Cousins Properties (CUZ) 8-K Results of Operations and Financial Condition

Q4 2014SUPPLEMENTAL INFORMATION

1

TABLE OF CONTENTS

Key Performance Indicators	3
Funds From Operations - Summary	4
Funds From Operations - Detail	5
Portfolio Statistics	8
Same Property Performance	9
Office Leasing Statistics	11
Office Lease Expirations	12
Top 20 Office Tenants	13
Development Pipeline	14
Land Inventory	15
Debt Schedule	16
Joint Venture Information	17
Non-GAAP Financial Measures - Calculations and Reconciliations	18
Non-GAAP Financial Measures - Discussion	25

Certain matters discussed in this news release are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, the availability and terms of capital and financing; the ability to refinance indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions or dispositions; the potential dilutive effect of common stock offerings; the availability of buyers and adequate pricing with respect to the disposition of assets; risks related to the geographic concentration of our portfolio; 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 the Company's 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 its 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 and acquisitions (such as zoning approval, receipts 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 other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The words “believes,” “expects,” “anticipates,” “estimates,” ”plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes 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 Q4 2014 Supplemental Information

KEY PERFORMANCE INDICATORS

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
Property Statistics
Number of Operating Properties	30		31		33		24		23		23		22		22		22		17		17
Rentable Square Feet (in thousands)	11,827		13,111		13,546		15,768		15,723		15,723		15,600		15,600		16,101		16,163		16,163
Leverage Ratios (1)
Debt/Total Market Capitalization	36.5	%	32.3	%	32.1	%	29.9	%	29.5	%	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%
Debt/Total Undepreciated Assets	35.3	%	34.6	%	33.1	%	30.8	%	30.0	%	30.0	%	28.0	%	30.1	%	28.1	%	31.2	%	31.2	%
Coverage Ratios (1)
Interest Coverage	3.53		3.28		4.13		3.98		4.92		4.15		5.23		5.63		5.91		6.22		5.76
Fixed Charges Coverage	2.03		1.86		2.36		2.73		3.51		2.64		3.56		4.00		4.61		4.98		4.27
Debt/Annualized EBITDA	6.00		7.01		5.73		7.59		4.72		4.72		4.31		4.48		4.37		4.05		4.05
Dividend Ratios (1)
FFO Payout Ratio	28.2	%	40.9	%	38.4	%	49.6	%	24.9	%	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%
FFO Before Certain Charges Payout Ratio	32.4	%	40.1	%	31.7	%	42.5	%	24.9	%	32.7	%	39.2	%	37.7	%	38.4	%	31.2	%	36.2	%
FAD Payout Ratio	43.0	%	79.5	%	67.7	%	85.3	%	42.3	%	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%
FAD Before Certain Charges Payout Ratio	53.6	%	76.5	%	49.3	%	66.4	%	42.3	%	54.2	%	60.9	%	59.2	%	67.1	%	50.4	%	58.7	%
Operations Ratios (1)
General and Administrative Expenses/Revenues (2)	12.2	%	14.7	%	10.0	%	12.4	%	5.8	%	9.9	%	6.8	%	6.7	%	5.6	%	3.2	%	5.4	%
Annualized General and Administrative Expenses/Total Undepreciated Assets	1.3	%	1.4	%	1.0	%	0.9	%	0.7	%	0.7	%	0.8	%	0.8	%	0.6	%	0.4	%	0.4	%

(1) See calculations and reconciliations of Non-GAAP financial measures.

(2) Includes discontinued operations.

Cousins Properties Incorporated 3 Q4 2014 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY (1)

($ in thousands, except per share amounts)

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
Net Operating Income
Office	80,907		21,837		23,894		30,308		46,464		122,503		47,598		48,821		52,691		57,441		206,551
Retail	29,429		4,290		4,302		3,663		1,023		13,278		1,303		1,288		1,221		665		4,479
Other	121		43		376		861		1,019		2,299		1,117		1,179		1,200		1,147		4,643
Total Net Operating Income	110,457		26,170		28,572		34,832		48,506		138,080		50,018		51,288		55,112		59,253		215,673
Sales Less Cost of Sales
Land	4,915		243		276		725		29		1,273		160		1,331		82		2,295		3,868
Other	309		168		(8	)	(6	)	37		191		—		42		—		—		42
Total Sales Less Cost of Sales	5,224		411		268		719		66		1,464		160		1,373		82		2,295		3,910
Fee Income	17,797		3,580		2,931		2,420		1,959		10,890		2,339		2,025		1,803		6,353		12,520
Third Party Management and Leasing Revenues	16,365		74		2		—		—		76		—		—		—		—		—
Other Income	4,514		394		2,146		490		1,011		4,041		1,936		2,484		554		430		5,404
Total Fee and Other Income	38,676		4,048		5,079		2,910		2,970		15,007		4,275		4,509		2,357		6,783		17,924
Gain on Sale of Third Party Management and Leasing Business	7,459		—		—		4,531		45		4,576		7		—		5		(15	)	(3	)
Third Party Management and Leasing Expenses	(13,675	)	(53	)	(27	)	(14	)	(3	)	(97	)	—		—		(1	)	(1	)	(2	)
Reimbursed Expenses	(7,063	)	(1,910	)	(1,359	)	(1,097	)	(850	)	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)
Separation Expenses	(1,985	)	—		—		(520	)	—		(520	)	(84	)	—		—		(101	)	(185	)
General and Administrative Expenses	(23,208	)	(6,069	)	(4,552	)	(6,635	)	(4,684	)	(21,940	)	(5,611	)	(5,756	)	(5,022	)	(3,398	)	(19,787	)
Loss on Debt Extinguishment	(94	)	—		—		—		—		—		—		—		—		—		—
Interest Expense	(28,154	)	(6,645	)	(6,573	)	(7,224	)	(9,230	)	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)
Impairment Loss	(488	)	—		—		—		—		—		—		—		—		—		—
Other Expenses	(6,570	)	(1,058	)	(1,153	)	(8,279	)	(630	)	(11,120	)	(678	)	(917	)	(1,169	)	(2,058	)	(4,822	)
Income Tax Benefit (Provision)	(90	)	(1	)	(1	)	(1	)	26		23		12		9		(1	)	—		20
Depreciation and Amortization of Non-Real Estate Assets	(1,090	)	(205	)	(213	)	(219	)	(150	)	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)
Preferred Stock Dividends and Original Issuance Costs	(12,907	)	(3,227	)	(5,883	)	(1,777	)	(1,777	)	(12,664	)	(1,777	)	(4,708	)	—		—		(6,485	)
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
Weighted Average Shares - Basic	104,117		104,119		118,661		163,426		189,665		144,255		191,739		198,440		209,839		216,511		204,216
Weighted Average Shares - Diluted	104,125		104,252		118,845		163,603		189,853		144,420		191,952		198,702		210,111		216,733		204,460
FFO per Share - Basic and Diluted	0.64		0.11		0.12		0.11		0.18		0.53		0.19		0.18		0.20		0.24		0.81

(1) Amounts may differ slightly from other schedules herein due to rounding.

Cousins Properties Incorporated 4 Q4 2014 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

($ in thousands, except per share amounts)

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
NET OPERATING INCOME
OFFICE:
CONSOLIDATED PROPERTIES:
GREENWAY PLAZA	—		—		—		5,103		19,503		24,606		18,202		19,295		20,356		19,526		77,379
POST OAK CENTRAL	—		2,459		4,328		4,498		4,308		15,593		5,564		5,886		6,032		5,955		23,437
191 PEACHTREE TOWER	15,222		4,064		4,021		3,982		3,973		16,040		4,198		4,650		4,115		4,046		17,009
THE AMERICAN CANCER SOCIETY CENTER	11,029		2,881		2,932		2,911		2,815		11,539		2,992		3,022		3,329		3,030		12,373
PROMENADE	8,748		2,485		2,235		2,453		2,395		9,568		2,772		2,792		3,030		2,841		11,435
777 MAIN (7)	—		—		—		699		2,355		3,054		2,560		2,442		2,642		2,159		9,803
816 CONGRESS AVENUE	—		—		1,098		1,498		1,433		4,029		1,536		1,740		1,862		1,854		6,992
NORTH POINT CENTER EAST	5,186		1,373		1,452		1,508		1,576		5,909		1,606		1,564		1,471		1,435		6,076
NORTHPARK TOWN CENTER	—		—		—		—		—		—		—		—		—		5,794		5,794
FIFTH THIRD CENTER	—		—		—		—		—		—		—		—		2,196		3,435		5,631
2100 ROSS AVENUE	1,511		1,101		1,305		965		1,249		4,620		1,474		936		1,497		1,566		5,473
MERIDIAN MARK PLAZA	4,033		1,037		1,011		1,056		1,007		4,111		908		1,008		898		914		3,728
THE POINTS AT WATERVIEW	2,065		505		464		449		458		1,876		415		329		348		356		1,448
TERMINUS 100 (2)	15,809		1,627		(1	)	58		11		1,695		4		(2	)	—		15		17
OTHER	(46	)	(7	)	(4	)	(5	)	—		(16	)	(6	)	4		—		—		(2	)
SUBTOTAL - OFFICE CONSOLIDATED	63,557		17,525		18,841		25,175		41,083		102,624		42,225		43,666		47,776		52,926		186,593
UNCONSOLIDATED PROPERTIES:
TERMINUS 100 (2)	—		1,208		1,821		1,938		1,925		6,892		1,973		1,875		1,831		1,876		7,555
TERMINUS 200 (3)	1,545		898		1,144		1,093		1,143		4,278		1,235		1,466		1,449		1,354		5,504
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER	3,758		981		956		968		969		3,874		998		962		1,008		992		3,960
GATEWAY VILLAGE (4)	1,208		302		302		302		302		1,208		302		302		302		302		1,208
OTHER (5)	6,244		(16	)	(17	)	(16	)	(12	)	(61	)	(15	)	(12	)	(15	)	(9	)	(51	)
SUBTOTAL - OFFICE UNCONSOLIDATED	12,755		3,373		4,206		4,285		4,327		16,191		4,493		4,593		4,575		4,515		18,176
DISCONTINUED OPERATIONS (6)	4,595		939		847		848		1,054		3,688		880		562		340		—		1,782
TOTAL - OFFICE NET OPERATING INCOME	80,907		21,837		23,894		30,308		46,464		122,503		47,598		48,821		52,691		57,441		206,551
RETAIL:
CONSOLIDATED PROPERTIES:
MAHAN VILLAGE (7)	314		390		389		363		454		1,596		402		414		402		182		1,400
OTHER	6		(2	)	1		1		(303	)	(303	)	—		(7	)	(6	)	(4	)	(17	)
SUBTOTAL - RETAIL CONSOLIDATED	320		388		390		364		151		1,293		402		407		396		178		1,383
UNCONSOLIDATED PROPERTIES:
CW INVESTMENTS (7)	2,398		580		578		579		568		2,305		567		566		569		295		1,997
EMORY POINT	10		274		344		303		290		1,211		321		312		257		190		1,080
OTHER (8)	8,311		2,177		2,078		1,510		(9	)	5,756		—		(4	)	—		—		(4	)
SUBTOTAL - RETAIL UNCONSOLIDATED	10,719		3,031		3,000		2,392		849		9,272		888		874		826		485		3,073
DISCONTINUED OPERATIONS (9)	18,390		871		912		907		23		2,713		13		7		(1	)	2		23
TOTAL - RETAIL NET OPERATING INCOME	29,429		4,290		4,302		3,663		1,023		13,278		1,303		1,288		1,221		665		4.479
OTHER:
UNCONSOLIDATED PROPERTIES:
EMORY POINT RESIDENTIAL	122		43		376		861		1,020		2,300		1,118		1,181		1,200		1,148		4,647
SUBTOTAL - OTHER UNCONSOLIDATED	122		43		376		861		1,020		2,300		1,118		1,181		1,200		1,148		4,647
DISCONTINUED OPERATIONS OTHER	(1	)	—		—		—		(1	)	(1	)	(1	)	(2	)	—		(1	)	(4	)
TOTAL - OTHER NET OPERATING INCOME	121		43		376		861		1,019		2,299		1,117		1,179		1,200		1,147		4.643
TOTAL NET OPERATING INCOME	110,457		26,170		28,572		34,832		48,506		138,080		50,018		51,288		55,112		59,253		215,673

Cousins Properties Incorporated 5 Q4 2014 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
SALES LESS COST OF SALES
LAND SALES LESS COST OF SALES - CONSOLIDATED	4,915		243		276		610		29		1,158		160		1,326		82		135		1,703
LAND SALES LESS COST OF SALES - UNCONSOLIDATED	—		—		—		115		—		115		—		5		—		2,160		2,165
SUBTOTAL - LAND SALES LESS COST OF SALES	4,915		243		276		725		29		1,273		160		1,331		82		2,295		3,868
OTHER - CONSOLIDATED	281		158		—		—		37		195		—		—		—		—		—
OTHER - UNCONSOLIDATED	28		10		(8	)	(6	)	—		(4	)	—		42		—		—		42
SUBTOTAL - OTHER SALES LESS COST OF SALES	309		168		(8	)	(6	)	37		191		—		42		—		—		42
TOTAL SALES LESS COST OF SALES	5,224		411		268		719		66		1,464		160		1,373		82		2,295		3,910
FEE INCOME
DEVELOPMENT FEES	9,059		1,335		585		594		588		3,102		937		541		571		5,216		7,265
MANAGEMENT FEES (10)	8,164		2,030		2,146		1,793		1,254		7,223		1,315		1,446		1,203		1,118		5,082
LEASING & OTHER FEES	574		215		200		33		117		565		87		38		29		19		173
TOTAL - FEE INCOME	17,797		3,580		2,931		2,420		1,959		10,890		2,339		2,025		1,803		6,353		12,520
THIRD PARTY MANAGEMENT AND LEASING REVENUES	16,365		74		2		—		—		76		—		—		—		—		—
OTHER INCOME
TERMINATION FEES	128		19		1,965		155		813		2,952		1,843		2,210		280		240		4,573
TERMINATION FEES - DISCONTINUED OPERATIONS	3,512		—		—		—		—		—		—		2		—		—		2
INTEREST AND OTHER INCOME	1,513		259		100		136		66		561		65		44		111		44		264
INTEREST AND OTHER INCOME - DISCONTINUED OPERATIONS	—		4		(1	)	12		—		15		—		—		8		(4	)	4
OTHER - UNCONSOLIDATED	(639	)	112		82		187		132		513		28		228		155		150		561
TOTAL INTEREST INCOME & OTHER	4,514		394		2,146		490		1,011		4,041		1,936		2,484		554		430		5,404
TOTAL FEE AND OTHER INCOME	38,676		4,048		5,079		2,910		2,970		15,007		4,275		4,509		2,357		6,783		17,924
GAIN ON SALE OF THIRD PARTY MANAGEMENT AND LEASING BUSINESS	7,459		—		—		4,531		45		4,576		7		—		5		(15	)	(3	)
THIRD PARTY MANAGEMENT AND LEASING EXPENSES	(13,675	)	(53	)	(27	)	(14	)	(3	)	(97	)	—		—		(1	)	(1	)	(2	)
REIMBURSED EXPENSES	(7,063	)	(1,910	)	(1,359	)	(1,097	)	(850	)	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)
SEPARATION EXPENSES	(1,985	)	—		—		(520	)	—		(520	)	(84	)	—		—		(101	)	(185	)
GENERAL AND ADMINISTRATIVE EXPENSES	(23,208	)	(6,069	)	(4,552	)	(6,635	)	(4,684	)	(21,940	)	(5,611	)	(5,756	)	(5,022	)	(3,398	)	(19,787	)
LOSS ON DEBT EXTINGUISHMENT	(94	)	—		—		—		—		—		—		—		—		—		—
INTEREST EXPENSE
CONSOLIDATED DEBT:
THE AMERICAN CANCER SOCIETY CENTER	(8,932	)	(2,183	)	(2,200	)	(2,219	)	(2,211	)	(8,813	)	(2,158	)	(2,175	)	(2,192	)	(2,185	)	(8,710	)
POST OAK CENTRAL	—		—		—		(565	)	(2,053	)	(2,618	)	(2,044	)	(2,036	)	(2,028	)	(2,019	)	(8,127	)
PROMENADE	—		—		—		(338	)	(1,230	)	(1,568	)	(1,223	)	(1,216	)	(1,209	)	(1,202	)	(4,850	)
191 PEACHTREE TOWER	(2,701	)	(890	)	(871	)	(861	)	(861	)	(3,483	)	(861	)	(861	)	(861	)	(861	)	(3,444	)
UNSECURED CREDIT FACILITY	(3,712	)	(546	)	(522	)	(608	)	(584	)	(2,260	)	(575	)	(616	)	(705	)	(1,458	)	(3,354	)
MERIDIAN MARK PLAZA	(1,609	)	(399	)	(397	)	(396	)	(395	)	(1,587	)	(393	)	(391	)	(390	)	(388	)	(1,562	)
THE POINTS AT WATERVIEW	(931	)	(228	)	(227	)	(225	)	(223	)	(903	)	(221	)	(219	)	(217	)	(215	)	(872	)
816 CONGRESS AVENUE	—		—		—		—		—		—		—		—		—		(709	)	(709	)
MAHAN VILLAGE	(122	)	(65	)	(81	)	(56	)	(68	)	(270	)	(65	)	(66	)	(65	)	(38	)	(234	)
TERMINUS 100 (2)	(7,221	)	(725	)	—		—		—		(725	)	—		—		—		—		—
OTHER	(341	)	—		—		—		—		—		—		—		—		—		—
CAPITALIZED	1,636		101		57		119		241		518		373		610		850		919		2,752
SUBTOTAL - CONSOLIDATED	(23,933	)	(4,935	)	(4,241	)	(5,149	)	(7,384	)	(21,709	)	(7,167	)	(6,970	)	(6,817	)	(8,156	)	(29,110	)

Cousins Properties Incorporated 6 Q4 2014 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
UNCONSOLIDATED DEBT:
TERMINUS 100 (2)	—		(530	)	(893	)	(887	)	(883	)	(3,193	)	(879	)	(875	)	(872	)	(868	)	(3,494	)
TERMINUS 200 (3)	(512	)	(199	)	(390	)	(390	)	(390	)	(1,369	)	(390	)	(390	)	(390	)	(390	)	(1,560	)
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER	(1,408	)	(347	)	(341	)	(336	)	(334	)	(1,358	)	(334	)	(334	)	(334	)	(334	)	(1,336	)
EMORY POINT	(59	)	(155	)	(229	)	(244	)	(239	)	(867	)	(242	)	(244	)	(247	)	(241	)	(974	)
OTHER	(2,242	)	(479	)	(479	)	(218	)	—		(1,176	)	—		—		—		—		—
SUBTOTAL - UNCONSOLIDATED	(4,221	)	(1,710	)	(2,332	)	(2,075	)	(1,846	)	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)
TOTAL INTEREST EXPENSE	(28,154	)	(6,645	)	(6,573	)	(7,224	)	(9,230	)	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)
IMPAIRMENT LOSSES	(488	)	—		—		—		—		—		—		—		—		—		—
OTHER EXPENSES
NONCONTROLLING INTERESTS	(2,415	)	(507	)	(515	)	(489	)	(160	)	(1,671	)	(156	)	(129	)	(92	)	(47	)	(424	)
PROPERTY TAXES & OTHER HOLDING COSTS	(1,738	)	(274	)	(242	)	(827	)	(227	)	(1,570	)	(271	)	(276	)	(288	)	(388	)	(1,223	)
PREDEVELOPMENT & OTHER	(1,623	)	(42	)	(63	)	(104	)	(186	)	(395	)	(229	)	(363	)	(145	)	(1,308	)	(2,045	)
ACQUISITION AND RELATED COSTS	(794	)	(235	)	(333	)	(6,859	)	(57	)	(7,484	)	(22	)	(149	)	(644	)	(315	)	(1,130	)
TOTAL - OTHER EXPENSES	(6,570	)	(1,058	)	(1,153	)	(8,279	)	(630	)	(11,120	)	(678	)	(917	)	(1,169	)	(2,058	)	(4,822	)
INCOME TAX (PROVISION) BENEFIT	(90	)	(1	)	(1	)	(1	)	26		23		12		9		(1	)	—		20
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS
CONSOLIDATED	(1,075	)	(183	)	(189	)	(192	)	(189	)	(753	)	(185	)	(201	)	(232	)	(249	)	(867	)
SHARE OF UNCONSOLIDATED JOINT VENTURES	(15	)	(22	)	(24	)	(27	)	39		(34	)	(11	)	(12	)	(12	)	(11	)	(46	)
TOTAL - NON-REAL ESTATE DEPRECIATION AND AMORTIZATION	(1,090	)	(205	)	(213	)	(219	)	(150	)	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)
PREFERRED STOCK DIVIDENDS AND ORIGINAL ISSUANCE COSTS	(12,907	)	(3,227	)	(5,883	)	(1,777	)	(1,777	)	(12,664	)	(1,777	)	(4,708	)	—		—		(6,485	)
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
WEIGHTED AVERAGE SHARES - BASIC	104,117		104,119		118,661		163,426		189,665		144,255		191,739		198,440		209,839		216,511		204,216
WEIGHTED AVERAGE SHARES - DILUTED	104,125		104,252		118,845		163,603		189,853		144,420		191,952		198,702		210,111		216,733		204,460
FFO PER SHARE - BASIC AND DILUTED	0.64		0.11		0.12		0.11		0.18		0.53		0.19		0.18		0.20		0.24		0.81

(1) Amounts may differ slightly from other schedules contained herein due to rounding.

(2) In the first quarter of 2013, the Company formed a 50/50 joint venture for both Terminus 100 and Terminus 200. The Terminus 100 Consolidated line represents the Company's share for the period prior to the joint venture formation, the Terminus 100 Unconsolidated line represents the Company's share for the period subsequent to the joint venture formation.

(3) In the first quarter of 2013, the Company formed a 50/50 joint venture for both Terminus 100 and Terminus 200. The first quarter 2013 Terminus 200 line includes the Company's share for both the Company's 20% share of the previous MSREF/T200 Joint Venture and the Company’s 50% share subsequent to the joint venture formation.

(4) The Company receives an 11.46% current return on its $10.4 million investment in Gateway Village and recognizes this amount as NOI from this venture. See Joint Venture Information included herein for further details.

(5) Other includes sold unconsolidated properties as well as Other Unconsolidated NOI. The sold unconsolidated properties include: Palisades West, Ten Peachtree Place, and Presbyterian Medical Plaza.

(6) Discontinued Office Properties includes the discontinued NOI for the following consolidated Office Properties: Cosmopolitan Center, One Georgia Center, Galleria 75, Inhibitex, Lakeshore Park Plaza, and 600 University Park.

(7) In the fourth quarter of 2014, the Company sold Mahan Village, 777 Main, and CW Investments sold its investment in four retail properties: Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village, and Highland City Town Center.

(8) Other includes sold unconsolidated properties as well as Other Unconsolidated NOI. The sold unconsolidated properties include: North Point MarketCenter, Viera MarketCenter, Greenbrier MarketCenter, Los Altos MarketCenter, The Avenue Murfreesboro, The Avenue East Cobb, The Avenue West Cobb, The Avenue Peachtree City, and The Avenue Viera.

(9) Discontinued Retail Properties includes the discontinued NOI for the following consolidated Retail Properties: Tiffany Springs MarketCenter, The Avenue Forsyth, The Avenue Webb Gin, and The Avenue Collierville.

(10) Management Fees include reimbursed expenses that are included in the "Reimbursed Expenses" line item.

Cousins Properties Incorporated 7 Q4 2014 Supplemental Information

PORTFOLIO STATISTICS

As of and for the Three Months Ended December 31, 2014

						Company's Share
	Property Description	Metropolitan Area	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased 4Q14	End of Period Leased 3Q14	Weighted Average Occupancy 4Q14 (1)	Weighted Average Occupancy 3Q14 (1)	% of Total Net Operating Income (2)	Property Level Debt ($000)
I.	OFFICE PROPERTIES
	Greenway Plaza (3)	Houston	4,348,000	Consolidated	100%	95.6%	94.8%	92.8%	92.7%	34%	$	—
	Post Oak Central (3)	Houston	1,280,000	Consolidated	100%	95.6%	95.8%	95.7%	95.2%	11%	185,109
	2100 Ross Avenue	Dallas	844,000	Consolidated	100%	86.3%	82.1%	81.3%	72.8%	3%	—
	816 Congress	Austin	435,000	Consolidated	100%	90.4%	92.4%	87.6%	85.5%	3%	85,000
	The Points at Waterview	Dallas	203,000	Consolidated	100%	83.5%	80.7%	81.6%	81.6%	1%	14,598
	TEXAS		7,110,000							52%	284,707
	Northpark Town Center (3)	Atlanta	1,528,000	Consolidated	100%	92.6%	—%	87.6%	—%	10%	—
	191 Peachtree Tower	Atlanta	1,225,000	Consolidated	100%	89.4%	92.1%	85.8%	86.5%	7%	100,000
	The American Cancer Society Center	Atlanta	996,000	Consolidated	100%	84.4%	84.4%	84.5%	84.1%	5%	131,083
	Promenade	Atlanta	777,000	Consolidated	100%	92.8%	90.8%	82.2%	79.1%	5%	110,946
	Terminus 100	Atlanta	656,000	Unconsolidated	50%	95.6%	95.2%	94.3%	95.5%	3%	65,820
	North Point Center East (3)	Atlanta	540,000	Consolidated	100%	96.5%	96.0%	92.6%	94.2%	3%	—
	Terminus 200	Atlanta	566,000	Unconsolidated	50%	87.8%	86.0%	84.3%	87.7%	2%	41,000
	Meridian Mark Plaza	Atlanta	160,000	Consolidated	100%	98.3%	97.4%	96.2%	97.9%	2%	25,408
	Emory University Hospital Midtown Medical Office Tower	Atlanta	358,000	Unconsolidated	50%	100.0%	100.0%	99.2%	99.5%	2%	37,500
	GEORGIA		6,806,000							39%	511,757
	Fifth Third Center	Charlotte	698,000	Consolidated	100%	83.4%	83.0%	79.8%	82.1%	6%	—
	Gateway Village	Charlotte	1,065,000	Unconsolidated	50%	100.0%	100.0%	100.0%	100.0%	1%	17,765
	NORTH CAROLINA		1,763,000							7%	17,765
	TOTAL OFFICE PROPERTIES		15,679,000							98%	$	814,229
II.	OTHER PROPERTIES
	Emory Point Apartments (Phase I) (4)	Atlanta	404,000	Unconsolidated	75%	91.6%	95.3%	92.0%	96.5%	2%	36,328
	Emory Point Retail (Phase I)	Atlanta	80,000	Unconsolidated	75%	90.0%	89.9%	90.0%	89.9%	—%	7,194
	TOTAL OTHER PROPERTIES		484,000							2%	$	43,522
	TOTAL PORTFOLIO		16,163,000							100%	$	857,751
(1)	Weighted average occupancy represents an average of the square footage occupied at the property during the quarter.
(2)	Net Operating Income represents rental property revenues less rental property operating expenses. Calculation is based on amounts for the three months ended December 31, 2014. Mahan Village, 777 Main, and CW Investments' properties were sold during the fourth quarter of 2014.
(3)	Contains multiple buildings that are grouped together for reporting purposes.
(4)	This property consists of 443 units.

Cousins Properties Incorporated 8 Q4 2014 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

LEASING AND OCCUPANCY

		Property Description	End of Period Leased 4Q14	End of Period Leased 3Q14	End of Period Leased 4Q13	Weighted Average Occupancy 4Q14 (2)	Weighted Average Occupancy 3Q14 (2)	Weighted Average Occupancy 4Q13 (2)
		Gateway Village	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
		NORTH CAROLINA	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
		The Points at Waterview	83.5%	80.7%	89.6%	81.6%	81.6%	90.0%
		TEXAS	83.5%	80.7%	89.6%	81.6%	81.6%	90.0%
		Meridian Mark Plaza	98.3%	97.4%	99.0%	96.2%	97.9%	97.6%
		Terminus 100	95.6%	95.2%	98.3%	94.3%	95.5%	96.0%
		Emory University Hospital Midtown Medical Office Tower	100.0%	100.0%	98.1%	99.2%	99.5%	98.5%
		North Point Center East (3)	96.5%	96.0%	94.4%	92.6%	94.2%	92.1%
		Terminus 200	87.8%	86.0%	88.4%	84.3%	87.7%	88.2%
		191 Peachtree Tower	89.4%	92.1%	86.6%	85.8%	86.5%	86.1%
		The American Cancer Society Center	84.4%	84.4%	82.4%	84.5%	84.1%	83.3%
		GEORGIA	90.4%	91.0%	88.9%	88.2%	89.0%	88.3%
		TOTAL PROPERTIES	91.2%	91.6%	90.2%	89.3%	89.9%	89.8%
(1	)	Same Properties include those office properties that were operational and stabilized on January 1, 2013, excluding properties subsequently sold.
(2	)	Weighted average occupancy represents an average of the square footage occupied at the property during the quarter.
(3	)	Contains multiple buildings that are grouped together for reporting purposes.

Cousins Properties Incorporated 9 Q4 2014 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

NET OPERATING INCOME

($ in thousands)

	Three Months Ended
	December 31, 2014		December 31, 2013		September 30, 2014			4Q14 vs. 4Q13 % Change		4Q14 vs. 3Q14 % Change
Rental Property Revenues (2)	$	25,055	$	24,599	$	26,070		1.9	%	(3.9	)%
Rental Property Operating Expenses (2)	10,754		10,390		11,320			3.5	%	(5.0	)%
Same Property Net Operating Income	$	14,301	$	14,209	$	14,750		0.6	%	(3.0	)%
Cash Basis Rental Property Revenues (3)	$	25,220	$	23,417	$	25,972		7.7	%	(2.9	)%
Cash Basis Rental Property Operating Expenses (4)	10,756		10,393		11,322			3.5	%	(5.0	)%
Cash Basis Same Property Net Operating Income	$	14,464	$	13,024	$	14,650		11.1	%	(1.3	)%
	Twelve Months Ended
	December 31, 2014		December 31, 2013		% Change
Rental Property Revenues (2)	$	100,330	$	98,059	2.3		%
Rental Property Operating Expenses (2)	41,471		41,270		0.5		%
Same Property Net Operating Income	$	58,859	$	56,789	3.6		%
Cash Basis Rental Property Revenues (3)	$	99,614	$	93,066	7.0		%
Cash Basis Rental Property Operating Expenses (4)	41,480		41,279		0.5		%
Cash Basis Same Property Net Operating Income	$	58,134	$	51,787	12.3		%
(1) Same Properties include those office properties that were operational and stabilized on January 1, 2013, excluding properties subsequently sold.
(2) Rental Property Revenues and Expenses includes results for the Company and its share of unconsolidated joint ventures.
(3) Cash Basis Same Property Rental Property Revenues includes that of the Company and its share of unconsolidated joint ventures. It represents Rental 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 includes 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.

Cousins Properties Incorporated 10 Q4 2014 Supplemental Information

OFFICE LEASING STATISTICS (1)

As of December 31, 2014

	Three Months Ended December 31, 2014												Twelve Months Ended December 31, 2014
	New			Renewal			Expansion			Total			New			Renewal			Expansion			Total
Gross leased square footage										683,681												2,190,657
Less: Leases less than one year, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(46,682		)										(316,888)
Net leased square footage	181,200			332,526			123,273			636,999			676,400			800,634			396,735			1,873,769
Number of transactions	14			15			15			44			53			67			58			178
Lease term (years) (2)	8.15			3.96			8.78			6.09			8.54			6.56			8.39			7.66
Net rent per square foot (2)(3)	$	21.75		$	25.87		$	22.77		$	24.10		$	23.64		$	22.23		$	22.90		$	22.88
Total leasing costs per square foot (2)(4)	(7.05		)	(4.32		)	(6.66		)	(5.54		)	(7.79		)	(3.68		)	(6.31		)	(5.71		)
Net effective rent per square foot (2)	$	14.70		$	21.55		$	16.11		$	18.56		$	15.85		$	18.55		$	16.59		$	17.17
Second generation leased square footage (2)(5)										436,205												1,085,010
Increase in second generation net rent per square foot (2)(3)(5)										43.8		%										38.0		%
Increase in cash-basis second generation net rent per square foot (2)(5)(6)										27.7		%										19.7		%
(1) Excludes apartment and retail leasing.
(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 a development property, 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 11 Q4 2014 Supplemental Information

OFFICE LEASE EXPIRATIONS (1)

As of December 31, 2014

As of December 31, 2014, the Company's office portfolio included 16 commercial office properties. The weighted average remaining lease term of these office properties was approximately six years. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

Year of Expiration	Square Feet Expiring (2)	% of Leased Space	Annual Contractual Rents ($000's) (3)	% of Total Annual Contractual Rents	Annual Contractual Rent/Sq. Ft. (3)
2015	911,276	6.9%	$17,691	5.7%	$19.41
2016	1,293,613	9.7%	26,268	8.5%	20.31
2017	1,552,776	11.7%	32,008	10.4%	20.61
2018	1,098,573	8.3%	22,717	7.3%	20.68
2019	1,224,994	9.2%	29,935	9.7%	24.44
2020	778,477	5.9%	18,276	5.9%	23.48
2021	1,059,455	8.0%	26,127	8.5%	24.66
2022	1,292,396	9.7%	28,560	9.2%	22.10
2023	1,102,805	8.3%	25,174	8.2%	22.83
2024 &Thereafter	2,960,055	22.3%	82,121	26.6%	27.74
Total	13,274,420	100.0%	$308,877	100.0%	$23.27

Lease Expirations Greater than 100,000 Square Feet Through 2018

Expiration Date	Tenant	Market	Building	Square Feet Expiring (2)
February 2015	ExxonMobil Corporation	Houston	Greenway Plaza		214,857
December 2016	Bank of America	Charlotte	Gateway Village		532,495	(5)
January 2017	Transocean Offshore Deepwater	Houston	Greenway Plaza		268,965
May 2017	Direct Energy (4)	Houston	Greenway Plaza		173,760	(6)
December 2018	Apache Corporation	Houston	Post Oak Central		524,342

(1) Excludes apartment and retail expirations.

(2) Company's share.

(3) Annual Contractual Rent shown is the estimated rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which, in most of the office leases, includes a base year of operating expenses.

(4) Formerly identified as CPL Retail Energy, LP.

(5) Company's share is 50%. Total expiration is 1.06 million square feet.

(6) Additional 54,000 square feet expiring in January 2019.

Cousins Properties Incorporated 12 Q4 2014 Supplemental Information

TOP 20 OFFICE TENANTS

As of December 31, 2014

	Tenant (1)	Company Share of Annualized Base Rent (2)	Average Remaining Lease Term (Years) (3)
1.	Occidental Oil & Gas Corp.	7%	12
2.	Apache Corporation	3%	4
3.	Bank of America (4)	3%	3
4.	Invesco Management Group, Inc	3%	9
5.	Deloitte & Touche	2%	9
6.	McGuire Woods, LLP	2%	11
7.	Transocean Offshore Deepwater	2%	2
8.	American Cancer Society	2%	8
9.	Smith, Gambrell & Russell, LLP	2%	7
10.	Stewart Information Services	2%	5
11.	ExxonMobil Corporation	2%	—
12.	US South Communications	2%	7
13.	CB Richard Ellis, Inc.	2%	6
14.	MedAssets Net Revenue Systems, LLC	1%	13
15.	Direct Energy (5)	1%	4
16.	Internap Network Services	1%	5
17.	National Union Fire Insurance	1%	4
18.	Northside Hospital	1%	8
19.	Gulf South Pipeline Company LP	1%	9
20.	Thompson, Ventulett, Stainback, & Associates	1%	9
		41%	7
(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.
(3)	Weighted average.
(4)	A portion of the Company's economic exposure for this tenant is limited to a fixed return through a joint venture arrangement.
(5)	Formerly identified as CPL Retail Energy, LP.
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 13 Q4 2014 Supplemental Information

DEVELOPMENT PIPELINE (1)

As of December 31, 2014

($ in thousands)

Project	Type	Metropolitan Area	Company's Ownership Interest		Project Start Date	Number of Apartment Units/Square Feet	Estimated Project Cost (2)	Project Cost Incurred to Date (2)	Percent Leased		Percent Occupied		Initial Occupancy			Estimated Stabilization (5)
Colorado Tower	Office	Austin, TX	100	%	2Q13	373,000	$126,100	$86,150	95	%	—	%	1Q15	(3	)	1Q16
Research Park V	Office	Austin, TX	100	%	4Q14	173,000	$44,000	$5,233	—	%	—	%	4Q15	(3	)	4Q16
Emory Point (Phase II)	Mixed	Atlanta, GA	75	%	4Q13		$75,300	$44,863
Apartments						307			—	%	—	%	2Q15	(4	)	2Q16
Retail						45,000			62	%	—	%	2Q15	(4	)	2Q16

(1) This schedule shows projects currently under active development through the point of stabilization. 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. The Colorado Tower and Research Park V projects are being funded 100% by the Company; Emory Point Phase II is being funded with a combination of equity from the partners and a $46 million construction loan. As of December 31, 2014, $12.7 million was outstanding on the Emory Point Phase II construction loan.

(3) Represents the quarter within which the Company estimates the first office square feet to be occupied.

(4) Represents the quarter within which the Company estimates the first apartment/retail space to be occupied.

(5) Stabilization represents the earlier of the quarter within which the Company estimates it will achieve 90% economic occupancy or one year from Initial Occupancy.

Cousins Properties Incorporated 14 Q4 2014 Supplemental Information

LAND INVENTORY

As of December 31, 2014

($ in thousands)

	Metropolitan Area	Company's Ownership Interest	Total Developable Land (Acres)		Company's Share of Developable Land (Acres)
COMMERCIAL
North Point	Atlanta	100.0%	32
Wildwood Office Park	Atlanta	50.0%	22
The Avenue Forsyth-Adjacent Land	Atlanta	100.0%	10
Wildwood Office Park	Atlanta	100.0%	10
549 / 555 / 557 Peachtree Street	Atlanta	100.0%	1
Georgia			75
Victory Center	Dallas	75.0%	3
Texas			3
COMMERCIAL LAND HELD			78		67
COST BASIS OF COMMERCIAL LAND HELD			$	34,599	$	15,777
RESIDENTIAL (1)
Paulding County	Atlanta	50.0%	4,706
Blalock Lakes	Atlanta	100.0%	2,657
Callaway Gardens (2)	Atlanta	100.0%	218
Georgia			7,581
Padre Island	Corpus Christi	50.0%	15
Texas			15
RESIDENTIAL LAND HELD			7,596		5,235
COST BASIS OF RESIDENTIAL LAND HELD			$	24,600	$	19,022
GRAND TOTAL LAND HELD			7,674		5,302
GRAND TOTAL COST BASIS OF LAND HELD			$	59,199	$	34,799

(1) Residential represents land that may be sold to third parties as lots or in large tracts for residential or commercial development.

(2) Company's ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. See Joint Venture Information included herein for further details.

Cousins Properties Incorporated 15 Q4 2014 Supplemental Information

DEBT SCHEDULE

As of December 31, 2014

($ in thousands)

						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	2015		2016		2017		2018		2019		Thereafter		Total		Company's Share Recourse (1)
CONSOLIDATED DEBT
Floating Rate Debt
Credit Facility, Unsecured (LIBOR + 1.10%-1.45%; $500mm facility)(2)	100.0	%	1.27	%	5/28/19	—		—		—		—		140,200		—		140,200		140,200
Total Floating Rate Debt						—		—		—		—		140,200		—		140,200		140,200
Fixed Rate Debt
The Points at Waterview	100.0	%	5.66	%	1/1/16	573		14,025		—		—		—		—		14,598		—
The American Cancer Society Center (3)	100.0	%	6.45	%	9/1/17	1,741		1,834		127,508		—		—		—		131,083		—
191 Peachtree Tower	100.0	%	3.35	%	10/1/18	—		1,305		2,013		96,682		—		—		100,000		—
Meridian Mark Plaza	100.0	%	6.00	%	8/1/20	430		456		484		514		546		22,978		25,408		—
Post Oak Central	100.0	%	4.26	%	10/1/20	3,339		3,485		3,636		3,794		3,959		166,896		185,109		—
Promenade	100.0	%	4.27	%	10/1/22	2,742		2,862		2,986		3,116		3,252		95,988		110,946		—
816 Congress	100.0	%	3.75	%	11/1/24	—		128		1,568		1,628		1,690		79,986		85,000		—
Total Fixed Rate Debt						8,825		24,095		138,195		105,734		9,447		365,848		652,144		—
TOTAL CONSOLIDATED DEBT						$	8,825	$	24,095	$	138,195	$	105,734	$	149,647	$	365,848	$	792,344	$	140,200
UNCONSOLIDATED DEBT
Floating Rate Debt
Emory Point (LIBOR + 1.75%)	75.0	%	1.92	%	10/9/15	43,522		—		—		—		—		—		43,522		—
Emory Point II (LIBOR + 1.85%; $46mm facility)	75.0	%	2.02	%	10/9/16	—		9,551		—		—		—		—		9,551		2,706
Total Floating Rate Debt						43,522		9,551		—		—		—		—		53,073		2,706
Fixed Rate Debt
Gateway Village (4)	50.0	%	6.41	%	12/1/16	8,997		8,768		—		—		—		—		17,765		—
Terminus 100	50.0	%	5.25	%	1/1/23	1,212		1,277		1,346		1,418		1,494		59,073		65,820		—
Terminus 200	50.0	%	3.79	%	1/1/23	—		559		770		800		831		38,040		41,000		—
Emory University Hospital Midtown Medical Office Tower	50.0	%	3.50	%	6/1/23	357		732		758		785		813		34,055		37,500		—
Total Fixed Rate Debt						10,566		11,336		2,874		3,003		3,138		131,168		162,085		—
TOTAL UNCONSOLIDATED DEBT						$	54,088	$	20,887	$	2,874	$	3,003	$	3,138	$	131,168	$	215,158	$	2,706
TOTAL DEBT						$	62,913	$	44,982	$	141,069	$	108,737	$	152,785	$	497,016	$	1,007,502	$	142,906
TOTAL MATURITIES (5)						$	43,522	$	23,576	$	127,508	$	96,682	$	140,200	$	472,361	$	903,849
% OF MATURITIES						4%		3%		14%		11%		16%		52%		100%

Floating and Fixed Rate Debt Analysis

	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	193,273	19	%	1.45	%	3.5
Fixed Rate Debt	814,229		81	%	4.60	%	6.0
Total Debt	$	1,007,502	100	%	3.99	%	5.5

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

(2) Total borrowing capacity of the Credit Facility at December 31, 2014 was $500 million. The spread over LIBOR at December 31, 2014 was 1.1%.

(3) 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.

(4) See Joint Venture Information for further details on the Gateway Village venture structure. Based on the structure of the venture and the nature of the related debt, the Company excludes the Gateway Village debt in certain of its leverage calculations.

(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 16 Q4 2014 Supplemental Information

JOINT VENTURE INFORMATION

As of December 31, 2014

		Cash Flows to Cousins			Financial Statement Presentation
Joint Ventures	Properties	Operating	Capital Transactions/Other	GAAP Accounting
EP I LLC	Emory Point (Phase I)	75% of operating cash flows.	75% of proceeds.	Recognize 75% of net income from venture.	Unconsolidated
EP II LLC	Emory Point (Phase II)	75% of operating cash flows.	75% of proceeds.	Recognize 75% of net income from venture.	Unconsolidated
Crawford Long-CPI, LLC	Emory University Hospital Midtown Medical Office Tower	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Charlotte Gateway Village LLC	Gateway Village	Preferred return on investment of 11.46%.	50% of proceeds after partner receives $66.8 million until a 17% leveraged IRR. Thereafter, 20% of remaining proceeds.	Recognize 11.46% of invested capital each period.	Unconsolidated
Terminus Office Holdings LLC	Terminus 100, Terminus 200	50% of operating cash flows until partner receives an agreed upon return. Thereafter, receive an additional promoted interest if certain return thresholds are met.	Same as operating cash flow.	Recognize 50% of net income from venture.	Unconsolidated
HICO Victory Center LP (1)	Land/ Future Office Development	Cousins funds 75% of land and 50% of other expenses in predevelopment stage.	Same as operating cash flow.	Recognize 50% of net income from joint venture.	Unconsolidated (1)
CL Realty	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Cousins/Callaway LLC	Land	The first $2.0 million of cash flows; 77% of the next $17.7 million of cash flows; 50% of remaining cash flows until a 20% IRR; 40% of remaining cash flows until a 25% IRR; 25% of remainder.	Same as operating cash flow.	Recognize revenues and expenses as if a wholly-owned property. Recognize noncontrolling interest based on amounts earned by partner.	Consolidated
Temco Associates LLC	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Wildwood Associates	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated

(1) If the partners decide to construct an office building, the economics of the venture will adjust such that Cousins owns at least 90% of the venture. At that time, the Company expects the venture to be consolidated.

Cousins Properties Incorporated 17 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

($ in thousands, except per share amounts)

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS	13,181		2,865		1,524		2,642		5,108		12,139		2,745		5,388		12,023		11,031		31,187
SECOND GENERATION BUILDING IMPROVEMENTS	1,271		79		1,589		200		1,946		3,814		550		1,929		—		1,388		3,867
	14,453		2,944		3,113		2,842		7,054		15,954		3,295		7,317		12,023		12,419		35,054
RETAIL:
SECOND GENERATION LEASING RELATED COSTS	605		88		239		133		—		460		—		—		—		—		—
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX	15,058		3,032		3,352		2,976		7,054		16,414		3,295		7,317		12,023		12,419		35,054
NET OPERATING INCOME:
OFFICE CONSOLIDATED PROPERTIES	63,555		17,525		18,841		25,175		41,083		102,624		42,225		43,666		47,776		52,926		186,593
RETAIL CONSOLIDATED PROPERTIES	324		392		391		365		151		1,299		402		409		396		178		1,385
NET OPERATING INCOME - CONSOLIDATED	63,879		17,917		19,232		25,540		41,234		103,923		42,627		44,075		48,172		53,104		187,978
RENTAL PROPERTY REVENUES	114,208		33,125		37,100		47,575		76,620		194,420		77,484		80,034		86,857		99,535		343,910
RENTAL PROPERTY OPERATING EXPENSES	(50,329	)	(15,208	)	(17,868	)	(22,035	)	(35,386	)	(90,497	)	(34,857	)	(35,959	)	(38,685	)	(46,434	)	(155,934	)
NET OPERATING INCOME - CONSOLIDATED	63,879		17,917		19,232		25,540		41,234		103,923		42,627		44,075		48,172		53,101		187,976
INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES	33,918		3,000		2,940		2,870		1,742		10,552		1,356		967		601		4		2,927
RENTAL PROPERTY OPERATING EXPENSES	(10,935	)	(1,194	)	(1,182	)	(1,118	)	(669	)	(4,163	)	(464	)	(402	)	(260	)	(2	)	(1,128	)
NET OPERATING INCOME	22,983		1,806		1,758		1,752		1,073		6,389		892		565		341		2		1,799
TERMINATION FEES	3,512		—		—		—		—		—		—		2		—		—		2
INTEREST AND OTHER INCOME (EXPENSE)	(3	)	4		(1	)	12		—		15		—		—		8		(4	)	3
FFO FROM DISCONTINUED OPERATING PROPERTIES	26,492		1,810		1,757		1,764		1,073		6,404		892		567		349		(2	)	1,804
THIRD PARTY MANAGEMENT AND LEASING REVENUES	16,365		74		2		—		—		76		—		—		—		—		—
THIRD PARTY MANAGEMENT AND LEASING EXPENSES	(13,675	)	(53	)	(27	)	(14	)	(3	)	(97	)	—		—		(1	)	(1	)	(2	)
FFO FROM THIRD PARTY MANAGEMENT AND LEASING	2,690		21		(25	)	(14	)	(3	)	(21	)	—		—		(1	)	(1	)	(2	)
FFO FROM DISCONTINUED OPERATIONS	29,182		1,831		1,732		1,750		1,070		6,383		892		567		348		(3	)	1,802
DEPRECIATION AND AMORTIZATION OF REAL ESTATE	(13,479	)	(1,053	)	(1,046	)	(492	)	(495	)	(3,086	)	—		—		—		—		—
IMPAIRMENT LOSSES	(13,791	)	—		—		—		—		—		—		—		—		—		—
INCOME FROM DISCONTINUED OPERATIONS	1,912		778		686		1,258		575		3,297		892		567		348		(3	)	1,804
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
CONSOLIDATED:
RESIDENTIAL LOT AND OUTPARCEL SALES - CONSOLIDATED:
RESIDENTIAL LOT SALES	2,616		460		283		155		70		968		—		270		55		—		325
OUTPARCEL SALES	—		503		150		—		—		653		—		—		—		—		—
TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES	2,616		963		433		155		70		1,621		—		270		55		—		325

Cousins Properties Incorporated 18 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th	2013		2014 1st	2014 2nd	2014 3rd	2014 4th	2014
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED:
RESIDENTIAL LOT COST OF SALES	1,421		460		283		147		65	955		—	270	55	—	325
OUTPARCEL COST OF SALES	—		503		150		—		—	653		—	—	—	—	—
TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES-CONSOLIDATED	1,421		963		433		147		65	1,608		—	270	55	—	325
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES	3,720		243		276		602		24	1,145		160	1,326	82	135	1,703
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY
SALES LESS COST OF SALES - CONSOLIDATED	4,915		243		276		610		29	1,158		160	1,326	82	135	1,703
SUMMARY - CONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES	1,195		—		—		8		5	13		—	—	—	—	—
OUTPARCEL SALES LESS COST OF SALES	—		—		—		—		—	—		—	—	—	—	—
TRACT SALES LESS COST OF SALES	3,720		243		276		602		24	1,145		160	1,326	82	135	1,703
TOTAL CONSOLIDATED SALES LESS COST OF SALES	4,915		243		276		610		29	1,158		160	1,326	82	135	1,703
OTHER SALES AND COST OF SALES:
CONSOLIDATED:
OTHER SALES - CONSOLIDATED:
OTHER SALES	694		340		—		—		—	340		—	—	—	—	—
OTHER COST OF SALES	(413	)	(182	)	—		—		37	(145	)	—	—	—	—	—
OTHER SALES LESS COST OF SALES - CONSOLIDATED	281		158		—		—		37	195		—	—	—	—	—
UNCONSOLIDATED:
OTHER SALES - UNCONSOLIDATED:
OTHER SALES	—		—		—		—		—	—		—	—	—	—	—
OTHER COST OF SALES	—		—		—		—		—	—		—	—	—	—	—
OTHER, NET	28		10		(8	)	(6	)	—	(4	)	—	42	—	—	42
OTHER SALES LESS COST OF SALES - SHARE OF UNCONSOLIDATED	28		10		(8	)	(6	)	—	(4	)	—	42	—	—	42
TOTAL OTHER SALES FFO	309		168		(8	)	(6	)	37	191		—	42	—	—	42
UNCONSOLIDATED:
RESIDENTIAL LOT AND TRACT SALES - UNCONSOLIDATED:
RESIDENTIAL LOT SALES	—		—		—		—		—	—		—	—	—	—	—
OUTPARCEL SALES	—		—		—		475		—	475		—	—	—	—	—
TRACT SALES	176		—		—		90		—	90		57	243	54	—	354
TOTAL RESIDENTIAL LOT AND TRACT SALES	176		—		—		565		—	565		57	243	54	—	354
RESIDENTIAL LOT AND TRACT COST OF SALES - UNCONSOLIDATED:
RESIDENTIAL LOT COST OF SALES	—		—		—		—		—	—		—	—	—	—	—
OUTPARCEL COST OF SALES	—		—		—		360		—	360		—	—	—	—	—
TRACT COST OF SALES	176		—		—		90		—	90		57	243	54	—	354
TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES	176		—		—		450		—	450		57	243	54	—	354
RESIDENTIAL LOT AND TRACT SALES LESS COST OF SALES -UNCONSOLIDATED	—		—		—		115		—	115		—	—	—	—	—

Cousins Properties Incorporated 19 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
SUMMARY - UNCONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES	—		—		—		—		—		—		—		—		—		—		—
OUTPARCEL SALES LESS COST OF SALES	—		—		—		115		—		115		—		—		—		—		—
TRACT SALES LESS COST OF SALES	—		—		—		—		—		—		—		—		—		—		—
RESIDENTIAL LOT AND TRACT SALES LESS COST OF
SALES - SHARE OF UNCONSOLIDATED	—		—		—		115		—		115		—		—		—		—		—
TOTAL RESIDENTIAL LOT AND TRACT SALES LESS COST OF SALES	4,915		243		276		725		29		1,273		160		1,326		82		135		1,703
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
NET OPERATING INCOME:
OFFICE PROPERTIES	12,755		3,373		4,206		4,289		4,327		16,195		4,493		4,593		4,575		4,515		18,176
RETAIL PROPERTIES	10,719		3,031		3,000		2,392		849		9,272		888		874		826		485		3,073
OTHER PROPERTIES	122		43		376		861		1,020		2,300		1,118		1,181		1,200		1,148		4,647
NET OPERATING INCOME	23,596		6,447		7,582		7,542		6,196		27,767		6,499		6,648		6,601		6,148		25,896
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES	—		—		—		115		—		115		—		5		—		2,160		2,165
OTHER SALES LESS COST OF SALES	28		10		(8	)	(6	)	—		(4	)	—		42		—		—		42
TERMINATION FEES	62		19		—		—		—		19		—		72		—		113		185
INTEREST EXPENSE	(4,221	)	(1,710	)	(2,332	)	(2,075	)	(1,846	)	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)
OTHER EXPENSE	(639	)	112		82		187		132		513		28		203		155		150		536
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS	(15	)	(22	)	(24	)	(27	)	39		(34	)	(11	)	(12	)	(12	)	(11	)	(46	)
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES	18,811		4,856		5,300		5,736		4,521		20,413		4,671		5,115		4,901		6,727		21,414
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET	30,662		—		—		60,421		(77	)	60,344		(387	)	—		—		2,154		1,767
DEPRECIATION AND AMORTIZATION OF REAL ESTATE	(10,215	)	(3,204	)	(4,167	)	(3,079	)	(2,985	)	(13,435	)	(2,998	)	(3,088	)	(2,870	)	(2,957	)	(11,913	)
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES	39,258		1,652		1,133		63,078		1,459		67,322		1,286		2,027		2,031		5,924		11,268
MARKET CAPITALIZATION
COMMON STOCK PRICE AT PERIOD END	8.35		10.69		10.10		10.29		10.30		10.30		11.47		12.45		11.95		11.42		11.42
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END	104,090		104,127		120,688		189,660		189,666		189,666		198,423		198,474		216,509		216,513		216,513
COMMON STOCK CAPITALIZATION	869,152		1,113,118		1,218,949		1,951,601		1,953,560		1,953,560		2,275,912		2,471,001		2,587,283		2,472,578		2,472,578
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE	74,827		74,827		—		—		—		—		—		—		—		—		—
PREFERRED STOCK-SERIES B-PRICE AT LIQUIDATION VALUE	94,775		94,775		94,775		94,775		94,775		94,775		94,775		—		—		—		—
PREFERRED STOCK AT LIQUIDATION VALUE	169,602		169,602		94,775		94,775		94,775		94,775		94,775		—		—		—		—
DEBT	425,410		344,832		340,374		642,834		630,094		630,094		587,442		665,852		671,074		792,344		792,344
SHARE OF UNCONSOLIDATED DEBT	170,480		266,069		281,960		230,280		228,489		228,489		226,574		224,241		224,544		215,158		215,158
DEBT (2)	595,890		610,901		622,334		873,114		858,583		858,583		814,016		890,093		895,618		1,007,502		1,007,502
TOTAL MARKET CAPITALIZATION	1,634,644		1,893,620		1,936,057		2,919,490		2,906,918		2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080

Cousins Properties Incorporated 20 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
LEVERAGE RATIOS
DEBT (2)	595,890		610,901		622,334		873,114		858,583		858,583		814,016		890,093		895,618		1,007,502		1,007,502
TOTAL MARKET CAPITALIZATION	1,634,644		1,893,620		1,936,057		2,919,490		2,906,918		2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080
DEBT (2) / TOTAL MARKET CAPITALIZATION	36.5%		32.3%		32.1%		29.9%		29.5%		29.5%		25.6%		26.5%		25.7%		29.0%		29.0%
TOTAL ASSETS-CONSOLIDATED	1,124,242		1,096,444		1,200,788		2,263,766		2,273,206		2,273,206		2,294,038		2,280,243		2,533,660		2,666,925		2,666,925
ACCUMULATED DEPRECIATION-CONSOLIDATED	258,258		221,429		245,608		238,297		257,151		257,151		270,753		295,120		307,023		324,543		324,543
UNDEPRECIATED ASSETS-UNCONSOLIDATED (2)	403,141		575,323		562,475		432,750		441,928		441,928		446,890		492,640		459,931		341,235		341,235
LESS: INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	(97,868	)	(128,541	)	(127,948	)	(98,183	)	(107,082	)	(107,082	)	(107,106	)	(111,164	)	(111,353	)	(100,498	)	(100,498	)
TOTAL UNDEPRECIATED ASSETS (2)	1,687,773		1,764,655		1,880,923		2,836,630		2,865,203		2,865,203		2,904,575		2,956,839		3,189,261		3,232,205		3,232,205
DEBT (2)	595,890		610,901		622,334		873,114		858,583		858,583		814,016		890,093		895,618		1,007,502		1,007,502
UNDEPRECIATED ASSETS (2)	1,687,773		1,764,655		1,880,923		2,836,630		2,865,203		2,865,203		2,904,575		2,956,839		3,189,261		3,232,205		3,232,205
DEBT (2) / TOTAL UNDEPRECIATED ASSETS (2)	35.3%		34.6%		33.1%		30.8%		30.0%		30.0%		28.0%		30.1%		28.1%		31.2%		31.2%
EBITDA (2)
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
INTEREST EXPENSE	28,154		6,645		6,573		7,224		9,230		29,672		9,012		8,813		8,660		9,989		36,474
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION	1,090		205		213		219		150		787		196		213		244		260		913
INCOME TAX PROVISION (BENEFIT)	90		1		1		1		(26	)	(23	)	(12	)	(9	)	1		—		(20	)
IMPAIRMENT LOSSES	488		—		—		—		—		—		—		—		—		—		—
LOSS ON DEBT EXTINGUISHMENT	94		—		—		—		—		—		—		—		—		—		—
GAIN ON SALE OF THIRD PARTY BUSINESS	(7,459	)	—		—		(4,531	)	(45	)	(4,576	)	(7	)	—		(5	)	15		3
PARTICIPATION INTEREST INCOME	(3,366	)	—		—		—		—		—		—		—		—		—		—
ACQUISITION AND RELATED COSTS	794		235		333		6,859		57		7,484		22		149		644		315		1,130
PREFERRED STOCK DIVIDENDS AND ORIGINAL ISSUANCE COSTS	12,907		3,227		5,883		1,777		1,777		12,664		1,777		4,708		—		—		6,485
EBITDA (2)	99,284		21,774		27,161		28,775		45,432		123,142		47,170		49,658		51,220		62,139		210,189
COVERAGE RATIOS (2)
EBITDA	99,284		21,774		27,161		28,775		45,432		123,142		47,170		49,658		51,220		62,139		210,189
INTEREST EXPENSE	28,154		6,645		6,573		7,224		9,230		29,672		9,012		8,813		8,660		9,989		36,474
INTEREST COVERAGE RATIO (2)	3.53		3.28		4.13		3.98		4.92		4.15		5.23		5.63		5.91		6.22		5.76
INTEREST EXPENSE	28,154		6,645		6,573		7,224		9,230		29,672		9,012		8,813		8,660		9,989		36,474
SCHEDULED PRINCIPAL PAYMENTS	7,769		1,855		1,728		1,528		1,922		7,032		2,445		2,430		2,460		2,501		9,836
PREFERRED STOCK DIVIDENDS	12,907		3,227		3,227		1,777		1,777		10,008		1,777		1,178		—		—		2,955
FIXED CHARGES	48,830		11,727		11,528		10,529		12,929		46,712		13,234		12,421		11,120		12,490		49,265
EBITDA	99,284		21,774		27,161		28,775		45,432		123,142		47,170		49,658		51,220		62,139		210,189
FIXED CHARGES COVERAGE RATIO (2)	2.03		1.86		2.36		2.73		3.51		2.64		3.56		4.00		4.61		4.98		4.27
DEBT (2)	595,890		610,901		622,334		873,114		858,583		858,583		814,016		890,093		895,618		1,007,502		1,007,502
ANNUALIZED EBITDA (3)	99,324		87,096		108,644		115,100		181,728		181,728		188,680		198,632		204,880		248,556		248,556
DEBT (2) / ANNUALIZED EBITDA (3)	6.00		7.01		5.73		7.59		4.72		4.72		4.31		4.48		4.37		4.05		4.05

Cousins Properties Incorporated 21 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2012		2013 1st		2013 2nd		2013 3rd		2013 4th		2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014
DIVIDEND RATIOS
REGULAR COMMON DIVIDENDS:
CASH COMMON DIVIDENDS	18,748		4,689		5,431		8,536		8,536		27,192		14,232		14,882		16,236		16,213		61,563
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
FFO PAYOUT RATIO	28.2%		40.9%		38.4%		49.6%		24.9%		35.3%		39.3%		41.6%		39.0%		31.4%		37.3%
FFO BEFORE CERTAIN CHARGES
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
PREFERRED STOCK ORIGINAL ISSUANCE COSTS	—		—		2,656		—		—		2,656		—		3,530		—		—		3,530
IMPAIRMENT LOSSES (2)	488		—		—		—		—		—		—		—		—		—		—
PREDEVELOPMENT & OTHER CHARGES	(1,185	)	—		—		—		—		—		—		—		—		—		—
LOSS ON DEBT EXTINGUISHMENT	94		—		—		—		—		—		—		—		—		—		—
ACQUISITION AND RELATED COSTS	794		235		333		6,859		57		7,484		22		149		644		315		1,130
GAIN ON SALE OF THIRD PARTY BUSINESS	(7,459	)	—		—		(4,531	)	(45	)	(4,576	)	(7	)	—		(5	)	15		3
PARTICIPATION INTEREST INCOME	(3,366	)	—		—		—		—		—		—		—		—		—		—
SEPARATION CHARGES	1,985		—		—		520		—		520		84		—		—		101		185
FFO BEFORE CERTAIN CHARGES	57,843		11,696		17,147		20,074		34,301		83,218		36,281		39,463		42,315		51,991		170,052
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO	32.4%		40.1%		31.7%		42.5%		24.9%		32.7%		39.2%		37.7%		38.4%		31.2%		36.2%
FAD (2)
FFO	66,492		11,461		14,158		17,226		34,289		77,134		36,182		35,784		41,676		51,560		165,204
STRAIGHT LINE RENT ADJUSTMENT	(8,319	)	(2,346	)	(2,204	)	(3,244	)	(5,032	)	(12,826	)	(7,648	)	(5,001	)	(4,169	)	(5,275	)	(22,093	)
ABOVE AND BELOW MARKET RENTS	493		(185	)	(586	)	(994	)	(2,020	)	(3,785	)	(1,952	)	(2,027	)	(1,933	)	(2,135	)	(8,047	)
SECOND GENERATION CAPEX	(15,058	)	(3,032	)	(3,352	)	(2,976	)	(7,054	)	(16,414	)	(3,295	)	(7,317	)	(12,023	)	(12,419	)	(35,054	)
FAD (2)	43,608		5,897		8,016		10,012		20,183		44,109		23,286		21,440		23,551		31,731		100,010
COMMON DIVIDENDS	18,748		4,689		5,431		8,536		8,536		27,192		14,232		14,882		16,236		16,213		61,563
FAD PAYOUT RATIO (2)	43.0%		79.5%		67.7%		85.3%		42.3%		61.6%		61.1%		69.4%		68.9%		51.1%		61.6%
FAD BEFORE CERTAIN CHARGES
FAD (2)	43,608		5,897		8,016		10,012		20,183		44,109		23,286		21,440		23,551		31,731		100,010
PREFERRED STOCK ORIGINAL ISSUANCE COSTS	—		—		2,656		—		—		2,656		—		3,530		—		—		3,530
IMPAIRMENT LOSSES (2)	488		—		—		—		—		—		—		—		—		—		—
PREDEVELOPMENT & OTHER CHARGES	(1,185	)	—		—		—		—		—		—		—		—		—		—
LOSS ON DEBT EXTINGUISHMENT	94		—		—		—		—		—		—		—		—		—		—
ACQUISITION AND RELATED COSTS	794		235		333		6,859		57		7,484		22		149		644		315		1,130
GAIN ON SALE OF THIRD PARTY BUSINESS	(7,459	)	—		—		(4,531	)	(45	)	(4,576	)	(7	)	—		(5	)	15		3
PARTICIPATION INTEREST INCOME	(3,366	)	—		—		—		—		—		—		—		—		—		—
SEPARATION CHARGES	1,984		—		—		520		—		520		84		—		—		101		185
FAD BEFORE CERTAIN CHARGES	34,958		6,132		11,005		12,860		20,195		50,193		23,385		25,119		24,190		32,162		104,858
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO	53.6%		76.5%		49.3%		66.4%		42.3%		54.2%		60.9%		59.2%		67.1%		50.4%		58.7%

Cousins Properties Incorporated 22 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2012	2013 1st	2013 2nd	2013 3rd	2013 4th	2013	2014 1st	2014 2nd	2014 3rd	2014 4th	2014
OPERATIONS RATIOS
REVENUES	136,846	38,262	42,521	50,434	79,520	210,737	81,723	84,505	89,098	106,055	361,383
REVENUES FROM DISCONTINUED OPERATIONS	53,839	3,082	2,951	2,888	1,750	10,671	1,363	975	615	4	2,956
REVENUES INCLUDING DISCONTINUED OPERATIONS	190,685	41,344	45,472	53,322	81,270	221,408	83,086	85,480	89,713	106,059	364,339
GENERAL AND ADMINISTRATIVE EXPENSES	23,208	6,069	4,552	6,635	4,684	21,940	5,611	5,756	5,022	3,398	19,787
REVENUES INCLUDING DISCONTINUED OPERATIONS	190,685	41,344	45,472	53,322	81,270	221,408	83,086	85,480	89,713	106,059	364,339
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS	12.2%	14.7%	10.0%	12.4%	5.8%	9.9%	6.8%	6.7%	5.6%	3.2%	5.4%
TOTAL UNDEPRECIATED ASSETS (2)	1,687,773	1,764,655	1,880,923	2,836,630	2,865,203	2,865,203	2,904,575	2,956,839	3,189,261	3,232,205	3,232,205
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES (3) / TOTAL UNDEPRECIATED ASSETS	1.3%	1.4%	1.0%	0.9%	0.7%	0.7%	0.8%	0.8%	0.6%	0.4%	0.4%

Cousins Properties Incorporated 23 Q4 2014 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended							Twelve Months Ended
	December 31, 2014		December 31, 2013			September 30, 2014		December 31, 2014		December 31, 2013
Rental Property Revenues
Same Property	$	25,055	$	24,599		$	26,070	$	100,330	$	98,059
Non-Same Property	83,909		62,916			71,125		284,310		147,240
	$	108,964	$	87,505		$	97,195	$	384,640	$	245,299
Rental Property Operating Expenses
Same Property	$	10,754	$	10,390		$	11,320	$	41,471	$	41,270
Non-Same Property	38,957		28,609			30,764		127,496		65,949
	$	49,711	$	38,999		$	42,084	$	168,967	$	107,219
Rental Property Revenues
Consolidated Properties	$	99,535	$	76,620		$	86,857	$	343,910	$	194,420
Discontinued Operations	4		1,742			601		2,927		10,552
Share of Unconsolidated Joint Ventures	9,425		9,143			9,737		37,803		40,327
	$	108,964	$	87,505		$	97,195	$	384,640	$	245,299
Rental Property Operating Expenses
Consolidated Properties	$	46,434	$	35,386		$	38,685	$	155,934	$	90,497
Discontinued Operations	2		669			260		1,128		4,163
Share of Unconsolidated Joint Ventures	3,275		2,944			3,139		11,905		12,559
	$	49,711	$	38,999		$	42,084	$	168,967	$	107,219
Cash Basis Rental Property Revenues
Rental Property Revenues	$	108,964	$	87,505		$	97,195	$	384,640	$	245,299
Less: Straight Line Rent	5,275		5,032			4,169		22,093		12,824
Less: Other	1,740		1,679			1,551		6,495		2,498
	$	101,949	$	80,794		$	91,475	$	356,052	$	229,977
Cash Basis Rental Property Revenues
Same Property	$	25,220	$	23,417		$	25,972	$	99,614	$	93,066
Non-Same Property	76,729		57,387			65,503		256,438		136,911
	$	101,949	$	80,794		$	91,475	$	356,052	$	229,977
Cash Basis Rental Property Expenses
Rental Property Operating Expenses	$	49,712	$	39,001		$	42,084	$	168,967	$	107,219
Non-Cash Ground Rent Expense	4		(7		)	3		12		20
	$	49,716	$	38,994		$	42,087	$	168,979	$	107,239
Cash Basis Rental Property Operating Expenses
Same Property	$	10,756	$	10,393		$	11,322	$	41,480	$	41,279
Non-Same Property	38,960		28,601			30,765		127,499		65,960
	$	49,716	$	38,994		$	42,087	$	168,979	$	107,239
(1) Amounts may differ slightly from other schedules contained herein due to rounding.
(2) Includes Company share of unconsolidated joint ventures.
(3) Annualized represents quarter amount annualized.
(4) See reconciliation above within previous pages of the Calculations and Reconciliations of Non-GAAP Financial Measures.

Cousins Properties Incorporated 24 Q4 2014 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 and other building improvements associated with properties acquired for 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 related 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 related 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 related 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 25 Q4 2014 Supplemental Information