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

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

CONTACT:
James A. Fleming	Cameron Golden
Executive Vice President and	Director of Investor Relations and
Chief Financial Officer	Corporate Communications
(404) 407-1150	(404) 407-1984
jimfleming@cousinsproperties.com	camerongolden@cousinsproperties.com

Web site address:www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED JUNE 30, 2009

          ATLANTA (August 10, 2009) —Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and six months ended June 30, 2009. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

          Funds from Operations Available to Common Stockholders (“FFO”) was $23.4 million, or $0.45 per share, before certain non-cash impairment, valuation and retirement charges discussed below for the second quarter of 2009, compared with FFO of $16.1 million, or $0.30 per share, for the second quarter of 2008. FFO was $30.9 million, or $0.59 per share, before such charges for the six months ended June 30, 2009, compared with $29.9 million, or $0.57 per share, for the same period in 2008.

          Net Income Available to Common Stockholders (“Net Income Available”) was $7.0 million, or $0.13 per share, before such non-cash impairment, valuation and retirement charges for the quarter ended June 30, 2009, compared with Net Income Available of $2.9 million, or $0.05 per share, for the second quarter of 2008. Net Income Available was $167.5 million, or $3.21 per share, before such charges for the six months ended June 30, 2009, compared with $4.8 million, or $0.09 per share, for the same period in 2008.

          The Company recorded $88.3 million of non-cash impairment, valuation and retirement charges during the second quarter of 2009, which consisted of the following:

• Impairment charge on 10 Terminus Place — $34.9 million,

• Impairment charges on investments in joint ventures — $28.1 million,

• Valuation allowance recorded on deferred tax asset — $15.9 million,

• Write-off of pre-development expenses — $3.1 million,

• Retirement charges for the former Chief Executive Officer — $2.0 million, and

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191 Peachtree Street NE   •    Suite 3600   •   Atlanta, Georgia 30303-1740   •    404/407-1000   •    FAX 404/407-1002

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CUZ Reports Second Quarter Results
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August 10, 2009

• Other reserves and impairments — $4.2 million.

          After such non-cash impairment, valuation and retirement charges, FFO was a loss of $64.9 million, or $1.24 per share, for the second quarter of 2009 and a loss of $57.3 million, or $1.10 per share, for the six months ended June 30, 2009. Net Loss Available to Common Stockholders, after such non-cash and retirement charges, was $81.3 million, or $1.56 per share, for the second quarter of 2009 and Net Income Available was $79.3 million, or $1.52 per share, for the six months ended June 30, 2009.

          A reconciliation of FFO and Net Income (Loss) Available before certain non-cash impairment, valuation and retirement charges is as follows:

	2nd Quarter 2009						Six Months 2009
	$ (000)			Per Share			$ (000)			Per Share
FFO Before Certain Charges	$	23,387		$	0.45		$	30,941		$	0.59
Certain Non-Cash Impairment, Valuation and Retirement Charges:
Impairment charge on 10 Terminus		(34,900	)		(0.67	)		(34,900	)		(0.67	)
Impairment charges on Investments in Joint Ventures		(28,130	)		(0.54	)		(28,130	)		(0.54	)
Valuation allowance on deferred tax asset		(15,907	)		(0.30	)		(15,907	)		(0.30	)
Write-off of pre-development expenses		(3,100	)		(0.06	)		(3,100	)		(0.06	)
Retirement charges for former CEO		(2,026	)		(0.04	)		(2,026	)		(0.04	)
Other reserves and impairments		(4,219	)		(0.08	)		(4,219	)		(0.08	)
Total		(88,282	)		(1.69	)		(88,282	)		(1.69	)
FFO	$	(64,895	)	$	(1.24	)	$	(57,341	)	$	(1.10	)
Net Income Available Before Certain Charges	$	6,969		$	0.13		$	167,540		$	3.21
Certain Non-Cash Impairment, Valuation and Retirement Charges		(88,282	)		(1.69	)		(88,282	)		(1.69	)
Net Income (Loss) Available	$	(81,313	)	$	(1.56	)	$	79,258		$	1.52

          The Company recorded impairment charges on its 10 Terminus Place condominium project and on its investments in certain residential joint ventures to write these assets to their estimated fair value. The impairment on 10 Terminus Place reflects the overall general condition of the condominium market and the relatively high discount rates associated with this product type. The impairments on the residential joint ventures represent the other-than-temporary decline in the fair values of the Company’s investment in the joint ventures below their carrying amounts, in accordance withAccounting Principles Board Opinion No. 18. These impairments are the result of the continued decline in the market for residential lots and the increasing discount rates for this product.

          The Company recorded a valuation allowance on its deferred tax assets following an assessment of the recoverability of deferred tax assets at Cousins Real Estate Corporation (“CREC”), the Company’s taxable REIT subsidiary. This allowance reflects the application ofStatement of Financial Accounting Standards No. 109, which requires companies to record an allowance against deferred tax assets when, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. CREC has been in a cumulative loss position in recent years and will likely be

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CUZ Reports Second Quarter Results
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August 10, 2009

in a loss position for 2009. While the Company believes CREC will be profitable in the long term, this cumulative loss and the uncertainty about CREC’s profitability in the near term as a result of the continued decline in the housing market were factors that the Company considered in determining that the allowance was appropriate.

          Second quarter highlights of the Company included the following:

• Executed a 50,000-square-foot lease with Firethorn Holdings, LLC in Terminus 200, a 25-story office building under construction at the Company’s Terminus development in Atlanta, Georgia. Executed or renewed an additional 261,000 square feet of office leases.

• Executed a 28,000-square-foot lease with Bed, Bath & Beyond at the Avenue Carriage Crossing, a 511,000-square-foot retail center in Memphis, Tennessee. Executed or renewed an additional 186,000 square feet of retail leases.

• Executed 104,000 square feet of industrial leases.

• Repaid in full the $83.3 million mortgage note payable secured by the San Jose MarketCenter for approximately $70.3 million and recognized a gain on extinguishment of this debt of approximately $12.5 million.

          At June 30, 2009, the Company’s portfolio of operational office buildings was 90% leased, its portfolio of operational retail centers was 82% leased and its operational industrial buildings were 44% leased.

          “It is a real tribute to our leasing and asset management teams that leasing efforts continue to show positive results in spite of overall economic and market conditions,” said Larry Gellerstedt, CEO of Cousins. “While the non-cash charges unfortunately reflect the current state of the real estate markets, we believe Cousins is in a much better position than many REITs with current debt maturities and prudent management of our balance sheet. We continue to position Cousins to be able to take advantage of opportunities in distressed markets, and we are hopeful that we will see some significant opportunities within the next year.”

          The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on the Investor Relations page of the Company’s website at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1984.

          The Company will conduct a conference call at 2:00 p.m. (Eastern Time) on Tuesday, August 11, 2009, to discuss the results of the quarter ended June 30, 2009. The number to call for this interactive

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CUZ Reports Second Quarter Results
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teleconference is (212) 231-2900. A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21431729. The replay can be accessed on the Company’s website,www.cousinsproperties.com, through the “Q2 2009 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page, as well as at www.streetevents.com. and www.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s website for 14 days.

          Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail, industrial and land development projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 4,000 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.

          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, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential and condominium markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract 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, 2008. The words “believes,” “expects,” “anticipates,” “estimates” and 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 these 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.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
REVENUES:
Rental property revenues	$	37,095		$	36,700		$	74,604		$	71,007
Fee income		8,172			7,802			16,216			15,360
Residential lot, multi-family and outparcel sales		4,513			1,255			7,061			2,999
Interest and other		1,285			940			2,271			2,300
		51,065			46,697			100,152			91,666
COSTS AND EXPENSES:
Rental property operating expenses		15,159			14,583			32,472			28,021
General and administrative expenses		9,948			8,965			19,366			19,296
Separation expenses		2,026			48			2,370			316
Reimbursed general and administrative expenses		4,030			4,054			8,258			7,840
Depreciation and amortization		15,381	��		12,611			28,437			23,876
Residential lot, multi-family and outparcel cost of sales		3,208			832			4,938			1,778
Interest expense		10,560			7,367			20,990			13,642
Impairment loss		36,500			—			36,500			—
Other		4,432			549			5,978			2,304
		101,244			49,009			159,309			97,073
GAIN ON EXTINGUISHMENT OF DEBT		12,498			—			12,498			—
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES AND GAIN ON SALE OF INVESTMENT PROPERTIES		(37,681	)		(2,312	)		(46,659	)		(5,407	)
(PROVISION) BENEFIT FOR INCOME TAXES FROM OPERATIONS		(11,293	)		2,176			(7,352	)		5,393
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		(1,231	)		2,239			589			5,056
Impairment loss on investment in unconsolidated joint ventures		(28,130	)		—			(28,130	)		—
		(29,361	)		2,239			(27,541	)		5,056
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(78,335	)		2,103			(81,552	)		5,042
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		801			5,212			168,235			9,004
INCOME (LOSS) FROM CONTINUING OPERATIONS		(77,534	)		7,315			86,683			14,046
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Loss from discontinued operations		—			(341	)		(7	)		(749	)
Gain on sale of investment properties		146			—			146			—
		146			(341	)		139			(749	)
NET INCOME (LOSS)		(77,388	)		6,974			86,822			13,297
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(698	)		(251	)		(1,110	)		(922	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		(78,086	)		6,723			85,712			12,375
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,812	)		(6,454	)		(7,625	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(81,313	)	$	2,911		$	79,258		$	4,750
PER COMMON SHARE INFORMATION — BASIC:
Income (loss) from continuing operations	$	(1.56	)	$	0.07		$	1.52		$	0.10
Income (loss) from discontinued operations		—			(0.01	)		—			(0.01	)
Basic net income (loss) available to common stockholders	$	(1.56	)	$	0.06		$	1.52		$	0.09
PER COMMON SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations	$	(1.56	)	$	0.06		$	1.52		$	0.10
Income (loss) from discontinued operations		—			(0.01	)		—			(0.01	)
Diluted net income (loss) available to common stockholders	$	(1.56	)	$	0.05		$	1.52		$	0.09
DIVIDENDS DECLARED PER COMMON SHARE	$	0.25		$	0.37		$	0.50		$	0.74

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
Net Income (Loss) Available to Common Stockholders	$	(81,313	)	$	2,911		$	79,258		$	4,750
Depreciation and amortization:
Consolidated properties		15,381			12,611			28,437			23,876
Discontinued properties		—			174			—			348
Share of unconsolidated joint ventures		2,174			1,473			4,332			2,864
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(938	)		(961	)		(1,906	)		(1,731	)
Discontinued properties		—			(6	)		—			(13	)
Share of unconsolidated joint ventures		(14	)		(26	)		(24	)		(51	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(801	)		(5,212	)		(168,235	)		(9,004	)
Discontinued properties		(146	)		—			(146	)		—
Share of unconsolidated joint ventures		16			—			(12	)		—
Gain on sale of undepreciated investment properties		746			5,156			955			8,892
Funds From Operations Available to Common Stockholders	$	(64,895	)	$	16,120		$	(57,341	)	$	29,931
Per Common Share — Basic:
Net Income (Loss) Available	$	(1.56	)	$	.06		$	1.52		$	.09
Funds From Operations	$	(1.24	)	$	.31		$	(1.10	)	$	.57
Weighted Average Shares-Basic		52,278			52,251			52,278			52,230
Per Common Share — Diluted:
Net Income (Loss) Available	$	(1.56	)	$	.05		$	1.52		$	.09
Funds From Operations	$	(1.24	)	$	.30		$	(1.10	)	$	.57
Weighted Average Shares-Diluted		52,278			53,096			52,278			52,903

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders [“Net Income (Loss) Available”] for Cousins Properties Incorporated and Subsidiaries. The Company calculated 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, 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, to assess performance in connection with evaluating and granting incentive compensation to its officers and key employees.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share and per share amounts)

	June 30,			December 31,
	2009			2008
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $209,701 and $182,050 in 2009 and 2008, respectively	$	955,668		$	853,450
Projects under development		56,992			172,582
Land held for investment or future development		130,269			115,862
Residential lots under development		61,136			59,197
Multi-family units held for sale		40,001			70,658
Total properties		1,244,066			1,271,749
CASH AND CASH EQUIVALENTS		54,121			82,963
RESTRICTED CASH		4,280			3,636
NOTES AND OTHER RECEIVABLES,net of allowance for doutbful accounts of $2,921 and $2,764 in 2009 and 2008, respectively		53,620			51,267
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		167,780			200,850
OTHER ASSETS		66,908			83,330
TOTAL ASSETS	$	1,590,775		$	1,693,795
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	943,792		$	942,239
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		54,857			65,026
DEFERRED GAIN		4,564			171,838
DEPOSITS AND DEFERRED INCOME		6,802			6,485
TOTAL LIABILITIES		1,010,015			1,185,588
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		12,755			3,945
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2009 and 2008		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2009 and 2008		94,775			94,775
Common stock, $1 par value, 150,000,000 shares authorized, 55,863,169 and 54,922,173 shares issued in 2009 and 2008, respectively		55,863			54,922
Additional paid-in capital		379,389			368,829
Treasury stock at cost, 3,570,082 shares in 2009 and 2008		(86,840	)		(86,840	)
Accumulated other comprehensive loss on derivative instrument		(13,089	)		(16,601	)
Cumulative undistributed net income (distributions in excess of net income)		30,217			(23,189	)
TOTAL STOCKHOLDERS’ INVESTMENT		535,142			466,723
Nonredeemable noncontrolling interests		32,863			37,539
TOTAL EQUITY		568,005			504,262
TOTAL LIABILITIES AND EQUITY	$	1,590,775		$	1,693,795

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COUSINS PROPERTIES INCORPORATED
KEY RATIOS AND SUPPLEMENTAL INFORMATION
(in thousands, except per share amounts, percentages and ratios)

	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		34,491			217,441			17,672			1,839			2,911			6,978			(4,138	)		7,590			160,571			(81,313	)		79,258
FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING CERTAIN LOSSES ON EXTINGUISHMENT OF DEBT		73,746			74,469			48,437			13,811			16,120			20,931			10,152			61,014			7,554			(64,895	)		(57,341	)
BASIC WEIGHTED AVERAGE COMMON SHARES		51,187			51,828			52,796			52,209			52,251			52,270			52,307			52,260			52,279			52,278			52,278
DILUTED WEIGHTED AVERAGE COMMON SHARES		52,977			53,659			54,019			52,741			53,096			52,686			52,307			52,664			52,279			52,278			52,278
NET INCOME (LOSS) PER COMMON SHARE — BASIC		0.67			4.20			0.33			0.04			0.06			0.13			(0.08	)		0.15			3.07			(1.56	)		1.52
NET INCOME (LOSS) PER COMMON SHARE — DILUTED		0.65			4.05			0.33			0.03			0.05			0.13			(0.08	)		0.14			3.07			(1.56	)		1.52
FFO PER COMMON SHARE — BASIC		1.44			1.44			0.92			0.26			0.31			0.40			0.19			1.17			0.14			(1.24	)		(1.10	)
FFO PER COMMON SHARE — DILUTED		1.39			1.39			0.90			0.26			0.30			0.40			0.19			1.16			0.14			(1.24	)		(1.10	)
(A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		9,439			13,421			18,979			6,936			8,375			5,010			3,711			24,032			3,531			3,748			7,279
REGULAR COMMON DIVIDENDS:
CASH		74,649			75,495			76,782			18,974			18,992			18,995			12,846			69,807			12,838			4,283			17,121
COMMON STOCK		—			—			—			—			—			—			—			—			—			8,551			8,551
SPECIAL COMMON DIVIDEND		—			175,470			—			—			—			—			—			—			—			—			—
REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.25			1.36			0.25			0.25			0.50
SPECIAL COMMON DIVIDEND PER SHARE		—			3.40			—			—			—			—			—			—			—			—			—
COMMON STOCK PRICE AT PERIOD END		28.30			35.27			22.10			24.71			23.10			25.23			13.85			13.85			6.44			8.50			8.50
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		50,665			51,748			51,280			51,292			51,336			51,383			51,352			51,352			51,342			52,293			52,293
PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		25.75			25.90			22.38			21.14			22.50			18.00			12.24			12.24			13.70			15.01			15.01
NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000			4,000			2,993			2,993			2,993			2,993			2,993
PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		25.40			25.53			20.59			20.45			21.78			17.00			12.00			12.00			13.16			14.73			14.73
NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000			4,000			3,791			3,791			3,791			3,791			3,791
COMMON EQUITY MARKET CAPITALIZATION		1,433,820			1,825,152			1,133,288			1,267,425			1,185,862			1,296,393			711,225			711,225			330,642			444,491			444,491
PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880			166,360			177,120			140,000			82,126			82,126			90,894			100,766			100,766
(B) ADJUSTED DEBT (1)		514,560			376,516			773,482			898,205			899,140			973,524			1,073,953			1,073,953			1,084,051			1,086,793			1,086,793
TOTAL MARKET CAPITALIZATION		2,152,980			2,407,388			2,078,650			2,331,990			2,262,122			2,409,917			1,867,304			1,867,304			1,505,587			1,632,050			1,632,050
ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		24	%		16	%		37	%		39	%		40	%		40	%		58	%		58	%		72	%		67	%		67	%
(B) RECOURSE DEBT (1)		196,824			226,855			205,658			328,106			337,110			392,422			491,603			491,603			502,396			580,939			580,939
RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		9	%		10	%		14	%		15	%		16	%		26	%		26	%		33	%		36	%		36	%
COMMON EQUITY MARKET CAPITALIZATION		1,433,820			1,825,152			1,133,288			1,267,425			1,185,862			1,296,393			711,225			711,225			330,642			444,491			444,491
PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880			166,360			177,120			140,000			82,126			82,126			90,894			100,766			100,766
(B) TOTAL DEBT (INCLUDING SHARE OF JV’S) (1)		615,645			487,234			846,355			967,832			967,885			1,040,513			1,139,113			1,139,113			1,147,217			1,148,294			1,148,294
TOTAL MARKET CAPITALIZATION		2,254,065			2,518,106			2,151,523			2,401,617			2,330,867			2,476,906			1,932,464			1,932,464			1,568,753			1,693,551			1,693,551
TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		27	%		19	%		39	%		40	%		42	%		42	%		59	%		59	%		73	%		68	%		68	%
VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
LEVERAGE RATIO		39	%		29	%		45	%		49	%		48	%		48	%		51	%		51	%		54	%		52	%		52	%
COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%
FIXED CHARGES RATIO		2.7			2.4			2.5			2.0			2.1			2.3			2.2			2.2			2.1			2.0			2.0
COVENANT REQUIREMENT — NO LESS THAN		1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5

8

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
CONSOLIDATED ENTITY FFO AND NET INCOME:
(C) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
OFFICE:
191 PEACHTREE		0			1,964			9,349			2,661			2,750			2,857			3,071			11,339			789			1,561			2,350
221 PEACHTREE CENTER GARAGE		0			0			510			147			189			189			114			639			124			103			227
AMERICAN CANCER SOCIETY CENTER		11,376			11,774			11,959			3,555			3,598			3,665			3,729			14,547			3,791			3,151			6,942
TERMINUS 100		0			0			5,000			4,056			4,161			3,771			4,398			16,386			3,311			4,750			8,061
ONE GEORGIA CENTER		(1,361	)		(219	)		(109	)		(148	)		530			977			1,291			2,650			1,039			1,039			2,078
THE POINTS AT WATERVIEW		1,872			2,124			2,179			531			504			545			547			2,127			509			515			1,024
LAKESHORE PARK PLAZA		722			922			1,794			505			541			515			580			2,141			567			545			1,112
MERIDIAN MARK PLAZA		4,487			4,475			4,339			1,109			1,178			1,136			1,081			4,504			958			972			1,930
555 NORTH POINT CENTER EAST		1,506			1,771			1,882			488			525			426			550			1,989			501			531			1,032
333 NORTH POINT CENTER EAST		1,395			1,183			1,287			310			280			435			424			1,449			417			426			843
200 NORTH POINT CENTER EAST		363			839			1,490			416			406			299			363			1,484			378			393			771
100 NORTH POINT CENTER EAST		1,020			1,035			1,320			458			317			392			362			1,529			391			423			814
600 UNIVERSITY PARK PLACE		1,701			1,107			1,557			425			419			420			415			1,679			394			394			788
GALLERIA 75		1,036			897			649			132			153			169			137			591			22			67			89
COSMOPOLITAN CENTER		0			13			341			125			123			142			69			459			139			129			268
8995 WESTSIDE PARKWAY (FORMERLY ATHEROGENICS)		1,241			1,263			1,278			324			328			328			327			1,307			192			(18	)		174
INHIBITEX		666			917			912			229			230			226			225			910			220			226			446
SUBTOTAL		26,024			30,065			45,738			15,323			16,232			16,492			17,683			65,730			13,742			15,207			28,949
RETAIL:
THE AVENUE CARRIAGE CROSSING		743			5,835			6,774			1,487			1,660			1,700			1,867			6,714			1,140			1,255			2,395
THE AVENUE WEBB GIN		0			1,653			5,558			1,612			1,495			1,620			1,240			5,967			1,469			1,503			2,972
SAN JOSE MARKETCENTER		0			3,846			6,450			1,835			1,835			1,876			1,543			7,089			1,693			1,721			3,414
THE AVENUE FORSYTH		0			0			0			73			546			1,184			724			2,527			1,025			955			1,980
TIFFANY SPRINGS MARKETCENTER		0			0			0			0			(3	)		492			768			1,257			803			900			1,703
PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		16,623			9,068			(45	)		34			1			(3	)		(2	)		30			0			0			0
SUBTOTAL		17,366			20,402			18,736			5,041			5,534			6,869			6,140			23,584			6,130			6,334			12,464
INDUSTRIAL:
KING MILL — BUILDING 3A		0			405			1,187			297			294			295			297			1,183			299			302			601
KING MILL — BUILDING 3B		0			0			(32	)		(72	)		(69	)		(66	)		(53	)		(260	)		(63	)		(66	)		(129	)
LAKESIDE RANCH — BUILDING 20		0			0			794			240			163			184			181			768			176			190			366
JEFFERSON MILL — BUILDING A		0			0			0			0			(29	)		(29	)		(91	)		(149	)		(57	)		(57	)		(114	)
SUBTOTAL		0			405			1,949			465			359			384			334			1,542			355			369			724
OTHER RENTAL OPERATIONS:
OTHER		1,021			203			82			39			(8	)		(49	)		(51	)		(69	)		(31	)		26			(5	)
SUBTOTAL		1,021			203			82			39			(8	)		(49	)		(51	)		(69	)		(31	)		26			(5	)
PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS, RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		2			0			0			0			0			0			0			0			0			0			0
TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		44,413			51,076			66,505			20,868			22,117			23,696			24,106			90,787			20,196			21,936			42,132
(D) DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
3100 WINDY HILL RD		2,944			2,676			(1,032	)		(233	)		(204	)		(296	)		53			(680	)		0			0			0
GA 400 LAND LEASES		1,432			1,537			126			0			0			0			0			0			(5	)		0			(5	)
FROST BANK TOWER		5,123			4,548			41			0			33			0			19			52			0			0			0
THE AVENUE OF THE PENINSULA		4,446			5,114			65			0			5			3			10			18			0			0			0
3301 WINDY RIDGE PARKWAY		1,693			2,750			224			0			(1	)		0			0			(1	)		0			0			0
OTHER		718			41			8			0			0			0			0			0			(2	)		0			(2	)
TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		16,356			16,666			(568	)		(233	)		(167	)		(293	)		82			(611	)		(7	)		0			(7	)

9

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
(E) RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY FFO:
OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		1,367			1,656			1,017			755			25			1,551			59			2,390			582			1,125			1,707
TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96			746			842
TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		3,390			6,675			651			0			931			1,695			566			3,192			235			0			235
TOTAL TRACT SALES NET OF COS		18,873			9,156			5,628			3,736			5,672			2,070			918			12,396			331			746			1,077
OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — WHOLLY OWNED (1)		0			11,867			8,184			0			415			956			36			1,407			113			0			113
TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			11,867			8,184			0			415			956			36			1,407			113			0			113
LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		4,162			2,877			1,124			43			398			279			107			827			236			180			416
LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		10,479			8,217			1,822			121			237			182			255			795			95			210			305
TOTAL LOT SALES NET OF COS		14,641			11,094			2,946			164			635			461			362			1,622			331			390			721
INTEREST — JOINT VENTURES (1)		(152	)		(284	)		(238	)		(101	)		(85	)		(139	)		(145	)		(470	)		(137	)		(126	)		(263	)
OTHER — JOINT VENTURES (1)		(528	)		(381	)		(1,087	)		1,014			258			(235	)		(641	)		396			(146	)		(562	)		(708	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS — JOINT VENTURES (1)		(62	)		0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)		(9	)		(14	)
IMPAIRMENT LOSS — JOINT VENTURES (1)		0			0			0			0			0			0			(347	)		(347	)		0			(2,619	)		(2,619	)
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY FFO		34,139			33,108			16,450			5,547			6,899			4,643			242			17,331			1,069			(1,055	)		14
(F) MULTI-FAMILY FFO:
MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		1,828			3,731			144			0			0			744			370			1,114			0			0			0
MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			1
TOTAL MULTI-FAMILY FFO		9,010			14,074			(41	)		650			(227	)		1,717			866			3,006			(1	)		2			1
DEVELOPMENT INCOME		3,056			4,585			5,881			1,013			1,219			14,322			1,204			17,758			945			883			1,828
MANAGEMENT FEES		24,058			24,437			24,782			5,791			6,153			6,388			7,072			25,404			6,606			6,437			13,043
LEASING & OTHER FEES		8,084			6,443			5,651			754			430			1,026			2,290			4,500			493			852			1,345
TERMINATION FEES		545			631			5,193			131			(109	)		355			30			407			359			1,097			1,456
INTEREST INCOME & OTHER		1,886			742			1,236			1,229			1,049			636			837			3,751			627			188			815
GAIN ON EXTINGUISHMENT OF DEBT		0			0			0			0			0			0			0			0			0			12,498			12,498
GENERAL & ADMINISTRATIVE EXPENSES:
GENERAL & ADMINISTRATIVE EXPENSES		(40,702	)		(42,536	)		(40,643	)		(10,331	)		(9,066	)		(9,603	)		(8,574	)		(37,574	)		(9,386	)		(9,917	)		(19,303	)
SEPARATION EXPENSES		0			0			0			(268	)		(48	)		(45	)		(825	)		(1,186	)		(344	)		(2,026	)		(2,370	)
COMMISSION ON DEVELOPMENT FEE		0			0			0			0			0			(3,372	)		(42	)		(3,414	)		(32	)		(31	)		(63	)
REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(15,116	)		(16,056	)		(17,167	)		(3,786	)		(3,953	)		(4,006	)		(4,534	)		(16,279	)		(4,228	)		(4,030	)		(8,258	)
TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(55,818	)		(58,592	)		(57,810	)		(14,385	)		(13,067	)		(17,026	)		(13,975	)		(58,453	)		(13,990	)		(16,004	)		(29,994	)
INTEREST EXPENSE CONSOLIDATED:
2007 CREDIT FACILITY — FLOATING @ LIBOR + .75% to 1.25%		0			0			(3,308	)		(1,339	)		(1,949	)		(2,082	)		(2,759	)		(8,129	)		(2,407	)		(2,666	)		(5,073	)
UNSECURED TERM LOAN — FIXED SWAP RATE OF 5.01% + .70% to 1.20%		0			0			(1,977	)		(1,470	)		(1,479	)		(1,479	)		(1,524	)		(5,952	)		(1,387	)		(1,647	)		(3,034	)
THE AMERICAN CANCER SOCIETY CENTER - 6.45%		0			0			(3,027	)		(2,240	)		(2,240	)		(2,263	)		(2,264	)		(9,007	)		(2,215	)		(2,240	)		(4,455	)
333 & 555 NORTH POINT CENTER DEBT - 7%		(2,165	)		(2,121	)		(2,072	)		(510	)		(507	)		(503	)		(500	)		(2,020	)		(496	)		(494	)		(990	)
MERIDIAN MARK PLAZA DEBT - 8.27%		(2,021	)		(1,991	)		(1,959	)		(484	)		(482	)		(480	)		(477	)		(1,923	)		(475	)		(473	)		(948	)
600 UNIVERSITY PARK DEBT - 7.38%		(1,009	)		(995	)		(983	)		(243	)		(242	)		(241	)		(240	)		(966	)		(239	)		(238	)		(477	)
100 NORTH POINT CENTER EAST DEBT - 5.39%		(932	)		(932	)		(780	)		(169	)		(172	)		(170	)		(170	)		(681	)		(170	)		(170	)		(340	)
200 NORTH POINT CENTER EAST DEBT - 5.39%		(826	)		(826	)		(736	)		(168	)		(172	)		(170	)		(170	)		(680	)		(170	)		(170	)		(340	)
LAKESHORE PARK PLAZA DEBT - 5.89%					0			0			0			0			(230	)		(293	)		(523	)		(285	)		(284	)		(569	)
LAKESHORE PARK PLAZA DEBT - 6.78%		(648	)		(631	)		(612	)		(150	)		(115	)		0			0			(265	)		0			0			0
KING MILL DEBT - 9%		(34	)		(293	)		(469	)		(121	)		(122	)		(125	)		(125	)		(493	)		(82	)		0			(82	)
JEFFERSON MILL DEBT - 9%		0			(23	)		(218	)		(65	)		(67	)		(70	)		(70	)		(272	)		(47	)		0			(47	)
THE POINTS AT WATERVIEW DEBT - 5.66%		(11	)		(1,051	)		(1,070	)		(259	)		(258	)		(257	)		(255	)		(1,029	)		(254	)		(252	)		(506	)
TERMINUS 100 DEBT - 6.13%		0			0			(2,358	)		(2,800	)		(2,801	)		(2,801	)		(2,801	)		(11,203	)		(2,802	)		(2,802	)		(5,604	)
SAN JOSE MARKETCENTER DEBT - 5.6%		0			0			(448	)		(1,223	)		(1,224	)		(1,225	)		(1,222	)		(4,894	)		(1,226	)		(279	)		(1,505	)
2005 CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			(8,752	)		(8,014	)		0			0			0			0			0			0			0			0
2005 TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			(2,598	)		(3,265	)		0			0			0			0			0			0			0			0
BRIDGE LOAN — FLOATING @ LIBOR + .75%		0			0			(855	)		0			0			0			0			0			0			0			0
BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,197	)		(7,447	)		(2	)		0			0			0			0			0			0			0			0
THE AVENUE EAST COBB DEBT - 8.39%		(3,153	)		(1,546	)		0			0			0			0			0			0			0			0			0
CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		(3,979	)		(2,103	)		0			0			0			0			0			0			0			0			0
OTHER		(1,312	)		(363	)		(6	)		(2	)		(1	)		(4	)		(1	)		(8	)		(1	)		(100	)		(101	)
CAPITALIZED		17,193			20,553			23,343			4,968			4,464			3,395			2,067			14,894			1,826			1,255			3,081
TOTAL INTEREST EXPENSE CONSOLIDATED		(9,094	)		(11,119	)		(8,816	)		(6,275	)		(7,367	)		(8,705	)		(10,804	)		(33,151	)		(10,430	)		(10,560	)		(20,990	)

10

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
OTHER EXPENSES — CONTINUING OPERATIONS:
LOSS ON EXTINGUISHMENT OF DEBT (NOT ASSOCIATED WITH PROPERTY SALE)		0			0			(446	)		0			0			0			0			0			0			0			0
PROPERTY TAXES & OTHER HOLDING COSTS		(754	)		(524	)		(579	)		(248	)		(102	)		(307	)		(825	)		(1,482	)		(681	)		(1,095	)		(1,776	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(3,037	)		(4,130	)		(1,656	)		(671	)		(251	)		(766	)		(690	)		(2,378	)		(412	)		(698	)		(1,110	)
PREDEVELOPMENT & OTHER		(568	)		(2,287	)		(2,243	)		(1,507	)		(447	)		(1,668	)		(945	)		(4,567	)		(865	)		(3,337	)		(4,202	)
IMPAIRMENT LOSS — CONSOLIDATED		0			0			0			0			0			0			(2,100	)		(2,100	)		0			(36,500	)		(36,500	)
IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			0			0			0			0			0			(28,130	)		(28,130	)
TOTAL OTHER EXPENSES		(4,359	)		(6,941	)		(4,924	)		(2,426	)		(800	)		(2,741	)		(4,560	)		(10,527	)		(1,958	)		(69,760	)		(71,718	)
INCOME TAX (PROVISION)/BENEFIT:
BENEFIT (PROVISION) FROM CONTINUING OPERATIONS		(7,756	)		(4,193	)		4,423			3,217			2,176			(916	)		4,293			8,770			3,941			31,427			35,368
VALUATION ALLOWANCE		0			0			0			0			0			0			0			0			0			(42,720	)		(42,720	)
(D)DISCONTINUED OPERATIONS (1)		(126	)		(2	)		0			0			0			0			0			0			0			0			0
TOTAL INCOME TAX (PROVISION)/BENEFIT		(7,882	)		(4,195	)		4,423			3,217			2,176			(916	)		4,293			8,770			3,941			(11,293	)		(7,352	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
CONSOLIDATED		(2,951	)		(2,911	)		(2,768	)		(770	)		(961	)		(989	)		(1,004	)		(3,724	)		(968	)		(938	)		(1,906	)
(D)DISCONTINUED OPERATIONS (1)		0			0			(25	)		(7	)		(6	)		(6	)		0			(19	)		0			0			0
SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			(5	)		(4	)		(5	)		(6	)		(1	)		(16	)		(5	)		(5	)		(10	)
TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,951	)		(2,911	)		(2,798	)		(781	)		(972	)		(1,001	)		(1,005	)		(3,759	)		(973	)		(943	)		(1,916	)
(G) JOINT VENTURE FFO (EXCLUDING 905 JUNIPER, 50 BISCAYNE, TEMCO, CL REALTY, PINE MOUNTAIN BUILDERS, HANDY ROAD & VERDE) (1):
CP VENTURE TWO LLC		1,722			1,725			1,654			400			364			406			334			1,504			356			363			719
CP VENTURE FIVE LLC		0			3,849			2,453			606			571			568			509			2,254			548			518			1,066
TEN PEACHTREE PLACE ASSOCIATES		1,506			1,433			1,226			326			331			350			311			1,318			333			349			682
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,191			1,208			1,208			302			302			302			302			1,208			302			302			604
CRAWFORD LONG — CPI, LLC		1,865			2,007			2,047			533			526			523			512			2,094			531			554			1,085
AVENUE MURFREESBORO		0			0			108			318			442			519			719			1,998			713			732			1,445
PALISADES WEST LLC		0			(11	)		127			27			26			27			347			427			1,172			1,276			2,448
OTHER		21,269			11,504			(300	)		12			36			(53	)		(40	)		(45	)		(51	)		(40	)		(91	)
TOTAL SHARE OF JOINT VENTURE FFO		27,553			21,715			8,523			2,524			2,598			2,642			2,994			10,758			3,904			4,054			7,958
PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(3,520	)		(14,957	)		(3,227	)		(3,227	)		(6,454	)
FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT		73,746			74,469			48,437			13,811			16,120			20,931			10,152			61,014			7,554			(64,895	)		(57,341	)
LOSS ON EXTINGUISHMENT OF DEBT		0			(18,207	)		0			0			0			0			0			0			0			0			0
FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		73,746			56,262			48,437			13,811			16,120			20,931			10,152			61,014			7,554			(64,895	)		(57,341	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
CONTINUING OPERATIONS		15,733			3,012			5,535			3,792			5,212			1,387			408			10,799			167,434			801			168,235
(E)LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (1)		(15,483	)		(14,348	)		(13,161	)		(3,736	)		(5,156	)		(1,331	)		(388	)		(10,611	)		(209	)		(746	)		(955	)
DISCONTINUED OPERATIONS		1,037			86,495			18,095			0			0			0			2,472			2,472			0			146			146
SHARE OF UNCONSOLIDATED JOINT VENTURES		1,935			135,618			1,186			0			0			0			0			0			28			(16	)		12
TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		3,222			210,777			11,655			56			56			56			2,492			2,660			167,253			185			167,438
DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
CONSOLIDATED		(23,319	)		(27,913	)		(37,028	)		(10,495	)		(11,650	)		(12,283	)		(14,773	)		(49,201	)		(12,088	)		(14,443	)		(26,531	)
(D)DISCONTINUED OPERATIONS (1)		(10,316	)		(12,866	)		(821	)		(167	)		(168	)		(132	)		0			(467	)		0			0			0
SHARE OF UNCONSOLIDATED JOINT VENTURES		(8,842	)		(8,819	)		(4,571	)		(1,366	)		(1,447	)		(1,594	)		(2,009	)		(6,416	)		(2,148	)		(2,160	)		(4,308	)
TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(42,477	)		(49,598	)		(42,420	)		(12,028	)		(13,265	)		(14,009	)		(16,782	)		(56,084	)		(14,236	)		(16,603	)		(30,839	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		34,491			217,441			17,672			1,839			2,911			6,978			(4,138	)		7,590			160,571			(81,313	)		79,258

11

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
COUSINS’ SHARE OF CP VENTURE TWO LLC (2):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
COUSINS’ SHARE OF CP VENTURE TWO LLC -OFFICE PORTFOLIO		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
OFFICE:
FIRST UNION TOWER		8			0			0			0			0			0			0			0			0			0			0
GRANDVIEW II		196			157			(1	)		0			0			0			0			0			(5	)		0			(5	)
100 NORTH POINT CENTER EAST		0			0			0			0			0			0			0			0			0			0			0
200 NORTH POINT CENTER EAST		0			0			0			0			0			0			0			0			0			0			0
PRESBYTERIAN MEDICAL PLAZA		111			106			116			21			29			26			11			87			18			15			33
SUBTOTAL OFFICE		315			263			115			21			29			26			11			87			13			15			28
COUSINS’ SHARE OF CP VENTURE TWO LLC -RETAIL PORTFOLIO		11.50	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%
RETAIL:
NORTH POINT MARKETCENTER		649			668			613			155			143			152			138			588			140			166			306
MANSELL CROSSING II		144			153			72			0			0			0			(6	)		(6	)		0			0			0
GREENBRIER MARKETCENTER		517			534			511			133			128			137			134			532			140			131			271
LOS ALTOS MARKETCENTER		354			358			345			90			65			91			57			303			63			53			116
SUBTOTAL RETAIL		1,664			1,713			1,541			378			336			380			323			1,417			343			350			693
TOTAL REVENUES LESS OPERATING EXPENSES		1,979			1,976			1,656			399			365			406			334			1,504			356			365			721
INTEREST EXPENSE		(240	)		(231	)		0			0			0			0			0			0			0			0			0
OTHER, NET		(17	)		(20	)		(2	)		1			(1	)		0			0			0			0			(2	)		(2	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,722			1,725			1,654			400			364			406			334			1,504			356			363			719
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(667	)		(670	)		(477	)		(112	)		(111	)		(131	)		(195	)		(549	)		(107	)		(109	)		(216	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			736			1,224			0			0			0			0			0			12			0			12
NET INCOME (LOSS)		1,055			1,791			2,401			288			253			275			139			955			261			254			515
COUSINS’ SHARE OF CP VENTURE FIVE (2):					40.63	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		0			1,382			723			175			182			184			169			710			176			168			344
THE AVENUE PEACHTREE CITY		0			843			491			122			116			112			108			458			117			110			227
THE AVENUE WEST COBB		0			1,132			685			167			142			152			125			586			133			123			256
THE AVENUE VIERA		0			947			620			164			155			153			153			625			155			148			303
VIERA MARKETCENTER		0			198			208			55			50			52			40			197			52			54			106
TOTAL REVENUES LESS OPERATING EXPENSES		0			4,502			2,727			683			645			653			595			2,576			633			603			1,236
INTEREST EXPENSE		0			(634	)		(350	)		(87	)		(86	)		(86	)		(86	)		(345	)		(85	)		(85	)		(170	)
OTHER, NET		0			(19	)		76			10			12			1			0			23			0			0			0
FUNDS FROM OPERATIONS		0			3,849			2,453			606			571			568			509			2,254			548			518			1,066
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(2,018	)		(1,205	)		(261	)		(269	)		(359	)		(314	)		(1,203	)		(271	)		(207	)		(478	)
NET INCOME (LOSS)		0			1,831			1,248			345			302			209			195			1,051			277			311			588
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,326			2,239			2,020			516			521			539			523			2,099			526			541			1,067
INTEREST EXPENSE		(820	)		(806	)		(794	)		(190	)		(190	)		(189	)		(212	)		(781	)		(193	)		(192	)		(385	)
FUNDS FROM OPERATIONS		1,506			1,433			1,226			326			331			350			311			1,318			333			349			682
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,128	)		(1,060	)		(1,052	)		(267	)		(267	)		(267	)		(243	)		(1,044	)		(260	)		(261	)		(521	)
NET INCOME		378			373			174			59			64			83			68			274			73			88			161
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,191			1,208			1,208			302			302			302			302			1,208			302			302			604
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,191			1,208			1,208			302			302			302			302			1,208			302			302			604
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(33	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(16	)
NET INCOME		1,158			1,176			1,176			294			294			294			294			1,176			294			294			588

12

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,467			3,586			3,601			918			909			904			892			3,623			909			930			1,839
INTEREST EXPENSE		(1,602	)		(1,579	)		(1,554	)		(385	)		(383	)		(381	)		(380	)		(1,529	)		(378	)		(376	)		(754	)
FUNDS FROM OPERATIONS		1,865			2,007			2,047			533			526			523			512			2,094			531			554			1,085
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,447	)		(1,468	)		(1,352	)		(321	)		(321	)		(321	)		(324	)		(1,287	)		(312	)		(307	)		(619	)
NET INCOME		418			539			695			212			205			202			188			807			219			247			466
COUSINS’ SHARE OF AVENUE MURFREESBORO (2):								50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			554			680			753			844			1,136			3,413			937			948			1,885
OTHER, NET		0			0			0			0			0			27			0			27			0			0			0
INTEREST EXPENSE		0			0			(442	)		(362	)		(311	)		(352	)		(417	)		(1,442	)		(224	)		(216	)		(440	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(4	)		(4	)		(5	)		(6	)		(1	)		(16	)		(5	)		(5	)		(10	)
FUNDS FROM OPERATIONS		0			0			108			314			437			513			718			1,982			708			727			1,435
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(310	)		(351	)		(425	)		(462	)		(708	)		(1,946	)		(618	)		(638	)		(1,256	)
NET INCOME		0			0			(202	)		(37	)		12			51			10			36			90			89			179
COUSINS’ SHARE OF PALISADES WEST LLC (2):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			(11	)		127			27			26			27			347			427			1,172			1,276			2,448
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			(11	)		127			27			26			27			347			427			1,172			1,276			2,448
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			(170	)		(170	)		(532	)		(586	)		(1,118	)
NET INCOME		0			(11	)		127			27			26			27			177			257			640			690			1,330
COUSINS’ SHARE OF 905 JUNIPER, LLC (2):		72	%
MULTI-FAMILY SALES, NET OF COS		514			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		514			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME		514			0			0			0			0			0			0			0			0			0			0
COUSINS’ SHARE OF 50 BISCAYNE, LLC (2):		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		6,515			10,172			(3,327	)		199			195			1,263			487			2,144			0			0			0
OTHER, NET		153			171			3,142			451			(422	)		(290	)		9			(252	)		(1	)		2			1
FUNDS FROM OPERATIONS		6,668			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			1
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME		6,668			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			1
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		15,874			11,344			(65	)		(5	)		47			6			(19	)		29			3			13			16
INTEREST EXPENSE		0			0			0			0			0			0			0			0			(28	)		(28	)		(56	)
OTHER, NET		5,411			172			(235	)		17			(11	)		(59	)		(21	)		(74	)		(26	)		(25	)		(51	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(12	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		21,269			11,504			(300	)		12			36			(53	)		(40	)		(45	)		(51	)		(40	)		(91	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(5,014	)		(2,991	)		(19	)		(35	)		(35	)		(35	)		(35	)		(140	)		(35	)		(35	)		(70	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		1,935			134,882			(41	)		0			0			0			0			0			16			(16	)		0
NET INCOME		18,190			143,395			(360	)		(23	)		1			(88	)		(75	)		(185	)		(70	)		(91	)		(161	)

13

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		4,092			7,523			697			14			32			992			(1	)		1,037			0			0			0
INTEREST EXPENSE		(152	)		(146	)		(139	)		(34	)		(33	)		(33	)		(32	)		(132	)		(32	)		(32	)		(64	)
OTHER, NET		105			125			(274	)		(89	)		276			(128	)		(293	)		(234	)		(168	)		(212	)		(380	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)		(9	)		(14	)
IMPAIRMENT LOSS		0			0			0			0			0			0			(22	)		(22	)		0			0			0
FUNDS FROM OPERATIONS		4,045			7,502			284			(130	)		254			810			(348	)		586			(205	)		(253	)		(458	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(114	)		(123	)		(11	)		(11	)		(11	)		(12	)		(45	)		(5	)		(9	)		(14	)
NET INCOME		3,931			7,388			161			(141	)		243			799			(360	)		541			(210	)		(262	)		(472	)
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		9,052			6,629			1,736			101			1,093			885			716			2,795			335			178			513
INTEREST EXPENSE		0			0			(99	)		(44	)		(40	)		(88	)		(74	)		(246	)		(82	)		(71	)		(153	)
OTHER, NET		(150	)		(137	)		(638	)		1,110			(12	)		(100	)		(340	)		658			29			(343	)		(314	)
IMPAIRMENT LOSS		0			0			0			0			0			0			(325	)		(325	)		0			(2,619	)		(2,619	)
FUNDS FROM OPERATIONS		8,902			6,492			999			1,167			1,041			697			(23	)		2,882			282			(2,855	)		(2,573	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME		8,902			6,492			999			1,167			1,041			697			(23	)		2,882			282			(2,855	)		(2,573	)
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		725			739			41			6			43			0			106			155			(5	)		32			27
OTHER, NET		0			0			0			0			0			0			(1	)		(1	)		0			0			0
FUNDS FROM OPERATIONS		725			739			41			6			43			0			105			154			(5	)		32			27
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME		725			739			41			6			43			0			105			154			(5	)		32			27
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0		��	0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			(138	)		0			(23	)		(12	)		(18	)		(39	)		(92	)		(23	)		(23	)		(46	)
OTHER, NET		0			(155	)		(175	)		(7	)		(6	)		(7	)		(7	)		(27	)		(7	)		(7	)		(14	)
FUNDS FROM OPERATIONS		0			(293	)		(175	)		(30	)		(18	)		(25	)		(46	)		(119	)		(30	)		(30	)		(60	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0			(293	)		(175	)		(30	)		(18	)		(25	)		(46	)		(119	)		(30	)		(30	)		(60	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):		4.94	%		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		(483	)		(214	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(62	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(545	)		(214	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(439	)		(467	)		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		(984	)		(681	)		0			0			0			0			0			0			0			0			0

14

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL

FOOTNOTES
(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	Cousins’ share of income from unconsolidated joint ventures has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.
(3)	The Company recognizes a preferred return on its equity in Gateway Village. See Note 5 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.

15

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
6/30/2009
($ in thousands)

															Company’s			Company’s			Actual or
	Company		Total		Leased GLA (%)								Company’s		Share of			Share of			Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Cost Incurred			Remaining			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		at 6/30/09			Costs			Fully Operational
OFFICE
Terminus 200 (Atlanta, GA)		565,000		565,000		9	%		50	%	$	177,300	$	88,650	$	53,352		$	35,298		const. - 3Q-09 fully operational 3Q-10
Palisades West Building 2 (Austin, TX)		157,000		157,000		24	%		50	%		38,500		19,250		11,379			7,871		const. - 4Q-08 fully operational 4Q-09
TOTAL OFFICE		722,000		722,000								215,800		107,900		64,731			43,169
RETAIL
Tiffany Springs MarketCenter (Kansas City, MO)		249,000		587,000		89	%		88.5	%		59,700		52,828		52,374			454		const. - 3Q-08 fully operational 3Q-09
TOTAL RETAIL		249,000		587,000								59,700		52,828		52,374			454
TOTAL PORTFOLIO		971,000		1,309,000							$	275,500	$	160,728	$	117,105	(4)		43,623
AMOUNT ESTIMATED TO BE FUNDED BY CONSTRUCTION LOAN																			(34,766	)
AMOUNT ESTIMATED TO BE FUNDED BY THE COMPANY																		$	8,857

(1)	This schedule includes all Office and Retail projects under construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Single-family residential projects are included on a separate schedule in this package. Amounts included in the total cost columns represent the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are also estimates and are subject to change as the projects proceed through the development process.
(2)	Company owned GLA includes square footage owned either directly by the Company or by a joint venture in which the Company is a partner.
(3)	Total project GLA includes anchor stores that may own their own property and other non-owned property contained within the named development.
(4)	Reconciliation to Condensed Consolidated Balance Sheet

Total Cousins’ Share of Cost Incurred per above schedule	$	117,105
Less: Investment in unconsolidated joint ventures Palisades West Building 2		(11,379	)
Terminus 200		(53,352	)
Add: Prudential’s 11.5% interest in Tiffany Springs MarketCenter		5,815
Less: Accumulated depreciation on partially operational consolidated properties		(1,197	)
Consolidated projects under development per balance sheet	$	56,992

16

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of June 30, 2009

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			3/31/2009			6/30/2009
I.	OFFICE OPERATING PROPERTIES
	191 Peachtree Tower	Atlanta	Georgia		1,219,000		100.00	%		71	%		71	%
	Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
	The American Cancer Society Center	Atlanta	Georgia		993,000		100.00	%		97	%		97	%
	Terminus 100	Atlanta	Georgia		656,000		100.00	%		97	%		94	%
	One Georgia Center (a)	Atlanta	Georgia		375,000		88.50	%		100	%		99	%
	Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		97	%		97	%
	Ten Peachtree Place	Atlanta	Georgia		260,000		50.00	%		92	%		92	%
	Palisades West Building 1	Austin	Texas		216,000		50.00	%		100	%		100	%
	The Points at Waterview	Dallas	Texas		203,000		100.00	%		97	%		97	%
	Lakeshore Park Plaza (b)	Birmingham	Alabama		196,000		100.00	%		96	%		97	%
	Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		92	%		92	%
	555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		98	%		98	%
	333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		97	%		94	%
	600 University Park Place (b)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		40	%		54	%
	Cosmopolitan Center	Atlanta	Georgia		83,000		100.00	%		88	%		90	%
	Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		81	%		81	%
	8995 Westside Parkway (formerly known as AtheroGenics)	Atlanta	Georgia		51,000		100.00	%		29	%		23	%
	Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
	Total Office Operating Portfolio				6,732,000								90	%
	OFFICE DEVELOPMENT PROPERTIES (c)
	Terminus 200 (a)	Atlanta	Georgia		565,000		50.00	%		0	%		9	%
	Palisades West Building 2	Austin	Texas		157,000		50.00	%		24	%		24	%
	Total Office Development Properties				722,000
	TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,454,000

17

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of June 30, 2009

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			3/31/2009			6/30/2009
II.	RETAIL OPERATING PROPERTIES
	The Avenue Murfreesboro	Nashville	Tennessee		751,000		50.00	%		75	%		84	%
	The Avenue Carriage Crossing (b)	Memphis	Tennessee		511,000		100.00	%		83	%		88	%
	The Avenue Forsyth (a)	Atlanta	Georgia		472,000		88.50	%		55	%		62	%
	North Point MarketCenter (d)	Atlanta	Georgia		401,000		10.32	%		82	%		90	%
	Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		99	%		98	%
	The Avenue Webb Gin	Atlanta	Georgia		351,000		100.00	%		80	%		83	%
	The Avenue Viera	Viera	Florida		332,000		11.50	%		93	%		94	%
	The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		82	%		82	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		96	%		93	%
	San Jose MarketCenter	San Jose	California		214,000		100.00	%		97	%		96	%
	The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		94	%		94	%
	Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%
	Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		75	%		75	%
	Total Retail Operating Properties				4,414,000								82%	(e)
	RETAIL DEVELOPMENT PROPERTIES (c)
	Tiffany Springs MarketCenter (a)	Kansas City	Missouri		249,000		88.50	%		75	%		75	%
	Total Retail Development Properties				249,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,663,000
III.	INDUSTRIAL OPERATING PROPERTIES
	King Mill Distribution Park — Building 3	Atlanta	Georgia		796,000		75.00	%		52	%		65	%
	Lakeside Ranch Business Park — Building 20 (b)	Dallas	Texas		749,000		100.00	%		48	%		48	%
	Jefferson Mill Business Park — Building A	Atlanta	Georgia		459,000		75.00	%		0	%		0	%
	TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								44	%
	TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,121,000

18

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of June 30, 2009

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,454,000		6,039,000		60	%		90	%
Retail		4,663,000		2,322,000		23	%		82	%
Industrial		2,004,000		1,690,000		17	%		44	%
TOTAL		14,121,000		10,051,000		100	%
SUMMARY BY STATE
Georgia		8,575,000		6,619,000		66	%		79	%
Texas		1,325,000		1,139,000		11	%		62	%
Tennessee		1,262,000		886,000		9	%		86	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		98	%
California		371,000		230,000		2	%		94	%
Missouri		249,000		220,000		2	%		N/A
Florida		510,000		59,000		1	%		94	%
Virginia		376,000		39,000		1	%		98	%
		14,121,000		10,051,000		100	%

(a)	This project is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate.
(b)	These projects are shown as 100% owned by the Company; however, they are owned in a joint venture with a third party who may receive a participation in operations and/or on sale of the property depending upon achievement of certain thresholds.
(c)	These properties are under construction and/or in lease up.
(d)	During July 2009, Hudson Broyhill terminated their lease consisting of approximately 40,000 square feet.
(e)	The Avenue Forsyth was considered a Development Project as of March 31, 2009 and was not included in this percentage as of that date or in any prior periods.

19

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Second Quarter 2009 vs									Six Months 2009 vs
	First Quarter 2009									Six Months 2008
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		6.8	%		0.0	%		4.0	%		1.6	%		-7.5	%		-2.5	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		7.3	%		-1.5	%		3.7	%		0.4	%		-7.1	%		-2.9	%

Note: The following properties are included in the same property portfolio:	Office
	Gateway Village	333 Northpoint Center East
	The American Cancer Society Center	200 Northpoint Center East
	One Georgia Center	100 Northpoint Center East
	Emory University Hospital Midtown Medical Office Tower	600 University Park Place
	Ten Peachtree Place	Galleria 75
	The Points at Waterview	Cosmopolitan Center
	Lakeshore Park Plaza	Presbyterian Medical Plaza
	Meridian Mark Plaza	8995 Westside Parkway (formerly known as AtheroGenics)
	555 Northpoint Center East	Inhibitex
	Terminus 100 (2Q to 1Q only)	191 Peachtree Tower (2Q to 1Q only)
	Retail
	The Avenue Carriage Crossing	The Avenue Peachtree City
	North Point MarketCenter	Viera MarketCenter
	Greenbrier MarketCenter	Los Altos MarketCenter
	The Avenue Viera	San Jose MarketCenter
	The Avenue West Cobb	The Avenue Webb Gin
	The Avenue East Cobb

(1)	Rental Property Revenues is Total Rental Property Revenues of the Company and its unconsolidated joint ventures.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes straight-line rents and amortization of above and below market leases.

20

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2009

OFFICE

As of June 30, 2009, the Company’s office portfolio included 21 commercial office buildings, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these office buildings was approximately eight years as of June 30, 2009. 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:

																												2018 &
	2009			2010			2011			2012			2013			2014			2015			2016			2017			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		247,140			223,124			508,869			205,598			464,256			269,666			286,782			718,726			480,330			1,689,887			5,094,378
% of Leased Space		5	%		4	%		10	%		4	%		9	%		5	%		6	%		14	%		10	%		33	%		100	%
Annual Contractual
Rent (000’s) (2)	$	3,014		$	3,527		$	6,967		$	3,471		$	8,864		$	5,620		$	5,467		$	13,320		$	11,291		$	38,259		$	99,800
Annual Contractual
Rent/Sq. Ft. (2)	$	12.19		$	15.81		$	13.69		$	16.88		$	19.09		$	20.84		$	19.06		$	18.53		$	23.51		$	22.64		$	19.59
Wholly Owned:
Square Feet Expiring (1)		231,783			215,223			498,554			158,469			318,069			245,041			268,372			181,119			397,231			1,310,533			3,824,394	(3)
% of Leased Space		6	%		6	%		13	%		4	%		8	%		7	%		7	%		5	%		10	%		34	%		100	%
Annual Contractual
Rent (000’s) (2)	$	2,869		$	3,382		$	6,834		$	2,555		$	6,173		$	5,011		$	5,195		$	3,355		$	9,253		$	31,581		$	76,208
Annual Contractual
Rent/Sq. Ft. (2)	$	12.38		$	15.72		$	13.71		$	16.12		$	19.41		$	20.45		$	19.36		$	18.52		$	23.29		$	24.10		$	19.93
Joint Venture:
Square Feet Expiring (1)		17,641			11,933			22,592			124,083			278,700			49,250			23,697			1,071,594			165,089			531,241			2,295,820	(4)
% of Leased Space		1	%		1	%		1	%		5	%		12	%		2	%		1	%		47	%		7	%		23	%		100	%
Annual Contractual
Rent (000’s) (2)	$	169		$	224		$	323		$	2,456		$	5,185		$	1,218		$	370		$	19,869		$	4,078		$	10,798		$	44,690
Annual Contractual
Rent/Sq. Ft. (2)	$	9.55		$	18.76		$	14.31		$	19.80		$	18.60		$	24.73		$	15.60		$	18.54		$	24.70		$	20.33		$	19.47

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of June 30, 2009 out of approximately 4,389,000 total rentable square feet.
(4)	Rentable square feet leased as of June 30, 2009 out of approximately 2,343,000 total rentable square feet.

21

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2009

RETAIL

As of June 30, 2009, the Company’s retail portfolio included 13 retail properties, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately nine years as of June 30, 2009. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2018 &
	2009			2010			2011			2012			2013			2014			2015			2016			2017			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		46,369			48,584			90,721			71,232			43,423			35,192			91,274			338,936			188,378			774,301			1,728,410
% of Leased Space		3	%		3	%		5	%		4	%		2	%		2	%		5	%		20	%		11	%		45	%		100	%
Annual Contractual
Rent (000’s) (2)	$	428		$	666		$	2,348		$	1,643		$	1,182		$	917		$	2,352		$	14,108		$	5,512		$	14,605		$	43,761
Annual Contractual
Rent/Sq. Ft. (2)	$	9.24		$	13.71		$	25.88		$	23.06		$	27.23		$	26.05		$	25.77		$	41.63		$	29.26		$	18.86		$	25.32
Wholly Owned:
Square Feet Expiring (1)		13,301			8,290			62,953			37,993			15,422			9,316			52,767			313,459			142,754			287,350			943,605	(3)
% of Leased Space		1	%		1	%		7	%		4	%		2	%		1	%		6	%		33	%		15	%		30	%		100	%
Annual Contractual
Rent (000’s) (2)	$	158		$	169		$	1,913		$	974		$	403		$	258		$	1,541		$	13,560		$	4,550		$	4,344		$	27,870
Annual Contractual
Rent/Sq. Ft. (2)	$	11.85		$	20.38		$	30.39		$	25.65		$	26.10		$	27.64		$	29.20		$	43.26		$	31.87		$	15.12		$	29.53
Joint Venture:
Square Feet Expiring (1)		162,676			214,582			263,125			299,733			153,614			160,579			215,579			200,520			233,098			945,976			2,849,482	(4)
% of Leased Space		6	%		8	%		9	%		10	%		5	%		6	%		8	%		7	%		8	%		33	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,643		$	4,192		$	4,039		$	5,874		$	3,980		$	3,826		$	4,539		$	4,177		$	4,890		$	17,301		$	54,461
Annual Contractual
Rent/Sq. Ft. (2)	$	10.10		$	19.53		$	15.35		$	19.60		$	25.91		$	23.82		$	21.05		$	20.83		$	20.98		$	18.29		$	19.11

(1)	Certain leases contain termination options, with or without penalty, if co-tenancy clauses or sales volume levels are not achieved. The expiration date per the lease is used for these leases in the above table, although early termination is possible.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Gross leasable area leased as of June 30, 2009 out of approximately 1,076,000 total gross leasable area.
(4)	Gross leasable area leased as of June 30, 2009 out of approximately 3,338,000 total gross leasable area.

22

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2009

INDUSTRIAL

As of June 30, 2009, the Company’s operating industrial portfolio consisted of King Mill Distribution Park — Building 3, Lakeside Ranch Business Park — Building 20 and Jefferson Mill Business Park — Building A. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2012			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		746,671			746,671
% of Leased Space		100	%		100	%
Annual Contractual
Rent (000’s) (1)	$	2,266		$	2,266
Annual Contractual
Rent/Sq. Ft. (1)	$	3.04		$	3.04
Joint Venture:
Square Feet Expiring		877,021			877,021	(2)
% of Leased Space		100	%		100	%
Annual Contractual
Rent (000’s) (1)	$	2,639		$	2,639
Annual Contractual
Rent/Sq. Ft. (1)	$	3.01		$	3.01

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Rentable square feet leased as of June 30, 2009 out of approximately 2,004,000 total rentable square feet.

23

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET OF TOTAL PORTFOLIO
As of June 30, 2009

			Percentage of Total Portfolio	Average Remaining
	Tenant (1)	Product Type	at the Company’s Share (2)	Lease Term (Years)
1.	Bank of America (3)	Office	5.6%	6.5
2.	Snapper	Industrial	4.1%	3.1
3.	HD Supply	Industrial	3.8%	2.8
4.	Deloitte & Touche	Office	3.6%	14.9
5.	American Cancer Society	Office	2.9%	13.0
6.	Georgia Department of Transportation	Office	2.8%	9.1
7.	AT&T	Office	1.5%	0.3
8.	Internap Network Services	Office	1.3%	10.8
9.	AGL Services Company	Office	1.2%	3.8
10.	MedAssets Net Revenue Systems, LLC	Office	1.2%	5.8
11.	Dimensional Fund Advisors	Office	1.1%	14.3
12.	Bombardier Aerospace Corporation	Office	1.0%	3.7
13.	US South Communications	Office	1.0%	1.9
14.	Georgia Lottery Corporation	Office	1.0%	14.0
15.	Barnes & Noble	Retail	1.0%	7.4
16.	Turner Broadcasting System, Inc.	Office	1.0%	1.9
17.	CB Richard Ellis	Office	0.9%	10.0
18.	Emory University	Office	0.8%	7.5
19.	Citigroup	Office	0.8%	9.3
20.	The Gap Inc.	Retail	0.7%	2.6
21.	Premiere Global Services, Inc.	Office	0.7%	9.2
22.	Limited Brands	Retail	0.7%	7.6
23.	KIDS II, Inc.	Office	0.7%	6.6
24.	Best Buy	Retail	0.6%	9.0
25.	Northside Hospital	Office	0.6%	5.5
	Total leased square feet of Top 25 Largest Tenants		40.6%	7.3

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Percentages are based on square footage of all office, retail and industrial properties, whether operating, under development or in the lease-up stage.
(3)	The Company’s economic exposure for this tenant is limited through a joint venture arrangement to a fixed return of approximately $1.2 million per year.

24

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of June 30, 2009

		Company’s			Developable					Cost
		Ownership			Land Area			Year		Basis
Description and Location	Zoned Use	Interest			(Acres)			Acquired		($000) (1)
CONSOLIDATED
Round Rock Land
Austin, TX	Retail and Commercial		100	%		60			2005	$	17,115
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		130	(2)		2005		17,074
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		172	(2)		2006		13,753
Terminus
Atlanta, GA	Mixed Use		100	%		4			2005		12,451
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		94	%(3)		15			2007		10,577
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2			1996		12,490
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		100	%(4)		48			2006		9,818
Blalock Lakes
Suburban Atlanta, GA	Residential		100	%		1,205			2008		9,650
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187			2004		5,342
505 / 511 / 555 / 557 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1			2004		5,988
Research Park V
Austin, TX	Commercial		100	%		6			1998		4,900
Lancaster
Dallas, TX	Industrial		100	%(4)		47			2007		4,844
North Point
Suburban Atlanta, GA	Mixed Use		100	%		28			1970-1985		2,469
Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN	Retail		100	%		2			2004		1,969
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Retail		100	%		2			2005		946
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23			1971-1989		883
The Lakes at Cedar Grove
Suburban Atlanta, GA	Mixed Use		100	%		10			2002		—	(5)
TOTAL CONSOLIDATED LAND HELD										$	130,269

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of June 30, 2009

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000) (1)
JOINT VENTURES
TEMCO ASSOCIATES, LLC TRACTS:
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		5,518		2005	$	13,161
Happy Valley
Suburban Atlanta, GA	Residential		50	%		228		2003		2,908
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		95		2002-2005		—	(5)
CL REALTY, L.L.C. TRACTS:
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		11,545
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		363		2002		—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		138		2002		—	(5)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		—	(5)
Village Park
McKinney, TX	Residential		50	%		2		2003-2005		—	(5)
OTHER JOINT VENTURES:
Land Adjacent to The Avenue Murfreesboro
Suburban Nashville, TN	Retail		50	%		8		2006		5,028
Glenmore Garden Villas
Suburban Charlotte, NC	Multi-Family (6)		50	%		16		2007		9,909
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		21,240
Total Acres						9,398

(1)	Cost Basis reflects the Company’s basis for consolidated properties and the venture’s basis for joint venture properties. In some cases, the Company’s share of a venture’s basis may be different than the Company’s investment due to capitalization of costs and impairments at the Company’s investment level.
(2)	A third party has the option to purchase certain tracts aggregating approximately 145 acres through June 30, 2011, under certain circumstances, and is obligated to purchase certain other tracts aggregating approximately 89 acres on or before December 31, 2009.
(3)	Ownership percentage reflects blended ownership. A portion of the developable land area is owned 100% by the Company and a portion is owned 88.5% by a consolidated joint venture.
(4)	This project is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale most likely will be disproportionate.
(5)	These residential communities have adjacent land that may be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts and the lot inventory are included on the Inventory of Residential Lots schedule.
(6)	This project contains two completed townhomes, four partially completed townhomes and 12 ready to build pads, as well as land available for an additional 53 townhome units.

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of June 30, 2009

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining		Cost
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Basis
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		($000) (2)
Cousins Real Estate Corporation (Consolidated)
The Lakes at Cedar Grove (3)		2001		14		906		73		—		—		702		204	$	5,352
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned)(4)		2006		10		559		124		1		3		15		544		15,110
Harris County
Pine Mountain, GA
Blalock Lakes		2006		14		142		87		—		—		16		126		37,080
Coweta County
Suburban Atlanta, GA
Longleaf at Callaway (5)		2002		9		138		14		—		—		124		14		445
Harris County
Pine Mountain, GA
River’s Call		1999		12		107		13		—		—		94		13		561
East Cobb County
Suburban Atlanta, GA
Tillman Hall		2008		4		29		25		2		4		4		25		2,588
Gwinnett County
Suburban Atlanta, GA
Total consolidated						1,881		336		3		7		955		926		61,136
Temco Associates, LLC (50% owned) (6)
Bentwater		1998		12		1,676		5		—		—		1,671		5		16
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		21		1,385		258		—		—		288		1,097		23,307
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		11		1,077		303		—		—		634		443		16,134
Paulding County
Suburban Atlanta, GA
Harris Place		2004		8		27		9		—		—		18		9		649
Paulding County Suburban Atlanta, GA
Total Temco						4,165		575		—		—		2,611		1,554		40,106
CL Realty, L.L.C. (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		12		2,106		154		—		1		604		1,502		16,727
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		21		2,568		187		—		—		796		1,772		22,970
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		20		1,199		138		—		—		176		1,023		8,251
Tarrant County
Fort Worth, TX
Summer Lakes		2003		15		1,123		177		—		—		325		798		7,306
Fort Bend County
Rosenberg, TX

27

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of June 30, 2009

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining			Cost
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Basis
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			($000) (2)
CL Realty, L.L.C., continued
Southern Trails (80% owned)		2005		11		1,027			142			31			37			357			670		$	19,728
Brazoria County
Pearland, TX
Village Park		2003		12		560			17			—			—			339			221			7,032
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			8,389
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		9		381			60			12			24			192			189			8,229
Bexar County
San Antonio, TX
Manatee River Plantation		2003		10		457			109			—			—			348			109			4,195
Manatee County
Tampa, FL
Stillwater Canyon		2003		11		335			6			—			—			225			110			2,324
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			6,129
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		7		197			3			—			—			25			172			22,960
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		10		189			8			2			4			71			118			2,317
Collin County
McKinney, TX
Bridle Path Estates		2004		10		87			—			—			—			—			87			3,199
Hillsborough County
Tampa, FL
West Park		2005		8		84			—			—			—			21			63			5,283
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,107			1,177			45			66			3,604			7,503			145,039
Total						17,153			2,088			48			73			7,170			9,983		$	246,281
Company Share of Total						8,134			1,039			19			28			3,737			4,397		$	125,373
Company Weighted Average Ownership						47	%		50	%		40	%		38	%		52	%		44	%		51	%

(1)	This estimate represents the total projected development capacity for a development on owned land. The numbers shown include lots currently developed or to be developed over time, based on management’s current estimates, and lots sold to date from inception of development.
(2)	Includes cost basis of land tracts as detailed on the Inventory of Land Held schedule.
(3)	A third party has a participation in this project after certain thresholds are met.
(4)	Callaway Gardens is owned in a joint venture which is consolidated with the Company. The partner is entitled to a share of the profits after the Company’s capital is recovered.
(5)	Longleaf at Callaway lots are sold to a homebuilding venture, of which the Company is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of June 30, 2009, 124 houses have been sold by this venture.
(6)	The Company owns 50% of Temco Associates, LLC and CL Realty, L.L.C. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 for a description of these entities.

28

COUSINS PROPERTIES INCORPORATED
INVENTORY OF MULTI-FAMILY UNITS HELD FOR SALE (1)
As of June 30, 2009

	Total		Units Sold		Units Sold		Total		Remaining		Cost
	Units		in Current		Year to		Units		Units to be		Basis
	Developed		Quarter		Date		Sold		Sold		($000)
10 Terminus Place		137		2		2		15		122	$	35,619
Atlanta, GA
The Brownstones at Habersham (2)		14		—		—		—		14		4,382
Atlanta, GA
TOTAL CONSOLIDATED MULTI-FAMILY UNITS		151		2		2		15		136	$	40,001

(1)	Glenmore Garden Villas, a townhome community in suburban Charlotte, North Carolina, is included in the Inventory of Land Held schedule.
(2)	The Company’s basis also includes five undeveloped lots at this townhome development.

29

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF JUNE 30, 2009
($ in thousands)

								Rate			Company’s			Company’s		Total		Weighted
	Total		Ownership		Maturity			End of			Share			Share		Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage		Date			Quarter			Recourse			Non-Recourse (1)		Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 0.75%-1.25%)	$	398,000		100%		8/29/2011	(2)		2.36	%(3)	$	398,000		$	—	$	398,000
UNSECURED TERM LOAN		100,000		100%		8/29/2012			6.06	%(4)		100,000					100,000
TERMINUS 100 (INTEREST ONLY)		180,000		100%		10/1/2012			6.13	%		5,000			175,000		180,000
THE AMERICAN CANCER SOCIETY CENTER (INTEREST ONLY UNTIL 10/1/2011) (5)		136,000		100%		9/1/2017			6.45	%					136,000		136,000
333/555 NORTH POINT CENTER EAST		27,701		100%		11/1/2011			7.00	%		27,701					27,701
100/200 NORTH POINT CENTER EAST (INTEREST ONLY UNTIL 7/1/2010)		25,000		100%		6/1/2012			5.39	%					25,000		25,000
MERIDIAN MARK PLAZA		22,523		100%		9/1/2010			8.27	%					22,523		22,523
LAKESHORE PARK PLAZA		18,075		100%		8/1/2012			5.89	%					18,075		18,075
THE POINTS AT WATERVIEW		17,231		100%		1/1/2016			5.66	%					17,231		17,231
600 UNIVERSITY PARK		12,651		100%		8/10/2011			7.38	%					12,651		12,651
HANDY ROAD ASSOCIATES (PRIME + 0.5%)		3,244		100%		3/31/2010			3.75	%					3,244		3,244
THE BROWNSTONES AT HABERSHAM (INTEREST ONLY) (6)		3,150		100%		6/5/2012			5.00	%					3,150		3,150
VARIOUS		217		100%	VARIOUS			VARIOUS				18			199		217
TOTAL CONSOLIDATED		943,792							4.63	%		530,719			413,073		943,792		3.4
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		111,577		50%		7/20/2010	(2)		1.46	%		26,220			29,569		55,789
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		65,022		50%		6/6/2011	(2)		1.96	%		17,250			15,261		32,511
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		50,193		50%		6/1/2013			5.90	%					25,097		25,097
THE AVENUE EAST COBB		36,153		11.5%		8/1/2010			8.39	%					4,158		4,158
TEN PEACHTREE PLACE		27,610		50%		4/1/2015			5.39	%					13,805		13,805
GLENMORE GARDEN VILLAS (LIBOR + 2.25%) ($13.5MM CONSTRUCTION LOANS)		8,674		50%		10/3/2010			2.56	%		6,750	(7)				6,750
PINE MOUNTAIN BUILDERS (PRIME)		2,781		50%		3/27/2010			3.25	%					1,391		1,391
TEMCO:
BENTWATER LINKS		3,168		50%		5/23/2012			6.81	%					1,584		1,584
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		1,373		50%		8/22/2010			4.75	%					687		687
WATERFORD PARK (PRIME + 1.5%)		1,222		50%		5/8/2010			4.75	%					611		611
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		1,235		50%		3/28/2011			2.56	%					618		618
TOTAL UNCONSOLIDATED		309,008							3.10	%		50,220			92,781		143,001		2.2
TOTAL ADJUSTED DEBT	$	1,252,800							4.43	%	$	580,939		$	505,854	$	1,086,793		3.3
INVESTMENT ENTITY DEBT (8)
CHARLOTTE GATEWAY VILLAGE	$	116,329		50%		12/1/2016			6.41	%				$	58,165	$	58,165
CL REALTY:
BLUE VALLEY (PRIME)		22,960		12.5%		9/30/2009			3.25	%					2,870		2,870
STONEWALL ESTATES (PRIME)		1,862		25.0%		5/31/2010			3.25	%					466		466
TOTAL INVESTMENT ENTITY DEBT		141,151							6.24	%		—			61,501		61,501		7.0
TOTAL	$	1,393,951							4.52	%	$	580,939		$	567,355	$	1,148,294		3.5

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	This loan may be extended at the Company’s option for one year, provided certain conditions are met.
(3)	The Company entered into two interest rate swaps that effectively fix the interest rate on two $75 million tranches of the Company’s Corporate Credit Facility at 2.995% and 2.69%, plus the applicable spreads. The rate shown is the weighted average rate for all borrowings under the Credit Facility.
(4)	The interest rate on this instrument is LIBOR plus 0.70% to 1.20%. The Company entered into an interest rate swap that effectively fixes the underlying LIBOR rate at 5.01%. Rate at the end of the quarter represents the swap rate plus 1.05%.
(5)	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.
(6)	Interest only at 5% through June 2010 and Prime plus 1.75% from July 2010 through maturity.
(7)	The Company has an obligation to guarantee 50% of the available amount, up to a maximum of $6.75 million.
(8)	An investment entity is defined as an entity where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings and (3) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenant calculations in the Company’s credit facility.

30

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Second Quarter 2009 Compared to First Quarter 2009
(in thousands, except percentages)

																												��
	Same Property
	Office									Retail							Total									Non-Same						All Properties
	Q1 2009			Q2 2009			% Change			Q1 2009		Q2 2009		% Change			Q1 2009			Q2 2009			% Change			Q1 2009			Q2 2009			Q1 2009			Q2 2009
RENTAL PROPERTY REVENUES	$	39,252		$	38,817					$	22,656	$	22,293				$	61,908		$	61,110					$	6,968		$	7,322		$	68,876		$	68,432
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,321						7,563		7,203					24,816			22,524						2,339			2,407			27,155			24,931
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	21,999		$	23,496			6.8	%	$	15,093	$	15,090		0.0	%	$	37,092		$	38,586			4.0	%	$	4,629		$	4,915		$	41,721		$	43,501
RENTAL PROPERTY REVENUES	$	39,252		$	38,817					$	22,656	$	22,293				$	61,908		$	61,110					$	6,968		$	7,322		$	68,876		$	68,432
Less: STRAIGHT-LINE RENTS		1,204			1,174						298		332					1,502			1,506						193			104			1,695			1,610
AMORTIZATION OF LEASE INDUCEMENTS		(230	)		(237	)					7		195					(223	)		(42	)					(10	)		(10	)		(233	)		(52	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(19	)		(19	)					0		0					(19	)		(19	)					0			0			(19	)		(19	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		38,297			37,899						22,351		21,766					60,648			59,665						6,785			7,228			67,433			66,893
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,321						7,563		7,203					24,816			22,524						2,339			2,407			27,155			24,931
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	21,044		$	22,578			7.3	%	$	14,788	$	14,563		-1.5	%	$	35,832		$	37,141			3.7	%	$	4,446		$	4,821		$	40,278		$	41,962
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	39,252		$	38,817					$	22,656	$	22,293				$	61,908		$	61,110					$	6,968		$	7,322		$	68,876		$	68,432
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,321						7,563		7,203					24,816			22,524						2,339			2,407			27,155			24,931
	$	21,999		$	23,496					$	15,093	$	15,090				$	37,092		$	38,586					$	4,629		$	4,915		$	41,721		$	43,501
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	20,196		$	21,936
DISCONTINUED OPERATIONS (3)																																	(7	)		0
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	4,838			4,978
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	25,027			26,914
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	16,694			16,587
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	41,721		$	43,501

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(2)	See reconciliation (C) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

31

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Six Months 2009 Compared to Six Months 2008
(in thousands, except percentages)

	Same Property
	Office									Retail							Total								Non-Same						All Properties
	6M 2008			6M 2009			% Change			6M 2008		6M 2009		% Change			6M 2008		6M 2009			% Change			6M 2008			6M 2009			6M 2008			6M 2009
RENTAL PROPERTY REVENUES	$	57,068		$	58,374					$	40,191	$	38,519				$	97,259	$	96,893					$	30,072		$	40,413		$	127,331		$	137,306
RENTAL PROPERTY OPERATING EXPENSES		22,540			23,277						11,801		12,268					34,341		35,545						11,986			16,543			46,327			52,088
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	34,528		$	35,097			1.6	%	$	28,390	$	26,251		-7.5	%	$	62,918	$	61,348			-2.5	%	$	18,086		$	23,870		$	81,004		$	85,218
RENTAL PROPERTY REVENUES	$	57,068		$	58,374					$	40,191	$	38,519				$	97,259	$	96,893					$	30,072		$	40,413		$	127,331		$	137,306
Less: STRAIGHT-LINE RENTS		417			892						619		443					1,036		1,335						4,835			1,923			5,871			3,258
AMORTIZATION OF LEASE INDUCEMENTS		(58	)		(109	)					64		64					6		(45	)					(308	)		(236	)		(302	)		(281	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		8			10						0		0					8		10						(308	)		(48	)		(300	)		(38	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		56,701			57,581						39,508		38,012					96,209		95,593						25,853			38,774			122,062			134,367
RENTAL PROPERTY OPERATING EXPENSES		22,540			23,277						11,801		12,268					34,341		35,545						11,986			16,543			46,327			52,088
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	34,161		$	34,304			0.4	%	$	27,707	$	25,744		-7.1	%	$	61,868	$	60,048			-2.9	%	$	13,867		$	22,231		$	75,735		$	82,279
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	57,068		$	58,374					$	40,191	$	38,519				$	97,259	$	96,893					$	30,072		$	40,413		$	127,331		$	137,306
RENTAL PROPERTY OPERATING EXPENSES		22,540			23,277						11,801		12,268					34,341		35,545						11,986			16,543			46,327			52,088
	$	34,528		$	35,097					$	28,390	$	26,251				$	62,918	$	61,348					$	18,086		$	23,870		$	81,004		$	85,218
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																															$	42,985		$	42,132
DISCONTINUED OPERATIONS (3)																																(400	)		(7	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																7,088			9,816
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																49,673			51,941
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																31,331			33,277
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																															$	81,004		$	85,218

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(2)	See reconciliation (C) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

32

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

RECONCILIATIONS	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
(A) 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY TYPE:
SECOND GENERATION LEASING RELATED COSTS		8,422			12,355			18,145			5,573			5,380			3,944			1,087			15,984			676			718			1,394
SECOND GENERATION BUILDING IMPROVEMENTS		1,017			1,066			834			1,363			2,995			1,066			2,624			8,048			2,855			3,030			5,885
		9,439			13,421			18,979			6,936			8,375			5,010			3,711			24,032			3,531			3,748			7,279
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		7,820			9,332			18,130			5,573			5,380			3,944			1,087			15,984			676			705			1,381
SECOND GENERATION BUILDING IMPROVEMENTS		1,015			1,066			834			1,363			2,995			1,066			2,624			8,048			2,855			3,030			5,885
		8,835			10,398			18,964			6,936			8,375			5,010			3,711			24,032			3,531			3,735			7,266
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		602			3,023			15			0			0			0			0			0			0			13			13
SECOND GENERATION BUILDING IMPROVEMENTS		2			0			0			0			0			0			0			0			0			0			0
		604			3,023			15			0			0			0			0			0			0			13			13
TOTAL 2ND GENERATION TI & LEASING & BUILDING CAPEX		9,439			13,421			18,979			6,936			8,375			5,010			3,711			24,032			3,531			3,748			7,279
(B) ADJUSTED DEBT:
CONSOLIDATED DEBT		467,516			315,149			676,189			793,882			787,506			852,771			942,239			942,239			945,269			943,792			943,792
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		148,129			172,085			170,166			173,950			180,379			187,742			196,874			196,874			201,948			204,502			204,502
TOTAL DEBT INCLUDING SHARE OF JV’S		615,645			487,234			846,355			967,832			967,885			1,040,513			1,139,113			1,139,113			1,147,217			1,148,294			1,148,294
SHARE OF INVESTMENT ENTITY DEBT		(101,085	)		(110,718	)		(72,873	)		(69,627	)		(68,745	)		(66,989	)		(65,160	)		(65,160	)		(63,166	)		(61,501	)		(61,501	)
ADJUSTED DEBT		514,560			376,516			773,482			898,205			899,140			973,524			1,073,953			1,073,953			1,084,051			1,086,793			1,086,793
RECOURSE DEBT		196,824			226,855			205,658			328,106			337,110			392,422			491,603			491,603			502,396			580,939			580,939
NON-RECOURSE DEBT		317,736			149,661			567,824			570,099			562,030			581,102			582,350			582,350			581,655			505,854			505,854
ADJUSTED DEBT		514,560			376,516			773,482			898,205			899,140			973,524			1,073,953			1,073,953			1,084,051			1,086,793			1,086,793
(C) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		72,402			85,032			112,645			34,307			36,700			38,337			38,050			147,394			37,509			37,095			74,604
RENTAL PROPERTY OPERATING EXPENSES		(27,988	)		(33,955	)		(46,139	)		(13,439	)		(14,583	)		(14,641	)		(13,944	)		(56,607	)		(17,313	)		(15,159	)		(32,472	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		44,414			51,077			66,506			20,868			22,117			23,696			24,106			90,787			20,196			21,936			42,132
(D) INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		28,132			23,766			836			3			6			6			20			35			(5	)		0			(5	)
LEASE TERMINATION FEES & OTHER INCOME		302			3,155			112			2			0			0			20			22			0			0			0
RENTAL PROPERTY OPERATING EXPENSES		(12,078	)		(10,257	)		(1,516	)		(238	)		(173	)		(299	)		42			(668	)		(2	)		0			(2	)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		16,356			16,664			(568	)		(233	)		(167	)		(293	)		82			(611	)		(7	)		0			(7	)
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			0			0			0			0			0			0			0			0			0
PROVISION FOR INCOME TAXES		(126	)		(2	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(25	)		(7	)		(6	)		(6	)		0			(19	)		0			0			0
FUNDS FROM OPERATIONS		16,230			16,662			(593	)		(240	)		(173	)		(299	)		82			(630	)		(7	)		0			(7	)
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(10,316	)		(12,866	)		(821	)		(167	)		(168	)		(132	)		0			(467	)		0			0			0
INCOME FROM DISCONTINUED OPERATIONS		5,914			3,796			(1,414	)		(407	)		(341	)		(431	)		82			(1,097	)		(7	)		0			(7	)

33

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

RECONCILIATIONS	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
(E) CONSOLIDATED RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
OUTPARCEL SALES		7,004			6,788			3,000			1,600			0			3,250			0			4,850			1,800			2,775			4,575
LOT SALES		14,929			10,497			6,949			144			1,255			497		��	247			2,143			748			553			1,301
TOTAL RESIDENTIAL AND OUTPARCEL SALES		21,933			17,285			9,949			1,744			1,255			3,747			247			6,993			2,548			3,328			5,876
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
OUTPARCEL COST OF SALES		5,637			5,132			1,983			845			(25	)		1,699			(59	)		2,460			1,218			1,650			2,868
LOT COST OF SALES		10,767			7,620			5,825			101			857			218			140			1,316			512			373			885
TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		16,404			12,752			7,808			946			832			1,917			81			3,776			1,730			2,023			3,753
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113			0			113
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96			746			842
OUTPARCEL SALES, TRACT SALES, RESIDENTIAL LOT SALES AND OTHER INVESTMENT PROPERTY SALES, NET -WHOLLY OWNED		21,012			18,881			15,302			4,534			5,579			3,161			554			13,828			1,027			2,051			3,078
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		1,367			1,656			1,017			755			25			1,551			59			2,390			582			1,125			1,707
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113			0			113
TRACT SALES NET OF COS — WHOLLY OWNED		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96			746			842
LOT SALES NET OF COS — WHOLLY OWNED		4,162			2,877			1,124			43			398			279			107			827			236			180			416
TOTAL WHOLLY OWNED SALES, NET		21,012			18,881			15,302			4,534			5,579			3,161			554			13,828			1,027			2,051			3,078
SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL
LOT AND TRACT SALES AND COST OF SALES:
RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
LOT SALES		41,232			38,676			8,718			1,074			1,059			436			1,170			3,739			790			1,835			2,625
TRACT SALES		6,218			14,235			1,355			0			931			2,660			567			4,158			617			0			617
TOTAL RESIDENTIAL LOT AND TRACT SALES		47,450			52,911			10,073			1,074			1,990			3,096			1,737			7,897			1,407			1,835			3,242
RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
LOT COST OF SALES		30,753			30,459			6,896			953			822			254			915			2,944			695			1,625			2,320
TRACT COST OF SALES		2,828			7,560			704			0			0			965			1			966			382			0			382
TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		33,581			38,019			7,600			953			822			1,219			916			3,910			1,077			1,625			2,702
RESIDENTIAL LOT SALES AND TRACT SALES, NET -JOINT VENTURES		13,869			14,892			2,473			121			1,168			1,877			821			3,987			330			210			540
SHARE OF UNCONSOLIDATED JOINT VENTURES:
LOT SALES LESS COST OF SALES		10,479			8,217			1,822			121			237			182			255			795			95			210			305
TRACT SALES LESS COST OF SALES		3,390			6,675			651			0			931			1,695			566			3,192			235			0			235
INTEREST EXPENSE		(152	)		(284	)		(238	)		(101	)		(85	)		(139	)		(145	)		(470	)		(137	)		(126	)		(263	)
OTHER		(528	)		(381	)		(1,087	)		1,014			258			(235	)		(641	)		396			(146	)		(562	)		(708	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(62	)		0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)		(9	)		(14	)
IMPAIRMENT LOSS		0			0			0			0			0			0			(347	)		(347	)		0			(2,619	)		(2,619	)
RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		13,127			14,227			1,148			1,013			1,320			1,482			(312	)		3,503			42			(3,106	)		(3,064	)
TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		34,139			33,108			16,450			5,547			6,899			4,643			242			17,331			1,069			(1,055	)		14

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COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

RECONCILIATIONS	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st			2009 2nd			2009 YTD
(F)CONSOLIDATED MULTI-FAMILY SALES AND COST OF SALES:
MULTI-FAMILY SALES — CONSOLIDATED:
MULTI-FAMILY SALES		11,233			23,134			20			0			0			5,459			2,985			8,444			0			1,185			1,185
MULTI-FAMILY COST OF SALES		(9,405	)		(19,403	)		124			0			0			(4,715	)		(2,615	)		(7,330	)		0			(1,185	)		(1,185	)
MULTI-FAMILY SALES — CONSOLIDATED, NET		1,828			3,731			144			0			0			744			370			1,114			0			0			0
MULTI-FAMILY SALES — JOINT VENTURES:
MULTI-FAMILY SALES		26,127			56,734			(66	)		3,321			6,171			12,239			1,560			23,291			0			0			0
MULTI-FAMILY COST OF SALES		(19,098	)		(46,562	)		(3,261	)		(3,122	)		(5,976	)		(10,976	)		(1,073	)		(21,147	)		0			0			0
OTHER, NET		153			171			3,142			451			(422	)		(290	)		9			(252	)		(1	)		2			1
MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			1
TOTAL MULTI-FAMILY FFO		9,010			14,074			(41	)		650			(227	)		1,717			866			3,006			(1	)		2			1
(G)SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
CP VENTURE TWO LLC		1,055			1,791			2,401			288			253			275			139			955			261			254			515
CP VENTURE FIVE LLC		0			1,831			1,248			345			302			209			195			1,051			277			311			588
TEN PEACHTREE PLACE ASSOCIATES		378			373			174			59			64			83			68			274			73			88			161
GATEWAY VILLAGE		1,158			1,176			1,176			294			294			294			294			1,176			294			294			588
CRAWFORD LONG — CPI		418			539			695			212			205			202			188			807			219			247			466
AVENUE MURFREESBORO		0			0			(202	)		(37	)		12			51			10			36			90			89			179
PALISADES WEST LLC		0			(11	)		127			27			26			27			177			257			640			690			1,330
905 JUNIPER, LLC		514			0			0			0			0			0			0			0			0			0			0
50 BISCAYNE, LLC		6,668			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			1
TEMCO ASSOCIATES		3,931			7,388			161			(141	)		243			799			(360	)		541			(210	)		(262	)		(472	)
CL REALTY, LLC		8,902			6,492			999			1,167			1,041			697			(23	)		2,882			282			(2,855	)		(2,573	)
PINE MOUNTAIN BUILDERS, LLC		725			739			41			6			43			0			105			154			(5	)		32			27
HANDY ROAD ASSOCIATES, LLC		0			(293	)		(175	)		(30	)		(18	)		(25	)		(46	)		(119	)		(30	)		(30	)		(60	)
VERDE GROUP, LLC		(984	)		(681	)		0			0			0			0			0			0			0			0			0
OTHER		18,190			143,395			(360	)		(23	)		1			(88	)		(75	)		(185	)		(70	)		(91	)		(161	)
NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		40,955			173,083			6,100			2,817			2,239			3,497			1,168			9,721			1,820			(1,231	)		589

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     The Company uses non-GAAP financial measures in its filings and other public disclosures. These non-GAAP financial measures are defined below. For oral presentations, reconciliations to the most directly comparable GAAP measure may be accessed through the “Quarterly Disclosures” link and the “Supplemental SEC Information” link on the Investor Relations page of the Company’s website,www.cousinsproperties.com.

     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 historical 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.

     “Adjusted Debt”is defined as the Company’s debt and the Company’s pro rata share of unconsolidated joint venture debt, excluding debt related to Investment Entities. Investment Entities are unconsolidated joint ventures where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings, and (3) is not the managing member of the venture. Investment Entity debt is not included in any of the financial covenant calculations in the Company’s credit facility. Adjusted Debt is useful as a measure of the Company’s ability to meet its debt obligations and to borrow additional funds.

     “Funds From Operations Available to Common Stockholders” (“FFO”)is a supplemental operating performance measure used in the real estate industry. For periods other than 2005, the Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income 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, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis. For the 2005 period, the Company modified its NAREIT defined calculations of FFO to include $5.0 million in income from a real estate venture related to the sale of real estate. The Company included this

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

amount in FFO because, based on the nature of the investment, the Company believes that, for FFO purposes, this income should not be considered gain on the sale of depreciable property.

     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 based in part on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

     “Funds From Operations, Excluding Loss on Extinguishment of Debt”is FFO adjusted to exclude loss on extinguishment of debt, which the Company has presented in the year ended December 31, 2006 in addition to NAREIT-defined FFO. During the second quarter of 2006, the Company contributed The Avenue East Cobb to CP Venture Five, LLC, one of the ventures formed with the Prudential Insurance Company of America. The Avenue East Cobb was encumbered by a mortgage note payable, which was marked-to-market upon contribution to the venture. The Company recorded 88.5%, the extent of outside ownership in the venture, of the debt mark-to-market adjustment, approximately $2.8 million, as a loss on extinguishment of debt. During the third quarter of 2006, in conjunction with the sale of Bank of America Plaza, CSC Associates, L.P. (“CSC”) repaid the non-recourse mortgage note payable on the building. The Company was obligated to CSC to fund this repayment and an additional defeasance charge. The defeasance charge and the unamortized balance of closing costs related to the origination of the note, approximately $15.4 million in the aggregate, were recorded as loss on extinguishment of debt in the third quarter of 2006. NAREIT-defined FFO includes losses on extinguishment of debt in the FFO calculation. The Company believes the charges in the second and third quarters of 2006 relate to the sale or exchange of real estate and should be excluded from FFO to provide the user with a clearer picture of ongoing funds from operations.

     “Rental Property Revenues Less Rental Property Operating Expenses”is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Like FFO, Rental Property

37

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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 this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

     “Same-Property Growth”represents the percentage change in Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Rental Property Revenues is defined as rental property revenues of the Company and its unconsolidated joint ventures, excluding lease termination fees, which are generally one-time payments that may distort results of operations for comparable periods, and inter-company activities. Cash Basis Rental Property Revenues excludes lease termination fees and inter-company activities and also excludes straight-line rents and amortization of acquired above or below market rents. Same Properties include those properties that have been fully operational in each of the comparable reporting periods. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

     “Leverage Ratio”represents the calculation of Debt to Total Assets, as defined in the Company’s Credit Agreement. Both Debt and Total Assets include the proportionate share of the Company’s unconsolidated entities.

     “Fixed Charges Ratio”represents the ratio of EBITDA, as defined in the Company’s Credit Agreement, to Fixed Charges, as defined. EBITDA generally represents net income before interest, taxes, depreciation and amortization, subject to various adjustments. Fixed Charges generally represents interest expense, preferred dividends and ground lease payments. Both EBITDA and Fixed Charges include the proportionate share of the Company’s unconsolidated entities.

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