COUSINS PROPERTIES INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - COUSINS PROPERTIES INC	a8-kpressreleaseex9914q16.htm
8-K - 8-K - COUSINS PROPERTIES INC	a8-k4q16.htm

Q4 2016 SUPPLEMENTAL INFORMATION



TABLE OF CONTENTS



Forward-Looking Statements	3
Key Performance Metrics	4
Funds From Operations - Summary	7
Funds From Operations - Detail	8
Portfolio Statistics	12
Same Property Performance	15
Office Leasing Activity	16
Office Lease Expirations	17
Top 20 Office Tenants	19
Tenant Industry Diversification	20
Investment Activity	21
Development Pipeline	23
Land Inventory	24
Debt Schedule	25
Non-GAAP Financial Measures - Calculations and Reconciliations	28
Non-GAAP Financial Measures - Discussion	33



Cousins Properties Incorporated		Q4 2016 Supplemental Information



FORWARD-LOOKING STATEMENTS

Certain matters contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2015 and in the Quarterly Report on Form 10-Q for the three months ended September 30, 2016. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our ability to obtain future financing arrangements; future acquisitions and future dispositions of operating assets; future acquisitions of land; future development and redevelopment opportunities; future dispositions of land and other non-core assets; future repurchases of common stock; projected operating results; market and industry trends; future distributions; projected capital expenditures; interest rates; statements about the benefits of the transactions involving the Company and Parkway Properties Inc. ("Parkway"), including future financial and operating results, plans, objectives, expectations, and intentions; all statements that address operating performance, events, or developments that management expects or anticipates will occur in the future — including statements relating to creating value for stockholders; benefits of the transactions to tenants, employees, stockholders, and other constituents of the combined company; integrating our companies; and cost savings.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital and financing; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions and investments or from dispositions; the potential dilutive effect of common stock offerings; the failure to achieve benefits from the repurchase of common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry in general, and the commercial real estate markets in particular; changes to our strategy with regard to land and other non-core holdings that require impairment losses to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, and the ability to lease newly developed and/or recently acquired space; the adverse change in the financial condition of one or more of our major tenants; volatility in interest rates and insurance rates; the availability of sufficient investment opportunities; competition from other developers or investors; the risks associated with real estate developments (such as zoning approval, receipt of required permits, construction delays, cost overruns, and leasing risk); the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and meet regulatory requirements; the ability to successfully integrate our operations and employees in connection with the transactions with Parkway; the ability to realize anticipated benefits and synergies of the transactions with Parkway; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; potential changes to tax legislation; changes in demand for developed properties; risks associated with the acquisition, development, expansion, leasing and management of properties; risks associated with the geographic concentration of the Company; the potential impact of the transactions with Parkway on relationships, including with tenants, employees, customers, and competitors; the unfavorable outcome of any legal proceedings that have been or may be instituted against the Company, Parkway, or Parkway, Inc.; significant costs related to uninsured losses, condemnation, or environmental issues; the amount of the costs, fees, expenses and charges related to the transactions with Parkway; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by the Company, Parkway, and Parkway, Inc.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise, except as required under U.S. federal securities laws.



Cousins Properties Incorporated	3	Q4 2016 Supplemental Information



KEY PERFORMANCE METRICS



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016
Property Statistics
Consolidated Operating Properties	12		13		13		12		12		12		11		11		11		25		25
Consolidated Rentable Square Feet (in thousands)	13,034		13,407		13,407		12,563		12,122		12,122		11,993		11,993		11,993		13,024		13,024
Unconsolidated Operating Properties	5		5		5		6		6		6		6		6		6		8		8
Unconsolidated Rentable Square Feet (in thousands)	3,129		3,129		3,129		3,431		3,434		3,434		3,435		3,435		3,435		3,999		3,999
Total Operating Properties	17		18		18		18		18		18		17		17		17		33		33
Total Rentable Square Feet (in thousands)	16,163		16,536		16,536		15,994		15,556		15,556		15,428		15,428		15,428		17,023		17,023

Office Leasing Activity (1)
Net Leased during the period (square feet in thousands)	1,874		441		521		770		1,240		2,972		220		402		971		761		2,354
Net Rent (per square foot)	$22.88		$18.93		$23.23		$23.42		$15.13		$18.30		$23.55		$22.73		$23.51		$26.32		$24.52
Total Leasing Costs (per square foot)	(5.71)		(4.62)		(6.27)		(5.83)		(1.66)		(3.64)		(6.31)		(7.08)		(6.18)		(6.08)		(6.35)
Net Effective Rent (per square foot)	$17.17		$14.31		$16.96		$17.59		$13.47		$14.66		$17.24		$15.65		$17.33		$20.24		$18.17
Change in Second Generation Net Rent	38.0	%	33.6	%	43.8	%	28.1	%	38.5	%	36.7	%	18.9	%	17.2	%	27.9	%	18.7	%	20.0	%
Change in Cash-Basis Second Generation Net Rent	19.7	%	8.0	%	32.8	%	14.1	%	23.8	%	19.8	%	1.8%		4.3	%	9.1	%	14.7	%	10.3	%

Same Property Information (2)
Percent Leased (period end)	91.2	%	91.7	%	91.7	%	91.8	%	91.6	%	91.6	%	90.3	%	90.7	%	91.2	%	91.8	%	91.8	%
Weighted Average Occupancy	89.7	%	91.5	%	90.4	%	90.6	%	90.7	%	90.7	%	89.4	%	89.2	%	89.5	%	89.4	%	89.4	%
Change in Net Operating Income (over prior year period)	3.6	%	5.2	%	1.6	%	1.1	%	6.2	%	3.3	%	4.3	%	1.4	%	3.6	%	4.4	%	6.1	%
Change in Cash-Basis Net Operating Income (over prior year period)	12.3	%	15.9	%	5.2	%	1.2	%	8.2	%	7.3	%	8.6	%	3.9	%	4.3	%	7.1	%	8.4	%

Development Pipeline
Estimated Project Costs (in thousands) (3)	$226,575		$100,475		$161,975		$306,500		$261,500		$261,500		$326,300		$340,200		$506,200		$512,200		$512,200
Estimated Project Costs (3) / Total Undepreciated Assets	7.0	%	3.0	%	4.7	%	8.6	%	7.6	%	7.6	%	9.5	%	9.6	%	13.7	%	10.5	%	10.5	%

Market Capitalization (4)
Common Stock Price (period end)	$11.42		$10.60		$10.38		$9.22		$9.43		$9.43		$10.38		$10.40		$10.44		$8.51		$8.51
Common Shares/Units Outstanding (period end in thousands)	216,513		216,470		216,686		214,671		211,513		211,513		210,107		210,171		210,170		401,596		401,596
Equity Market Capitalization (in thousands)	$2,472,578		$2,294,582		$2,249,201		$1,979,267		$1,994,568		$1,994,568		$2,180,911		$2,185,778		$2,194,175		$3,417,582		$3,417,582
Debt (in thousands)	1,007,502		1,067,376		1,075,013		1,006,764		947,017		947,017		992,241		999,999		1,112,322		1,632,270		1,632,270
Total Market Capitalization (in thousands)	$3,480,080		$3,361,958		$3,324,214		$2,986,031		$2,941,585		$2,941,585		$3,173,152		$3,185,777		$3,306,497		$5,049,852		$5,049,852

Credit Ratios (4)
Debt/Total Market Capitalization	29.0	%	31.7	%	32.3	%	33.7	%	32.2	%	32.2	%	31.3	%	31.4	%	33.6	%	32.3	%	32.3	%
Debt/Total Undepreciated Assets	29.5	%	30.7	%	30.6	%	28.3	%	27.5	%	27.5	%	28.8	%	28.3	%	30.1	%	33.5	%	33.5	%
Fixed Charges Coverage	4.27		4.67		4.54		5.19		4.98		4.84		4.49		4.43		4.46		5.04		4.63
Debt/Annualized EBITDA	4.05		4.77		4.86		4.02		4.00		4.00		4.66		4.51		4.76		5.33		5.33
Net Debt/Annualized EBITDA	4.05		4.75		4.85		4.00		3.99		3.99		4.63		4.51		4.34		5.22		5.22



Cousins Properties Incorporated	4	Q4 2016 Supplemental Information



KEY PERFORMANCE METRICS



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016
Dividend Information (4)
Common Dividend per Share	$0.30		$0.08		$0.08		$0.08		$0.08		$0.32		$0.08		$0.08		$0.08		$0.06		$0.30
FFO Payout Ratio	37.3	%	37.8	%	38.3	%	33.0	%	35.0	%	35.9	%	38.9	%	38.8	%	36.2	%	85.9	%	46.1	%
FAD Payout Ratio	60.9	%	67.9	%	71.5	%	54.8	%	58.5	%	62.5	%	56.7	%	62.8	%	59.0	%	61.7	%	60.1	%

Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.58	%	0.40	%	0.67	%	0.33	%	0.52	%	0.49	%	0.96	%	0.53	%	0.47	%	0.68	%	0.53	%

Additional Information (4)
Straight Line Rental Revenue	$22,093		$6,285		$5,786		$4,623		$3,315		$20,009		$3,595		$3,434		$3,449		$8,489		$18,967
Above and Below Market Rents Amortization	$8,047		$2,030		$1,973		$2,030		$1,948		$7,981		$1,834		$1,854		$1,907		$1,502		$7,097
Second Generation Capital Expenditures	$35,054		$12,139		$13,259		$14,208		$14,608		$54,214		$7,904		$13,166		$13,968		$11,838		$46,876

(1) See Office Leasing Activity on page 16 for additional detail and explanations.

(2) Same Property Information is derived from the pool of office properties, as defined, in the period originally reported. See Same Property Performance on page 15 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 29 for additional information.

(3) Cousins' share of development expenditures.

(4) See Non-GAAP Financial Measures - Calculations and Reconciliations.



Cousins Properties Incorporated	5	Q4 2016 Supplemental Information



KEY PERFORMANCE METRICS

(1) Total rentable square feet is based on the total portfolio.

(2) Office properties only.

Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.



Cousins Properties Incorporated	6	Q4 2016 Supplemental Information



FUNDS FROM OPERATIONS - SUMMARY



	2014			2015 1st			2015 2nd			2015 3rd			2015 4th			2015			2016 1st			2016 2nd			2016 3rd			2016 4th			2016

Net Operating Income
Office	$	206,551		$	56,734		$	59,269		$	59,308		$	59,899		$	235,210		$	57,894		$	57,275		$	59,873		$	77,837		$	252,879
Other	9,122			1,319			1,505			1,487			1,711			6,022			1,619			1,733			1,748			2,302			7,402
Total Net Operating Income	215,673			58,053			60,774			60,795			61,610			241,232			59,513			59,008			61,621			80,139			260,281
Sales Less Cost of Sales	3,910			810			(324		)	3,016			403			3,905			—			—			—			3,770			3,770
Fee Income	12,520			1,816			1,704			1,686			2,091			7,297			2,199			1,824			1,945			2,379			8,347
Other Income	5,401			407			238			866			940			2,451			1,121			280			287			3,837			5,525

Reimbursed Expenses	(3,652		)	(1,111		)	(717		)	(686		)	(916		)	(3,430		)	(870		)	(798		)	(795		)	(796		)	(3,259		)
General and Administrative Expenses	(19,787		)	(3,493		)	(5,936		)	(2,976		)	(4,513		)	(16,918		)	(8,242		)	(4,691		)	(4,368		)	(8,290		)	(25,591		)
Interest Expense	(36,474		)	(9,498		)	(9,696		)	(9,518		)	(9,466		)	(38,178		)	(9,421		)	(9,360		)	(9,748		)	(12,566		)	(41,095		)
Other Expenses	(5,009		)	(578		)	(431		)	(302		)	(630		)	(1,941		)	(466		)	(2,640		)	(2,175		)	(40,704		)	(45,985		)
Income Tax Benefit (Provision)	20			—			—			—			—			—			—			—			—			—			—
Depreciation and Amortization of Non-Real Estate Assets	(913		)	(471		)	(374		)	(414		)	(410		)	(1,669		)	(377		)	(335		)	(328		)	(325		)	(1,365		)
Preferred Stock Dividends and Original Issuance Costs	(6,485		)	—			—			—			—			—			—			—			—			—			—
FFO	$	165,204		$	45,935		$	45,238		$	52,467		$	49,109		$	192,749		$	43,457		$	43,288		$	46,439		$	27,444		$	160,628
Weighted Average Shares - Diluted	204,460			216,754			216,766			216,374			213,978			215,979			210,974			210,362			210,326			391,413			256,023
FFO per Share	0.81			0.21			0.21			0.24			0.23			0.89			0.21			0.21			0.22			0.07			0.63



Cousins Properties Incorporated	7	Q4 2016 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd	2016 4th		2016

Net Operating Income
Office
Consolidated Properties
Northpark Town Center (1)	5,794		5,825		5,651		5,127		5,797		22,400		5,607		5,097		5,599	5,841		22,144
Fifth Third Center	5,631		3,641		3,709		3,770		3,836		14,956		4,238		4,349		4,451	4,463		17,501
Promenade	11,435		3,542		3,581		3,623		3,239		13,985		3,740		3,419		3,839	3,557		14,555
The American Cancer Society Center	12,373		3,114		3,206		3,039		3,073		12,432		3,310		3,151		3,198	3,231		12,890
Colorado Tower	—		328		1,797		2,156		2,487		6,768		2,724		3,064		3,221	3,399		12,408
816 Congress Avenue	6,992		1,858		2,117		2,268		2,283		8,526		2,468		2,555		2,514	2,363		9,900
Hearst Tower	—		—		—		—		—		—		—		—		—	5,957		5,957
Corporate Center (1)	—		—		—		—		—		—		—		—		—	5,005		5,005
Hayden Ferry (1)	—		—		—		—		—		—		—		—		—	3,881		3,881
Meridian Mark Plaza	3,728		918		954		946		959		3,777		908		857		954	955		3,674
3344 Peachtree	—		—		—		—		—		—		—		—		—	3,505		3,505
San Jacinto Center	—		—		—		—		—		—		—		—		—	3,456		3,456
One Eleven Congress	—		—		—		—		—		—		—		—		—	3,256		3,256
One Buckhead Plaza	—		—		—		—		—		—		—		—		—	2,817		2,817
NASCAR Plaza	—		—		—		—		—		—		—		—		—	2,507		2,507
3350 Peachtree	—		—		—		—		—		—		—		—		—	2,006		2,006
Tempe Gateway	—		—		—		—		—		—		—		—		—	1,966		1,966
3348 Peachtree	—		—		—		—		—		—		—		—		—	1,541		1,541
Bank of America Center	—		—		—		—		—		—		—		—		—	1,451		1,451
Two Buckhead Plaza	—		—		—		—		—		—		—		—		—	1,369		1,369
The Pointe	—		—		—		—		—		—		—		—		—	1,227		1,227
Citrus Center	—		—		—		—		—		—		—		—		—	1,019		1,019
Harborview Plaza	—		—		—		—		—		—		—		—		—	898		898
Research Park V	—		—		—		—		—		—		—		144		288	412		844
One Orlando Centre	—		—		—		—		—		—		—		—		—	795		795
Other (2)	39,807		7,798		8,333		7,717		6,816		30,664		4,531		4,300		4,388	3,097		16,316
Subtotal - Office Consolidated	85,760		27,024		29,348		28,646		28,490		113,508		27,526		26,936		28,452	69,974		152,888

Unconsolidated Properties (3)
Terminus 100	7,555		1,922		1,754		1,780		1,812		7,268		1,872		1,978		1,899	1,837		7,586
Terminus 200	5,504		1,436		1,442		1,575		1,616		6,069		1,658		1,770		1,678	1,648		6,754
Emory University Hospital Midtown Medical Office Tower	3,960		987		996		992		999		3,974		987		1,000		975	1,008		3,970
Gateway Village (4)	1,208		302		302		302		302		1,208		536		451		460	1,003		2,450
Courvoisier Centre	—		—		—		—		—		—		—		—		—	410		410
111 West Rio (US Airways Bldg)	—		—		—		—		—		—		—		—		—	220		220
Other (2)	(51	)	(5	)	(5	)	(5	)	(3	)	(18	)	(3	)	14		1	(2	)	10
Subtotal - Office Unconsolidated	18,176		4,642		4,489		4,644		4,726		18,501		5,050		5,213		5,013	6,124		21,400

Discontinued Operations (5)	102,615		25,068		25,432		26,018		26,683		103,201		25,318		25,126		26,408	1,739		78,591

Total Office Net Operating Income	206,551		56,734		59,269		59,308		59,899		235,210		57,894		57,275		59,873	77,837		252,879

Other
Consolidated Properties
Other (2)	1,383		(24	)	10		—		205		191		23		(8	)	1	—		16



Cousins Properties Incorporated	8	Q4 2016 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Unconsolidated Properties (3)
Emory Point Apartments (Phase I)	4,647		1,071		1,244		1,213		1,171		4,699		1,185		1,250		1,014		1,092		4,541
Emory Point Retail (Phase I)	1,080		281		255		222		136		894		248		218		247		277		990
Emory Point Retail (Phase II)	—		—		—		56		24		80		72		75		84		171		402
Emory Point Apartments (Phase II)	—		—		—		1		180		181		96		204		408		768		1,476
Other (2)	1,993		(6	)	(4	)	(5	)	(5	)	(20	)	(5	)	(6	)	(6	)	(6	)	(23	)
Subtotal - Other Unconsolidated	7,720		1,346		1,495		1,487		1,506		5,834		1,596		1,741		1,747		2,302		7,386

Discontinued Operations (5)	19		(3	)	—		—		—		(3	)	—		—		—		—		—

Total Other Net Operating Income	9,122		1,319		1,505		1,487		1,711		6,022		1,619		1,733		1,748		2,302		7,402

Total Net Operating Income	215,673		58,053		60,774		60,795		61,610		241,232		59,513		59,008		61,621		80,139		260,281

Sales Less Cost of Sales
Land Sales Less Cost of Sales - Consolidated	1,703		810		(566	)	978		403		1,625		—		—		—		3,580		3,580
Land Sales Less Cost of Sales - Unconsolidated (3)	2,207		—		242		2,038		—		2,280		—		—		—		190		190
Total Sales Less Cost of Sales	3,910		810		(324	)	3,016		403		3,905		—		—		—		3,770		3,770

Fee Income
Development Fees	7,265		308		461		531		478		1,778		608		486		549		634		2,277
Management Fees (6)	5,082		1,503		1,184		1,128		1,373		5,188		1,325		1,263		1,253		1,317		5,158
Leasing & Other Fees	173		5		59		27		240		331		266		75		143		428		912
Total Fee Income	12,520		1,816		1,704		1,686		2,091		7,297		2,199		1,824		1,945		2,379		8,347

Other Income
Termination Fees	569		120		28		308		361		817		—		—		—		3,122		3,122
Termination Fees - Discontinued Operations (5)	4,006		73		—		191		186		450		186		102		—		—		288
Interest and Other Income	233		49		20		231		160		460		390		27		153		358		928
Interest and Other Income - Discontinued Operations (5)	32		6		2		12		(43	)	(23	)	(1	)	—		—		—		(1	)
Other - Unconsolidated (3)	561		159		188		124		276		747		546		151		134		357		1,188
Total Other Income	5,401		407		238		866		940		2,451		1,121		280		287		3,837		5,525

Total Fee and Other Income	17,921		2,223		1,942		2,552		3,031		9,748		3,320		2,104		2,232		6,216		13,872

Reimbursed Expenses	(3,652	)	(1,111	)	(717	)	(686	)	(916	)	(3,430	)	(870	)	(798	)	(795	)	(796	)	(3,259	)

General and Administrative Expenses	(19,787	)	(3,493	)	(5,936	)	(2,976	)	(4,513	)	(16,918	)	(8,242	)	(4,691	)	(4,368	)	(8,290	)	(25,591	)



Cousins Properties Incorporated	9	Q4 2016 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Interest Expense
Consolidated Debt
The American Cancer Society Center	(8,710	)	(2,131	)	(2,147	)	(2,164	)	(2,157	)	(8,599	)	(2,126	)	(2,119	)	(2,134	)	(2,127	)	(8,506	)
Promenade	(4,850	)	(1,194	)	(1,187	)	(1,180	)	(1,173	)	(4,734	)	(1,165	)	(1,157	)	(1,150	)	(1,142	)	(4,614	)
Unsecured Credit Facility	(3,354	)	(966	)	(1,072	)	(1,089	)	(962	)	(4,089	)	(832	)	(1,053	)	(870	)	(1,159	)	(3,914	)
816 Congress Avenue	(709	)	(817	)	(818	)	(817	)	(817	)	(3,269	)	(817	)	(817	)	(817	)	(817	)	(3,268	)
Fifth Third Center	—		—		—		—		—		—		—		—		(427	)	(1,275	)	(1,702	)
Meridian Mark Plaza	(1,562	)	(387	)	(385	)	(384	)	(382	)	(1,538	)	(381	)	(379	)	(377	)	(375	)	(1,512	)
Colorado Tower	—		—		—		—		—		—		—		—		(353	)	(1,059	)	(1,412	)
111 Congress	—		—		—		—		—		—		—		—		—		(800	)	(800	)
San Jacinto Center	—		—		—		—		—		—		—		—		—		(632	)	(632	)
3344 Peachtree	—		—		—		—		—		—		—		—		—		(460	)	(460	)
Two Buckhead Plaza	—		—		—		—		—		—		—		—		—		(324	)	(324	)
The Pointe	—		—		—		—		—		—		—		—		—		(171	)	(171	)
Term Loan	—		—		—		—		—		—		—		—		—		(386	)	(386	)
Other (2)	(4,550	)	(1,074	)	(1,072	)	(1,070	)	(869	)	(4,085	)	(861	)	(860	)	(856	)	(1,070	)	(3,647	)
Capitalized	2,752		902		813		1,023		839		3,577		742		1,016		1,230		1,709		4,697
Subtotal - Consolidated	(20,983	)	(5,667	)	(5,868	)	(5,681	)	(5,521	)	(22,737	)	(5,440	)	(5,369	)	(5,754	)	(10,088	)	(26,651	)

Unconsolidated Debt (3)
Terminus 100	(3,494	)	(865	)	(861	)	(857	)	(853	)	(3,436	)	(848	)	(844	)	(840	)	(836	)	(3,368	)
Terminus 200	(1,560	)	(390	)	(390	)	(390	)	(390	)	(1,560	)	(390	)	(389	)	(387	)	(385	)	(1,551	)
Emory University Hospital Midtown Medical Office Tower	(1,336	)	(334	)	(334	)	(333	)	(332	)	(1,333	)	(330	)	(329	)	(327	)	(325	)	(1,311	)
Emory Point	(974	)	(232	)	(242	)	(265	)	(387	)	(1,126	)	(439	)	(464	)	(484	)	(542	)	(1,929	)
Courvoisier Centre	—		—		—		—		—		—		—		—		—		(239	)	(239	)
Other (2)	—		—		—		—		—		—		—		—		—		(25	)	(25	)
Subtotal - Unconsolidated	(7,364	)	(1,821	)	(1,827	)	(1,845	)	(1,962	)	(7,455	)	(2,007	)	(2,026	)	(2,038	)	(2,352	)	(8,423	)

Discontinued Operations (5)	(8,127	)	(2,010	)	(2,001	)	(1,992	)	(1,983	)	(7,986	)	(1,974	)	(1,965	)	(1,956	)	(126	)	(6,021	)

Total Interest Expense	(36,474	)	(9,498	)	(9,696	)	(9,518	)	(9,466	)	(38,178	)	(9,421	)	(9,360	)	(9,748	)	(12,566	)	(41,095	)

Other Expenses
Parkway Transaction Costs	—		—		—		—		—		—		(19	)	(2,424	)	(1,446	)	(20,633	)	(24,522	)
Parkway Transaction Costs - Discontinued Operations (5)	—		—		—		—		—		—		—		—		(494	)	(5,855	)	(6,349	)
Loss on Extinguishment of Debt	—		—		—		—		—		—		—		—		—		(5,180	)	(5,180	)
Impairment Losses (7)	—		—		—		—		—		—		—		—		—		(4,526	)	(4,526	)
Partners' share of FFO in consolidated joint ventures (Fund II in 2016)	(424	)	—		—		—		(111	)	(111	)	—		—		—		(3,775	)	(3,775	)
Predevelopment & Other	(2,047	)	(106	)	(187	)	(147	)	(82	)	(522	)	(108	)	(118	)	(140	)	(577	)	(943	)
Property Taxes and Other Holding Costs	(1,223	)	(287	)	(242	)	(141	)	(158	)	(828	)	(89	)	(98	)	(95	)	(158	)	(440	)
Severance	(185	)	(102	)	—		5		(84	)	(181	)	(250	)	—		—		—		(250	)
Acquisition Costs	(1,130	)	(83	)	(2	)	(19	)	(195	)	(299	)	—		—		—		—		—
Total Other Expenses	(5,009	)	(578	)	(431	)	(302	)	(630	)	(1,941	)	(466	)	(2,640	)	(2,175	)	(40,704	)	(45,985	)

Income Tax Provision (Benefit)	20		—		—		—		—		—		—		—		—		—		—



Cousins Properties Incorporated	10	Q4 2016 Supplemental Information



FUNDS FROM OPERATIONS - DETAIL



	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Depreciation and Amortization of Non-Real Estate Assets
Consolidated	(867	)	(423	)	(374	)	(414	)	(410	)	(1,621	)	(377	)	(335	)	(328	)	(325	)	(1,365	)
Unconsolidated (3)	(46	)	(48	)	—		—		—		(48	)	—		—		—		—		—
Total Depreciation and Amortization of Non-Real Estate Assets	(913	)	(471	)	(374	)	(414	)	(410	)	(1,669	)	(377	)	(335	)	(328	)	(325	)	(1,365	)

Preferred Stock Dividends and Original Issuance Costs	(6,485	)	—		—		—		—		—		—		—		—		—		—

FFO	165,204		45,935		45,238		52,467		49,109		192,749		43,457		43,288		46,439		27,444		160,628
Weighted Average Shares - Diluted	204,460		216,754		216,766		216,374		213,978		215,979		210,974		210,362		210,326		391,413		256,023
FFO per Share	0.81		0.21		0.21		0.24		0.23		0.89		0.21		0.21		0.22		0.07		0.63

Note: Amounts may differ slightly from other schedules contained herein due to rounding.

(1) Contains multiple buildings.

(2) Represents properties sold and loans repaid prior to December 31, 2016 that are not considered discontinued operations.

(3) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category 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.

(4) Through December 1, 2016, the Company received an 11.46% current return on its $11.1 million investment in Gateway Village and, when certain other revenue criteria were met, received additional returns. The Company recognized these amounts as NOI from this venture. After December 1, 2016, net income and cash flows were allocated 50% to each joint venture member.

(5) Primarily represents Greenway Plaza and Post Oak Central.

(6) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.

(7) Represents an impairment charge on Callaway Gardens land as a result of the Company withdrawing from the joint venture.



Cousins Properties Incorporated	11	Q4 2016 Supplemental Information



PORTFOLIO STATISTICS



Property Description	Metropolitan Area	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased 4Q16	End of Period Leased 3Q16	Weighted Average Occupancy 4Q16	Weighted Average Occupancy 3Q16	% of Total Net Operating Income (1)		Property Level Debt ($000) (2)
OFFICE PROPERTIES
Northpark Town Center (3)	Atlanta	1,528,000	Consolidated	100%	85.2%	87.8%	85.1%	84.7%	7.8	%	$	—
Promenade	Atlanta	777,000	Consolidated	100%	94.5%	94.6%	91.6%	90.0%	4.7	%	104,997
3344 Peachtree	Atlanta	484,000	Consolidated	100%	96.1%	99.0%	93.4%	96.3%	4.7	%	80,258
The American Cancer Society Center	Atlanta	996,000	Consolidated	100%	85.9%	87.3%	83.2%	83.4%	4.3	%	127,451
One Buckhead Plaza	Atlanta	461,000	Consolidated	100%	94.2%	96.0%	94.0%	94.8%	3.7	%	—
3350 Peachtree	Atlanta	413,000	Consolidated	100%	92.9%	93.2%	92.9%	93.2%	2.7	%	—
Terminus 100	Atlanta	660,000	Unconsolidated	50%	90.6%	90.6%	90.0%	89.6%	2.4	%	63,256
Terminus 200	Atlanta	566,000	Unconsolidated	50%	96.4%	91.9%	91.3%	91.3%	2.2	%	40,408
3348 Peachtree	Atlanta	258,000	Consolidated	100%	91.2%	93.7%	92.8%	93.7%	2.0	%	—
Two Buckhead Plaza	Atlanta	210,000	Consolidated	100%	83.1%	91.0%	81.1%	86.8%	1.8	%	53,515
Meridian Mark Plaza	Atlanta	160,000	Consolidated	100%	100.0%	100.0%	100.0%	99.4%	1.3	%	24,426
Emory University Hospital Midtown Medical Office Tower	Atlanta	358,000	Unconsolidated	50%	96.2%	96.2%	97.0%	96.3%	1.3	%	36,258
ATLANTA		6,871,000							38.9	%	530,569

Hearst Tower	Charlotte	966,000	Consolidated	100%	98.7%	98.3%	97.1%	97.1%	7.9	%	—
Fifth Third Center	Charlotte	698,000	Consolidated	100%	96.7%	96.7%	95.9%	91.1%	5.9	%	148,866
NASCAR Plaza	Charlotte	394,000	Consolidated	100%	98.2%	98.2%	95.3%	98.2%	3.3	%	—
Gateway Village	Charlotte	1,061,000	Unconsolidated	50%	99.3%	100.0%	94.9%	100.0%	1.3	%	—
CHARLOTTE		3,119,000							18.4	%	148,866

San Jacinto Center	Austin	406,000	Consolidated	100%	99.8%	100.0%	99.4%	99.5%	4.6	%	102,562
Colorado Tower	Austin	373,000	Consolidated	100%	100.0%	100.0%	100.0%	99.2%	4.5	%	119,069
One Eleven Congress	Austin	519,000	Consolidated	100%	90.6%	94.4%	81.7%	84%	4.3	%	130,002
816 Congress	Austin	435,000	Consolidated	100%	93.2%	94.6%	91.1%	91.3%	3.1	%	84,231
Research Park V	Austin	173,000	Consolidated	100%	97.1%	97.1%	41.3%	33.5%	0.6	%	—
AUSTIN		1,906,000							17.1	%	435,864

Corporate Center (3)	Tampa	1,224,000	Consolidated	100%	84.4%	84.7%	81.8%	81.4%	6.7	%	—
The Pointe	Tampa	253,000	Consolidated	100%	96.2%	98.9%	96.1%	96.4%	1.6	%	23,369
Harborview Plaza	Tampa	205,000	Consolidated	100%	98.0%	98.0%	98.0%	98.0%	1.2	%	—
TAMPA		1,682,000							9.5	%	23,369

Hayden Ferry (3)	Phoenix	789,000	Consolidated	100%	93.8%	94.7%	88.0%	92.5%	5.2	%	—
Tempe Gateway	Phoenix	264,000	Consolidated	100%	98.4%	98.7%	98.4%	98.7%	2.6	%	—
111 West Rio (US Airways Bldg)	Phoenix	225,000	Unconsolidated	75%	100.0%	100.0%	—%	100.0%	0.3	%	—
PHOENIX		1,278,000							8.1	%	—

Bank of America Center	Orlando	421,000	Consolidated	100%	87.7%	90.5%	88.3%	90.5%	1.9	%	—
Citrus Center	Orlando	261,000	Consolidated	100%	94.3%	94.4%	91.6%	91.7%	1.4	%	—
One Orlando Centre	Orlando	356,000	Consolidated	100%	82.4%	76.0%	73.2%	73.1%	1.1	%	—
ORLANDO		1,038,000							4.4	%	—

Courvoisier Centre (3)	Miami	343,000	Unconsolidated	20%	86.5%	85.4%	84.1%	84.2%	0.6	%	22,309
MIAMI		343,000							0.6	%	22,309

TOTAL OFFICE PROPERTIES		16,237,000							97.0	%	$	1,160,977



Cousins Properties Incorporated	12	Q4 2016 Supplemental Information



PORTFOLIO STATISTICS




	Property Description	Metropolitan Area	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased 4Q16	End of Period Leased 3Q16	Weighted Average Occupancy 4Q16	Weighted Average Occupancy 3Q16	% of Total Net Operating Income (1)		Property Level Debt ($000) (2)
	OTHER PROPERTIES
	Emory Point Apartments (Phase I) (4)	Atlanta	404,000	Unconsolidated	75%	95.9%	96.2%	95.3%	92.0%	1.4	%	36,328
	Emory Point Apartments (Phase II) (4)	Atlanta	257,000	Unconsolidated	75%	91.9%	87.0%	87.9%	79.0%	1.0	%	28,701
	Emory Point Retail (Phase I)	Atlanta	80,000	Unconsolidated	75%	90.0%	84.3%	86.5%	84.7%	0.4	%	7,194
	Emory Point Retail (Phase II)	Atlanta	45,000	Unconsolidated	75%	78.9%	78.8%	75.0%	69.1%	0.2	%	5,026
	TOTAL OTHER PROPERTIES		786,000							3.0	%	77,249
	TOTAL PORTFOLIO		17,023,000							100	%	1,238,226


(1)	Net Operating Income represents the Company's share of rental property revenues less rental property operating expenses. Calculation is based on amounts for the three months ended December 31, 2016.
(2)	Property level debt represents the Company's share of total debt as of December 31, 2016.
(3)	Contains multiple buildings that are grouped together for reporting purposes.
(4)	Phase I consists of 443 units and Phase II consists of 307 units.



Cousins Properties Incorporated	13	Q4 2016 Supplemental Information



PORTFOLIO STATISTICS



Cousins Properties Incorporated	14	Q4 2016 Supplemental Information



SAME PROPERTY PERFORMANCE (1)



	Net Operating Income ($ in thousands)
	Three Months Ended
	December 31, 2016			December 31, 2015			September 30, 2016			4Q16 vs. 4Q15 % Change		4Q16 vs. 3Q16 % Change
Property Revenues (2)	$	24,695		$	23,752		$	25,293		4.0	%	(2.4	)%
Property Operating Expenses (2)	10,093			9,771			10,238			3.3	%	(1.4	)%
Property Net Operating Income	$	14,602		$	13,981		$	15,055		4.4	%	(3.0	)%

Cash Basis Property Revenues (3)	$	24,850		$	23,549		$	24,982		5.5	%	(0.5	)%
Cash Basis Property Operating Expenses (4)	10,105			9,783			10,250			3.3	%	(1.4	)%
Cash Basis Property Net Operating Income	$	14,745		$	13,766		$	14,732		7.1	%	0.1	%

End of Period Leased	91.8		%	91.5		%	91.8		%
Weighted Average Occupancy	89.4		%	90.4		%	89.0		%

	Year Ended
	December 31, 2016			December 31, 2015			% Change
Property Revenues (2)	$	99,000		$	95,259		3.9		%
Property Operating Expenses (2)	39,669			39,341			0.8		%
Property Net Operating Income	$	59,331		$	55,918		6.1		%

Cash Basis Property Revenues (3)	$	97,982		$	93,153		5.2		%
Cash Basis Property Operating Expenses (4)	39,716			39,387			0.8		%
Cash Basis Property Net Operating Income	$	58,266		$	53,766		8.4		%



(1)	Same Properties include those office properties that were operational and stabilized on January 1, 2015, excluding properties subsequently sold. See Non-GAAP Financial Measures - Calculation and Reconciliations. Properties included in this reporting period are as follows:
	The American Cancer Society Center	Emory University Hospital Midtown Medical Office Tower	Meridian Mark Plaza
	Promenade	Terminus 100	Terminus 200
	816 Congress
(2)	Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures. Net operating income for unconsolidated joint ventures is calculated as property revenue less 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 Same Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Property Revenues, excluding straight-line rents, amortization of lease inducements, and amortization of acquired above and below market rents.
(4)	Cash Basis Same Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.



Cousins Properties Incorporated	15	Q4 2016 Supplemental Information



OFFICE LEASING ACTIVITY(1)



	Three Months Ended December 31, 2016												Year Ended December 31, 2016
	New			Renewal			Expansion			Total			New			Renewal			Expansion			Total
Gross leased (square feet)										780,743												2,509,455
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(19,656)												(155,216)
Net leased (square feet)	419,244			231,520			110,323			761,087			1,378,123			749,657			226,459			2,354,239
Number of transactions	14			18			10			42			57			78			28			163
Lease term (years) (2)	9.6			6.8			6.8			8.3			11.7			6.7			6.6			9.6

Net rent (per square foot) (2)(3)	$	24.70		$	27.15		$	30.80		$	26.32		$	24.10		$	24.24		$	27.04		$	24.52
Total leasing costs (per square foot) (2)(4)	(6.75		)	(4.49		)	(6.91		)	(6.08		)	(7.39		)	(4.93		)	(7.27		)	(6.35		)
Net effective rent (per square foot) (2)	$	17.95		$	22.66		$	23.89		$	20.24		$	16.71		$	19.31		$	19.77		$	18.17

Second generation leased square feet (2)(5)										660,377												1,303,753
Increase in second generation net rent (2)(3)(5)										18.7		%										20.0		%
Increase in cash basis second generation net rent (2)(5)(6)										14.7		%										10.3		%

(1) Excludes apartment and retail leasing at our mixed-use projects.
(2) Weighted average.
(3) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) Includes tenant improvements, external leasing commissions, and free rent.
(5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in development properties, and leases for spaces that have been vacant for one year or more.
(6) Represents increase in net rent at the end of term paid by the prior tenant compared to net rent at beginning of term paid by the current tenant. For early renewals, represents increase in net rent at the end of the term of the original lease compared to net rent at the beginning of the extended term of the lease.



Cousins Properties Incorporated	16	Q4 2016 Supplemental Information



OFFICE LEASE EXPIRATIONS (1)

Lease Expirations by Year



Year of Expiration	Square Feet Expiring	% of Leased Space		Annual Contractual Rents ($000's) (2)		% of Total Annual Contractual Rents		Annual Contractual Rent/Sq. Ft. (2)

2017	754,792	5.6	%	$	21,143	5.1	%	$	28.01
2018	997,019	7.4	%	29,353		7.1	%	29.44
2019	1,116,486	8.3	%	31,847		7.7	%	28.52
2020	1,021,135	7.6	%	30,563		7.4	%	29.93
2021	1,789,478	13.3	%	53,535		13.0	%	29.92
2022	2,065,821	15.3	%	58,220		14.2	%	28.18
2023	1,001,575	7.4	%	30,595		7.5	%	30.55
2024	918,063	6.8	%	33,029		8.1	%	35.98
2025 & Thereafter	3,802,231	28.3	%	122,426		29.9	%	32.20

Total	13,466,600	100.0	%	$	410,711	100.0	%	$	30.49

Lease Expirations Greater than 100,000 Square Feet Through Year End 2020



Expiration Date	Tenant	Market	Building	Square Feet Expiring
January 2019	National Union Fire Insurance Company	Atlanta	Northpark Town Center	105,362
April 2020	CO Space Properties, LLC	Atlanta	American Cancer Society Center	120,298



(1) Company's share.
(2) Annual Contractual Rent shown is the rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which may or may not include a base year of operating expenses depending upon the terms of the lease.



Cousins Properties Incorporated	17	Q4 2016 Supplemental Information



OFFICE LEASE EXPIRATIONS (1)

Note: Company's share



Cousins Properties Incorporated	18	Q4 2016 Supplemental Information



TOP 20 OFFICE TENANTS



	Tenant (1)	Company's Share of Square Footage	Company's Share of Annualized Base Rent		Percentage of Total Company's Share of Annualized Base Rent (2)	Average Remaining Lease Term (Years) (3)
1	Bank of America	1,139,724	$	19,326,949	5.9%	7
2	Wells Fargo Bank, N.A.	277,598	7,736,691		2.3%	5
3	Blue Cross Blue Shield	227,592	6,015,257		1.8%	5
4	McGuireWoods LLP	198,648	5,743,205		1.7%	9
5	Hearst Communications, Inc.	181,323	5,420,943		1.6%	10
6	Smith, Gambrell & Russell, LLP	159,136	4,959,620		1.5%	5
7	American Cancer Society, Inc.	275,160	4,831,741		1.5%	4
8	OSI Restaurant Partners, LLC	167,723	4,766,688		1.4%	8
9	NASCAR Media Group, LLC	139,461	4,658,907		1.4%	4
10	Parsley Energy, LP	135,107	4,016,731		1.2%	8
11	US South Communications	196,223	3,895,888		1.2%	5
12	Board of Regents of the University System of Georgia	135,124	3,884,815		1.2%	7
13	K & L Gates LLP	110,914	3,736,155		1.1%	11
14	Carlton Fields Jorden Burt, PA	93,868	3,661,791		1.1%	9
15	CO Space Properties, LLC	120,298	3,611,153		1.1%	3
16	Chiquita Brands, LLC	137,790	3,260,112		1.0%	4
17	National Union Fire Insurance Company	105,362	2,963,184		0.9%	2
18	Vitera Healthcare Solutions, LLC	86,150	2,852,427		0.9%	11
19	Regus Equity Business Centers, LLC	91,444	2,641,751		0.8%	5
20	Gerdau Ameristeel US, Inc	80,653	2,410,211		0.7%	9
	Grand Total	4,059,298	$	100,394,219	30.3%	6

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Annualized Base Rent represents the annualized minimum rent paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent which may or may not include a base year of operating expenses depending upon the terms of the lease.
(3)	Weighted average.
Note:	This schedule includes tenants whose leases have commenced and/or have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule.



Cousins Properties Incorporated	19	Q4 2016 Supplemental Information



TENANT INDUSTRY DIVERSIFICATION

(1) Represents Company's share of total revenues.



Cousins Properties Incorporated	20	Q4 2016 Supplemental Information



INVESTMENT ACTIVITY

Completed Property Acquisitions



Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet		Gross Purchase Price ($ in thousands)

2016
Parkway Properties	Office	Various	Various	4Q	8,819,000		(1		)
Cousins Fund II, L.P. (2)	Office	Various	100.0%	4Q	(2	)	$	279,100

2014
Fifth Third Center	Office	Charlotte	100.0%	3Q	698,000		215,000
Northpark Town Center	Office	Atlanta	100.0%	4Q	1,528,000		348,000

2013
Post Oak Central	Office	Houston	100.0%	1Q	1,280,000		230,900
Terminus 200	Office	Atlanta	50.0%	1Q	566,000		164,000
816 Congress	Office	Austin	100.0%	2Q	435,000		102,400
Greenway Plaza	Office	Houston	100.0%	3Q	4,348,000		950,000
777 Main	Office	Fort Worth	100.0%	3Q	980,000		160,000

2012
2100 Ross	Office	Dallas	100.0%	3Q	844,000		59,200

					19,498,000		$	2,508,600

Completed Property Developments



Project	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Total Project Cost ($ in thousands)

2015
Colorado Tower	Office	Austin	100.0%	1Q	373,000	$	126,100
Emory Point - Phase II	Mixed	Atlanta	75.0%	3Q	302,000	75,400
Research Park V	Office	Austin	100.0%	4Q	173,000	45,000

2013
Emory Point - Phase I	Mixed	Atlanta	75.0%	4Q	484,000	102,300

2012
Mahan Village	Retail	Tallahassee	50.5%	4Q	147,000	25,800

					1,479,000	$	374,600



Cousins Properties Incorporated	21	Q4 2016 Supplemental Information



INVESTMENT ACTIVITY

Completed Property Dispositions



Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands)
2016
100 North Point Center East	Office	Atlanta	100.0%	1Q	129,000	$	22,000
Post Oak Central	Office	Houston	100.0%	4Q	1,280,000	(1		)
Greenway Plaza	Office	Houston	100.0%	4Q	4,348,000	(1		)
Two Liberty Place	Office	Philadelphia	100.0%	4Q	941,000	219,000
191 Peachtree	Office	Atlanta	100.0%	4Q	1,225,000	267,500
Lincoln Place	Office	Miami	100.0%	4Q	140,000	80,000
The Forum	Office	Atlanta	100.0%	4Q	220,000	70,000

2015
2100 Ross	Office	Dallas	100.0%	3Q	844,000	131,000
200, 333, and 555 North Point Center East	Office	Atlanta	100.0%	4Q	411,000	70,300
The Points at Waterview	Office	Dallas	100.0%	4Q	203,000	26,800

2014
600 University Park Place	Office	Birmingham	100.0%	1Q	123,000	19,700
Lakeshore Park Plaza	Office	Birmingham	100.0%	3Q	197,000	25,000
Mahan Village	Retail	Florida	50.5%	4Q	147,000	29,500
Cousins Watkins LLC	Retail	Other	50.5%	4Q	339,000	79,500
777 Main	Office	Fort Worth	100.0%	4Q	980,000	167,000

2013
Terminus 100	Office	Atlanta	100.0%	1Q	656,000	209,200
Tiffany Springs MarketCenter	Retail	Kansas City	88.5%	3Q	238,000	53,500
The Avenue Murfreesboro	Retail	Nashville	50.0%	3Q	752,000	164,000
CP Venture Two LLC	Retail	Other	10.3%	3Q	934,000	226,100
CP Venture Five LLC	Retail	Other	11.5%	3Q	1,179,000	296,200
Inhibitex	Office	Atlanta	100.0%	4Q	51,000	8,300

2012
The Avenue Collierville	Retail	Memphis	100.0%	2Q	511,000	55,000
Galleria 75	Office	Atlanta	100.0%	2Q	111,000	9,200
Ten Peachtree Place	Office	Atlanta	50.0%	2Q	260,000	45,300
The Avenue Webb Gin	Retail	Atlanta	100.0%	4Q	322,000	59,600
The Avenue Forsyth	Retail	Atlanta	88.5%	4Q	524,000	119,000
Cosmopolitan Center	Office	Atlanta	100.0%	4Q	51,000	7,000
Palisades West	Office	Austin	50.0%	4Q	373,000	64,800
Presbyterian Medical Plaza	Office	Charlotte	11.5%	4Q	69,000	4,500

					17,558,000	$	2,529,000

(1) This transaction was part of the Parkway Merger. Please see further information in footnote 2 of the Form 10-Q for the three months ended

September 30, 2016 and in reports filed with the SEC by the Company, Parkway, and Parkway, Inc.

(2) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million; this included cash from the recent sale of Two Liberty Place in

Philadelphia as well as the Hayden Ferry buildings in Tempe and 3344 Peachtree in Atlanta. Cousins now owns 100% of these buildings.



Cousins Properties Incorporated	22	Q4 2016 Supplemental Information



DEVELOPMENT PIPELINE (1)



Project	Type	Metropolitan Area	Company's Ownership Interest		Project Start Date	Number of Square Feet /Apartment Units	Estimated Project Cost (2) ($ in thousands)		Project Cost Incurred to Date (2) ($ in thousands)		Percent Leased		Initial Occupancy (3)	Estimated Stabilization (4)


Carolina Square	Mixed	Chapel Hill, NC	50	%	2Q15		$	123,000	$	66,845
Office						158,000					74	%	3Q17	3Q18
Retail						44,000					61	%	3Q17	3Q18
Apartments						246					—	%	3Q17	3Q18

864 Spring Street (NCR Phase I)	Office	Atlanta, GA	100	%	3Q15	502,000	219,000		103,994		100	%	1Q18	1Q18

8000 Avalon	Office	Atlanta, GA	90	%	1Q16	224,000	73,000		42,152		19	%	2Q17	2Q18

858 Spring Street (NCR Phase II)	Office	Atlanta, GA	100	%	4Q16	260,000	119,000		16,242		100	%	4Q18	4Q18

Dimensional Place	Office	Charlotte, NC	50	%	4Q16		94,000		18,549
Office						266,000					100	%	4Q18	4Q18
Retail						16,000					—	%	4Q18	4Q18

Total							$	628,000	$	247,782



(1)	This schedule shows projects currently under active development and/or projects with a contractual obligation through the substantial completion of construction. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs, and the final costs may differ from these estimates. The projected stabilization dates are also estimates and are subject to change as the project proceeds through the development process.
(2)	Amount represents 100% of the estimated project cost. Carolina Square is expected to be funded with a combination of equity from the partners and up to $79.8 million from a construction loan, which has $23.7 million outstanding as of December 31, 2016.
(3)	Represents the quarter which the Company estimates the first tenant occupies space.
(4)	Stabilization represents the earlier of the quarter in which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy.



Cousins Properties Incorporated	23	Q4 2016 Supplemental Information



LAND INVENTORY



	Metropolitan Area	Company's Ownership Interest	Total Developable Land (Acres)		Company's Share
Commercial

North Point	Atlanta	100.0%	12
Wildwood Office Park	Atlanta	50.0%	22
The Avenue Forsyth-Adjacent Land	Atlanta	100.0%	10
120 West Trinity	Atlanta	20.0%	5
Georgia			49

Victory Center	Dallas	75.0%	3
Texas			3

Corporate Center	Tampa	100.0%	7
Florida			7

Commercial Land Held (Acres)			59		43
Cost Basis of Commercial Land Held			$	41,726	$	16,386

Residential (1)

Callaway Gardens (2)	Atlanta	100.0%	217
Georgia			217

Padre Island	Corpus Christi	50.0%	15
Texas			15

Residential Land Held (Acres)			232		225
Cost Basis of Residential Land Held			$	6,850	$	3,544

Grand Total Land Held (Acres)			291		268
Grand Total Cost Basis of Land Held			$	48,576	$	19,930



(1)	Residential represents land that may be sold to third parties as lots or in large tracts for residential development.
(2)	Callaway Gardens was a consolidated joint venture. In January 2017, the Company withdrew from the joint venture. The Company no longer owns the land, but maintains a participation interest in future lot sales.



Cousins Properties Incorporated	24	Q4 2016 Supplemental Information



DEBT SCHEDULE



				Company's Share of Debt Maturities and Principal Payments
Description (Interest Rate Base, if not fixed)	Company's Ownership Interest	Rate at End of Quarter	Maturity Date	2017			2018			2019			2020			2021			Thereafter			Total Principal			Deferred Loan Costs			Above/Below Market Value		Total		Company's Share Recourse (1)

Consolidated Debt
Floating Rate Debt
Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (3)	100%	1.97%	12/2/21	—			—			—			—			250,000			—			250,000			(1,826		)	—		248,174		250,000
Credit Facility, Unsecured (LIBOR + 1.10%-1.45%) (2)	100%	1.87%	5/28/19	—			—			134,000			—			—			—			134,000			—			—		134,000		134,000
Total Floating Rate Debt				—			—			134,000			—			250,000			—			384,000			(1,826		)	—		382,174		384,000

Fixed Rate Debt
Fifth Third Center	100%	3.37%	10/1/26	2,959			3,061			3,166			3,274			3,386			133,670			149,516			(650		)	—		148,866		—
One Eleven Congress	100%	6.08%	6/11/17	128,000			—			—			—			—			—			128,000			—			2,002		130,002		—
The American Cancer Society Center (4)	100%	6.45%	9/1/17	127,508			—			—			—			—			—			127,508			(57		)	—		127,451		—
Colorado Tower	100%	3.45%	9/1/26	—			573			2,343			2,425			2,510			112,149			120,000			(931		)	—		119,069		—
Promenade	100%	4.27%	10/1/22	2,986			3,116			3,252			3,394			3,541			89,053			105,342			(345		)	—		104,997		—
San Jacinto	100%	6.05%	6/11/17	101,000			—			—			—			—			—			101,000			—			1,562		102,562		—
816 Congress	100%	3.75%	11/1/24	1,568			1,628			1,690			1,754			1,821			76,411			84,872			(641		)	—		84,231		—
Two Buckhead Plaza	100%	6.43%	10/1/17	52,000			—			—			—			—			—			52,000			—			1,515		53,515		—
3344 Peachtree	100%	4.75%	10/1/17	78,971			—			—			—			—			—			78,971			—			1,287		80,258		—
Meridian Mark Plaza	100%	6.00%	8/1/20	484			514			546			22,978			—			—			24,522			(96		)	—		24,426		—
The Pointe	100%	4.01%	2/10/19	439			456			22,050			—			—			—			22,945			—			424		23,369		—
Total Fixed Rate Debt				495,915			9,348			33,047			33,825			11,258			411,283			994,676			(2,720		)	6,790		998,746		—

Total Consolidated Debt				$	495,915		$	9,348		$	167,047		$	33,825		$	261,258		$	411,283		$	1,378,676		$	(4,546	)	$	6,790	$	1,380,920	$	384,000

Unconsolidated Debt
Floating Rate Debt
Emory Point I (LIBOR + 1.75%) (5)	75%	2.28%	4/9/17	43,522			—			—			—			—			—			43,522			—			—		43,522		—
Emory Point II (LIBOR + 1.85%, $46mm facility)	75%	2.38%	4/9/17	33,727			—			—			—			—			—			33,727			—			—		33,727		3,373
Carolina Square (LIBOR + 1.90%, $79.8mm facility)	50%	2.43%	5/1/18	—			11,870			—			—			—			—			11,870			—			—		11,870		2,967
Total Floating Rate Debt				77,249			11,870			—			—			—			—			89,119			—			—		89,119		6,340
																			.
Fixed Rate Debt
Terminus 100	50%	5.25%	1/1/23	1,346			1,418			1,494			1,575			1,660			55,839			63,332			(76		)	—		63,256		—
Terminus 200	50%	3.79%	1/1/23	770			800			831			863			896			36,281			40,441			(33		)	—		40,408		—
Emory University Hospital Midtown Medical Office Tower	50%	3.50%	6/1/23	759			785			813			842			872			32,340			36,411			(153		)	—		36,258		—
Courvoisier Centre	20%	4.60%	3/1/26	—			—			—			—			—			21,300			21,300			—			1,009		22,309		—
Total Fixed Rate Debt				2,875			3,003			3,138			3,280			3,428			145,760			161,484			(262		)	1,009		162,231		—

Total Unconsolidated Debt				$	80,124		$	14,873		$	3,138		$	3,280		$	3,428		$	145,760		$	250,603		$	(262	)	$	1,009	$	251,350	$	6,340

Total Debt				$	576,039		$	24,221		$	170,185		$	37,105		$	264,686		$	557,043		$	1,629,279		$	(4,808	)	$	7,799	$	1,632,270	$	390,340

Total Maturities (5)				$	561,840		$	11,870		$	156,018		$	22,644		$	250,000		$	514,110		$	1,516,482
% of Maturities				38		%	1		%	10		%	2		%	16		%	34		%	100		%



Cousins Properties Incorporated	25	Q4 2016 Supplemental Information



DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis



	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	473,119	29	%	2.06	%	3.4
Fixed Rate Debt	1,156,160		71	%	4.81	%	4.6
Total Debt	$	1,629,279	100	%	4.01	%	4.3

(1) Non-recourse loans are subject to customary carve-outs.

(2) Total borrowing capacity of the Credit Facility as of December 31, 2016 was $500 million. The spread over LIBOR at December 31, 2016 was 1.10%.

(3) Total borrowing capacity of the Term Loan as of December 31, 2016 was $250 million. The spread over LIBOR at December 31, 2016 was 1.20%.

(4) The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.

(5) Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.



Cousins Properties Incorporated	26	Q4 2016 Supplemental Information



DEBT SCHEDULE



Cousins Properties Incorporated	27	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Income from Discontinued Operations
Rental Property Revenues	182,714		42,986		45,228		45,096		43,518		176,828		43,123		44,281		46,046		3,477		136,927
Rental Property Operating Expenses	(80,099	)	(17,921	)	(19,796	)	(19,078	)	(16,835	)	(73,630	)	(17,805	)	(19,155	)	(19,638	)	(1,738	)	(58,336	)
Net Operating Income	102,615		25,065		25,432		26,018		26,683		103,198		25,318		25,126		26,408		1,739		78,591

Termination Fees	4,006		73		—		191		186		450		186		102		—		—		288
Interest and Other Income (Expense)	(8,093	)	(2,004	)	(1,999	)	(1,980	)	(2,026	)	(8,009	)	(1,975	)	(1,965	)	(1,956	)	(126	)	(6,022	)
Transaction Costs	—		—		—		—		—		—		—		—		(494	)	(5,855	)	(6,349	)
Third Party Management and Leasing Revenues	—		—		—		—		—		—		—		—		—		—		—
Third Party Management and Leasing Expenses	(2	)	—		—		—		—		—		—		—		—		—		—
FFO from Discontinued Operations	98,526		23,134		23,433		24,229		24,843		95,639		23,529		23,263		23,958		(4,242	)	66,508

Depreciation and Amortization of Real Estate	(77,760	)	(17,586	)	(15,508	)	(15,348	)	(15,349	)	(63,791	)	(15,428	)	(15,740	)	(15,221	)	(956	)	(47,345	)
Income (Loss) from Discontinued Operations	20,766		5,548		7,925		8,881		9,494		31,848		8,101		7,523		8,737		(5,198	)	19,163

FFO and EBITDA
Net income available to common stockholders	45,519		7,203		7,951		53,620		56,744		125,518		22,796		7,765		11,657		36,892		79,109
Depreciation and amortization of real estate assets:
Consolidated properties	61,391		18,138		18,997		16,775		16,093		70,003		16,164		16,306		16,293		47,819		96,583
Discontinued properties	77,760		17,586		15,508		15,348		15,349		63,791		15,428		15,740		15,221		956		47,345
Share of unconsolidated joint ventures	11,915		2,743		2,772		2,891		3,239		11,645		3,259		3,231		3,268		4,146		13,904
Partners' share of real estate depreciation	—		—		—		—		—		—		—		—		—		(3,564	)	(3,564	)
(Gain) loss on sale of depreciated properties:
Consolidated properties	(30,188	)	(286	)	10		(36,167	)	(42,316	)	(78,759	)	(14,190	)	246		—		(59,589	)	(73,533	)
Discontinued properties	(1,767	)	551		—		—		—		551		—		—		—		—		—
Non-controlling interest related to unitholders	—		—		—		—		—		—		—		—		—		784		784
Non-controlling interest related to the sale of depreciated properties	574		—		—		—		—		—		—		—		—		—		—
FFO	165,204		45,935		45,238		52,467		49,109		192,749		43,457		43,288		46,439		27,444		160,628
Interest Expense	36,474		9,498		9,696		9,518		9,466		38,178		9,421		9,359		9,748		12,566		41,094
Non-Real Estate Depreciation and Amortization	913		423		374		414		410		1,621		377		335		328		325		1,365
Income Tax Provision (Benefit)	(20	)	—		—		—		—		—		—		—		—		—		—
Gain on Sale of Third Party Management & Leasing Business	3		—		—		—		—		—		—		—		—		—		—
Acquisition and Merger Costs	1,130		83		2		19		195		299		19		2,424		1,940		26,488		30,871
Loss on Extinguishment of Debt	—		—		—		—		—		—		—		—		—		5,180		5,180
Impairment Loss	—		—		—		—		—		—		—		—		—		4,526		4,526
Preferred Stock Dividends and Original Issuance Costs	6,485		—		—		—		—		—		—		—		—		—		—
EBITDA (2)	210,189		55,939		55,310		62,418		59,180		232,847		53,274		55,406		58,455		76,529		243,664



Cousins Properties Incorporated	28	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Income (Loss) from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	18,176		4,642		4,489		4,644		4,726		18,501		5,050		5,213		5,013		6,123		21,399
Other Properties	7,720		1,346		1,495		1,487		1,506		5,834		1,596		1,741		1,747		2,302		7,386
Net Operating Income	25,896		5,988		5,984		6,131		6,232		24,335		6,646		6,954		6,760		8,425		28,785
Sales Less Cost of Sales	2,207		—		242		2,038		—		2,280		—		—		—		190		190
Termination Fees	185		120		28		271		—		419		—		—		—		3,000		3,000
Interest Expense	(7,364	)	(1,822	)	(1,827	)	(1,845	)	(1,961	)	(7,455	)	(2,007	)	(2,026	)	(2,038	)	(2,352	)	(8,423	)
Other Income/(Expense)	536		68		106		12		182		368		454		87		72		303		916
Depreciation and Amortization of Non-Real Estate Assets	(46	)	—		—		—		—		—		—		—		—		—		—
Funds from Operations - Unconsolidated Joint Ventures	21,414		4,354		4,533		6,607		4,453		19,947		5,093		5,015		4,794		9,566		24,468
Gain on Sale of Depreciated Investment Properties, net	1,767		—		—		—		—		—		—		—		—		—		—
Depreciation and Amortization of Real Estate	(11,913	)	(2,743	)	(2,772	)	(2,891	)	(3,239	)	(11,645	)	(3,259	)	(3,231	)	(3,268	)	(4,147	)	(13,905	)
Net Income from Unconsolidated Joint Ventures	11,268		1,611		1,761		3,716		1,214		8,302		1,834		1,784		1,526		5,419		10,563

Market Capitalization
Common Stock price at Period End	11.42		10.60		10.38		9.22		9.43		9.43		10.38		10.40		10.44		8.51		8.51
Number of Common Shares/Units Outstanding at Period End	216,513		216,470		216,686		214,671		211,513		211,513		210,107		210,171		210,170		401,596		401,596
Common Stock Capitalization	2,472,578		2,294,582		2,249,201		1,979,267		1,994,568		1,994,568		2,180,911		2,185,778		2,194,175		3,417,582		3,417,582

Debt	792,344		847,948		849,772		779,570		721,293		721,293		767,811		777,485		888,378		1,380,920		1,380,920
Share of Unconsolidated Debt	215,158		219,428		225,241		227,194		225,724		225,724		224,430		222,514		223,944		251,350		251,350
Debt (2)	1,007,502		1,067,376		1,075,013		1,006,764		947,017		947,017		992,241		999,999		1,112,322		1,632,270		1,632,270

Total Market Capitalization	3,480,080		3,361,958		3,324,214		2,986,031		2,941,585		2,941,585		3,173,152		3,185,777		3,306,497		5,049,852		5,049,852

Credit Ratios
Debt (2)	1,007,502		1,067,376		1,075,013		1,006,764		947,017		947,017		992,241		999,999		1,112,322		1,632,270		1,632,270
Total Market Capitalization	3,480,080		3,361,958		3,324,214		2,986,031		2,941,585		2,941,585		3,173,152		3,185,777		3,306,497		5,049,852		5,049,852
Debt (2) / Total Market Capitalization	29.0	%	31.7	%	32.3	%	33.7	%	32.2	%	32.2	%	31.3	%	31.4	%	33.6	%	32.3	%	32.3	%

Total Assets - Consolidated	2,667,330		2,684,661		2,685,466		2,635,397		2,597,803		2,597,803		2,610,408		2,622,995		2,760,732		4,171,607		4,171,607
Accumulated Depreciation - Consolidated	400,593		435,939		470,360		542,084		463,008		463,008		486,747		519,075		539,719		269,339		269,339
Undepreciated Assets - Unconsolidated (2)	450,535		454,835		466,438		482,606		486,941		486,941		460,516		504,408		507,611		604,236		604,236
Less: Investment in Unconsolidated Joint Ventures	(100,498	)	(100,821	)	(103,665	)	(103,470	)	(102,577	)	(102,577	)	(110,138	)	(114,455	)	(116,933	)	(179,397	)	(179,397	)
Total Undepreciated Assets (2)	3,417,960		3,474,614		3,518,599		3,556,617		3,445,175		3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785
Debt (2)	1,007,502		1,067,376		1,075,013		1,006,764		947,017		947,017		992,241		999,999		1,112,322		1,632,270		1,632,270
Undepreciated Assets (2)	3,417,960		3,474,614		3,518,599		3,556,617		3,445,175		3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785
Debt (2) / Total Undepreciated Assets (2)	29.5	%	30.7	%	30.6	%	28.3	%	27.5	%	27.5	%	28.8	%	28.3	%	30.1	%	33.5	%	33.5	%



Cousins Properties Incorporated	29	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS




	2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016

Coverage Ratios (2)
Interest Expense	36,474		9,498		9,696		9,518		9,466		38,178		9,421		9,359		9,748		12,566		41,094
Scheduled Principal Payments	9,836		2,493		2,477		2,507		2,415		9,892		2,444		3,143		3,344		2,632		11,563
Preferred Stock Dividends	2,955		—		—		—		—		—		—		—		—		—		—
Fixed Charges	49,265		11,991		12,173		12,025		11,881		48,070		11,865		12,502		13,092		15,198		52,657
EBITDA	210,189		55,939		55,310		62,418		59,180		232,847		53,274		55,406		58,455		76,529		243,664
Fixed Charges Coverage Ratio (2)	4.27		4.67		4.54		5.19		4.98		4.84		4.49		4.43		4.46		5.04		4.63

Debt (2)	1,007,502		1,067,376		1,075,013		1,006,764		947,017		947,017		992,241		999,999		1,112,322		1,632,270		1,632,270
Net Debt (Debt (2) minus Cash)	1,007,502		1,062,988		1,073,041		1,001,433		945,014		945,014		986,777		999,053		1,015,081		1,596,583		1,596,583
Annualized EBITDA (3)	248,556		223,756		221,240		250,260		236,720		236,720		213,096		221,624		233,820		306,116		306,116
Debt (2) / Annualized EBITDA (3)	4.05		4.77		4.86		4.02		4.00		4.00		4.66		4.51		4.76		5.33		5.33
Net Debt / Annualized EBITDA (3)	4.05		4.75		4.85		4.00		3.99		3.99		4.63		4.51		4.34		5.22		5.22

Dividend Information
Cash Common Dividends (4)	61,563		17,349		17,328		17,334		17,185		69,196		16,918		16,810		16,821		23,577		74,126
FFO	165,204		45,935		45,238		52,467		49,109		192,749		43,457		43,288		46,439		27,444		160,628
FFO Payout Ratio	37.3	%	37.8	%	38.3	%	33.0	%	35.0	%	35.9	%	38.9	%	38.8	%	36.2	%	85.9	%	46.1	%

FFO	165,204		45,935		45,238		52,467		49,109		192,749		43,457		43,288		46,439		27,444		160,628
Straight Line Rental Revenue	(22,093	)	(6,285	)	(5,786	)	(4,623	)	(3,315	)	(20,009	)	(3,595	)	(3,434	)	(3,449	)	(8,489	)	(18,967	)
Above and Below Market Rents	(8,047	)	(2,030	)	(1,973	)	(2,030	)	(1,948	)	(7,981	)	(1,834	)	(1,854	)	(1,907	)	(1,502	)	(7,097	)
Amortization of Above and Below Market Debt	—		—		—		—		—		—		—		—		—		(2,999	)	(2,999	)
Acquisition and Merger Costs	1,130		83		2		19		195		299		19		2,424		1,940		26,488		30,871
Loss on Extinguishment of Debt	—		—		—		—		—		—		—		—		—		5,180		5,180
Impairment Loss	—		—		—		—		—		—		—		—		—		4,526		4,526
Second Generation CAPEX	(35,054	)	(12,139	)	(13,259	)	(14,208	)	(14,608	)	(54,214	)	(7,904	)	(13,166	)	(13,968	)	(11,838	)	(46,876	)
Deferred Income - Tenant Improvements	—		—		—		—		(48	)	(48	)	(280	)	(488	)	(564	)	(594	)	(1,926	)
FAD (2)	101,140		25,564		24,222		31,625		29,385		110,796		29,863		26,770		28,491		38,216		123,340
Cash Common Dividends (4)	61,563		17,349		17,328		17,334		17,185		69,196		16,918		16,810		16,821		23,577		74,126
FAD Payout Ratio (2)	60.9	%	67.9	%	71.5	%	54.8	%	58.5	%	62.5	%	56.7	%	62.8	%	59.0	%	61.7	%	60.1	%

Operations Ratios
Total Undepreciated Assets (2)	3,417,960		3,474,614		3,518,599		3,556,617		3,445,175		3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785
General and Administrative Expenses	19,787		3,493		5,936		2,976		4,513		16,918		8,242		4,691		4,368		8,290		25,591
Annualized General and Administrative Expenses (5) / Total Undepreciated Assets	0.58	%	0.40	%	0.67	%	0.33	%	0.52	%	0.49	%	0.96	%	0.53	%	0.47	%	0.68	%	0.53	%

2nd Generation TI & Leasing Costs & Building CAPEX
Second Generation Leasing Related Costs	31,187		11,632		12,294		10,941		11,954		46,821		4,867		10,356		7,992		10,021		33,236
Second Generation Building Improvements	3,867		507		965		3,267		2,654		7,393		3,037		2,810		5,976		1,817		13,640
	35,054		12,139		13,259		14,208		14,608		54,214		7,904		13,166		13,968		11,838		46,876



Cousins Properties Incorporated	30	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS



(in thousands)	Three Months Ended							Year Ended
	December 31, 2016			December 31, 2015		September 30, 2016		December 31, 2016			December 31, 2015
Rental Property Revenues
Same Property	$	24,695		$	23,752	$	25,293	$	99,000		$	95,259
Non-Same Property	103,397			76,769		77,854		331,961			315,248
	$	128,092		$	100,521	$	103,147	$	430,961		$	410,507

Rental Property Operating Expenses
Same Property	$	10,093		$	9,771	$	10,238	$	39,669		$	39,341
Non-Same Property	37,860			29,162		31,287		131,010			129,934
	$	47,953		$	38,933	$	41,525	$	170,679		$	169,275

Rental Property Revenues
Consolidated Properties	$	111,432		$	47,324	$	46,575	$	249,814		$	196,244
Discontinued Operations	3,477			43,497		46,046		136,927			176,828
Share of Unconsolidated Joint Ventures	13,183			9,679		10,526		44,220			37,435
	$	128,092		$	100,500	$	103,147	$	430,961		$	410,507

Rental Property Operating Expenses
Consolidated Properties	$	41,456		$	18,650	$	18,122	$	96,908		$	82,545
Discontinued Operations	1,738			16,836		19,638		58,336			73,630
Share of Unconsolidated Joint Ventures	4,759			3,447		3,765		15,435			13,100
	$	47,953		$	38,933	$	41,525	$	170,679		$	169,275

Cash Basis Rental Property Revenues
Rental Property Revenues	$	128,092		$	100,521	$	103,147	$	430,961		$	410,507
Less: Straight Line Rent	8,489			3,315		3,449		18,968			20,008
Less: Non-cash Income	1,887			1,526		2,097		7,500			6,043
	$	117,716		$	95,680	$	97,601	$	404,493		$	384,456

Cash Basis Rental Property Revenues
Same Property	$	24,850		$	23,549	$	24,982	$	97,982		$	93,153
Non-Same Property	92,866			72,131		72,619		306,511			291,303
	$	117,716		$	95,680	$	97,601	$	404,493		$	384,456

Cash Basis Rental Property Operating Expenses
Rental Property Operating Expenses	$	47,953		$	38,933	$	41,525	$	170,679		$	169,275
Non-Cash Expense	(148		)	19		16		(102		)	(40		)
	$	47,805		$	38,952	$	41,541	$	170,577		$	169,235

Cash Basis Rental Property Operating Expenses
Same Property	$	10,105		$	9,783	$	10,250	$	39,716		$	39,387
Non-Same Property	37,700			29,169		31,291		130,861			129,848
	$	47,805		$	38,952	$	41,541	$	170,577		$	169,235



Cousins Properties Incorporated	31	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS



	Three Months Ended									Year Ended
	December 31, 2016			December 31, 2015			September 30, 2016			December 31, 2016			December 31, 2015
Net Income	$	37,887		$	56,855		$	11,657		$	80,104		$	125,629
Net operating income from unconsolidated joint ventures	8,426			6,232			6,760			28,785			24,335
Net operating income from discontinued operations	1,739			26,683			26,408			78,591			103,198
Fee income	(2,379		)	(2,091		)	(1,945		)	(8,347		)	(7,297		)
Other income	(481		)	(499		)	(152		)	(1,050		)	(828		)
Reimbursed expenses	796			916			795			3,259			3,430
General and administrative expenses	8,290			4,513			4,368			25,592			16,918
Interest expense	10,089			5,520			5,754			26,650			22,735
Depreciation and amortization	48,145			16,503			16,622			97,948			71,625
Acquisition and merger costs	20,633			195			1,446			24,521			299
Other expenses	5,205			190			173			5,888			1,181
Loss on extinguishment of debt	5,180			—			—			5,180			—
Income from unconsolidated joint ventures	(5,418		)	(1,214		)	(1,527		)	(10,562		)	(8,302		)
Gain on sale of investment properties	(63,169		)	(42,720		)	—			(77,114		)	(80,394		)
Income (loss) from discontinued operations	5,198			(9,494		)	(8,737		)	(19,163		)	(31,297		)
Net Operating Income	$	80,141		$	61,589		$	61,622		$	260,282		$	241,232

Net Operating Income
Same Property	$	14,602		$	13,981		$	15,055		$	59,331		$	55,918
Non-Same Property	65,539			47,608			46,567			200,951			185,314
	$	80,141		$	61,589		$	61,622		$	260,282		$	241,232

(1) Amounts may differ slightly from other schedules contained herein due to rounding.
(2) Includes Company 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.
(3) Annualized equals quarter amount annualized.
(4) The fourth quarter 2016 dividend was declared and paid in the first quarter of 2017. It will appear in the first quarter 2017 GAAP financial statements and disclosures.
(5) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual.



Cousins Properties Incorporated	32	Q4 2016 Supplemental Information



NON-GAAP FINANCIAL MEASURES - DISCUSSION



The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company. “2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. The Company excludes from second generation costs amounts incurred to lease vacant space in newly acquired buildings as well as building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards. In addition, the Company excludes leasing costs and building improvements associated with properties identified as under redevelopment or repositioning. “Cash Basis Net Operating Income” represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense. “EBITDA” represents FFO plus consolidated and Company share of unconsolidated interest expense, non-real estate depreciation and amortization, income taxes, impairment losses, predevelopment charges, loss on debt extinguishment, gain on sale of third party business, participation interest income, acquisition and merger costs, and preferred stock dividends and original issuance costs. Management believes that EBITDA provides analysts and investors with appropriate information to use in various ratios that evaluate the Company's level of debt. "Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude the effect of straight-line rent and above and below market lease amortization less 2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures. Management believes that FAD provides analysts and investors with information that assists in the comparability of the Company's dividend policy with other real estate companies. “FAD Before Certain Charges” represents FAD before preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and merger costs, gain on sale of third party business, participation interest income and separation charges. Management believes that FAD Before Certain Charges provides analysts and investors with appropriate information related to the Company's core operations and for comparability of the results of its operations and dividend policy with other real estate companies. “Funds From Operations Available to Common Stockholders” (“FFO”) is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the National Association of Real Estate Investment		Trusts' (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable real property, plus depreciation and amortization of real estate assets, impairment losses on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis. FFO is used by industry analysts and investors as a supplemental measure of an equity REIT's operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees. “FFO Before Certain Charges” represents FFO before preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and merger costs, gain on sale of third party business, participation interest income and separation charges. Management believes that FFO Before Certain Charges provides analysts and investors with appropriate information related to the Company's core operations and for comparability of the results of its operations with other real estate companies. “Net Operating Income” is used by industry analysts, investors and Company management to measure operating performance of the Company's properties. Net Operating Income, which is rental property revenues less rental property operating expenses, excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property's performance. Depreciation and amortization are also excluded from Net Operating Income for the reasons described under FFO above. “Same Property Net Operating Income” represents Net Operating Income or Cash Basis Net Operating Income for those office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that achieved 90% economic occupancy for each of the two periods presented or has been substantially complete and owned by the Company for each of the two periods presented and the preceding year. Same-Property Net Operating Income or Cash Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.



Cousins Properties Incorporated	33	Q4 2016 Supplemental Information

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COUSINS PROPERTIES INC Reports