (per SF)
(5.98)
(6.29)
(5.88)
(5.30)
(5.86)
(5.72)
(7.15)
(7.37)
(7.26)
Leasing Costs (per SF)
(10.69)
(11.19)
(10.45)
(10.17)
(11.07)
(10.59)
(11.86)
(12.79)
(12.31)
Net Effective Rent (per SF)
$23.39
$23.26
$28.20
$23.77
$22.46
$24.56
$24.20
$24.85
$24.52
Change in Second Generation Net Rent
23.2%
20.1%
19.6%
28.7%
10.4%
20.2%
20.1%
37.6%
28.8%
Change in Cash-Basis Second Generation Net Rent
9.5%
6.1%
7.9%
9.8%
0.8%
5.8%
5.3%
18.2%
11.7%
Same Property Information (3)
Percent Leased (period end)
90.1%
90.6%
90.5%
90.8%
90.6%
90.6%
90.8%
91.2%
91.2%
Weighted Average Occupancy
86.6%
87.0%
87.3%
87.7%
87.5%
87.3%
88.4%
88.5%
88.4%
Change in NOI (over prior year period)
0.0%
5.3%
6.3%
4.1%
4.2%
5.0%
6.6%
4.2%
5.4%
Change in Cash-Basis NOI (over prior year period)
1.0%
4.9%
3.7%
4.6%
3.5%
4.2%
6.6%
5.1%
5.8%
Development Pipeline (4)
Estimated Project Costs (in thousands)
$428,500
$428,500
$428,500
$428,500
$428,500
$428,500
$437,950
$441,550
$441,550
Estimated Project Costs/Total Undepreciated Assets
4.8%
4.8%
4.7%
4.7%
4.6%
4.6%
4.6%
4.6%
4.6%
Continued on next page
KEY PERFORMANCE METRICS (1)
Cousins Properties
10
Q2 2024 Supplemental Information
2022
2023 1st
2023 2nd
2023 3rd
2023 4th
2023
2024 1st
2024 2nd
YTD 2024
Market Capitalization
Common Stock Price Per Share
$25.29
$21.38
$22.80
$20.37
$24.35
$24.35
$24.04
$23.15
$23.15
Common Stock/Units Outstanding (in thousands)
151,482
151,718
151,774
151,774
151,824
151,824
152,096
152,165
152,165
Equity Market Capitalization (in thousands)
$3,830,980
$3,243,731
$3,460,447
$3,091,636
$3,696,914
$3,696,914
$3,656,388
$3,522,620
$3,522,620
Debt (in thousands)
2,424,004
2,544,956
2,548,073
2,559,871
2,608,675
2,608,675
2,723,978
2,754,358
2,754,358
Total Market Capitalization (in thousands)
$6,254,984
$5,788,687
$6,008,520
$5,651,507
$6,305,589
$6,305,589
$6,380,366
$6,276,978
$6,276,978
Credit Ratios
Net Debt/Total Market Capitalization
38.6%
43.7%
42.1%
45.0%
41.2%
41.2%
42.5%
43.7%
43.7%
Net Debt/Total Undepreciated Assets
27.2%
28.1%
27.8%
27.8%
28.0%
28.0%
28.8%
28.8%
28.8%
Net Debt/Annualized EBITDAre
4.93
5.13
4.89
5.02
5.14
5.14
5.25
5.12
5.12
Fixed Charges Coverage (EBITDAre)
5.21
4.48
4.53
4.28
4.20
4.37
4.09
4.12
4.10
Dividend Information
Common Dividend per Share
$1.28
$0.32
$0.32
$0.32
$0.32
$1.28
$0.32
$0.32
$0.32
Funds From Operations (FFO) Payout Ratio
47.4%
49.5%
47.3%
49.2%
49.2%
48.8%
48.9%
47.1%
48.0%
Funds Available for Distribution (FAD) Payout Ratio
70.6%
65.3%
71.8%
70.1%
82.5%
71.9%
82.1%
62.1%
70.7%
Operations Ratio
Annualized General and Administrative Expenses/                     
Total Undepreciated Assets
0.30%
0.37%
0.35%
0.36%
0.32%
0.32%
0.39%
0.37%
0.37%
Additional Information
In-Place Gross Rent (per SF) (5)
$44.87
$46.02
$46.43
$46.64
$46.95
$46.95
$46.82
$46.75
$46.75
Straight-Line Rental Revenue (in thousands)
$28,953
$8,431
$3,703
$7,508
$5,858
$25,500
$8,604
$4,423
$13,027
Above and Below Market Rents Amortization, Net
(in thousands)
$6,444
$1,559
$2,525
$1,371
$1,421
$6,876
$1,460
$1,559
$3,019
Second Generation Capital Expenditures
(in thousands)
$99,501
$15,467
$29,317
$20,224
$31,900
$96,908
$30,212
$17,270
$47,482
(1)
For Non-GAAP Financial Measures, see the Calculations and Reconciliations on pages 33 through 39.
(2)
See Office Leasing Activity on page 21 for additional detail and explanations.
(3)
Same Property Information is derived from the pool of same office properties that existed in the period as originally reported. See Same Property Performance on page 20 and Non-GAAP
Financial Measures - Calculations and Reconciliations beginning on page 33 for additional information.
(4)
The Company's share of estimated project costs. See Development Pipeline on page 27 for additional detail.
(5)
In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.
KEY PERFORMANCE METRICS (1)
Cousins Properties
11
Q2 2024 Supplemental Information
                                  Total Rentable Square Feet                  Equity Market Capitalization                   Net Debt / Annualized EBITDAre
             
chart-99d39a31761247b6921a.gif
chart-23c2b1078a7f468284da.gif
chart-c6b07caacf594f0a819a.gif
                       
 
                                Same Property NOI Change                Second Generation Net Rent Change                 Annualized General & Administrative
                                                    Cash-Basis (1)        Cash-Basis (1)                Expenses / Total Undepreciated Assets
             
chart-2fbea09fac1a432eb0ba.gif
chart-68821c7b97fa48bd870a.gif
chart-385bc2245d22472bbffa.gif
(1) Office properties only.
Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.
KEY PERFORMANCE METRICS
Cousins Properties
12
Q2 2024 Supplemental Information
(amounts in thousands, except per share amounts)
2022
2023 1st
2023 2nd
2023 3rd
2023 4th
2023
2024 1st
2024 2nd
YTD 2024
Net Income
$167,445
$22,356
$23,077
$19,491
$18,892
$83,816
$13,451
$7,961
$21,412
Fee and Other Income
(11,243)
(2,788)
(6,936)
(690)
(756)
(11,170)
(893)
(2,590)
(3,483)
General and Administrative Expenses
28,319
8,438
8,021
8,336
7,536
32,331
9,214
8,907
18,121
Interest Expense
72,537
25,030
25,972
27,008
27,453
105,463
28,908
29,743
58,651
Depreciation and Amortization
295,587
75,770
80,269
79,492
79,366
314,897
86,230
95,415
181,645
Reimbursed and Other Expenses
4,158
592
635
772
737
2,736
812
754
1,566
Income from Unconsolidated Joint Ventures (1)
(7,700)
(673)
(753)
(582)
(291)
(2,299)
(348)
(439)
(787)
NOI from Unconsolidated Joint Ventures (1)
9,524
1,409
1,559
1,564
1,292
5,824
1,352
1,561
2,913
Transaction Loss (Gain)
(56,427)
2
(507)
1
(504)
(101)
3
(98)
NOI (1)
$502,200
$130,136
$131,844
$134,884
$134,230
$531,094
$138,625
$141,315
$279,940
Fee and Other Income (1)
11,459
2,825
6,974
725
786
11,310
908
2,630
3,538
General and Administrative Expenses
(28,319)
(8,438)
(8,021)
(8,336)
(7,536)
(32,331)
(9,214)
(8,907)
(18,121)
Interest Expense (1)
(75,140)
(25,310)
(26,334)
(27,516)
(27,979)
(107,139)
(29,436)
(30,378)
(59,814)
Reimbursed and Other Expenses (1)
(4,057)
(605)
(642)
(795)
(752)
(2,794)
(843)
(769)
(1,612)
Gain (Loss) on Sales of Undepreciated Investment Properties
4,478
507
(1)
506
(3)
(3)
Depreciation and Amortization of Non-Real Estate Assets
(558)
(108)
(111)
(113)
(116)
(448)
(115)
(116)
(231)
Partners' Share of FFO in Consolidated Joint Ventures
(1,304)
(406)
(759)
(384)
(360)
(1,909)
(429)
(426)
(855)
FFO (1)
$408,759
$98,094
$102,951
$98,972
$98,272
$398,289
$99,496
$103,346
$202,842
Weighted Average Shares - Diluted
150,419
151,880
152,126
152,048
152,105
152,040
152,385
152,614
152,500
FFO per Share (1)
$2.72
$0.65
$0.68
$0.65
$0.65
$2.62
$0.65
$0.68
$1.33
(1) The above amounts include our share of amounts from unconsolidated joint ventures for the respective category. The Company does not control the operations of these unconsolidated joint
ventures but believes including these amounts is meaningful to investors and analysts.
FUNDS FROM OPERATIONS - SUMMARY
Cousins Properties
13
Q2 2024 Supplemental Information
(amounts in thousands, except per share amounts)
2022
2023 1st
2023 2nd
2023 3rd
2023 4th
2023
2024 1st
2024 2nd
YTD 2024
NOI
Consolidated Properties
The Domain (2)
$68,704
$18,144
$18,466
$18,303
$18,440
$73,353
$18,355
$18,770
$37,125
Terminus (2)
32,908
8,097
8,442
8,596
8,669
33,804
8,087
8,080
16,167
Corporate Center (2)
28,594
7,467
7,600
7,548
7,585
30,200
7,321
7,437
14,758
Spring & 8th (2)
29,419
7,361
7,372
7,270
7,352
29,355
7,363
7,344
14,707
300 Colorado
13,120
3,772
4,608
5,166
5,428
18,974
5,756
5,696
11,452
BriarLake Plaza (2)