Cousins Properties details SVB exposure: 205K sq ft lease, $2M net assets, $11.7M letters of credit

COUSINS PROPERTIES INC

SVB Financial leases 205,000 sq ft at Cousins' Hayden Ferry property in Phoenix, lease expiring Jan 2026.
Monthly straight-line revenue from lease is ~$700,000; SVB Financial is current through March 2023.
Cousins has $2.0M net assets on balance sheet attributable to the lease (straight-line rent accrual).
Cousins holds $11.7M in security deposits from tenants in letters of credit issued by SVB Bank; working to replace.
Cousins has no bank accounts, loans, or other amounts due to/from SVB Bank or SVB Financial.

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