04/25/2024 | Press release | Distributed by Public on 04/25/2024 14:28
Forward-Looking Statements
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Key Performance Metrics
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Portfolio Statistics
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Same Property Performance
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Office Leasing Activity
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Top 20 Office Tenants
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Debt Schedule
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TABLE OF CONTENTS
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Cousins Properties
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1
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Q1 2024 Supplemental Information
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FORWARD-LOOKING STATEMENTS
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Cousins Properties
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2
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Q1 2024 Supplemental Information
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FORWARD-LOOKING STATEMENTS
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Cousins Properties
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3
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Q1 2024 Supplemental Information
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EARNINGS RELEASE
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Cousins Properties
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4
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Q1 2024 Supplemental Information
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EARNINGS RELEASE
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Cousins Properties
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5
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Q1 2024 Supplemental Information
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M. Colin Connolly
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Gregg D. Adzema
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Kennedy Hicks
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Richard G. Hickson IV
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President & Chief Executive Officer
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Executive Vice President &
Chief Financial Officer
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Executive Vice President, Chief
Investment Officer & Managing Director
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Executive Vice President, Operations
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John S. McColl
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Pamela F. Roper
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Jeffrey D. Symes
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Executive Vice President, Development
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Executive Vice President, General
Counsel & Corporate Secretary
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Senior Vice President &
Chief Accounting Officer
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Robert M. Chapman
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Charles T. Cannada
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M. Colin Connolly
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Non-executive Chairman of Cousins Properties, Chief
Executive Officer of Centerpoint Properties Trust
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Private Investor
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President and Chief Executive Officer of
Cousins Properties
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Scott W. Fordham
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Lillian C. Giornelli
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R. Kent Griffin Jr.
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Former Chief Executive Officer and
Director of TIER REIT, Inc.
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Chairman, Chief Executive Officer and Trustee of
The Cousins Foundation Inc.
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Managing Director of Phicas Investors
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Donna W. Hyland
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Dionne Nelson
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R. Dary Stone
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President and Chief Executive Officer of
Children's Healthcare of Atlanta
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President and Chief Executive Officer of
Laurel Street Residential
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President and Chief Executive Officer of
R.D. Stone Interests
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COMPANY INFORMATION
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Cousins Properties
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6
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Q1 2024 Supplemental Information
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COMPANY INFORMATION
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EQUITY RESEARCH COVERAGE (1)
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Corporate Headquarters
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Investor Relations
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Barclays
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BofA Securities
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BMO Capital
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3344 Peachtree Road NE
Suite 1800
Atlanta GA 30326
404.407.1000
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Brendan Lynch
212.526.9428
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Camille Bonnel
416.369.2140
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John Kim
212.885.4115
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Evercore ISI
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Green Street
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Jefferies
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Transfer Agent
Equiniti Trust Company
equiniti.com
866.627.2649
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Stock Exchange
NYSE: CUZ
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Steve Sakwa
212.446.9462
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Dylan Burzinski
949.640.8780
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Peter Abramowitz
212.336.7241
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J.P. Morgan
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KeyBanc
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Mizuho Securities
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RATING AGENCIES (1)
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Anthony Paolone
212.622.6682
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Upal Rana
917.368.2316
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Vikram Malhotra
212.282.3827
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S&P Global Ratings
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Moody's Investors Service
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RW Baird
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Truist Securities
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Wells Fargo
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Hannah Gray
212.438.0244
Current Corporate
Credit Rating: BBB
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Christian Azzi
212.553.9342
Current Corporate
Credit Rating: Baa2
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Nicholas Thillman
414.298.5053
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Michael Lewis
212.319.5659
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Blaine Heck
410.662.2556
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Wolfe Research
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||||
Andrew Rosivach
646.582.9250
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(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
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Cousins Properties
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7
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Q1 2024 Supplemental Information
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March 31, 2024
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December 31, 2023
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Assets:
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Real estate assets:
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||
Operating properties, net of accumulated depreciation of $1,404,568 and $1,329,406 in 2024
and 2023, respectively
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$6,937,210
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$6,775,093
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Projects under development
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-
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132,884
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Land
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154,728
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154,728
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7,091,938
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7,062,705
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Cash and cash equivalents
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5,452
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6,047
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Accounts receivable
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8,135
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11,109
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Deferred rents receivable
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217,926
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209,370
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Investment in unconsolidated joint ventures
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155,210
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143,831
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Intangible assets, net
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105,559
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110,667
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Other assets, net
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98,761
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90,745
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Total assets
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$7,682,981
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$7,634,474
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Liabilities:
|
||
Notes payable
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$2,563,332
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$2,457,627
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Accounts payable and accrued expenses
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216,790
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299,767
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Deferred income
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245,739
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181,744
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Intangible liabilities, net
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40,115
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42,193
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Other liabilities
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102,045
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104,830
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Total liabilities
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3,168,021
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3,086,161
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Commitments and contingencies
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Equity:
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||
Stockholders' investment:
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Common stock, $1 par value per share, 300,000,000 shares authorized, 152,071,718 and
154,335,798 issued, and 152,071,718 and 151,799,215 outstanding in 2024 and 2023, respectively
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152,072
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154,336
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Additional paid-in capital
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5,496,371
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5,638,709
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Treasury stock at cost, $2,536,583 shares in 2023
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-
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(145,696)
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Distributions in excess of cumulative net income
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(1,160,759)
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(1,125,390)
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Accumulated other comprehensive income
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3,187
|
2,192
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Total stockholders' investment
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4,490,871
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4,524,151
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Nonredeemable noncontrolling interests
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24,089
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24,162
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Total equity
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4,514,960
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4,548,313
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Total liabilities and equity
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$7,682,981
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$7,634,474
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CONSOLIDATED BALANCE SHEETS
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Cousins Properties
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8
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Q1 2024 Supplemental Information
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Three Months Ended
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March 31,
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2024
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2023
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Revenues:
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Rental property revenues
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$208,818
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$200,076
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Fee income
|
379
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374
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Other
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44
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2,278
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209,241
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202,728
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Expenses:
|
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Rental property operating expenses
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71,075
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71,213
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Reimbursed expenses
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140
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207
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General and administrative expenses
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9,214
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8,438
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Interest expense
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28,908
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25,030
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Depreciation and amortization
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86,230
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75,770
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Other
|
672
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385
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196,239
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181,043
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Income from unconsolidated joint ventures
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348
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673
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Gain (loss) on investment property transactions
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101
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(2)
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Net income
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13,451
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22,356
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Net income attributable to noncontrolling interests
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(163)
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(160)
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Net income available to common stockholders
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$13,288
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$22,196
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Net income per common share - basic and diluted
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$0.09
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$0.15
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Weighted average shares - basic
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151,945
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151,579
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Weighted average shares - diluted
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152,385
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151,880
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CONSOLIDATED STATEMENTS OF OPERATIONS
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Cousins Properties
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9
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Q1 2024 Supplemental Information
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2022
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2023 1st
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2023 2nd
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2023 3rd
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2023 4th
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2023
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2024 1st
|
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Property Statistics
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|||||||
Consolidated Operating Properties
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34
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34
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34
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34
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34
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34
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34
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Consolidated Rentable Square Feet (in thousands)
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18,424
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18,444
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18,444
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18,434
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18,434
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18,434
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18,434
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Unconsolidated Operating Properties
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2
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2
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2
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2
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2
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2
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2
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Unconsolidated Rentable Square Feet (in thousands)
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711
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711
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711
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711
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711
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711
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711
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Total Operating Properties
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36
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36
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36
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36
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36
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36
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36
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Total Rentable Square Feet (in thousands)
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19,135
|
19,155
|
19,155
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19,145
|
19,145
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19,145
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19,145
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Office Percent Leased (period end)
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91.0%
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90.8%
|
90.8%
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91.1%
|
90.9%
|
90.9%
|
90.8%
|
Office Weighted Average Occupancy
|
87.3%
|
87.2%
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87.7%
|
88.0%
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87.6%
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87.5%
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88.4%
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Office Leasing Activity (2)
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|||||||
Net Leased during the Period (SF, in thousands)
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1,976
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258
|
435
|
548
|
453
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1,694
|
404
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Net Rent (per SF)
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$34.08
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$34.45
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$38.65
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$33.94
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$33.53
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$35.15
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$36.06
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Net Free Rent (per SF)
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(1.97)
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(2.07)
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(2.04)
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(2.27)
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(2.56)
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(2.25)
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(2.10)
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Leasing Commissions (per SF)
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(2.74)
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(2.83)
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(2.53)
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(2.60)
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(2.65)
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(2.62)
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(2.61)
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Tenant Improvements (per SF)
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(5.98)
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(6.29)
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(5.88)
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(5.30)
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(5.86)
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(5.72)
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(7.15)
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Leasing Costs (per SF)
|
(10.69)
|
(11.19)
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(10.45)
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(10.17)
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(11.07)
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(10.59)
|
(11.86)
|
Net Effective Rent (per SF)
|
$23.39
|
$23.26
|
$28.20
|
$23.77
|
$22.46
|
$24.56
|
$24.20
|
Change in Second Generation Net Rent
|
23.2%
|
20.1%
|
19.6%
|
28.7%
|
10.4%
|
20.2%
|
20.1%
|
Change in Cash-Basis Second Generation Net Rent
|
9.5%
|
6.1%
|
7.9%
|
9.8%
|
0.8%
|
5.8%
|
5.3%
|
Same Property Information (3)
|
|||||||
Percent Leased (period end)
|
90.1%
|
90.6%
|
90.5%
|
90.8%
|
90.6%
|
90.6%
|
90.8%
|
Weighted Average Occupancy
|
86.6%
|
87.0%
|
87.3%
|
87.7%
|
87.5%
|
87.3%
|
88.4%
|
Change in NOI (over prior year period)
|
0.0%
|
5.3%
|
6.3%
|
4.1%
|
4.2%
|
5.0%
|
6.6%
|
Change in Cash-Basis NOI (over prior year period)
|
1.0%
|
4.9%
|
3.7%
|
4.6%
|
3.5%
|
4.2%
|
6.6%
|
Development Pipeline (4)
|
|||||||
Estimated Project Costs (in thousands)
|
$428,500
|
$428,500
|
$428,500
|
$428,500
|
$428,500
|
$428,500
|
$437,950
|
Estimated Project Costs/Total Undepreciated Assets
|
4.8%
|
4.8%
|
4.7%
|
4.7%
|
4.6%
|
4.6%
|
4.6%
|
Continued on next page
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KEY PERFORMANCE METRICS (1)
|
Cousins Properties
|
10
|
Q1 2024 Supplemental Information
|
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Market Capitalization
|
|||||||
Common Stock Price Per Share
|
$25.29
|
$21.38
|
$22.80
|
$20.37
|
$24.35
|
$24.35
|
$24.04
|
Common Stock/Units Outstanding (in thousands)
|
151,482
|
151,718
|
151,774
|
151,774
|
151,824
|
151,824
|
152,096
|
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
|
Debt (in thousands)
|
2,424,004
|
2,544,956
|
2,548,073
|
2,559,871
|
2,608,675
|
2,608,675
|
2,723,978
|
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
|
Credit Ratios
|
|||||||
Net Debt/Total Market Capitalization
|
38.6%
|
43.7%
|
42.1%
|
45.0%
|
41.2%
|
41.2%
|
42.5%
|
Net Debt/Total Undepreciated Assets
|
27.2%
|
28.1%
|
27.8%
|
27.8%
|
28.0%
|
28.0%
|
28.8%
|
Net Debt/Annualized EBITDAre
|
4.93
|
5.13
|
4.89
|
5.02
|
5.14
|
5.14
|
5.25
|
Fixed Charges Coverage (EBITDAre)
|
5.21
|
4.48
|
4.53
|
4.28
|
4.20
|
4.37
|
4.09
|
Dividend Information
|
|||||||
Common Dividend per Share
|
$1.28
|
$0.32
|
$0.32
|
$0.32
|
$0.32
|
$1.28
|
$0.32
|
Funds From Operations (FFO) Payout Ratio
|
47.4%
|
49.5%
|
47.3%
|
49.2%
|
49.2%
|
48.8%
|
48.9%
|
Funds Available for Distribution (FAD) Payout Ratio
|
70.6%
|
65.3%
|
71.8%
|
70.1%
|
82.5%
|
71.9%
|
82.1%
|
Operations Ratio
|
|||||||
Annualized General and Administrative Expenses/
Total Undepreciated Assets
|
0.30%
|
0.37%
|
0.35%
|
0.36%
|
0.32%
|
0.32%
|
0.39%
|
Additional Information
|
|||||||
In-Place Gross Rent (per SF) (5)
|
$44.87
|
$46.02
|
$46.43
|
$46.64
|
$46.95
|
$46.95
|
$46.82
|
Straight-Line Rental Revenue (in thousands)
|
$28,953
|
$8,431
|
$3,703
|
$7,508
|
$5,858
|
$25,500
|
$8,604
|
Above and Below Market Rents Amortization, Net
(in thousands)
|
$6,444
|
$1,559
|
$2,525
|
$1,371
|
$1,421
|
$6,876
|
$1,460
|
Second Generation Capital Expenditures
(in thousands)
|
$99,501
|
$15,467
|
$29,317
|
$20,224
|
$31,900
|
$96,908
|
$30,212
|
(1)
|
For Non-GAAP Financial Measures, see the Calculations and Reconciliations on pages 33 through 38.
|
(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
|
Q1 2024 Supplemental Information
|
KEY PERFORMANCE METRICS
|
Cousins Properties
|
12
|
Q1 2024 Supplemental Information
|
(amounts in thousands, except per share amounts)
|
|||||||
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Net Income
|
$167,445
|
$22,356
|
$23,077
|
$19,491
|
$18,892
|
$83,816
|
$13,451
|
Fee and Other Income
|
(11,243)
|
(2,788)
|
(6,936)
|
(690)
|
(756)
|
(11,170)
|
(893)
|
General and Administrative Expenses
|
28,319
|
8,438
|
8,021
|
8,336
|
7,536
|
32,331
|
9,214
|
Interest Expense
|
72,537
|
25,030
|
25,972
|
27,008
|
27,453
|
105,463
|
28,908
|
Depreciation and Amortization
|
295,587
|
75,770
|
80,269
|
79,492
|
79,366
|
314,897
|
86,230
|
Reimbursed and Other Expenses
|
4,158
|
592
|
635
|
772
|
737
|
2,736
|
812
|
Income from Unconsolidated Joint Ventures
|
(7,700)
|
(673)
|
(753)
|
(582)
|
(291)
|
(2,299)
|
(348)
|
NOI from Unconsolidated Joint Ventures
|
9,524
|
1,409
|
1,559
|
1,564
|
1,292
|
5,824
|
1,352
|
Transaction Loss (Gain)
|
(56,427)
|
2
|
-
|
(507)
|
1
|
(504)
|
(101)
|
NOI (1)
|
$502,200
|
$130,136
|
$131,844
|
$134,884
|
$134,230
|
$531,094
|
$138,625
|
Fee and Other Income (1)
|
11,459
|
2,825
|
6,974
|
725
|
786
|
11,310
|
908
|
General and Administrative Expenses
|
(28,319)
|
(8,438)
|
(8,021)
|
(8,336)
|
(7,536)
|
(32,331)
|
(9,214)
|
Interest Expense (1)
|
(75,140)
|
(25,310)
|
(26,334)
|
(27,516)
|
(27,979)
|
(107,139)
|
(29,436)
|
Reimbursed and Other Expenses (1)
|
(4,057)
|
(605)
|
(642)
|
(795)
|
(752)
|
(2,794)
|
(843)
|
Gain (Loss) on Sales of Undepreciated Investment Properties
|
4,478
|
-
|
-
|
507
|
(1)
|
506
|
-
|
Depreciation and Amortization of Non-Real Estate Assets
|
(558)
|
(108)
|
(111)
|
(113)
|
(116)
|
(448)
|
(115)
|
Partners' Share of FFO in Consolidated Joint Ventures
|
(1,304)
|
(406)
|
(759)
|
(384)
|
(360)
|
(1,909)
|
(429)
|
FFO (1)
|
$408,759
|
$98,094
|
$102,951
|
$98,972
|
$98,272
|
$398,289
|
$99,496
|
Weighted Average Shares - Diluted
|
150,419
|
151,880
|
152,126
|
152,048
|
152,105
|
152,040
|
152,385
|
FFO per Share (1)
|
$2.72
|
$0.65
|
$0.68
|
$0.65
|
$0.65
|
$2.62
|
$0.65
|
FUNDS FROM OPERATIONS - SUMMARY
|
Cousins Properties
|
13
|
Q1 2024 Supplemental Information
|
(amounts in thousands, except per share amounts)
|
|||||||
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
NOI
|
|||||||
Consolidated Properties
|
|||||||
The Domain (2)
|
$68,704
|
$18,144
|
$18,466
|
$18,303
|
$18,440
|
$73,353
|
$18,355
|
Terminus (2)
|
32,908
|
8,097
|
8,442
|
8,596
|
8,669
|
33,804
|
8,087
|
Spring & 8th (2)
|
29,419
|
7,361
|
7,372
|
7,270
|
7,352
|
29,355
|
7,363
|
Corporate Center (2)
|
28,594
|
7,467
|
7,600
|
7,548
|
7,585
|
30,200
|
7,321
|
300 Colorado
|
13,120
|
3,772
|
4,608
|
5,166
|
5,428
|
18,974
|
5,756
|
BriarLake Plaza (2)
|
14,746
|
3,545
|
3,588
|
3,648
|
3,896
|
14,677
|
5,579
|
Buckhead Plaza (2)
|
16,980
|
4,766
|
5,312
|
5,436
|
5,453
|
20,967
|
5,321
|
San Jacinto Center
|
16,003
|
3,940
|
4,093
|
3,748
|
4,456
|
16,237
|
5,076
|
725 Ponce
|
18,543
|
4,777
|
4,753
|
4,828
|
5,040
|
19,398
|
5,032
|
Northpark (2)
|
22,699
|
5,136
|
4,901
|
5,141
|
5,391
|
20,569
|
4,980
|
Fifth Third Center
|
17,675
|
4,732
|
4,726
|
4,840
|
4,661
|
18,959
|
4,759
|
Hayden Ferry (2)
|
24,304
|
5,934
|
4,323
|
6,106
|
4,456
|
20,819
|
4,600
|
Avalon (2)
|
15,927
|
4,243
|
4,145
|
4,326
|
4,168
|
16,882
|
4,425
|
Colorado Tower
|
12,452
|
3,282
|
3,740
|
4,152
|
4,236
|
15,410
|
4,234
|
One Eleven Congress
|
17,398
|
4,246
|
4,542
|
4,850
|
4,045
|
17,683
|
4,190
|
3344 Peachtree
|
15,691
|
3,992
|
4,107
|
4,112
|
3,847
|
16,058
|
4,023
|
The Terrace (2)
|
13,413
|
3,698
|
3,903
|
4,036
|
3,879
|
15,516
|
3,939
|
100 Mill
|
7,298
|
3,603
|
3,575
|
3,352
|
3,196
|
13,726
|
3,842
|
Promenade Tower
|
12,170
|
3,377
|
3,483
|
3,568
|
3,266
|
13,694
|
3,432
|
The RailYard
|
12,900
|
3,332
|
3,308
|
3,296
|
3,233
|
13,169
|
3,081
|
Heights Union (2)
|
8,312
|
2,338
|
2,525
|
2,669
|
2,539
|
10,071
|
2,621
|
550 South
|
10,694
|
2,698
|
2,730
|
2,811
|
2,757
|
10,996
|
2,527
|
Legacy Union One
|
9,421
|
2,364
|
2,366
|
2,348
|
2,363
|
9,441
|
2,380
|
Domain Point (2)
|
7,085
|
2,025
|
2,260
|
2,186
|
2,166
|
8,637
|
2,183
|
Promenade Central (3)
|
224
|
716
|
775
|
1,084
|
1,234
|
3,809
|
1,570
|
111 West Rio
|
5,669
|
1,417
|
1,395
|
1,408
|
1,387
|
5,607
|
1,411
|
3350 Peachtree
|
5,520
|
1,477
|
1,447
|
855
|
735
|
4,514
|
1,363
|
Tempe Gateway
|
4,273
|
819
|
957
|
1,084
|
1,166
|
4,026
|
1,259
|
Meridian Mark Plaza
|
4,961
|
1,286
|
1,215
|
1,237
|
1,058
|
4,796
|
1,215
|
The Pointe
|
4,852
|
1,056
|
695
|
381
|
1,137
|
3,269
|
1,168
|
3348 Peachtree
|
4,772
|
1,050
|
1,160
|
1,119
|
1,277
|
4,606
|
1,163
|
Research Park V
|
4,468
|
1,166
|
918
|
934
|
1,091
|
4,109
|
1,087
|
5950 Sherry Lane
|
3,469
|
861
|
852
|
886
|
1,034
|
3,633
|
1,078
|
Harborview Plaza
|
3,429
|
849
|
841
|
848
|
856
|
3,394
|
835
|
Other (4)
|
4,583
|
1,161
|
1,162
|
1,148
|
1,441
|
4,912
|
2,018
|
Subtotal - Consolidated
|
492,676
|
128,727
|
130,285
|
133,320
|
132,938
|
525,270
|
137,273
|
Continued on next page
|
FUNDS FROM OPERATIONS - DETAIL (1)
|
Cousins Properties
|
14
|
Q1 2024 Supplemental Information
|
(amounts in thousands, except per share amounts)
|
|||||||
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Unconsolidated Properties (5)
|
|||||||
Medical Offices at Emory Hospital
|
4,531
|
1,054
|
1,203
|
1,161
|
1,170
|
4,588
|
1,116
|
120 West Trinity (2)
|
1,302
|
326
|
338
|
389
|
194
|
1,247
|
319
|
Other (6)
|
3,691
|
29
|
18
|
14
|
(72)
|
(11)
|
(83)
|
Subtotal - Unconsolidated
|
9,524
|
1,409
|
1,559
|
1,564
|
1,292
|
5,824
|
1,352
|
Total Net Operating Income (1)
|
502,200
|
130,136
|
131,844
|
134,884
|
134,230
|
531,094
|
138,625
|
Fee and Other Income
|
|||||||
Management Fees (7)
|
2,941
|
374
|
352
|
318
|
329
|
1,373
|
379
|
Termination Fees
|
2,464
|
136
|
6,570
|
271
|
366
|
7,343
|
471
|
Development Fees
|
3,178
|
-
|
-
|
-
|
-
|
-
|
-
|
Interest and Other Income
|
2,660
|
2,278
|
14
|
101
|
61
|
2,454
|
44
|
Interest and Other Income - Unconsolidated (5)
|
216
|
37
|
38
|
35
|
30
|
140
|
14
|
Total Fee and Other Income
|
11,459
|
2,825
|
6,974
|
725
|
786
|
11,310
|
908
|
General and Administrative Expenses
|
(28,319)
|
(8,438)
|
(8,021)
|
(8,336)
|
(7,536)
|
(32,331)
|
(9,214)
|
Interest Expense
|
|||||||
Consolidated Interest Expense
|
|||||||
Term Loan, Unsecured ($400M)
|
(4,936)
|
(5,856)
|
(6,158)
|
(6,306)
|
(6,359)
|
(24,679)
|
(6,050)
|
Credit Facility, Unsecured
|
(9,759)
|
(3,054)
|
(3,583)
|
(3,589)
|
(3,929)
|
(14,155)
|
(5,449)
|
Term Loan, Unsecured ($350M)
|
(11,609)
|
(4,902)
|
(4,944)
|
(5,009)
|
(5,010)
|
(19,865)
|
(4,892)
|
Terminus (2)
|
(5,644)
|
(3,513)
|
(3,514)
|
(3,514)
|
(3,514)
|
(14,055)
|
(3,514)
|
Senior Notes, Unsecured ($275M)
|
(10,975)
|
(2,744)
|
(2,744)
|
(2,743)
|
(2,744)
|
(10,975)
|
(2,744)
|
Senior Notes, Unsecured ($250M)
|
(9,958)
|
(2,490)
|
(2,489)
|
(2,490)
|
(2,489)
|
(9,958)
|
(2,490)
|
Senior Notes, Unsecured ($250M)
|
(9,764)
|
(2,441)
|
(2,441)
|
(2,441)
|
(2,441)
|
(9,764)
|
(2,441)
|
Senior Notes, Unsecured ($125M)
|
(4,789)
|
(1,197)
|
(1,197)
|
(1,198)
|
(1,197)
|
(4,789)
|
(1,197)
|
Fifth Third Center
|
(4,508)
|
(1,108)
|
(1,101)
|
(1,094)
|
(1,085)
|
(4,388)
|
(1,078)
|
Senior Notes, Unsecured ($100M)
|
(4,145)
|
(1,036)
|
(1,036)
|
(1,037)
|
(1,036)
|
(4,145)
|
(1,036)
|
Colorado Tower
|
(3,917)
|
(965)
|
(960)
|
(953)
|
(948)
|
(3,826)
|
(942)
|
Domain 10
|
(3,141)
|
(774)
|
(770)
|
(765)
|
(760)
|
(3,069)
|
(756)
|
Other (8)
|
(4,792)
|
(41)
|
(40)
|
(41)
|
(40)
|
(162)
|
(25)
|
Capitalized (9)
|
15,400
|
5,091
|
5,005
|
4,172
|
4,099
|
18,367
|
3,706
|
Subtotal - Consolidated Interest Expense
|
(72,537)
|
(25,030)
|
(25,972)
|
(27,008)
|
(27,453)
|
(105,463)
|
(28,908)
|
Unconsolidated Interest Expense (5)
|
|||||||
Medical Offices at Emory Hospital
|
(1,147)
|
(280)
|
(362)
|
(508)
|
(509)
|
(1,659)
|
(508)
|
Other (8)
|
(1,456)
|
-
|
-
|
-
|
(17)
|
(17)
|
(20)
|
Subtotal - Unconsolidated Interest Expense
|
(2,603)
|
(280)
|
(362)
|
(508)
|
(526)
|
(1,676)
|
(528)
|
Total Interest Expense
|
(75,140)
|
(25,310)
|
(26,334)
|
(27,516)
|
(27,979)
|
(107,139)
|
(29,436)
|
Continued on next page
|
FUNDS FROM OPERATIONS - DETAIL (1)
|
Cousins Properties
|
15
|
Q1 2024 Supplemental Information
|
(amounts in thousands, except per share amounts)
|
|||||||
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Reimbursed and Other Expenses
|
|||||||
Reimbursed Expenses (7)
|
(2,024)
|
(207)
|
(159)
|
(149)
|
(93)
|
(608)
|
(140)
|
Property Taxes and Other Land Holding Costs (5)
|
(1,065)
|
(323)
|
(276)
|
(318)
|
(473)
|
(1,390)
|
(389)
|
Severance
|
(170)
|
(72)
|
(90)
|
(63)
|
(167)
|
(392)
|
2
|
Gain on Extinguishment of Debt
|
169
|
-
|
-
|
-
|
-
|
-
|
-
|
Predevelopment & Other Costs (5)
|
(967)
|
(3)
|
(117)
|
(265)
|
(19)
|
(404)
|
(316)
|
Total Reimbursed and Other Expenses
|
(4,057)
|
(605)
|
(642)
|
(795)
|
(752)
|
(2,794)
|
(843)
|
Gain (Loss) on Sales of Undepreciated Investment Properties
|
|||||||
Consolidated
|
-
|
-
|
-
|
507
|
(1)
|
506
|
-
|
Unconsolidated (5)
|
4,478
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Gain (Loss) on Sales of Undepreciated Investment Properties
|
4,478
|
-
|
-
|
507
|
(1)
|
506
|
-
|
Depreciation and Amortization of Non-Real Estate Assets
|
(558)
|
(108)
|
(111)
|
(113)
|
(116)
|
(448)
|
(115)
|
Partners' Share of FFO in Consolidated Joint Ventures
|
(1,304)
|
(406)
|
(759)
|
(384)
|
(360)
|
(1,909)
|
(429)
|
FFO
|
$408,759
|
$98,094
|
$102,951
|
$98,972
|
$98,272
|
$398,289
|
$99,496
|
Weighted Average Shares - Diluted
|
150,419
|
151,880
|
152,126
|
152,048
|
152,105
|
152,040
|
152,385
|
FFO per Share
|
$2.72
|
$0.65
|
$0.68
|
$0.65
|
$0.65
|
$2.62
|
$0.65
|
Note:
|
Amounts may differ slightly from other schedules contained herein due to rounding.
|
(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 33.
|
|
(2) Contains multiple buildings that are grouped together for reporting purposes.
|
|
(3) A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022, but is not yet stabilized.
|
|
(4) Primarily represents the College Street Garage and properties in the final stages of development and not yet stabilized. Also includes properties sold prior to March 31, 2024.
|
|
(5) Unconsolidated amounts included in the reconciliation above represent amounts recorded in unconsolidated joint ventures multiplied by the Company's ownership interest. The Company does not control the
operations of the unconsolidated joint ventures but believes including these amounts in the categories indicated is meaningful to investors and analysts.
|
|
(6) Primarily represents unconsolidated investments sold prior to March 31, 2024, see page 26. Also includes NOI from unconsolidated investments not yet stabilized.
|
|
(7) Reimbursed Expenses include costs incurred by the Company for management services provided to our unconsolidated joint ventures. The reimbursement of these costs by the unconsolidated joint ventures is
included in Management Fees.
|
|
(8) Primarily represents interest on consolidated loans repaid and our share of interests on loans of unconsolidated investments sold prior to March 31, 2024. Also includes interest expense from unconsolidated
investments not yet stabilized.
|
|
(9) Amounts of consolidated interest expense related to consolidated debt that are capitalized to consolidated development and redevelopment projects as well as to equity in unconsolidated development projects.
|
FUNDS FROM OPERATIONS - DETAIL (1)
|
Cousins Properties
|
16
|
Q1 2024 Supplemental Information
|
Office Properties (1)
|
Rentable
Square
Feet
|
Financial
Statement
Presentation
|
Company's
Ownership
Interest
|
End of Period Leased
|
Weighted Average
Occupancy (2)
|
% of Total
NOI / 1Q24
|
Property Level Debt
($ in thousands) (3)
|
||
1Q24
|
4Q23
|
1Q24
|
4Q23
|
||||||
Terminus (4)
|
1,226,000
|
Consolidated
|
100%
|
84.7%
|
86.3%
|
82.0%
|
83.8%
|
5.9%
|
$220,697
|
Spring & 8th (4)
|
765,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
5.4%
|
-
|
Buckhead Plaza (4)
|
678,000
|
Consolidated
|
100%
|
96.3%
|
95.2%
|
86.9%
|
89.6%
|
3.9%
|
-
|
725 Ponce
|
372,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
3.7%
|
-
|
Northpark (4)
|
1,539,000
|
Consolidated
|
100%
|
74.2%
|
74.0%
|
72.8%
|
73.4%
|
3.6%
|
-
|
Avalon
|
480,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
97.4%
|
3.2%
|
-
|
3344 Peachtree
|
484,000
|
Consolidated
|
100%
|
95.1%
|
95.1%
|
95.1%
|
96.3%
|
2.9%
|
-
|
Promenade Tower
|
777,000
|
Consolidated
|
100%
|
88.6%
|
82.9%
|
67.0%
|
63.2%
|
2.5%
|
-
|
Promenade Central (5) (6)
|
367,000
|
Consolidated
|
100%
|
76.0%
|
71.3%
|
67.5%
|
55.9%
|
1.1%
|
-
|
3350 Peachtree
|
413,000
|
Consolidated
|
100%
|
74.2%
|
60.3%
|
60.3%
|
57.0%
|
1.0%
|
-
|
Meridian Mark Plaza
|
160,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
0.9%
|
-
|
3348 Peachtree
|
258,000
|
Consolidated
|
100%
|
76.9%
|
76.9%
|
76.9%
|
80.5%
|
0.8%
|
-
|
Medical Offices at Emory Hospital
|
358,000
|
Unconsolidated
|
50%
|
99.5%
|
99.5%
|
99.5%
|
99.5%
|
0.8%
|
41,168
|
120 West Trinity Office
|
43,000
|
Unconsolidated
|
20%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
0.1%
|
-
|
ATLANTA (6)
|
7,920,000
|
87.9%
|
86.6%
|
83.2%
|
83.3%
|
35.8%
|
261,865
|
||
The Domain (4)
|
1,899,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
99.4%
|
99.5%
|
13.4%
|
71,873
|
300 Colorado
|
378,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
4.2%
|
-
|
San Jacinto Center
|
399,000
|
Consolidated
|
100%
|
95.9%
|
95.9%
|
95.9%
|
86.9%
|
3.7%
|
-
|
Colorado Tower
|
373,000
|
Consolidated
|
100%
|
98.8%
|
98.8%
|
98.3%
|
97.4%
|
3.1%
|
105,943
|
One Eleven Congress
|
519,000
|
Consolidated
|
100%
|
79.0%
|
80.5%
|
79.9%
|
79.9%
|
3.0%
|
-
|
The Terrace (4)
|
619,000
|
Consolidated
|
100%
|
79.4%
|
79.9%
|
78.7%
|
77.6%
|
2.9%
|
-
|
Domain Point (4)
|
240,000
|
Consolidated
|
96.5%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
1.6%
|
-
|
Research Park V
|
173,000
|
Consolidated
|
100%
|
93.0%
|
93.0%
|
89.0%
|
89.0%
|
0.8%
|
-
|
AUSTIN
|
4,600,000
|
94.3%
|
94.4%
|
93.7%
|
92.8%
|
32.7%
|
177,816
|
||
Corporate Center (4)
|
1,227,000
|
Consolidated
|
100%
|
91.5%
|
93.4%
|
91.9%
|
92.3%
|
5.3%
|
-
|
Heights Union (4)
|
294,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
1.9%
|
-
|
The Pointe
|
253,000
|
Consolidated
|
100%
|
90.4%
|
90.4%
|
86.5%
|
89.3%
|
0.8%
|
-
|
Harborview Plaza
|
206,000
|
Consolidated
|
100%
|
88.7%
|
83.7%
|
82.1%
|
79.3%
|
0.6%
|
-
|
TAMPA
|
1,980,000
|
92.3%
|
93.0%
|
91.2%
|
91.7%
|
8.6%
|
-
|
||
Hayden Ferry (4) (7)
|
792,000
|
Consolidated
|
100%
|
84.8%
|
90.9%
|
85.1%
|
88.5%
|
3.3%
|
-
|
100 Mill
|
288,000
|
Consolidated
|
90%
|
98.1%
|
98.1%
|
92.3%
|
81.3%
|
2.8%
|
-
|
111 West Rio
|
225,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
1.0%
|
-
|
Tempe Gateway
|
264,000
|
Consolidated
|
100%
|
87.3%
|
75.9%
|
64.7%
|
64.8%
|
0.9%
|
|
PHOENIX
|
1,569,000
|
92.6%
|
90.9%
|
85.0%
|
84.4%
|
8.0%
|
-
|
||
Fifth Third Center
|
692,000
|
Consolidated
|
100%
|
92.6%
|
91.1%
|
91.1%
|
91.1%
|
3.5%
|
125,461
|
Railyard
|
329,000
|
Consolidated
|
100%
|
99.4%
|
99.0%
|
99.0%
|
99.2%
|
2.2%
|
-
|
550 South
|
394,000
|
Consolidated
|
100%
|
76.9%
|
96.7%
|
90.1%
|
96.7%
|
1.8%
|
-
|
CHARLOTTE
|
1,415,000
|
89.8%
|
94.5%
|
92.7%
|
94.5%
|
7.5%
|
125,461
|
||
Continued on next page
|
PORTFOLIO STATISTICS
|
Cousins Properties
|
17
|
Q1 2024 Supplemental Information
|
Office Properties (1)
|
Rentable
Square
Feet
|
Financial
Statement
Presentation
|
Company's
Ownership
Interest
|
End of Period Leased
|
Weighted Average
Occupancy (2)
|
% of Total
NOI / 1Q24
|
Property Level Debt
($ in thousands) (3)
|
||
1Q24
|
4Q23
|
1Q24
|
4Q23
|
||||||
Legacy Union One
|
319,000
|
Consolidated
|
100%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
1.7%
|
-
|
5950 Sherry Lane
|
197,000
|
Consolidated
|
100%
|
79.3%
|
79.3%
|
79.3%
|
77.5%
|
0.8%
|
-
|
DALLAS
|
516,000
|
92.1%
|
92.1%
|
92.1%
|
91.4%
|
2.5%
|
-
|
||
BriarLake Plaza (4)
|
835,000
|
Consolidated
|
100%
|
95.5%
|
96.8%
|
94.4%
|
79.0%
|
4.1%
|
-
|
HOUSTON
|
835,000
|
95.5%
|
96.8%
|
94.4%
|
79.0%
|
4.1%
|
-
|
||
TOTAL OFFICE (6)
|
18,835,000
|
90.8%
|
90.9%
|
88.4%
|
87.6%
|
99.2%
|
$565,142
|
||
Other Properties (1)
|
|||||||||
College Street Garage - Charlotte (5)
|
N/A
|
Consolidated
|
100%
|
NA
|
NA
|
NA
|
NA
|
0.7%
|
-
|
120 West Trinity Apartment -
Atlanta (330 units) (5)
|
310,000
|
Unconsolidated
|
20%
|
95.9%
|
95.3%
|
95.3%
|
93.6%
|
0.1%
|
-
|
TOTAL OTHER
|
310,000
|
95.9%
|
95.3%
|
95.3%
|
93.6%
|
0.8%
|
$-
|
||
TOTAL (6)
|
19,145,000
|
90.8%
|
90.9%
|
88.4%
|
87.7%
|
100.0%
|
$565,142
|
||
(1)
|
Represents the Company's operating properties, excluding properties in the development pipeline, full building redevelopments that are not yet stabilized, and properties sold prior to March 31, 2024.
|
(2)
|
The weighted average economic occupancy of the property over the period for which the property was available for occupancy.
|
(3)
|
The Company's share of property-specific mortgage debt, net of unamortized loan costs, as of March 31, 2024.
|
(4)
|
Contains two or more buildings that are grouped together for reporting purposes.
|
(5)
|
Not included in Same Property as of March 31, 2024.
|
(6)
|
A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022. This building will be excluded from the Atlanta, Total Office, and Total Portfolio calculations until stabilized.
|
(7)
|
Hayden Ferry 1 in this group of buildings has been excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of a full redevelopment of this building effective
October 1, 2023.
|
PORTFOLIO STATISTICS
|
Cousins Properties
|
18
|
Q1 2024 Supplemental Information
|
PORTFOLIO STATISTICS
|
Cousins Properties
|
19
|
Q1 2024 Supplemental Information
|
($ in thousands)
|
||||
Three Months Ended March 31,
|
||||
2024
|
2023
|
$ Change
|
% Change
|
|
Rental Property Revenues (2)
|
$204,450
|
$196,929
|
$7,521
|
3.8%
|
Rental Property Operating Expenses (2)
|
69,589
|
70,406
|
(817)
|
(1.2)%
|
Same Property Net Operating Income
|
$134,861
|
$126,523
|
$8,338
|
6.6%
|
Cash-Basis Rental Property Revenues (3)
|
$190,781
|
$184,066
|
$6,715
|
3.6%
|
Cash-Basis Rental Property Operating Expenses (4)
|
69,381
|
70,183
|
(802)
|
(1.1)%
|
Cash-Basis Same Property Net Operating Income
|
$121,400
|
$113,883
|
$7,517
|
6.6%
|
End of Period Leased
|
90.8%
|
90.6%
|
||
Weighted Average Occupancy
|
88.4%
|
87.0%
|
||
(1)
|
Same Properties include those office properties that were stabilized and owned by the Company for the entirety of all comparable reporting periods presented.
See Portfolio Statistics on pages 17 and 18 for footnotes indicating which properties are not included in Same Property. See Non-GAAP Financial Measures -
Calculations and Reconciliations beginning on page 33.
|
(2)
|
Rental Property Revenues and Operating Expenses include results for the Company and its share of unconsolidated joint ventures and exclude termination fee
income. Net operating income for unconsolidated joint ventures is calculated as Rental Property Revenues less termination fee income and Rental Property
Expenses at the joint ventures, multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint
ventures but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.
|
(3)
|
Cash-Basis Rental Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property Revenues,
excluding termination fee income, straight-line rents, and other deferred income amortization, amortization of lease inducements, and amortization of acquired
above and below market rents.
|
(4)
|
Cash-Basis Rental Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Rental Property
Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.
|
SAME PROPERTY PERFORMANCE (1)
|
Cousins Properties
|
20
|
Q1 2024 Supplemental Information
|
Three Months Ended March 31, 2024
|
||||
New
|
Renewal
|
Expansion
|
Total
|
|
Gross leased square feet (1)
|
462,076
|
|||
Less exclusions (2)
|
(58,422)
|
|||
Net leased square feet
|
187,938
|
117,165
|
98,551
|
403,654
|
Number of transactions
|
17
|
12
|
8
|
37
|
Lease term in years (3)
|
8.0
|
4.6
|
8.5
|
7.1
|
Net effective rent calculation (per square foot
per year) (3)
|
||||
Net annualized rent (4)
|
$39.35
|
$32.73
|
$33.74
|
$36.06
|
Net free rent
|
(2.44)
|
(1.53)
|
(2.12)
|
(2.10)
|
Leasing commissions
|
(3.08)
|
(1.74)
|
(2.72)
|
(2.61)
|
Tenant improvements
|
(8.01)
|
(4.27)
|
(8.95)
|
(7.15)
|
Total leasing costs
|
(13.53)
|
(7.54)
|
(13.79)
|
(11.86)
|
Net effective rent
|
$25.82
|
$25.19
|
$19.95
|
$24.20
|
Second generation leased square footage (5)
|
213,676
|
|||
Increase in straight-line basis second generation net rent per square foot (6)
|
20.1%
|
|||
Increase in cash-basis second generation net rent per square foot (7)
|
5.3%
|
(1)
|
Comprised of total square feet leased, unadjusted for ownership share and excluding apartment leasing.
|
(2)
|
Adjusted for leases approximately one year or less, along with leases for retail, amenity, storage, and intercompany space.
|
(3)
|
Weighted average of net leased square feet. Excludes percentage rent leases.
|
(4)
|
Straight-line net rent per square foot (operating expense reimbursements deducted from gross leases) over the lease term, prior to any
deductions for leasing costs.
|
(5)
|
Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, percentage rent leases, and
leases for spaces that have been vacant for one year or more.
|
(6)
|
Increase in second generation straight-line basis net annualized rent on a weighted average basis.
|
(7)
|
Increase in second generation net cash rent at the end of the term paid by the prior tenant compared to net cash rent at the beginning of the
term (after any free rent period) paid by the current tenant on a weighted average basis. For early renewals, the final net cash rent paid under
the original lease is compared to the first net cash rent paid under the terms of the renewal. Net cash rent is net of any recovery of operating
expenses but prior to any deductions for leasing costs.
|
OFFICE LEASING ACTIVITY
|
Cousins Properties
|
21
|
Q1 2024 Supplemental Information
|
Year of Expiration
|
Square Feet
Expiring
|
% of Leased
Space
|
Annual
Contractual Rent
($ in thousands) (2)
|
% of Annual
Contractual
Rent
|
Annual
Contractual
Rent/Sq. Ft.
|
2024
|
637,715
|
3.8%
|
$27,082
|
3.1%
|
$42.47
|
2025
|
1,657,835
|
10.0%
|
73,933
|
8.5%
|
44.60
|
2026
|
1,276,695
|
7.7%
|
59,434
|
6.8%
|
46.55
|
2027
|
1,587,488
|
9.6%
|
73,419
|
8.5%
|
46.25
|
2028
|
1,606,384
|
9.7%
|
81,046
|
9.3%
|
50.45
|
2029
|
1,734,499
|
10.4%
|
89,855
|
10.4%
|
51.80
|
2030
|
1,324,058
|
8.0%
|
67,349
|
7.8%
|
50.87
|
2031
|
1,545,507
|
9.3%
|
92,157
|
10.6%
|
59.63
|
2032
|
1,860,529
|
11.2%
|
107,711
|
12.4%
|
57.89
|
2033 & Thereafter
|
3,396,248
|
20.3%
|
195,903
|
22.6%
|
57.68
|
Total
|
16,626,958
|
100.0%
|
$867,889
|
100.0%
|
$52.20
|
(1) Company's share of leases expiring after March 31, 2024. Expiring square footage for which new leases have been
executed at operating properties is reflected based on the expiration date of the new lease.
|
(2) Annual Contractual Rent is the estimated rent in the year of expiration. It includes the minimum base rent and an
estimate of the tenant's share of operating expenses, if applicable, as defined in the respective leases.
|
OFFICE LEASE EXPIRATIONS
|
Cousins Properties
|
22
|
Q1 2024 Supplemental Information
|
Tenant (1)
|
Number
of
Properties
Occupied
|
Number
of
Markets
Occupied
|
Company's
Share of
Square
Footage
|
Company's
Share of
Annualized
Rent
($ in thousands)
(2)
|
Percentage of
Company's
Share of
Annualized
Rent
|
Weighted
Average
Remaining
Lease Term
(Years)
|
|
1
|
Amazon
|
5
|
3
|
1,296,397
|
$68,417
|
9.1%
|
5.9
|
2
|
NCR Voyix
|
2
|
2
|
815,634
|
41,056
|
5.5%
|
9.2
|
3
|
Pioneer Natural Resources
|
2
|
1
|
359,660
|
25,176
|
3.3%
|
7.4
|
4
|
Meta Platforms
|
1
|
1
|
319,863
|
18,457
|
2.5%
|
7.3
|
5
|
Expedia
|
1
|
1
|
315,882
|
16,889
|
2.2%
|
7.0
|
6
|
Apache
|
1
|
1
|
357,984
|
14,590
|
1.9%
|
14.5
|
7
|
Bank of America
|
2
|
2
|
347,139
|
12,642
|
1.7%
|
1.7
|
8
|
Ovintiv USA
|
1
|
1
|
318,582
|
8,313
|
1.1%
|
3.2
|
9
|
WeWork
|
4
|
2
|
169,050
|
8,144
|
1.1%
|
9.5
|
10
|
Wells Fargo
|
5
|
3
|
198,507
|
7,866
|
1.0%
|
4.8
|
11
|
ADP
|
1
|
1
|
225,000
|
7,726
|
1.0%
|
4.0
|
12
|
Regus Equity Business Centers
|
5
|
4
|
145,119
|
7,371
|
1.0%
|
4.7
|
13
|
Westrock Shared Services
|
1
|
1
|
205,185
|
7,352
|
1.0%
|
6.1
|
14
|
BlackRock
|
1
|
1
|
131,656
|
7,166
|
1.0%
|
12.2
|
15
|
Amgen
|
1
|
1
|
163,169
|
6,679
|
0.9%
|
4.6
|
16
|
Workwise Technologies
|
1
|
1
|
93,210
|
6,615
|
0.9%
|
4.3
|
17
|
McKinsey & Company
|
2
|
2
|
130,513
|
6,426
|
0.9%
|
8.6
|
18
|
Samsung Engineering America
|
1
|
1
|
133,860
|
6,367
|
0.8%
|
2.7
|
19
|
Time Warner Cable
|
2
|
1
|
119,018
|
5,846
|
0.8%
|
1.8
|
20
|
Allstate
|
1
|
1
|
148,262
|
5,798
|
0.8%
|
5.8
|
Total
|
5,993,690
|
$288,896
|
38.5%
|
6.7
|
|||
(1)
|
In some cases, the actual tenant may be an affiliate of the entity shown.
|
||||||
(2)
|
Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by
the tenant as of March 31, 2024. If the tenant is in a free rent period as of March 31, 2024, Annualized Rent represents the annualized
contractual rent the tenant will pay in the first month it is required to pay full cash rent.
|
||||||
Note:
|
This schedule includes leases that have commenced. Leases that have been signed but have not commenced are excluded.
|
TOP 20 OFFICE TENANTS
|
Cousins Properties
|
23
|
Q1 2024 Supplemental Information
|
TENANT INDUSTRY DIVERSIFICATION
|
Cousins Properties
|
24
|
Q1 2024 Supplemental Information
|
Property
|
Type
|
Market
|
Company's Ownership
Interest
|
Timing
|
Square Feet
|
Gross Purchase
Price
($ in thousands) (1)
|
2022
|
||||||
Avalon (2)
|
Office
|
Atlanta
|
100%
|
2Q
|
480,000
|
$43,400
|
2021
|
||||||
725 Ponce
|
Office
|
Atlanta
|
100%
|
3Q
|
372,000
|
300,200
|
Heights Union
|
Office
|
Tampa
|
100%
|
4Q
|
294,000
|
144,800
|
2020
|
||||||
The RailYard
|
Office
|
Charlotte
|
100%
|
4Q
|
329,000
|
201,300
|
2019
|
||||||
Promenade Central
|
Office
|
Atlanta
|
100%
|
1Q
|
370,000
|
82,000
|
TIER REIT, Inc.
|
Office
|
Various
|
Various
|
2Q
|
5,799,000
|
(3)
|
Terminus (4)
|
Office
|
Atlanta
|
100%
|
4Q
|
1,226,000
|
246,000
|
8,870,000
|
$1,017,700
|
Project
|
Type
|
Market
|
Company's Ownership
Interest
|
Timing (5)
|
Square Feet
|
Total Project Cost
($ in thousands) (1)
|
2022
|
||||||
300 Colorado
|
Office
|
Austin
|
100%
|
1Q
|
369,000
|
$193,000
|
100 Mill
|
Office
|
Phoenix
|
90%
|
4Q
|
288,000
|
156,000
|
2021
|
||||||
10000 Avalon
|
Office
|
Atlanta
|
90%
|
1Q
|
251,000
|
96,000
|
120 West Trinity
|
Mixed
|
Atlanta
|
20%
|
2Q
|
353,000
|
89,000
|
Domain 10
|
Office
|
Austin
|
100%
|
3Q
|
300,000
|
111,000
|
2020
|
||||||
Domain 12
|
Office
|
Austin
|
100%
|
4Q
|
320,000
|
117,000
|
2019
|
||||||
Dimensional Place
|
Office
|
Charlotte
|
50%
|
1Q
|
281,000
|
96,000
|
2,162,000
|
$858,000
|
INVESTMENT ACTIVITY
|
Cousins Properties
|
25
|
Q1 2024 Supplemental Information
|
Property
|
Type
|
Market
|
Company's Ownership
Interest
|
Timing
|
Square Feet
|
Gross Sales Price
($ in thousands)
|
|
2022
|
|||||||
Carolina Square
|
Mixed
|
Charlotte
|
50%
|
3Q
|
468,000
|
$105,000
|
(1)
|
2021
|
|||||||
Burnett Plaza
|
Office
|
Fort Worth
|
100%
|
2Q
|
1,023,000
|
137,500
|
|
One South at the Plaza
|
Office
|
Charlotte
|
100%
|
3Q
|
891,000
|
271,500
|
|
Dimensional Place
|
Office
|
Charlotte
|
50%
|
3Q
|
281,000
|
60,800
|
(1)
|
816 Congress
|
Office
|
Austin
|
100%
|
4Q
|
435,000
|
174,000
|
|
2020
|
|||||||
Hearst Tower
|
Office
|
Charlotte
|
100%
|
1Q
|
966,000
|
455,500
|
|
Gateway Village
|
Office
|
Charlotte
|
50%
|
1Q
|
1,061,000
|
52,200
|
(1)
|
Woodcrest
|
Office
|
Cherry Hill
|
100%
|
1Q
|
386,000
|
25,300
|
|
5,511,000
|
$1,281,800
|
INVESTMENT ACTIVITY
|
Cousins Properties
|
26
|
Q1 2024 Supplemental Information
|
Project
|
Type
|
Market
|
Company's
Ownership
Interest
|
Construction
Start Date
|
Square
Feet/Units
|
Estimated Project
Cost (1) (2)
($ 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
Occupancy (3)
|
Estimated
Stabilization (4)
|
Neuhoff (5)
|
Mixed
|
Nashville
|
50%
|
3Q21
|
$581,900
|
$290,950
|
$486,366
|
$243,183
|
||||
Office and Retail
|
448,000
|
30%
|
4Q23
|
4Q25
|
||||||||
Apartments
|
542
|
-%
|
2Q24
|
2Q26
|
||||||||
Domain 9
|
Office
|
Austin
|
100%
|
2Q21
|
338,000
|
147,000
|
147,000
|
128,344
|
128,344
|
98%
|
1Q24
|
3Q25
|
Total
|
$728,900
|
$437,950
|
$614,710
|
$371,527
|
(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, including direct financing costs. 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 footnote 5). The above schedule
excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.
|
(3)
|
Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP. The Company capitalizes interest, real estate
taxes, and certain operating expenses on the unoccupied portion of office and retail properties, which have ongoing construction of tenant improvements, until the earlier of (1) the date on
which the project achieves 90% economic occupancy or (2) one year from cessation of major construction activity. For residential project construction, the Company continues to capitalize
interest, real estate taxes, and certain operating expenses until cessation of major construction activity.
|
(4)
|
Reflects the estimated quarter of economic stabilization for each project.
|
(5)
|
The Neuhoff estimated project cost will be funded with a combination of $269.2 million of equity contributed by the joint venture partners and a $312.7 million construction loan. These costs
include approximately $66 million of site and associated infrastructure work related to a future phase. The estimated project cost includes revisions made in the first quarter of 2024 related to
updated initial leasing costs and construction loan interest costs.
|
DEVELOPMENT PIPELINE (1)
|
Cousins Properties
|
27
|
Q1 2024 Supplemental Information
|
Market
|
Company's
Ownership
Interest
|
Financial Statement
Presentation
|
Total
Developable Land
(Acres)
|
Cost Basis of Land
($ in thousands)
|
3354/3356 Peachtree
|
Atlanta
|
95%
|
Consolidated
|
3.2
|
715 Ponce
|
Atlanta
|
50%
|
Unconsolidated
|
1.0
|
887 West Peachtree
|
Atlanta
|
100%
|
Consolidated
|
1.6
|
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 (1)
|
Tampa
|
100%
|
Consolidated
|
14.1
|
Total
|
37.0
|
$162,812
|
||
159351
|
||||
Company's Share
|
36.0
|
$156,007
|
||
(1)
|
Corporate Center 5 is controlled through a long-term ground lease.
|
LAND INVENTORY
|
Cousins Properties
|
28
|
Q1 2024 Supplemental Information
|
Company's Share of Debt Maturities and Principal Payments
|
||||||||||||
($ in thousands)
|
||||||||||||
Description (Interest Rate Base, if not fixed)
|
Company's
Ownership
Interest
|
Rate at
End of
Quarter
|
Maturity
Date (2)
|
2024
|
2025
|
2026
|
2027
|
2028
|
Thereafter
|
Total
Principal
|
Deferred
Loan
Costs
|
Total
|
Consolidated Debt - Floating Rate
|
||||||||||||
Credit Facility, Unsecured (Adjusted SOFR + 0.90% to 1.40%) (3)
|
100%
|
6.31%
|
4/30/27
|
$-
|
$-
|
$-
|
$292,200
|
$-
|
$-
|
$292,200
|
$-
|
$292,200
|
Total Consolidated Floating Rate Debt
|
-
|
-
|
-
|
292,200
|
-
|
-
|
292,200
|
-
|
292,200
|
|||
Consolidated Debt - Fixed Rate
|
||||||||||||
Term Loan, Unsecured (4)
|
100%
|
5.63%
|
3/3/27
|
-
|
-
|
-
|
400,000
|
-
|
-
|
400,000
|
(987)
|
399,013
|
Term Loan, Unsecured (5)
|
100%
|
5.38%
|
8/30/26
|
-
|
-
|
350,000
|
-
|
-
|
-
|
350,000
|
(186)
|
349,814
|
Senior Note, Unsecured
|
100%
|
3.95%
|
7/6/29
|
-
|
-
|
-
|
-
|
-
|
275,000
|
275,000
|
(588)
|
274,412
|
Senior Note, Unsecured
|
100%
|
3.91%
|
7/6/25
|
-
|
250,000
|
-
|
-
|
-
|
-
|
250,000
|
(229)
|
249,771
|
Senior Note, Unsecured
|
100%
|
3.86%
|
7/6/28
|
-
|
-
|
-
|
-
|
250,000
|
-
|
250,000
|
(480)
|
249,520
|
Terminus (6)
|
100%
|
6.34%
|
1/15/31
|
-
|
-
|
-
|
-
|
-
|
221,000
|
221,000
|
(303)
|
220,697
|
Senior Note, Unsecured
|
100%
|
3.78%
|
7/6/27
|
-
|
-
|
-
|
125,000
|
-
|
-
|
125,000
|
(206)
|
124,794
|
Fifth Third Center
|
100%
|
3.37%
|
10/1/26
|
3,777
|
3,907
|
117,939
|
-
|
-
|
-
|
125,623
|
(162)
|
125,461
|
Colorado Tower
|
100%
|
3.45%
|
9/1/26
|
2,807
|
2,906
|
100,463
|
-
|
-
|
-
|
106,176
|
(233)
|
105,943
|
Senior Note, Unsecured
|
100%
|
4.09%
|
7/6/27
|
-
|
-
|
-
|
100,000
|
-
|
-
|
100,000
|
(166)
|
99,834
|
Domain 10
|
100%
|
3.75%
|
11/1/24
|
72,056
|
-
|
-
|
-
|
-
|
-
|
72,056
|
(183)
|
71,873
|
Total Consolidated Fixed Rate Debt
|
78,640
|
256,813
|
568,402
|
625,000
|
250,000
|
496,000
|
2,274,855
|
(3,723)
|
2,271,132
|
|||
Total Consolidated Debt
|
78,640
|
256,813
|
568,402
|
917,200
|
250,000
|
496,000
|
2,567,055
|
(3,723)
|
2,563,332
|
|||
Unconsolidated Debt - Floating Rate
|
||||||||||||
Neuhoff (SOFR + 3.45%) (7)
|
50%
|
8.77%
|
9/30/26
|
-
|
-
|
120,402
|
-
|
-
|
-
|
120,402
|
(924)
|
119,478
|
Total Unconsolidated Floating Rate Debt
|
-
|
-
|
120,402
|
-
|
-
|
-
|
120,402
|
(924)
|
119,478
|
|||
.
|
||||||||||||
Unconsolidated Debt - Fixed Rate
|
||||||||||||
Medical Offices at Emory Hospital
|
50%
|
4.80%
|
6/1/32
|
-
|
-
|
-
|
-
|
-
|
41,500
|
41,500
|
(332)
|
41,168
|
Total Unconsolidated Fixed Rate Debt
|
-
|
-
|
-
|
-
|
-
|
41,500
|
41,500
|
(332)
|
41,168
|
|||
Total Unconsolidated Debt
|
-
|
-
|
120,402
|
-
|
-
|
41,500
|
161,902
|
(1,256)
|
160,646
|
|||
Total Debt
|
$78,640
|
$256,813
|
$688,804
|
$917,200
|
$250,000
|
$537,500
|
$2,728,957
|
$(4,979)
|
$2,723,978
|
|||
Total Maturities (8)
|
$70,865
|
$250,000
|
$685,561
|
$917,200
|
$250,000
|
$537,500
|
$2,711,126
|
|||||
% of Maturities
|
3%
|
9%
|
25%
|
34%
|
9%
|
20%
|
100%
|
DEBT SCHEDULE (1)
|
Cousins Properties
|
29
|
Q1 2024 Supplemental Information
|
DEBT SCHEDULE (1)
|
Cousins Properties
|
30
|
Q1 2024 Supplemental Information
|
Total Principal
($ in thousands)
|
Total Debt
(%)
|
Weighted Average
Interest Rate
|
Weighted Average
Maturity (Years) (2)
|
|
Floating Rate Debt
|
$412,602
|
15%
|
7.03%
|
2.9
|
Fixed Rate Debt
|
2,316,354
|
85%
|
4.62%
|
3.5
|
Total Debt
|
$2,728,956
|
100%
|
4.99%
|
3.4
|
(1)
|
All amounts are presented at Company share.
|
(2)
|
Maturity dates shown assume the Company exercises all available extension options. Without the extensions noted below, our weighted average maturity would be 2.8
years.
|
(3)
|
As of March 31, 2024, the Company had $292.2 million drawn under the Credit Facility and had the ability to borrow the remaining $707.8 million. The spread over
Adjusted SOFR (SOFR + 0.10%) under the Credit Facility at March 31, 2024 was 0.90%. Subsequent to quarter end, we noticed the administrative agent of the Credit
Facility of corporate investment grade ratings received. These ratings reduce the Credit Facility's spread to 0.775% effective April 17, 2024.
|
(4)
|
As of March 31, 2024, the spread over Adjusted SOFR (SOFR + 0.10%) under the 2022 Term Loan was 1.05%. The original maturity date is March 3, 2025 with four
consecutive options to extend the maturity date for an additional six months each. In the second quarter of 2023, the Company entered into a floating-to-fixed interest
rate swap with respect to $200 million of the $400 million Term Loan through the initial maturity date, effectively fixing the underlying SOFR rate at 4.298%. In January
2024, the Company entered into a floating-to-fixed interest rate swap with respect to the remaining $200 million of the $400 million Term Loan through the initial
maturity date, effectively fixing the underlying SOFR rate at 4.6675%. These swaps effectively fixed the underlying SOFR rate at a weighted average of 4.48% for the
entire $400 million through initial maturity. Subsequent to quarter end, we noticed the administrative agent of the 2022 Term Loan of corporate investment grade
ratings received. These ratings reduce the 2022 Term Loan's spread to 0.85% effective April 17, 2024.
|
(5)
|
The Company has four consecutive options to extend the maturity date of this term loan for an additional 180 days each. In the third quarter of 2022, the Company
entered into a floating-to-fixed interest rate swap through the initial maturity date of August 30, 2024, effectively fixing the underlying SOFR rate at 4.234%. The spread
over Adjusted SOFR (SOFR + 0.10%) at March 31, 2024 was 1.05%. Subsequent to quarter end, we noticed the administrative agent of the Term Loan of corporate
investment grade ratings received. These ratings reduce the Term Loan's spread to 1.00% effective April 17, 2024.
|
(6)
|
Represents $123.0 million and $98.0 million non-cross collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
|
(7)
|
The Company's share of the total borrowing capacity of the construction loan is $156.4 million. The joint venture has one option, subject to conditions, to extend the
maturity date for an additional 12 months from the initial maturity date of September 30, 2025.
|
(8)
|
Maturities include principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.
|
DEBT SCHEDULE (1)
|
Cousins Properties
|
31
|
Q1 2024 Supplemental Information
|
Joint Venture
|
Property
|
Cash Flows to Cousins (2)
|
Options
|
Consolidated:
|
|||
HICO 100 Mill LLC
|
100 Mill
|
90% of cash flows until return of
contributed capital to partners;
portions of cash amounts received
in excess of contributed capital
are paid to our partner as a
promote.
|
Cousins can trigger a sale process, subject to a right of
first offer that can be exercised by partner.
|
TR Domain Point LLC
|
Domain Point
|
Preferred return on preferred
equity contribution, then 96.5% of
remaining cash flows.
|
Partner has put option under various circumstances.
|
Unconsolidated:
|
|||
AMCO 120 WT Holdings LLC
|
120 West Trinity
|
20% of cash flows.
|
Cousins or partner can trigger a buyout upon which
Cousins would receive the office component, and partner
would receive the multifamily component, with a net
settlement at a then agreed upon value.
|
Crawford Long-CPI, LLC
|
Medical Offices at
Emory Hospital
|
50% of cash flows.
|
Cousins can put its interest to partner, or partner can call
Cousins' interest, at a value determined by appraisal.
|
Neuhoff Holdings LLC
|
Neuhoff
|
50% of cash flows until return of
contributed capital to partners;
portions of cash amounts received
in excess of contributed capital to
equity partners are paid to
development partner as a
promote.
|
Cousins or its equity partner can trigger a sale process,
subject to a right of first offer that can be exercised by
the non-triggering party.
|
(1)
|
This schedule only contains information related to joint ventures that hold an ownership interest in operating assets or projects under active
development.
|
(2)
|
Each respective joint venture agreement may contain additional terms that affect the distribution of operating cash flows and capital transaction
proceeds that are not yet effective, including the distribution of promoted interest.
|
JOINT VENTURE INFORMATION (1)
|
Cousins Properties
|
32
|
Q1 2024 Supplemental Information
|
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
FFO and EBITDAre
|
|||||||
Net income available to common stockholders
|
$166,793
|
$22,196
|
$22,621
|
$19,361
|
$18,785
|
$82,963
|
$13,288
|
Depreciation and amortization of real estate assets:
|
|||||||
Consolidated properties
|
295,029
|
75,662
|
80,158
|
79,379
|
79,250
|
314,449
|
86,116
|
Share of unconsolidated joint ventures
|
3,927
|
479
|
476
|
485
|
491
|
1,931
|
459
|
Partners' share of real estate depreciation
|
(794)
|
(249)
|
(307)
|
(257)
|
(257)
|
(1,070)
|
(268)
|
Loss (gain) on depreciated property transactions:
|
|||||||
Consolidated properties
|
9
|
2
|
-
|
-
|
-
|
2
|
(101)
|
Share of unconsolidated joint ventures
|
(81)
|
-
|
-
|
-
|
-
|
-
|
-
|
Sale of investments in unconsolidated joint ventures
|
(56,267)
|
-
|
-
|
-
|
-
|
-
|
-
|
Non-controlling interest related to unitholders
|
143
|
4
|
3
|
4
|
3
|
14
|
2
|
FFO (1)
|
408,759
|
98,094
|
102,951
|
98,972
|
98,272
|
398,289
|
99,496
|
Interest Expense
|
75,139
|
25,310
|
26,334
|
27,516
|
27,979
|
107,139
|
29,436
|
Non-Real Estate Depreciation and Amortization
|
558
|
108
|
111
|
113
|
116
|
448
|
115
|
EBITDAre (1)
|
484,456
|
123,512
|
129,396
|
126,601
|
126,367
|
505,876
|
129,047
|
FFO and Net Operating Income from Unconsolidated
Joint Ventures
|
|||||||
Income from Unconsolidated Joint Ventures
|
7,700
|
673
|
753
|
582
|
291
|
2,299
|
348
|
Depreciation and Amortization of Real Estate
|
3,927
|
479
|
476
|
485
|
491
|
1,931
|
459
|
Loss (gain) on sale of depreciated investment
properties, net
|
(81)
|
-
|
-
|
-
|
-
|
-
|
-
|
FFO - Unconsolidated Joint Ventures
|
11,546
|
1,152
|
1,229
|
1,067
|
782
|
4,230
|
807
|
Loss (gain) on sale of undepreciated property
|
(4,478)
|
-
|
-
|
-
|
-
|
-
|
-
|
Interest Expense
|
2,603
|
280
|
362
|
508
|
526
|
1,676
|
528
|
Other Expense
|
70
|
14
|
6
|
24
|
14
|
58
|
31
|
Other Income
|
(217)
|
(37)
|
(38)
|
(35)
|
(30)
|
(140)
|
(14)
|
Net Operating Income - Unconsolidated Joint Ventures
|
9,524
|
1,409
|
1,559
|
1,564
|
1,292
|
5,824
|
1,352
|
Market Capitalization
|
|||||||
Common Stock Price Per Share at Period End
|
$25.29
|
$21.38
|
$22.80
|
$20.37
|
$24.35
|
$24.35
|
$24.04
|
Number of Common Stock/Units Outstanding at
Period End
|
151,482
|
151,718
|
151,774
|
151,774
|
151,824
|
151,824
|
152,096
|
Equity Market Capitalization
|
3,830,980
|
3,243,731
|
3,460,447
|
3,091,636
|
3,696,914
|
3,696,914
|
3,656,388
|
Consolidated Debt
|
2,334,606
|
2,448,942
|
2,423,761
|
2,418,403
|
2,457,627
|
2,457,627
|
2,563,332
|
Share of Unconsolidated Debt
|
89,398
|
96,014
|
124,312
|
141,468
|
151,048
|
151,048
|
160,646
|
Debt (1)
|
2,424,004
|
2,544,956
|
2,548,073
|
2,559,871
|
2,608,675
|
2,608,675
|
2,723,978
|
Total Market Capitalization
|
6,254,984
|
5,788,687
|
6,008,520
|
5,651,507
|
6,305,589
|
6,305,589
|
6,380,366
|
Continued on next page
|
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
33
|
Q1 2024 Supplemental Information
|
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Credit Ratios
|
|||||||
Debt (1)
|
2,424,004
|
2,544,956
|
2,548,073
|
2,559,871
|
2,608,675
|
2,608,675
|
2,723,978
|
Less: Cash and Cash Equivalents
|
(5,145)
|
(3,585)
|
(8,031)
|
(6,926)
|
(6,047)
|
(6,047)
|
(5,452)
|
Less: Share of Unconsolidated Cash and Cash
Equivalents (1)
|
(1,721)
|
(8,905)
|
(7,789)
|
(8,269)
|
(2,042)
|
(2,042)
|
(6,217)
|
Net Debt (1)
|
2,417,138
|
2,532,466
|
2,532,253
|
2,544,676
|
2,600,586
|
2,600,586
|
2,712,309
|
Total Market Capitalization
|
6,254,984
|
5,788,687
|
6,008,520
|
5,651,507
|
6,305,589
|
6,305,589
|
6,380,366
|
Net Debt / Total Market Capitalization
|
38.6%
|
43.7%
|
42.1%
|
45.0%
|
41.2%
|
41.2%
|
42.5%
|
Total Assets - Consolidated
|
7,537,016
|
7,582,970
|
7,595,785
|
7,585,309
|
7,634,474
|
7,634,474
|
7,682,981
|
Accumulated Depreciation - Consolidated
|
1,261,752
|
1,314,000
|
1,381,054
|
1,443,382
|
1,518,572
|
1,518,572
|
1,596,116
|
Undepreciated Assets - Unconsolidated (1)
|
209,636
|
240,386
|
257,697
|
272,556
|
289,202
|
289,202
|
304,617
|
Less: Investment in Unconsolidated Joint Ventures
|
(112,839)
|
(136,721)
|
(138,992)
|
(141,250)
|
(143,831)
|
(143,831)
|
(155,210)
|
Total Undepreciated Assets (1)
|
8,895,565
|
9,000,635
|
9,095,544
|
9,159,997
|
9,298,417
|
9,298,417
|
9,428,504
|
Net Debt (1)
|
2,417,138
|
2,532,466
|
2,532,253
|
2,544,676
|
2,600,586
|
2,600,586
|
2,712,309
|
Net Debt / Total Undepreciated Assets (1)
|
27.2%
|
28.1%
|
27.8%
|
27.8%
|
28.0%
|
28.0%
|
28.8%
|
Coverage Ratios (1)
|
|||||||
Interest Expense
|
75,139
|
25,310
|
26,334
|
27,516
|
27,979
|
107,139
|
29,436
|
Scheduled Principal Payments
|
17,774
|
2,272
|
2,214
|
2,077
|
2,095
|
8,658
|
2,114
|
Fixed Charges
|
92,913
|
27,582
|
28,548
|
29,593
|
30,074
|
115,797
|
31,550
|
EBITDAre
|
484,456
|
123,512
|
129,396
|
126,601
|
126,367
|
505,876
|
129,047
|
Fixed Charges Coverage Ratio (EBITDAre) (1)
|
5.21
|
4.48
|
4.53
|
4.28
|
4.20
|
4.37
|
4.09
|
Net Debt
|
2,417,138
|
2,532,466
|
2,532,253
|
2,544,676
|
2,600,586
|
2,600,586
|
2,712,309
|
Annualized EBITDAre (2)
|
490,676
|
494,048
|
517,584
|
506,404
|
505,468
|
505,468
|
516,188
|
Net Debt / Annualized EBITDAre
|
4.93
|
5.13
|
4.89
|
5.02
|
5.14
|
5.14
|
5.25
|
Dividend Information
|
|||||||
Common Dividends
|
193,893
|
48,598
|
48,650
|
48,650
|
48,350
|
194,248
|
48,658
|
FFO
|
408,759
|
98,094
|
102,951
|
98,972
|
98,272
|
398,289
|
99,496
|
FFO Payout Ratio
|
47.4%
|
49.5%
|
47.3%
|
49.2%
|
49.2%
|
48.8%
|
48.9%
|
Continued on next page
|
|||||||
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
34
|
Q1 2024 Supplemental Information
|
2022
|
2023 1st
|
2023 2nd
|
2023 3rd
|
2023 4th
|
2023
|
2024 1st
|
|
Net income available to common stockholders
|
$166,793
|
$22,196
|
$22,621
|
$19,361
|
$18,785
|
$82,963
|
$13,288
|
Depreciation and amortization of real estate assets
|
298,162
|
75,892
|
80,327
|
79,607
|
79,484
|
315,310
|
86,307
|
Loss (gain) on depreciated property transactions
|
(56,339)
|
2
|
-
|
2
|
(101)
|
||
Non-controlling interest related to unitholders
|
143
|
4
|
3
|
4
|
3
|
14
|
2
|
FFO (1)
|
408,759
|
98,094
|
102,951
|
98,972
|
98,272
|
398,289
|
99,496
|
Amortization of Deferred Financing Costs
|
3,397
|
1,030
|
1,044
|
1,050
|
1,051
|
4,175
|
1,051
|
Non-Cash Stock-Based Compensation
|
10,059
|
3,512
|
2,770
|
2,817
|
2,801
|
11,900
|
4,312
|
Non-Real Estate Depreciation and Amortization
|
558
|
108
|
111
|
113
|
116
|
448
|
115
|
Lease Inducement Amortization
|
1,629
|
492
|
1,991
|
607
|
472
|
3,562
|
539
|
Straight-Line Rent Ground Leases
|
491
|
126
|
125
|
125
|
105
|
481
|
116
|
Above and Below Market Ground Rent
|
339
|
82
|
82
|
82
|
82
|
328
|
82
|
Debt Premium Amortization
|
(3,913)
|
-
|
-
|
-
|
-
|
-
|
-
|
Deferred Income - Tenant Improvements
|
(7,405)
|
(3,609)
|
(5,772)
|
(4,779)
|
(5,116)
|
(19,276)
|
(6,167)
|
Above and Below Market Rents, Net
|
(6,444)
|
(1,559)
|
(2,525)
|
(1,371)
|
(1,421)
|
(6,876)
|
(1,460)
|
Second Generation Capital Expenditures (CAPEX)
|
(99,501)
|
(15,467)
|
(29,317)
|
(20,224)
|
(31,900)
|
(96,908)
|
(30,212)
|
Straight-Line Rental Revenue
|
(28,953)
|
(8,431)
|
(3,703)
|
(7,508)
|
(5,858)
|
(25,500)
|
(8,604)
|
Loss (Gain) on Sales of Undepreciated Investment
Properties
|
(4,478)
|
-
|
-
|
(507)
|
1
|
(506)
|
-
|
FAD (1)
|
274,538
|
74,378
|
67,757
|
69,377
|
58,605
|
270,117
|
59,268
|
Weighted Average Shares - Diluted
|
150,419
|
151,880
|
152,126
|
152,048
|
152,105
|
152,040
|
152,385
|
FAD per share
|
$1.83
|
$0.49
|
$0.45
|
$0.46
|
$0.39
|
$1.79
|
$0.39
|
Common Dividends
|
193,893
|
48,598
|
48,650
|
48,650
|
48,350
|
194,248
|
48,658
|
Common Dividends per share
|
$1.28
|
$0.32
|
$0.32
|
$0.32
|
$0.32
|
$1.28
|
$0.32
|
FAD Payout Ratio
|
70.6%
|
65.3%
|
71.8%
|
70.1%
|
82.5%
|
71.9%
|
82.1%
|
Operations Ratio
|
|||||||
Total Undepreciated Assets (1)
|
8,895,565
|
9,000,635
|
9,095,544
|
9,159,997
|
9,298,417
|
9,298,417
|
9,428,504
|
General and Administrative Expenses
|
28,319
|
8,438
|
8,021
|
8,336
|
7,536
|
32,331
|
9,214
|
Annualized General and Administrative Expenses (2) /
Total Undepreciated Assets
|
0.30%
|
0.37%
|
0.35%
|
0.36%
|
0.32%
|
0.32%
|
0.39%
|
2nd Generation CAPEX
|
|||||||
Second Generation Leasing Related Costs
|
68,329
|
11,182
|
22,640
|
10,810
|
26,198
|
70,830
|
23,110
|
Second Generation Building Improvements
|
31,172
|
4,285
|
6,677
|
9,414
|
5,702
|
26,078
|
7,102
|
99,501
|
15,467
|
29,317
|
20,224
|
31,900
|
96,908
|
30,212
|
|
(1) Includes the Company's share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded
at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures but
believes that including these amounts in the categories indicated is meaningful to investors and analysts.
|
|||||||
(2) Amounts represent most recent quarter annualized.
|
|||||||
Note: Amounts may differ slightly from other schedules contained herein due to rounding.
|
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
35
|
Q1 2024 Supplemental Information
|
($ in thousands, except per share amounts)
|
||||||
Three Months Ended March 31,
|
||||||
2024
|
2023
|
|||||
Dollars
|
Weighted
Average
Common
Shares
|
Per
Share
Amount
|
Dollars
|
Weighted
Average
Common
Shares
|
Per
Share
Amount
|
|
Net Income Available to Common Stockholders
|
$13,288
|
151,945
|
$0.09
|
$22,196
|
151,579
|
$0.15
|
Noncontrolling interest related to unitholders
|
2
|
25
|
-
|
4
|
25
|
-
|
Conversion of unvested restricted stock units
|
-
|
415
|
-
|
-
|
276
|
-
|
Net Income - Diluted
|
13,290
|
152,385
|
0.09
|
22,200
|
151,880
|
0.15
|
Depreciation and amortization of real estate
assets:
|
||||||
Consolidated properties
|
86,116
|
-
|
0.56
|
75,662
|
-
|
0.50
|
Share of unconsolidated joint ventures
|
459
|
-
|
-
|
479
|
-
|
-
|
Partners' share of real estate depreciation
|
(268)
|
-
|
-
|
(249)
|
-
|
-
|
Loss (gain) on depreciated property transactions:
|
||||||
Consolidated properties
|
(101)
|
-
|
-
|
2
|
-
|
-
|
Funds From Operations
|
$99,496
|
152,385
|
$0.65
|
$98,094
|
151,880
|
$0.65
|
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
36
|
Q1 2024 Supplemental Information
|
($ in thousands)
|
||
Three Months Ended
|
||
Net Operating Income
|
March 31, 2024
|
March 31, 2023
|
Net income
|
$13,451
|
$22,356
|
Net operating income from unconsolidated joint ventures
|
1,352
|
1,409
|
Fee income
|
(379)
|
(374)
|
Termination fee income
|
(470)
|
(136)
|
Other income
|
(44)
|
(2,278)
|
Reimbursed expenses
|
140
|
207
|
General and administrative expenses
|
9,214
|
8,438
|
Interest expense
|
28,908
|
25,030
|
Depreciation and amortization
|
86,230
|
75,770
|
Other expenses
|
672
|
385
|
Income from unconsolidated joint ventures
|
(348)
|
(673)
|
Loss (gain) on investment property transactions
|
(101)
|
2
|
Net Operating Income
|
138,625
|
130,136
|
Less:
|
||
Partners' share of NOI from consolidated joint ventures
|
(461)
|
(462)
|
Cousins' share of NOI
|
$138,164
|
$129,674
|
Net Operating Income
|
$138,625
|
$130,136
|
Non-cash income
|
(15,852)
|
(13,448)
|
Non-cash expense
|
208
|
224
|
Cash-Basis Net Operating Income
|
$122,981
|
$116,912
|
Net Operating Income
|
||
Same Property
|
$134,861
|
$126,523
|
Non-Same Property
|
3,764
|
3,613
|
$138,625
|
$130,136
|
|
Cash-Basis Net Operating Income
|
||
Same Property
|
$121,400
|
$113,883
|
Non-Same Property
|
1,581
|
3,029
|
$122,981
|
$116,912
|
|
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
37
|
Q1 2024 Supplemental Information
|
Full Year 2024 Guidance
|
||||
($ in thousands, except per share amounts)
|
||||
Low
|
High
|
|||
Dollars
|
Per Share
Amount (1)
|
Dollars
|
Per Share
Amount (1)
|
|
Net Income Available to Common Stockholders and Net Income
|
$48,645
|
$0.32
|
$59,317
|
$0.39
|
Add: Noncontrolling interest related to unitholders
|
15
|
-
|
15
|
-
|
Net Income
|
48,660
|
0.32
|
59,332
|
0.39
|
Add: Depreciation and amortization of real estate assets
|
347,821
|
2.28
|
347,821
|
2.28
|
Less: Gain on invesment property transactions
|
(101)
|
-
|
(101)
|
-
|
Funds From Operations
|
$396,380
|
$2.60
|
$407,052
|
$2.67
|
(1) Calculated based on projected weighted average shares outstanding of 152.5 million.
|
||||
R3 Weight Average Shares
|
152,454
|
|||
NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS
|
Cousins Properties
|
38
|
Q1 2024 Supplemental Information
|
NON-GAAP FINANCIAL MEASURES - DEFINITIONS
|
Cousins Properties
|
39
|
Q1 2024 Supplemental Information
|