Financial Analysis

COMMITMENTS AND CONTINGENCIES Commitments The Company had a total of $172.9 million in future obligations under leases to fund tenant improvements and other future construction obligations at December 31, 2025. Additionally, the Company had $3.8 million of future funding commitments related to investments in real estate debt at December 31, 2025 as discussed in note 5. Litigation The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Compan …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at December 31, 2025 and 2024 ($ in thousands): Description Interest Rate (1) Maturity (2) 2025 2024 Unsecured Notes: Credit Facility 4.535% April 2027 $ 116,000 $ 112,332 Public Senior Notes 5.875% October 2034 500,000 500,000 Public Senior Notes 5.250% July 2030 500,000 Public Senior Notes 5.375% February 2032 400,000 400,000 Term Loan (3) 4.971% September 2026 400,000 400,000 Privately Placed Senior Note 3.95% July 2029 275,000 275,000 Term Loan (4) 4.76% August 2026 250,000 250,000 Privately Placed Senior Note (5) 3.91% July 2025 250,000 Privately Placed Senior Note 3.86% July 2028 250,000 250,000 Privately Placed Senior Note 3.78% July 2027 125,000 125,000 Privately Placed Senior Note 4.09% July 2027 100,000 100,000 2,916,000 2,662,332 Secured Mortgage Notes: Terminus (6) 6.34% January 2031 221,000 221,000 201 N. Tryon 3.37% October 2026 118,928 122,802 Colorado Tower 3.45% September 2026 101,199 104,080 441,127 447,882 $ 3,357,127 $ 3,110,214 Unamortized original issue discount (3,246) (3,560) Unamortized loan costs (13,066) (10,988) Total Notes Payable $ 3,340,815 $ 3,095,666 (1) Interest rate as of December 31, 2025. (2) Weighted average maturity of notes payable outstanding at December 31, 2025 was 3.8 years. Unexercised extension options are not included. (3) The Company exercised the third of four available six-month extension options, which becomes effective on March 3, 2026, and …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"STOCK-BASED COMPENSATION The Company has two outstanding stock-based compensation plans: the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the ""2019 Plan"") under which the Company issues restricted stock and restricted stock units (""RSUs"") and the ESPP under which employees can purchase common shares at a discount. While the Company's 2019 Plan also allows for the issuance of stock options, none had been issued, were exercised, or were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of company stock. The Company's compensation expense in 2025, 2024, and 2023 primarily relates to restricted stock, stock-settled RSUs, and the ESPP. Restricted stock and the stock-settled RSUs are equity-classified awards for which compensation expense per share is fixed. Cash-settled RSUs are liability-classified awards for which the expense fluctuates from period to period dependent, in part, on the Company's stock price. Cash-settled RSUs were last awarded in 2019 and were fully expensed as of December 31, 2023. For 2025, 2024, and 2023, stock-based compensation expenses, net of forfeitures, were recorded as follows ($ in thousands): 2025 2024 2023 Equity-classified awards: Restricted stock $ 4,620 $ 4,130 $ 3,645 Market-based RSUs 7,621 6,885 5,042 Performance-based RSUs 2,449 2,077 1,463 Director grants 1,668 1,587 1,601 Employee Stock Purchase Plan 118 109 150 16,4 …

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INCOME TAXES Operating as the Company's taxable subsidiary, CTRS is subject to income taxes, the impact of which is not material to the Company's financials. For the years ended December 31, 2025, 2024, and 2023 there was no CTRS income tax expense or benefit recorded in the accompanying statements of operations. As of December 31, 2025 and 2024, the net deferred tax asset of CTRS equaled $1.5 million and $1.7 million, respectively, with a valuation allowance placed against the full amount as of and for all periods presented. The net deferred tax asset included $1.4 million and $1.4 million of federal and state tax net operating loss carryforwards as of December 31, 2025 and 2024, respectively. A valuation allowance is required to be recorded against deferred tax assets if, based on the available evidence, it is more likely than not that such assets will not be realized. When assessing the need for a valuation allowance, appropriate consideration should be given to all positive and negative evidence related to this realization. This evidence includes, among other things, the existence of current and recent cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Companys history with loss carryforwards, and available tax planning strategies. The conclusion that a valuation allowance should be recorded as of December 31, 2025 and 2024 was based on the lack of evidence that CTRS could generate sufficient future taxable income to re …

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GROUND LEASES At December 31, 2025, the Company had four properties subject to operating ground leases with a weighted average remaining term of 74 years. At December 31, 2025, the Company had right-of-use assets from operating ground leases of $45.1 million included in operating properties or land on the consolidated balance sheet. At December 31, 2025, the Company had lease liabilities for operating ground leases of $50.2 million included in other liabilities on the consolidated balance sheet. The weighted average discount rate used in determining these liabilities associated with ground leases at December 31, 2025 was 4.3%. At December 31, 2025, the Company had no right-of-use assets or liabilities related to finance ground leases. At December 31, 2024, the Company had four properties subject to operating ground leases with a weighted average remaining lease term of 76 years. At December 31, 2024, the Company had right-of-use assets from operating ground leases of $45.2 million included in operating properties or land on the consolidated balance sheet. At December 31, 2024, the Company had lease liabilities for operating ground leases of $50.0 million included in other liabilities on the consolidated balance sheet. The weighted average discount rate used in determining these liabilities associated with ground leases at December 31, 2024 was 4.3%. In February 2024, the Company paid $3.8 million under the provisions of a finance ground lease to purchase the fee interest in l …

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RETIREMENT SAVINGS PLAN The Company maintains a defined contribution plan (the Retirement Savings Plan) pursuant to Section 401 of the Internal Revenue Code (the Code) which covers active regular employees. Employees are eligible to participate in the Retirement Savings Plan immediately upon hire, and pre-tax contributions are allowed up to the limits set by the Code. The Company contributes 3% of an employee's eligible compensation to the plan, which is fully vested after the employee has been with the Company for two years. The Company may change this percentage at its discre tion; and, in addition, the Company could decide to make discretionary contributions in the future. The Company contributed $1.3 million , $1.1 million, and $1.1 million to the Retirement Savings Plan for the 2025, 2024, and 2023 plan years, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE RECOGNITION The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows: Rental property revenues consist of (1) contractual revenues from leases recognized on a straight-line basis over the term of the respective lease; (2) percentage rents recognized based on tenant achieved sales; (3) parking revenue; (4) termination fees; and (5) the reimbursement of tenants' share of operating expenses. The Company's leases typically include tenant renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for using practical expedients included in accordance with the guidance set forth in ASC 842. Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the years ended December 31, 2025, 2024, and 2023, the Company recognized rental property revenues of $980.5 million, $847.8 million, and $799.0 million, respectively, of which $274.7 million, $241.3 million, and $226.4 million, respectively, represented variable rental revenue. For the years ended December 31, 2025, 2024, and 2023, the Company recognized fee and other revenue of $13.3 million, $9.0 million, and $3.8 million, respectively. The following table presents the future minimum cash rents to be re …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting with operating segments being each of the operating office properties. These operating segments are aggregated for reporting by geographical area, with these geographical regions being: Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and other markets. Included in other markets for the periods presented are properties located in Houston and Nashville. Company management evaluates the performance of its reportable segments in part based on Net Operating Income (""NOI""). Office Property NOI is regularly reported to the Chief Operating Decision Maker (""CODM"") by segment. The CODM is the Company's President and Chief Executive Officer. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations. Segment net income, individually significant components of rental property operating expenses, amount of capital expenditures, and total assets are not presented in this note because the CODM does not utilize these measures when analyzing segments or when making resource allocation decisions. The below presentation has been recast for all years presented to comply with updates to ASC 280 required by Accounting Standards Update 2023-07 ""ASU 2023-07,"" ""Segment Reporting"" issued by the Financial Accounting Standards Board in November 2023. Information on the Company's segments along with a reconciliation of NOI to net income for years …

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"SIGNIFICANT ACCOUNTING POLICIES Real Estate Assets Cost Capitalization: Costs related to planning, developing, and constructing a property, including initial direct leasing costs and including costs of personnel working directly on projects under development or redevelopment, are capitalized. In addition, the Company capitalizes interest to qualifying assets under development or redevelopment based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, the Company uses the interest incurred on specific project debt, if any. If there is no specific project debt, the Company uses its weighted average interest rate for non-project specific debt. The Company also capitalizes interest to investments in entities accounted for under the equity method when the entity has property under development or redevelopment with a carrying value in excess of the entitys borrowings. To the extent debt exists within an unconsolidated joint venture during the construction period, the venture capitalizes interest on that venture-specific debt. The Company capitalizes interest, real estate taxes, and certain operating expenses on the unoccupied portion of development or redevelopment properties, which have ongoing construction of tenant improvements, until the earlier of the date on which the development project achieves 90% economic occupancy or one year from cessation of major construction activity. Impairment: We review our real estate …

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"STOCKHOLDERS' EQUITY ATM Program In 2021, the Company entered into an E quity Distribution Agreement (""EDA"") with six financial institutions known as an at-the-market stock offering program (""ATM Program""), under which the Company may offer and sell shares of its common stock from time to time in ""at-the-market"" offerings with an aggregate gross sales price of up to $500 million. In connection with the ATM Program, Cousins may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement (""Forward Sales"") would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed but defer receiving the proceeds from the sale of shares until a later date, allowing the Company to better align such funding with its capital needs. Sales of shares of Cousins' stock through its banking relationships, if any, are made in amounts and at times to be determined by Cousins from time to time, but the Company has no obligation to sell any of the shares in the offering and may suspend sales in connection with the offering at any time. Sales of Cousins' common stock under Forward Sales, if undertaken, meet the derivatives and hedging guidance scope exception as the contracts are related to the Company's own stock. In 2024, the Company filed a Form S-3 to renew the registration of its authorized shares. In conjunction with that Form S-3 filing, the Company entered into a Second Amendmen …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Commitments As a lessor, the Company had $205.3 million in future obligations under leases to fund tenant improvements and other future construction obligations at June 30, 2026. Litigation The Company is subject to various legal proceedings, claims, and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorab …

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"NOTES PAYABLE The following table summarizes the terms of notes payable outstanding at June 30, 2026 and December 31, 2025 ($ in thousands): Description Interest Rate (1) Maturity (2) 2026 2025 Unsecured Notes: Credit Facility 4.345% April 2031 $ 167,000 $ 116,000 Public Senior Notes 5.875% October 2034 500,000 500,000 Public Senior Notes 5.250% July 2030 500,000 500,000 Public Senior Notes 4.875% March 2033 500,000 Public Senior Notes 5.375% February 2032 400,000 400,000 Term Loan (3) 4.419% March 2027 400,000 400,000 Privately Placed Senior Notes 3.950% July 2029 275,000 275,000 Privately Placed Senior Notes 3.860% July 2028 250,000 250,000 Privately Placed Senior Notes 3.780% July 2027 125,000 125,000 Term Loan 4.420% February 2027 100,000 250,000 Privately Placed Senior Notes 4.090% July 2027 100,000 100,000 3,317,000 2,916,000 Secured Mortgage Notes: Terminus (4) 6.340% January 2031 221,000 221,000 201 North Tryon 3.370% October 2026 116,941 118,928 Colorado Tower 3.450% September 2026 99,721 101,199 437,662 441,127 $ 3,754,662 $ 3,357,127 Unamortized original issue discount (6,618) (3,246) Unamortized loan costs (15,980) (13,066) Total Notes Payable $ 3,732,064 $ 3,340,815 (1) Interest rate as of June 30, 2026. (2) Weighted average maturity of notes payable outstanding at June 30, 2026 was 4.1 years, exclusive of unexercised extension options. (3) The Company has elected six-month Term SOFR through September 3, 2026 for $200 million and Daily SOFR for $200 million. (4) …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"STOCK-BASED COMPENSATION On April 28, 2026, the Company's shareholders voted to approve the Amended and Restated Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the ""Amended Incentive Plan""), which replaced the Cousins Properties Incorporated 2019 Omnibus Incentive Stock Plan (the ""Prior Incentive Plan"" and, together with the Amended Incentive Plan, the ""Incentive Plan""), increased the aggregate share limit under the Incentive Plan by five million shares, and extended the term of the Incentive Plan to April 28, 2036. The Company currently has several types of employee stock-based compensation, including restricted stock and restricted stock units (""RSUs""), issued under the Incentive Plan and the Employee Stock Purchase Plan (""ESPP""). While the Company's Incentive Plan also allows for the issuance of stock options, none have been issued or exercised or were outstanding as of or during any of the periods presented. A portion of the Company's independent directors' compensation is also provided in the form of Company stock issued under the Incentive Plan. The Company's compensation expense for the three and six months ended June 30, 2026, relates to restricted stock, stock-settled RSUs, and the ESPP. Restricted stock, the stock-settled RSUs, and the ESPP options are equity-classified compensation for which compensation expense per share is fixed. For the three and six months ended June 30, 2026, and 2025, respectively, stock-based compensation expen …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements: In November 2024, the FASB issued Accounting Standards Update (""ASU"") 2024-03 ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses."" The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company does not anticipate the guidance will have a material impact on our consolidated financial statements or notes to our consolidated financial statements."

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"REVENUE RECOGNITION The Company categorizes its primary sources of revenue into revenue from contracts with customers and other revenue accounted for as leases under ASC 842 as follows: Rental property revenues consist of (1) contractual lease revenues recognized on a straight-line basis over the respective lease terms; (2) percentage rents recognized once a specified sales target is achieved; (3) parking revenue; (4) termination fees; and (5) the reimbursement of the tenants' share of real estate taxes, insurance, and other operating expenses. The Company's leases typically include renewal options and are classified and accounted for as operating leases. Rental property revenues are accounted for using practical expedients under ASC 842. Fee income consists of development fees, management fees, and leasing fees earned from unconsolidated joint ventures and from third parties. Fee income is accounted for in accordance with the guidance set forth in ASC 606. For the three and six months ended June 30, 2026, the Company recognized rental property revenues of $265.7 million and $526.8 million, respectively, of which $75.5 million and $149.3 million represented variable rental revenue, respectively. For the three and six months ended June 30, 2025 , the Company recognized rental property revenues of $237.7 million and $480.7 million, respectively, of which $63.2 million and $132.1 million represented variable rental revenue . For the three and six months ended June 30, 2026, the …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"REPORTABLE SEGMENTS The Company's segments are based on the method of internal reporting with operating segments being each of the operating office properties. These operating segments are aggregated for reporting by geographical area, with these geographical regions being: Austin, Atlanta, Charlotte, Dallas, Houston, Nashville, Phoenix, and Tampa. Company management evaluates the performance of its operating segments in part based on Net Operating Income (""NOI""). Office Property NOI is regularly reported to the Chief Operating Decision Maker (""CODM"") by operating segment. The CODM is the Company's President and Chief Executive Officer. Each segment includes both consolidated operations and the Company's share of unconsolidated joint venture operations. Segment net income, individually significant components of rental property operating expenses, amount of capital expenditures, and total assets are not presented in this note because the CODM does not utilize these measures when analyzing segments or when making resource allocation decisions. Information on the Company's segments along with a reconciliation of NOI to net income for the three and six months ended June 30, 2026, and 2025 are as follows ($ in thousands): Three Months Ended June 30, 2026 Rental Property Revenues Rental Property Operating Expenses NOI Office Properties Austin $ 90,488 $ 28,840 $ 61,648 Atlanta 85,724 30,088 55,636 Charlotte 29,729 7,846 21,883 Phoenix 18,048 4,832 13,216 Tampa 19,275 6,521 12, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"STOCKHOLDERS' EQUITY Share Repurchase Program On February 17, 2026, the Board of Directors of the Company authorized the repurchase of up to $250 million of the Company's outstanding common shares under a share repurchase program. On April 28, 2026, the Company's Board of Directors approved an increase to the total amount authorized under the repurchase program to $500 million, of which $410 million remains available for repurchase as of June 30, 2026. During the three months ended March 31, 2026 , the Company repurchased 3.9 million shares under the repurchase program at an average price of $23.36 per share for a total of $90.0 million. These shares were removed from issued and outstanding but remain authorized. The Company made no further share repurchases in the three months ended June 30, 2026. ATM Program In 2021, the Company entered into an E quity Distribution Agreement (""EDA"") with six financial institutions, known as an at-the-market stock offering program (""ATM Program""), under which the Company may offer and sell shares of its common stock from time to time in ""at-the-market"" offerings with an aggregate gross sales price of up to $500 million. In connection with the ATM Program, the Company may, at its discretion, enter into forward equity sale agreements. The use of a forward equity sale agreement (""Forward Sales"") would allow the Company to lock in a share price on the sale of shares of its common stock at the time the agreement is executed but defer rec …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing