Cousins Properties (CUZ) 8-K Condensed Consolidated Statements of Income

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended December 31, 2009

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	5
Funds From Operations	6
Condensed Consolidated Balance Sheets	7
Key Ratios and Supplemental Information	8
Net Income and Funds From Operations — Supplemental Detail	9
Development Pipeline	16
Portfolio Listing	17
Same Property Information	20
Square Feet Expiring:
Office	21
Retail	22
Industrial	23
Top 25 Largest Tenants	24
Inventory of Land Held	25
Inventory of Residential Lots	27
Inventory of Multi-Family Units Held for Sale	29
Debt Outstanding	30
Reconciliations of Non-GAAP Financial Measures	31
Discussion of Non-GAAP Financial Measures	36

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. 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 the risks identified in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and the Company’s Current Report on Form 8-K filed on September 14, 2009. 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 statements are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak only 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.

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 AND YEAR ENDED DECEMBER 31, 2009

     ATLANTA (February 8, 2010) —Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months and year ended December 31, 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”) for the fourth quarter of 2009 was $11.5 million, or $0.11 per share, before separation and non-cash impairment and valuation charges discussed below, compared with FFO of $10.2 million, or $0.20 per share, for the fourth quarter of 2008. FFO was $50.1 million, or $0.77 per share, before such charges for the year ended December 31, 2009, compared with $61.0 million, or $1.18 per share, for the same period in 2008.

     Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(3.6) million, or $(0.04) per share, before such separation and non-cash impairment and valuation charges for the fourth quarter of 2009 compared with $(4.1) million, or $(0.08) per share, for the fourth quarter of 2008. Net Income Available was $156.4 million, or $2.39 per share, before such charges for the year ended December 31, 2009, compared with $7.6 million, or $0.15 per share, for the same period in 2008. The Company recorded $137.9 million of separation and non-cash impairment and valuation charges during the second and third quarters of 2009 and $4.2 million of such charges during the fourth quarter of 2009.

     Including the separation and non-cash impairment and valuation charges, FFO was $7.3 million, or $0.07 per share, for the fourth quarter of 2009 and a loss of $(92.0) million, or $(1.40) per share, for the year ended December 31, 2009. Net Loss Available, after such separation and non-cash charges, was $(7.8) million, or $(0.08) per share, for the fourth quarter of 2009 and Net Income Available was $14.4 million, or $0.22 per share, for the year ended December 31, 2009.

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

1

CUZ Reports Fourth Quarter Results
Page 2
February 8, 2010

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

	Quarter Ended						Year Ended
	December 31, 2009						December 31, 2009
	$(000)			Per Share			$(000)			Per Share
FFO Before Certain Charges	$	11,496		$	0.11		$	50,095		$	0.77
Separation and Non-Cash Impairment and Valuation Charges:
Impairment on Terminus 200		—			—			(38,947	)		(0.60	)
Impairment on 10 Terminus		—			—			(34,900	)		(0.53	)
Impairment on Investments at Temco and CL Realty		—			—			(30,250	)		(0.46	)
Valuation Allowance on Deferred Tax Asset		—			—			(15,907	)		(0.24	)
Write-off of Predevelopment Projects		(4,017	)		(0.04	)		(7,117	)		(0.11	)
Impairment on Glenmore Garden Villas		—			—			(6,065	)		(0.09	)
Impairment on Airplane		—			—			(4,012	)		(0.06	)
Separation Charges		(163	)		—			(3,257	)		(0.05	)
Impairment on Note Receivable		—			—			(1,600	)		(0.03	)
Total		(4,180	)		(0.04	)		(142,055	)		(2.17	)
FFO	$	7,316		$	0.07			($91,960	)		($1.40	)
Net Income (Loss) Available Before Certain Charges		($3,602	)		($0.04	)	$	156,443		$	2.39
Separation and Non-Cash Impairment and Valuation Charges		(4,180	)		(0.04	)		(142,055	)		(2.17	)
Net Income (Loss) Available		($7,782	)		($0.08	)	$	14,388		$	0.22

     Fourth quarter highlights of the Company included the following:

• Closed the sale of 35 units at 10 Terminus and 23 residential units at 60 North Market and recognized approximately $3.4 million of income and FFO from these closings.

• Executed or renewed leases covering approximately 190,000 square feet of office space and 191,000 square feet of retail space.

• Increased the Briggs & Stratton Corporation industrial lease at King Mill Distribution Park by 156,000 square feet and extended the term on its existing 521,000-square-foot lease to March 2015.

     At December 31, 2009, the Company’s portfolio of operational office buildings was 87% leased, its portfolio of operational retail centers was 84% leased and its operational industrial buildings were 51% leased.

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2

CUZ Reports Fourth Quarter Results
Page 3
February 8, 2010

     “2009 was a challenging year for most companies, and Cousins was not immune from the effects of the difficult economic conditions,” said Larry Gellerstedt, CEO of Cousins. “In the midst of this environment, Cousins ended the year in a better position. Compared with a year ago, we have a stronger balance sheet and a leaner organization combined with a team that is focused on executing the fundamentals of our business — leasing, sales and generating fees. This focus explains the positive momentum we generated in sales of condominium units in the fourth quarter and our success in maintaining or increasing occupancy at our office, retail and industrial centers. In 2010, we expect to continue to strengthen our existing assets and explore the additional opportunities presented by this economy.”

     The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, are attached to this press release. More detailed information on Net Income (Loss) Available and FFO results is included in the “Net Income (Loss) 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 10:00 a.m. (Eastern Time) on Tuesday, February 9, 2010, to discuss the results of the quarter ended December 31, 2009. The number to call for this interactive teleconference is (212) 231-2921. A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21455300. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q4 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, 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 3,500 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

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3

CUZ Reports Fourth Quarter Results
Page 4
February 8, 2010

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 and the Company’s Current Report on Form 8-K filed on September 14, 2009. 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.

4

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

	Three Months Ended						Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
REVENUES:
Rental property revenues	$	36,553		$	38,050		$	149,789		$	147,394
Fee income		8,080			10,566			33,806			47,662
Multi-family residential unit sales		20,428			2,985			30,841			8,444
Residential lot and outparcel sales		395			247			7,421			6,993
Interest and other		79			867			3,025			4,158
		65,535			52,715			224,882			214,651
COSTS AND EXPENSES:
Rental property operating expenses		16,691			13,944			66,565			56,607
General and administrative expenses		5,402			8,616			33,948			40,988
Separation expenses		163			825			3,257			1,186
Reimbursed general and administrative expenses		3,269			4,534			15,506			16,279
Depreciation and amortization		13,528			15,777			55,833			52,925
Multi-family residential unit cost of sales		17,072			2,615			25,629			7,330
Residential lot and outparcel cost of sales		291			81			5,023			3,776
Interest expense		9,610			10,804			41,393			33,151
Impairment loss		—			2,100			40,512			2,100
Other		5,442			1,770			13,143			6,049
		71,468			61,066			300,809			220,391
GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		(2,766	)		—			9,732			—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(8,699	)		(8,351	)		(66,195	)		(5,740	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		3,065			4,293			(4,341	)		8,770
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		1,698			1,168			(17,639	)		9,721
Impairment loss on investment in unconsolidated joint ventures		—			—			(51,058	)		—
		1,698			1,168			(68,697	)		9,721
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(3,936	)		(2,890	)		(139,233	)		12,751
GAIN (LOSS) ON SALE OF INVESTMENT PROPERTIES		(4	)		408			168,637			10,799
INCOME (LOSS) FROM CONTINUING OPERATIONS		(3,940	)		(2,482	)		29,404			23,550
DISCONTINUED OPERATIONS
Income (loss) from discontinued operations		—			82			(4	)		(1,097	)
Gain (loss) on sale of investment properties		(6	)		2,472			147			2,472
		(6	)		2,554			143			1,375
NET INCOME (LOSS)		(3,946	)		72			29,547			24,925
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(611	)		(690	)		(2,252	)		(2,378	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		(4,557	)		(618	)		27,295			22,547
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,225	)		(3,520	)		(12,907	)		(14,957	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(7,782	)	$	(4,138	)	$	14,388		$	7,590
PER COMMON SHARE INFORMATION — BASIC:
Income (loss) from continuing operations	$	(0.08	)	$	(0.13	)	$	0.22		$	0.12
Income (loss) from discontinued operations		—			0.05			—			0.03
Basic net income (loss) available to common stockholders	$	(0.08	)	$	(0.08	)	$	0.22		$	0.15
PER COMMON SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations	$	(0.08	)	$	(0.13	)	$	0.22		$	0.12
Income (loss) from discontinued operations		—			0.05			—			0.03
Diluted net income (loss) available to common stockholders	$	(0.08	)	$	(0.08	)	$	0.22		$	0.15
DIVIDENDS DECLARED PER COMMON SHARE	$	0.09		$	0.25		$	0.74		$	1.36

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2009 AND 2008
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2009			2008			2009			2008
Net Income (Loss) Available to Common Stockholders	$	(7,782	)	$	(4,138	)	$	14,388		$	7,590
Depreciation and amortization:
Consolidated properties		13,528			15,777			55,833			52,925
Discontinued properties		—			—			—			486
Share of unconsolidated joint ventures		2,276			2,010			8,800			6,495
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(643	)		(1,004	)		(3,382	)		(3,724	)
Discontinued properties		—			—			—			(19	)
Share of unconsolidated joint ventures		(12	)		(1	)		(46	)		(79	)
(Gain) loss on sale of investment properties, net of applicable income tax provision:
Consolidated		4			(408	)		(168,637	)		(10,799	)
Discontinued properties		6			(2,472	)		(147	)		(2,472	)
Share of unconsolidated joint ventures		—			—			(12	)		—
Gain (loss) on sale of undepreciated investment properties		(61	)		388			1,243			10,611
Funds From Operations Available to Common Stockholders	$	7,316		$	10,152		$	(91,960	)	$	61,014
Per Common Share — Basic:
Net Income (Loss) Available	$	(.08	)	$	(.08	)	$	.22		$	.15
Funds From Operations	$	.07		$	.20		$	(1.40	)	$	1.19
Weighted Average Shares-Basic		99,155			51,377			65,495			51,331
Per Common Share — Diluted:
Net Income (Loss) Available	$	(.08	)	$	(.08	)	$	.22		$	.15
Funds From Operations	$	.07		$	.20		$	(1.40	)	$	1.18
Weighted Average Shares-Diluted		99,155			51,377			65,495			51,728

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders 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 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 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.

6

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

	December 31,
	2009			2008
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $233,091 and $182,050 in 2009 and 2008, respectively	$	1,006,760		$	853,450
Projects under development		—			172,582
Land held for investment or future development		137,233			115,862
Residential lots		62,825			59,197
Multi-family units held for sale		28,504			70,658
Total properties		1,235,322			1,271,749
CASH AND CASH EQUIVALENTS		9,464			82,963
RESTRICTED CASH		3,585			3,636
NOTES AND OTHER RECEIVABLES,net of allowance for doubtful accounts of $5,734 and $2,764 in 2009 and 2008, respectively		49,678			51,267
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		146,150			200,850
OTHER ASSETS		47,353			83,330
TOTAL ASSETS	$	1,491,552		$	1,693,795
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	590,208		$	942,239
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		56,577			65,026
DEFERRED GAIN		4,452			171,838
DEPOSITS AND DEFERRED INCOME		7,465			6,485
TOTAL LIABILITIES		658,702			1,185,588
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		12,591			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, 103,352,382 and 54,922,173 shares issued in 2009 and 2008, respectively		103,352			54,922
Additional paid-in capital		662,216			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		(9,517	)		(16,601	)
Distributions in excess of net income		(51,402	)		(23,189	)
TOTAL STOCKHOLDERS’ INVESTMENT		787,411			466,723
Nonredeemable noncontrolling interests		32,848			37,539
TOTAL EQUITY		820,259			504,262
TOTAL LIABILITIES AND EQUITY	$	1,491,552		$	1,693,795

See notes to consolidated financial statements.

7

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 3rd			2009 4th			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	)		(57,088	)		(7,782	)		14,388
		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	)		(41,935	)		7,316			(91,960	)
		BASIC WEIGHTED AVERAGE COMMON SHARES		50,277			50,907			51,857				51,281			51,322			51,341			51,377			51,331			51,350			51,615			59,403			99,155			65,495
		DILUTED WEIGHTED AVERAGE COMMON SHARES		52,035			52,705			53,059				51,803			52,152			51,749			51,377			51,728			51,350			51,615			59,403			99,155			65,495
		NET INCOME (LOSS) PER COMMON SHARE — BASIC		0.69			4.27			0.34				0.04			0.06			0.14			(0.08	)		0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22
		NET INCOME (LOSS) PER COMMON SHARE — DILUTED		0.66			4.13			0.33				0.04			0.06			0.13			(0.08	)		0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22
		FFO PER COMMON SHARE — BASIC		1.47			1.46			0.93				0.27			0.31			0.41			0.20			1.19			0.15			(1.26	)		(0.71	)		0.07			(1.40	)
		FFO PER COMMON SHARE — DILUTED		1.42			1.41			0.91				0.27			0.31			0.40			0.20			1.18			0.15			(1.26	)		(0.71	)		0.07			(1.40	)
(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			2,066			4,339			13,684
		REGULAR COMMON DIVIDENDS:
		CASH		74,649			75,495			76,782				18,974			18,992			18,995			12,846			69,807			12,838			4,283			2,617			2,972			22,710
		COMMON STOCK		—			—			—				—			—			—			—			—			—			8,551			5,227			5,933			19,711
		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			0.15			0.09			0.74
		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			8.28			7.63			7.63
		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			98,970			99,782			99,782
		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			20.53			20.96			20.96
		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			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			19.53			20.90			20.90
		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			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			819,472			761,337			761,337
		PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880				166,360			177,120			140,000			82,126			82,126			90,894			100,766			135,485			141,965			141,965
(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			839,562			732,163			732,163
		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			1,794,518			1,635,465			1,635,465
												��
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		24	%		16	%		37	%			39	%		40	%		40	%		58	%		58	%		72	%		67	%		47	%		45	%		45	%
(B	)	RECOURSE DEBT (1)		196,824			226,855			205,658				328,106			337,110			392,422			491,603			491,603			502,396			580,939			334,658			222,507			222,507
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		9	%		10	%			14	%		15	%		16	%		26	%		26	%		33	%		36	%		19	%		14	%		14	%
		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			819,472			761,337			761,337
		PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880				166,360			177,120			140,000			82,126			82,126			90,894			100,766			135,485			141,965			141,965
(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			899,201			787,263			787,263
		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			1,854,157			1,690,565			1,690,565
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		27	%		19	%		39	%			40	%		42	%		42	%		59	%		59	%		73	%		68	%		49	%		47	%		47	%
		VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
		LEVERAGE RATIO		39	%		29	%		45	%			49	%		48	%		48	%		51	%		51	%		54	%		52	%		41	%		40	%		40	%
		COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		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			1.8			1.7			1.7
		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			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 3rd			2009 4th			2009 YTD
		CONSOLIDATED ENTITY FFO AND NET INCOME:
(C	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
		CONSOLIDATED PROPERTIES:
		191 PEACHTREE		0			1,964			9,349			2,661			2,750			2,857			3,071			11,339			789			1,561			2,432			1,943			6,725
		221 PEACHTREE CENTER GARAGE		0			0			510			147			189			189			114			639			124			103			157			81			465
		AMERICAN CANCER SOCIETY CENTER		11,376			11,774			11,959			3,555			3,598			3,665			3,729			14,547			3,791			3,151			3,449			2,671			13,062
		TERMINUS 100		0			0			5,000			4,056			4,161			3,771			4,398			16,386			3,311			4,750			3,478			2,952			14,491
		ONE GEORGIA CENTER		(1,361	)		(219	)		(109	)		(148	)		530			977			1,291			2,650			1,039			1,039			1,100			1,127			4,305
		THE POINTS AT WATERVIEW		1,872			2,124			2,179			531			504			545			547			2,127			509			515			536			490			2,050
		LAKESHORE PARK PLAZA		722			922			1,794			505			541			515			580			2,141			567			545			540			534			2,186
		MERIDIAN MARK PLAZA		4,487			4,475			4,339			1,109			1,178			1,136			1,081			4,504			958			972			947			945			3,822
		555 NORTH POINT CENTER EAST		1,506			1,771			1,882			488			525			426			550			1,989			501			531			528			503			2,063
		333 NORTH POINT CENTER EAST		1,395			1,183			1,287			310			280			435			424			1,449			417			426			426			416			1,685
		200 NORTH POINT CENTER EAST		363			839			1,490			416			406			299			363			1,484			378			393			423			412			1,606
		100 NORTH POINT CENTER EAST		1,020			1,035			1,320			458			317			392			362			1,529			391			423			361			216			1,391
		600 UNIVERSITY PARK PLACE		1,701			1,107			1,557			425			419			420			415			1,679			394			394			396			369			1,553
		GALLERIA 75		1,036			897			649			132			153			169			137			591			22			67			65			107			261
		COSMOPOLITAN CENTER		0			13			341			125			123			142			69			459			139			129			138			148			554
		8995 WESTSIDE PARKWAY (FORMERLY ATHEROGENICS)		1,241			1,263			1,278			324			328			328			327			1,307			192			(18	)		(58	)		(2	)		114
		INHIBITEX		666			917			912			229			230			226			225			910			220			226			225			225			896
		SUBTOTAL — CONSOLIDATED		26,024			30,065			45,738			15,323			16,232			16,492			17,683			65,730			13,742			15,207			15,143			13,137			57,229
		JOINT VENTURE PROPERTIES:
		PRESBYTERIAN MEDICAL PLAZA		111			106			116			21			29			26			11			87			18			15			20			15			68
		OTHER — CP VENTURE TWO		204			157			(1	)		0			0			0			0			0			(5	)		0			0			0			(5	)
		TEN PEACHTREE PLACE		2,326			2,239			2,020			516			521			539			523			2,099			526			541			561			557			2,185
		GATEWAY VILLAGE		1,191			1,208			1,208			302			302			302			302			1,208			302			302			302			302			1,208
		CRAWFORD LONG MEDICAL OFFICE BUILDING		3,467			3,586			3,601			918			909			904			892			3,623			909			930			902			875			3,616
		PALISADES WEST		0			(11	)		127			27			26			27			347			427			1,172			1,276			1,287			1,233			4,968
		TERMINUS 200		0			0			0			5			68			36			6			115			21			17			20			0			58
		OTHER		15,874			11,344			(65	)		(10	)		(21	)		(30	)		(25	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)
		SUBTOTAL — JOINT VENTURE		23,173			18,629			7,006			1,779			1,834			1,804			2,056			7,473			2,925			3,077			3,074			2,975			12,051
		SUBTOTAL — OFFICE CONSOLIATED & JOINT VENTURE		49,197			48,694			52,744			17,102			18,066			18,296			19,739			73,203			16,667			18,284			18,217			16,112			69,280
		RETAIL:
		CONSOLIDATED PROPERTIES:
		THE AVENUE CARRIAGE CROSSING		743			5,835			6,774			1,487			1,660			1,700			1,867			6,714			1,140			1,255			955			1,450			4,800
		THE AVENUE WEBB GIN		0			1,653			5,558			1,612			1,495			1,620			1,240			5,967			1,469			1,503			1,307			1,304			5,583
		SAN JOSE MARKETCENTER		0			3,846			6,450			1,835			1,835			1,876			1,543			7,089			1,693			1,721			1,700			1,874			6,988
		THE AVENUE FORSYTH		0			0			0			73			546			1,184			724			2,527			1,025			955			821			896			3,697
		TIFFANY SPRINGS MARKETCENTER		0			0			0			0			(3	)		492			768			1,257			803			900			919			707			3,329
		PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		16,623			9,068			(45	)		34			1			(3	)		(2	)		30			0			0			0			0			0
		SUBTOTAL — CONSOLIDATED		17,366			20,402			18,736			5,041			5,534			6,869			6,140			23,584			6,130			6,334			5,702			6,231			24,397
		JOINT VENTURE PROPERTIES:
		NORTH POINT MARKETCENTER		649			668			613			155			143			152			138			588			140			166			58			83			447
		GREENBRIER MARKETCENTER		517			534			511			133			128			137			134			532			140			131			130			142			543
		LOS ALTOS MARKETCENTER		354			358			345			90			65			91			57			303			63			53			49			40			205
		MANSELL CROSSING II		144			153			72			0			0			0			(6	)		(6	)		0			0			0			0			0
		THE AVENUE EAST COBB		0			1,382			723			175			182			184			169			710			176			168			176			141			661
		THE AVENUE PEACHTREE CITY		0			843			491			122			116			112			108			458			117			110			109			118			454
		THE AVENUE WEST COBB		0			1,132			685			167			142			152			125			586			133			123			109			132			497
		THE AVENUE VIERA		0			947			620			164			155			153			153			625			155			148			148			127			578
		VIERA MARKETCENTER		0			198			208			55			50			52			40			197			52			54			52			47			205
		THE AVENUE MURFREESBORO		0			0			554			680			753			844			1,136			3,413			937			948			1,011			1,099			3,995
		SUBTOTAL — JOINT VENTURE		1,664			6,215			4,822			1,741			1,734			1,877			2,054			7,406			1,913			1,901			1,842			1,929			7,585
		SUBTOTAL — RETAIL CONSOLIDATED & JOINT VENTURE		19,030			26,617			23,558			6,782			7,268			8,746			8,194			30,990			8,043			8,235			7,544			8,160			31,982
		INDUSTRIAL:
		KING MILL — BUILDING 3		0			405			1,155			225			225			229			244			923			236			236			283			292			1,047
		LAKESIDE RANCH — BUILDING 20		0			0			794			240			163			184			181			768			176			190			164			197			727
		JEFFERSON MILL — BUILDING A		0			0			0			0			(29	)		(29	)		(91	)		(149	)		(57	)		(57	)		(47	)		(45	)		(206	)
		SUBTOTAL INDUSTRIAL CONSOLIDATED		0			405			1,949			465			359			384			334			1,542			355			369			400			444			1,568
		OTHER RENTAL OPERATIONS:
		OTHER		1,023			203			82			39			(8	)		(49	)		(51	)		(69	)		(31	)		26			(15	)		50			30
		SUBTOTAL OTHER CONSOLIDATED		1,023			203			82			39			(8	)		(49	)		(51	)		(69	)		(31	)		26			(15	)		50			30
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		69,250			75,920			78,333			24,388			25,685			27,377			28,216			105,666			25,034			26,914			26,146			24,766			102,860

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 3rd			2009 4th			2009 YTD
(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			0			0
		GA 400 LAND LEASES		1,432			1,537			126			0			0			0			0			0			(5	)		0			3			0			(2	)
		FROST BANK TOWER		5,123			4,548			41			0			33			0			19			52			0			0			0			0			0
		THE AVENUE OF THE PENINSULA		4,446			5,114			65			0			5			3			10			18			0			0			0			0			0
		3301 WINDY RIDGE PARKWAY		1,693			2,750			224			0			(1	)		0			0			(1	)		0			0			0			0			0
		OTHER		718			41			8			0			0			0			0			0			(2	)		0			0			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			3			0			(4	)
(E	)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES:
		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			171			39			1,917
		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			349			(6	)		1,185
		TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		3,390			6,675			651			0			931			1,695			566			3,192			235			0			4			25			264
		TOTAL TRACT SALES NET OF COS		18,873			9,156			5,628			3,736			5,672			2,070			918			12,396			331			746			353			19			1,449
		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			0			(55	)		58
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			11,867			8,184			0			415			956			36			1,407			113			0			0			(55	)		58
		LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		4,162			2,877			1,124			43			398			279			107			827			236			180			0			65			481
		LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		10,479			8,217			1,822			121			237			182			255			795			95			210			211			15			531
		TOTAL LOT SALES NET OF COS		14,641			11,094			2,946			164			635			461			362			1,622			331			390			211			80			1,012
		TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES		34,881			33,773			17,775			4,655			6,747			5,038			1,375			17,815			1,357			2,261			735			83			4,436
(F	)	MULTI-FAMILY SALES, NET OF COST OF SALES:
		MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		1,828			3,731			144			0			0			744			370			1,114			0			0			1,856			3,356			5,212
		MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			0			114			115
		TOTAL MULTI-FAMILY FFO		9,010			14,074			(41	)		650			(227	)		1,717			866			3,006			(1	)		2			1,856			3,470			5,327
		DEVELOPMENT INCOME		3,056			4,585			5,881			1,013			1,219			14,322			1,204			17,758			945			883			891			640			3,359
		MANAGEMENT FEES		24,058			24,437			24,782			5,791			6,153			6,388			7,072			25,404			6,606			6,437			6,155			5,445			24,643
		LEASING & OTHER FEES		8,084			6,443			5,651			754			430			1,026			2,290			4,500			493			852			2,464			1,995			5,804
		TERMINATION FEES		545			631			5,193			131			(109	)		355			30			407			359			1,097			261			0			1,717
		INTEREST INCOME & OTHER		1,886			742			1,236			1,229			1,049			636			837			3,751			627			188			414			79			1,308
		GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		0			0			0			0			0			0			0			0			0			12,498			0			(2,766	)		9,732
		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	)		(9,149	)		(5,370	)		(33,822	)
		SEPARATION EXPENSES		0			0			0			(268	)		(48	)		(45	)		(825	)		(1,186	)		(344	)		(2,026	)		(724	)		(163	)		(3,257	)
		COMMISSION ON DEVELOPMENT FEE		0			0			0			0			0			(3,372	)		(42	)		(3,414	)		(32	)		(31	)		(31	)		(32	)		(126	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(15,116	)		(16,056	)		(17,167	)		(3,786	)		(3,953	)		(4,006	)		(4,534	)		(16,279	)		(4,228	)		(4,030	)		(3,979	)		(3,269	)		(15,506	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(55,818	)		(58,592	)		(57,810	)		(14,385	)		(13,067	)		(17,026	)		(13,975	)		(58,453	)		(13,990	)		(16,004	)		(13,883	)		(8,834	)		(52,711	)
		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	)		(2,605	)		(921	)		(8,599	)
		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	)		(1,552	)		(1,506	)		(6,092	)
		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	)		(2,264	)		(2,263	)		(8,982	)
		333 & 555 NORTH POINT CENTER DEBT — 7%		(2,165	)		(2,121	)		(2,072	)		(510	)		(507	)		(503	)		(500	)		(2,020	)		(496	)		(494	)		(490	)		(486	)		(1,966	)
		MERIDIAN MARK PLAZA DEBT — 8.27%		(2,021	)		(1,991	)		(1,959	)		(484	)		(482	)		(480	)		(477	)		(1,923	)		(475	)		(473	)		(470	)		(468	)		(1,886	)
		600 UNIVERSITY PARK DEBT — 7.38%		(1,009	)		(995	)		(983	)		(243	)		(242	)		(241	)		(240	)		(966	)		(239	)		(238	)		(237	)		(236	)		(950	)
		100 NORTH POINT CENTER EAST DEBT — 5.39%		(932	)		(932	)		(780	)		(169	)		(172	)		(170	)		(170	)		(681	)		(170	)		(170	)		(170	)		(171	)		(681	)
		200 NORTH POINT CENTER EAST DEBT — 5.39%		(826	)		(826	)		(736	)		(168	)		(172	)		(170	)		(170	)		(680	)		(170	)		(170	)		(170	)		(171	)		(681	)
		LAKESHORE PARK PLAZA DEBT — 5.89%					0			0			0			0			(230	)		(293	)		(523	)		(285	)		(284	)		(282	)		(281	)		(1,132	)
		LAKESHORE PARK PLAZA DEBT — 6.78%		(648	)		(631	)		(612	)		(150	)		(115	)		0			0			(265	)		0			0			0			0			0
		KING MILL DEBT — 9%		(34	)		(293	)		(469	)		(121	)		(122	)		(125	)		(125	)		(493	)		(82	)		0			0			0			(82	)
		JEFFERSON MILL DEBT — 9%		0			(23	)		(218	)		(65	)		(67	)		(70	)		(70	)		(272	)		(47	)		0			0			0			(47	)
		THE POINTS AT WATERVIEW DEBT — 5.66%		(11	)		(1,051	)		(1,070	)		(259	)		(258	)		(257	)		(255	)		(1,029	)		(254	)		(252	)		(251	)		(250	)		(1,007	)
		TERMINUS 100 DEBT — 6.13%		0			0			(2,358	)		(2,800	)		(2,801	)		(2,801	)		(2,801	)		(11,203	)		(2,802	)		(2,802	)		(2,802	)		(2,802	)		(11,208	)
		SAN JOSE MARKETCENTER DEBT — 5.6%		0			0			(448	)		(1,223	)		(1,224	)		(1,225	)		(1,222	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)
		2005 CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			(8,752	)		(8,014	)		0			0			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			0			0
		BRIDGE LOAN — FLOATING @ LIBOR + .75%		0			0			(855	)		0			0			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			0			0
		THE AVENUE EAST COBB DEBT — 8.39%		(3,153	)		(1,546	)		0			0			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			0			0
		OTHER		(1,312	)		(363	)		(6	)		(2	)		(1	)		(4	)		(1	)		(8	)		(1	)		(100	)		(99	)		(111	)		(311	)
		CAPITALIZED		17,193			20,553			23,343			4,968			4,464			3,395			2,067			14,894			1,826			1,255			599			56			3,736
		SUBTOTAL — CONSOLIDATED		(9,094	)		(11,119	)		(8,816	)		(6,275	)		(7,367	)		(8,705	)		(10,804	)		(33,151	)		(10,430	)		(10,560	)		(10,793	)		(9,610	)		(41,393	)

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 3rd			2009 4th			2009 YTD
		INTEREST EXPENSE (Continued):
		JOINT VENTURES:
		NORTH POINT MARKETCENTER		(240	)		(231	)		0			0			0				0			0			0			0			0			0			0			0
		THE AVENUE EAST COBB - 8.39%		0			(634	)		(350	)		(87	)		(86	)			(86	)		(86	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)
		TEN PEACHTREE PLACE - 5.39%		(820	)		(806	)		(794	)		(190	)		(190	)			(189	)		(212	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)
		CRAWFORD LONG MEDICAL OFFICE BUILDING - 5.9%		(1,602	)		(1,579	)		(1,564	)		(385	)		(383	)			(381	)		(380	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)
		THE AVENUE MURFREESBORO — FLOATING @ LIBOR + 1.15%		0			0			(442	)		(362	)		(311	)			(352	)		(417	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)
		GLENMORE GARDEN VILLAS — FLOATING @ LIBOR + 2.25%		0			0			0			0			0				0			0			0			(28	)		(28	)		(28	)		0			(84	)
		TEMCO ASSOCIATES — VARIOUS		(152	)		(146	)		(139	)		(34	)		(33	)			(33	)		(32	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)
		CL REALTY — VARIOUS		0			0			(99	)		(44	)		(40	)			(88	)		(74	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)
		HANDY ROAD ASSOCIATES		0			(138	)		0			(23	)		(12	)			(18	)		(39	)		(92	)		(23	)		(23	)		0			0			(46	)
		SUBTOTAL — JOINT VENTURE		(2,814	)		(3,534	)		(3,378	)		(1,125	)		(1,055	)			(1,147	)		(1,240	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)
		TOTAL INTEREST EXPENSE		(11,908	)		(14,653	)		(12,194	)		(7,400	)		(8,422	)			(9,852	)		(12,044	)		(37,718	)		(11,475	)		(11,583	)		(11,751	)		(10,519	)		(45,328	)
		OTHER EXPENSES — CONTINUING OPERATIONS — CONSOLIDATED:
		PROPERTY TAXES & OTHER HOLDING COSTS		(754	)		(524	)		(579	)		(248	)		(102	)			(307	)		(825	)		(1,482	)		(681	)		(1,095	)		(1,634	)		(1,420	)		(4,830	)
		NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(3,037	)		(4,130	)		(1,656	)		(671	)		(251	)			(766	)		(690	)		(2,378	)		(412	)		(698	)		(531	)		(611	)		(2,252	)
		PREDEVELOPMENT & OTHER		(568	)		(2,287	)		(2,689	)		(1,507	)		(447	)			(1,668	)		(945	)		(4,567	)		(865	)		(3,337	)		(89	)		(4,022	)		(8,313	)
		IMPAIRMENT LOSS — CONSOLIDATED		0			0			0			0			0				0			(2,100	)		(2,100	)		0			(36,500	)		(4,012	)		0			(40,512	)
		IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			0				0			0			0			0			(28,130	)		(22,928	)		0			(51,058	)
		TOTAL OTHER EXPENSES		(4,359	)		(6,941	)		(4,924	)		(2,426	)		(800	)			(2,741	)		(4,560	)		(10,527	)		(1,958	)		(69,760	)		(29,194	)		(6,053	)		(106,965	)
		OTHER EXPENSES — JOINT VENTURES:
		IMPAIRMENT LOSS		0			0			0			0			0				0			(347	)		(347	)		0			(2,619	)		(21,563	)		0			(24,182	)
		OTHER EXPENSES		4,804			(248	)		(1,252	)		1,042			258				(266	)		(662	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)
		TOTAL OTHER EXPENSES — JOINT VENTURES		4,804			(248	)		(1,252	)		1,042			258				(266	)		(1,009	)		25			(172	)		(3,208	)		(21,906	)		(175	)		(25,461	)
		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			5,459			2,607			43,434
		VALUATION ALLOWANCE		0			0			0			0			0				0			0			0			0			(42,720	)		(5,513	)		458			(47,775	)
(D	)	DISCONTINUED OPERATIONS (1)		(126	)		(2	)		0			0			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	)		(54	)		3,065			(4,341	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,951	)		(2,911	)		(2,768	)		(770	)		(961	)	��		(989	)		(1,004	)		(3,724	)		(968	)		(938	)		(833	)		(643	)		(3,382	)
(D	)	DISCONTINUED OPERATIONS (1)		0			0			(25	)		(7	)		(6	)			(6	)		0			(19	)		0			0			0			0			0
		JOINT VENTURES		(16	)		(12	)		(5	)		(25	)		(26	)			(27	)		(1	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,967	)		(2,923	)		(2,798	)		(802	)		(993	)			(1,022	)		(1,005	)		(3,822	)		(978	)		(952	)		(843	)		(655	)		(3,428	)
		PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(15,250	)		(3,813	)		(3,812	)			(3,812	)		(3,520	)		(14,957	)		(3,227	)		(3,227	)		(3,228	)		(3,225	)		(12,907	)
		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	)		(41,935	)		7,316			(91,960	)
		LOSS ON EXTINGUISHMENT OF DEBT		0			(18,207	)		0			0			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	)		(41,935	)		7,316			(91,960	)
		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			406			(4	)		168,637
(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	)		(349	)		61			(1,243	)
		DISCONTINUED OPERATIONS		1,037			86,495			18,095			0			0				0			2,472			2,472			0			146			7			(6	)		147
		JOINT VENTURES		1,935			135,618			1,186			0			0				0			0			0			28			(16	)		0			0			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			64			51			167,553
		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	)		(13,035	)		(12,885	)		(52,451	)
(D	)	DISCONTINUED OPERATIONS (1)		(10,316	)		(12,866	)		(821	)		(167	)		(168	)			(132	)		0			(467	)		0			0			0			0			0
		JOINT VENTURES		(8,842	)		(8,819	)		(4,571	)		(1,366	)		(1,447	)			(1,594	)		(2,009	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)
		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	)		(15,217	)		(15,149	)		(61,205	)
		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	)		(57,088	)		(7,782	)		14,388

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 3rd			2009 4th			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	%		11.50	%		11.50	%
OFFICE:
PRESBYTERIAN MEDICAL PLAZA		111			106			116			21			29			26			11			87			18			15			20			15			68
OTHER		204			157			(1	)		0			0			0			0			0			(5	)		0			0			0			(5	)
SUBTOTAL OFFICE		315			263			115			21			29			26			11			87			13			15			20			15			63
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	%		10.32	%		10.32	%
RETAIL:
NORTH POINT MARKETCENTER		649			668			613			155			143			152			138			588			140			166			58			83			447
GREENBRIER MARKETCENTER		517			534			511			133			128			137			134			532			140			131			130			142			543
LOS ALTOS MARKETCENTER		354			358			345			90			65			91			57			303			63			53			49			40			205
MANSELL CROSSING II		144			153			72			0			0			0			(6	)		(6	)		0			0			0			0			0
SUBTOTAL RETAIL		1,664			1,713			1,541			378			336			380			323			1,417			343			350			237			265			1,195
TOTAL REVENUES LESS OPERATING EXPENSES		1,979			1,976			1,656			399			365			406			334			1,504			356			365			257			280			1,258
INTEREST EXPENSE		(240	)		(231	)		0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		(17	)		(20	)		(2	)		1			(1	)		0			0			0			0			(2	)		38			4			40
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			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			295			284			1,298
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(667	)		(670	)		(477	)		(112	)		(111	)		(131	)		(195	)		(549	)		(107	)		(109	)		(106	)		(106	)		(428	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			736			1,224			0			0			0			0			0			12			0						0			12
NET INCOME (LOSS)		1,055			1,791			2,401			288			253			275			139			955			261			254			189			178			882
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	%		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			176			141			661
THE AVENUE PEACHTREE CITY		0			843			491			122			116			112			108			458			117			110			109			118			454
THE AVENUE WEST COBB		0			1,132			685			167			142			152			125			586			133			123			109			132			497
THE AVENUE VIERA		0			947			620			164			155			153			153			625			155			148			148			127			578
VIERA MARKETCENTER		0			198			208			55			50			52			40			197			52			54			52			47			205
TOTAL REVENUES LESS OPERATING EXPENSES		0			4,502			2,727			683			645			653			595			2,576			633			603			594			565			2,395
INTEREST EXPENSE		0			(634	)		(350	)		(87	)		(86	)		(86	)		(86	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)
OTHER, NET		0			(19	)		76			10			12			1			0			23			0			0			6			29			35
FUNDS FROM OPERATIONS		0			3,849			2,453			606			571			568			509			2,254			548			518			516			510			2,092
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(2,018	)		(1,205	)		(261	)		(269	)		(359	)		(314	)		(1,203	)		(271	)		(207	)		(238	)		(234	)		(950	)
NET INCOME (LOSS)		0			1,831			1,248			345			302			209			195			1,051			277			311			278			276			1,142
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		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			561			557			2,185
INTEREST EXPENSE		(820	)		(806	)		(794	)		(190	)		(190	)		(189	)		(212	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)
FUNDS FROM OPERATIONS		1,506			1,433			1,226			326			331			350			311			1,318			333			349			369			367			1,418
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,128	)		(1,060	)		(1,052	)		(267	)		(267	)		(267	)		(243	)		(1,044	)		(260	)		(261	)		(260	)		(262	)		(1,043	)
NET INCOME		378			373			174			59			64			83			68			274			73			88			109			105			375
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			302			302			1,208
INTEREST EXPENSE		0			0			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			302			302			1,208
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(33	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)
NET INCOME		1,158			1,176			1,176			294			294			294			294			1,176			294			294			294			294			1,176

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 3rd			2009 4th			2009 YTD
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		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			902			875			3,616
OTHER, NET		0			0			0			0			0			0			0			0			0			0			1			0			1
INTEREST EXPENSE		(1,602	)		(1,579	)		(1,554	)		(385	)		(383	)		(381	)		(380	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)
FUNDS FROM OPERATIONS		1,865			2,007			2,047			533			526			523			512			2,094			531			554			528			502			2,115
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,447	)		(1,468	)		(1,352	)		(321	)		(321	)		(321	)		(324	)		(1,287	)		(312	)		(307	)		(303	)		(304	)		(1,226	)
NET INCOME		418			539			695			212			205			202			188			807			219			247			226			198			890
COUSINS’ SHARE OF AVENUE MURFREESBORO (2):								50	%		50	%		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			1,011			1,099			3,995
OTHER, NET		0			0			0			0			0			27			0			27			0			0			0			0			0
INTEREST EXPENSE		0			0			(442	)		(362	)		(311	)		(352	)		(417	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(4	)		(4	)		(5	)		(6	)		(1	)		(16	)		(5	)		(5	)		(5	)		(5	)		(20	)
FUNDS FROM OPERATIONS		0			0			108			314			437			513			718			1,982			708			727			786			893			3,114
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(310	)		(351	)		(425	)		(462	)		(708	)		(1,946	)		(618	)		(638	)		(637	)		(682	)		(2,575	)
NET INCOME		0			0			(202	)		(37	)		12			51			10			36			90			89			149			211			539
COUSINS’ SHARE OF PALISADES WEST LLC (2):					50	%		50	%		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			1,287			1,233			4,968
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			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			0			0
FUNDS FROM OPERATIONS		0			(11	)		127			27			26			27			347			427			1,172			1,276			1,287			1,233			4,968
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			(170	)		(170	)		(532	)		(586	)		(610	)		(652	)		(2,380	)
NET INCOME		0			(11	)		127			27			26			27			177			257			640			690			677			581			2,588
COUSINS’ SHARE OF TERMINUS 200 (2):								50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			5			68			36			6			115			21			17			20			0			58
OTHER, NET		0			0			(193	)		0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			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			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			0			0			0			0			(20,932	)		0			(20,932	)
FUNDS FROM OPERATIONS		0			0			(193	)		5			68			36			6			115			21			17			(20,912	)		0			(20,874	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			(30	)		(30	)		(30	)		(31	)		(121	)		(30	)		(30	)		(20	)		0			(80	)
NET INCOME		0			0			(193	)		(25	)		38			6			(25	)		(6	)		(9	)		(13	)		(20,932	)		0			(20,954	)
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			0			0
FUNDS FROM OPERATIONS		514			0			0			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			0			0
NET INCOME		514			0			0			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	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		6,515			10,172			(3,327	)		199			195			1,263			487			2,144			0			0			0			59			59
OTHER, NET		153			171			3,142			451			(422	)		(290	)		9			(252	)		(1	)		2			0			55			56
FUNDS FROM OPERATIONS		6,668			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			0			114			115
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			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			0			114			115
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		15,874			11,344			(65	)		(10	)		(21	)		(30	)		(25	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)
INTEREST EXPENSE		0			0			0			0			0			0			0			0			(28	)		(28	)		(28	)		0			(84	)
OTHER, NET		5,411			172			(42	)		17			(11	)		(59	)		(21	)		(74	)		(26	)		(25	)		(82	)		4			(129	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(12	)		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			0			0
IMPAIRMENT LOSS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		21,269			11,504			(107	)		7			(32	)		(89	)		(46	)		(160	)		(72	)		(57	)		(129	)		(3	)		(261	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(5,014	)		(2,991	)		(19	)		(5	)		(5	)		(5	)		(4	)		(19	)		(5	)		(5	)		(5	)		(5	)		(20	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		1,935			134,882			(41	)		0			0			0			0			0			16			(16	)		0			0			0
NET INCOME		18,190			143,395			(167	)		2			(37	)		(94	)		(50	)		(179	)		(61	)		(78	)		(135	)		(8	)		(282	)

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 3rd			2009 4th			2009 YTD
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		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			4			0			4
INTEREST EXPENSE		(152	)		(146	)		(139	)		(34	)		(33	)		(33	)		(32	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)
OTHER, NET		105			125			(274	)		(89	)		276			(128	)		(293	)		(234	)		(168	)		(212	)		(73	)		(109	)		(562	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)		(9	)		(5	)		(7	)		(26	)
IMPAIRMENT LOSS		0			0			0			0			0			0			(22	)		(22	)		0			0			(631	)		0			(631	)
FUNDS FROM OPERATIONS		4,045			7,502			284			(130	)		254			810			(348	)		586			(205	)		(253	)		(734	)		(146	)		(1,338	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(114	)		(123	)		(11	)		(11	)		(11	)		(12	)		(45	)		(5	)		(9	)		5			(11	)		(20	)
NET INCOME		3,931			7,388			161			(141	)		243			799			(360	)		541			(210	)		(262	)		(728	)		(157	)		(1,357	)
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		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			228			192			933
INTEREST EXPENSE		0			0			(99	)		(44	)		(40	)		(88	)		(74	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)
OTHER, NET		(150	)		(137	)		(638	)		1,110			(12	)		(100	)		(340	)		658			29			(343	)		(233	)		(103	)		(650	)
IMPAIRMENT LOSS		0			0			0			0			0			0			(325	)		(325	)		0			(2,619	)		0			0			(2,619	)
FUNDS FROM OPERATIONS		8,902			6,492			999			1,167			1,041			697			(23	)		2,882			282			(2,855	)		(37	)		58			(2,552	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			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	)		(37	)		58			(2,552	)
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):		50	%		50	%		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			(17	)		(152	)		(142	)
OTHER, NET		0			0			0			0			0			0			(1	)		(1	)		0			0			0			0			0
FUNDS FROM OPERATIONS		725			739			41			6			43			0			105			154			(5	)		32			(17	)		(152	)		(142	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		725			739			41			6			43			0			105			154			(5	)		32			(17	)		(152	)		(142	)
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):					50	%		50	%		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			0			0
INTEREST EXPENSE		0			(138	)		0			(23	)		(12	)		(18	)		(39	)		(92	)		(23	)		(23	)		0			0			(46	)
OTHER, NET		0			(155	)		(175	)		(7	)		(6	)		(7	)		(7	)		(27	)		(7	)		(7	)		0			0			(14	)
FUNDS FROM OPERATIONS		0			(293	)		(175	)		(30	)		(18	)		(25	)		(46	)		(119	)		(30	)		(30	)		0			0			(60	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0			(293	)		(175	)		(30	)		(18	)		(25	)		(46	)		(119	)		(30	)		(30	)		0			0			(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			N/A			N/A
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		(483	)		(214	)		0			0			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			0			0
FUNDS FROM OPERATIONS		(545	)		(214	)		0			0			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			0			0
NET INCOME (LOSS)		(984	)		(681	)		0			0			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)
As of December 31, 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		GLA		(fully executed)			Ownership %			Total Cost		Total Cost		at 12/31/09			Costs			Fully Operational
OFFICE
Terminus 200 (Atlanta, GA)		565,000		565,000		9	%		50	%	$	177,300	$	88,650	$	55,637	(2)	$	17,993	(2)	const. - 3Q-09 fully operational 3Q-10
TOTAL PORTFOLIO		565,000		565,000							$	177,300	$	88,650	$	55,637	(3)	$	17,993

(1)	This schedule includes projects under development through the point the projects become fully operational pursuant to accounting principles generally accepted in the United States (generally defined as one year from the certificate of occupancy date). Single-family residential projects where additional development costs may be incurred 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 are also estimates and are subject to change as the projects proceed through the development process.
(2)	The Company recorded an impairment charge of $38.9 million on its investment in the venture which owns Terminus 200 in the third quarter of 2009. This amount included all amounts invested to date, plus an accrual for the funding of the Company’s guarantee of the venture’s construction loan and certain other commitments. The Company’s share of remaining costs in this table represents the amount the Company would be required to fund under the loan guarantee and commitments. Leasing could occur in the future where amounts necessary to obtain the lease would require partner contributions. However, there are no such amounts known at this time.
(3)	Terminus 200 is an unconsolidated joint venture and therefore not included as a Project Under Development on the Condensed Consolidated Balance Sheet as of December 31, 2009.

16

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of December 31, 2009

								Percent Leased
								(Fully Executed)						Economic Occupancy (a)
					Company’s			Prior			Current			Prior			Current
	Metropolitan		Rentable		Ownership			Quarter			Quarter			Quarter			Quarter
Property Description	Area	State	Square Feet		Interest			End			End			End			End
I. OFFICE OPERATING PROPERTIES
191 Peachtree Tower	Atlanta	Georgia		1,219,000		100.00	%		70	%		75	%		68	%		69	%
Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%		100	%		100	%
The American Cancer Society Center	Atlanta	Georgia		993,000		100.00	%		83	%		83	%		83	%		83	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		94	%		94	%		93	%		94	%
One Georgia Center (b)	Atlanta	Georgia		376,000		88.50	%		99	%		95	%		99	%		95	%
Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		97	%		98	%		97	%		97	%
Ten Peachtree Place	Atlanta	Georgia		260,000		50.00	%		92	%		94	%		92	%		94	%
Palisades West Building 1	Austin	Texas		216,000		50.00	%		100	%		100	%		100	%		100	%
The Points at Waterview	Dallas	Texas		203,000		100.00	%		97	%		93	%		96	%		93	%
Lakeshore Park Plaza (c)	Birmingham	Alabama		196,000		100.00	%		97	%		95	%		97	%		95	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		92	%		91	%		92	%		91	%
Palisades West Building 2	Austin	Texas		157,000		50.00	%		24	%		31	%		24	%		24	%
555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		98	%		96	%		98	%		96	%
333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		95	%		100	%		95	%
200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%		100	%		100	%
100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		91	%		89	%		91	%		89	%
600 University Park Place (c)	Birmingham	Alabama		123,000		100.00	%		100	%		97	%		100	%		97	%
Galleria 75	Atlanta	Georgia		112,000		100.00	%		56	%		57	%		54	%		57	%
Cosmopolitan Center	Atlanta	Georgia		84,000		100.00	%		90	%		88	%		90	%		88	%
Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		78	%		78	%		78	%		78	%
8995 Westside Parkway	Atlanta	Georgia		51,000		100.00	%		23	%		23	%		23	%		23	%
Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%		100	%		100	%
Total Office Operating Portfolio				6,889,000								87	%(d)					85	%
OFFICE DEVELOPMENT PROPERTY
Terminus 200 (b)	Atlanta	Georgia		565,000		50.00	%		9	%		9	%		9	%		9	%
Total Office Development Portfolio				565,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,454,000

17

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of December 31, 2009

								Percent Leased
								(Fully Executed)						Economic Occupancy (a)
					Company’s			Prior			Current			Prior			Current
	Metropolitan		Rentable		Ownership			Quarter			Quarter			Quarter			Quarter
Property Description	Area	State	Square Feet		Interest			End			End			End			End
II. RETAIL OPERATING PROPERTIES
The Avenue Murfreesboro	Nashville	Tennessee		751,000		50.00	%		83	%		79	%		81	%		78	%
The Avenue Carriage Crossing (c)	Memphis	Tennessee		511,000		100.00	%		91	%		92	%		82	%		89	%
The Avenue Forsyth (b)	Atlanta	Georgia		472,000		88.50	%		67	%		67	%		60	%		66	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		81	%		98	%		79	%		80	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%		98	%		100	%
The Avenue Webb Gin	Atlanta	Georgia		345,000		100.00	%		84	%		87	%		82	%		84	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		94	%		94	%		92	%		94	%
The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		85	%		83	%		85	%		83	%
Tiffany Springs MarketCenter (b)	Kansas City	Missouri		249,000		88.50	%		75	%		75	%		75	%		74	%
The Avenue East Cobb	Atlanta	Georgia		230,000		11.50	%		97	%		95	%		93	%		95	%
San Jose MarketCenter	San Jose	California		213,000		100.00	%		97	%		99	%		96	%		97	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		94	%		96	%		94	%		96	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%		95	%		95	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		75	%		75	%		75	%		59	%
TOTAL RETAIL OPERATING PROPERTIES				4,655,000								84	%					82	%
III. INDUSTRIAL OPERATING PROPERTIES
King Mill Distribution Park — Building 3	Atlanta	Georgia		796,000		75.00	%		65	%		85	%		65	%		65	%
Lakeside Ranch Business Park — Building 20 (c)	Dallas	Texas		749,000		100.00	%		48	%		48	%		48	%		48	%
Jefferson Mill Business Park — Building A	Atlanta	Georgia		459,000		75.00	%		0	%		0	%		0	%		0	%
TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								51	%					44	%
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,113,000

18

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of December 31, 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	%		87	%
Retail		4,655,000		2,315,000		23	%		84	%
Industrial		2,004,000		1,690,000		17	%		51	%
TOTAL		14,113,000		10,044,000		100	%
SUMMARY BY STATE
Georgia		8,568,000		6,613,000		66	%		79	%
Texas		1,325,000		1,139,000		11	%		59	%
Tennessee		1,262,000		887,000		9	%		86	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		96	%
California		370,000		229,000		2	%		97	%
Missouri		249,000		220,000		2	%		75	%
Florida		510,000		58,000		1	%		94	%
Virginia		376,000		39,000		1	%		100	%
		14,113,000		10,044,000		100	%

(a)	Economic Occupancy represents the percentage of a property’s square footage where rental revenue is being recognized. It excludes leases that are executed but whose term has not commenced.
(b)	This property 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.
(c)	These properties 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.
(d)	Palisades West Building 2 was considered a Development Property as of the prior quarter end and was not included in this percentage in that or any prior periods.

19

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Fourth Quarter 2009 vs									12 Months
	Third Quarter 2009									2009 vs 2008
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		-7.8	%		2.2	%		-4.0	%		-2.8	%		-10.9	%		-6.4	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		-8.6	%		1.8	%		-4.6	%		-3.7	%		-11.0	%		-6.9	%

Note: The following properties are included in the same property portfolio:

Office
Gateway Village	100 Northpoint Center East
The American Cancer Society Center	600 University Park Place
One Georgia Center	Galleria 75
Emory University Hospital Midtown Medical Office Tower	Cosmopolitan Center
Ten Peachtree Place	Presbyterian Medical Plaza
The Points at Waterview	8995 Westside Parkway
Lakeshore Park Plaza	Inhibitex
Meridian Mark Plaza	191 Peachtree Tower (4Q to 3Q only)
555 Northpoint Center East	Terminus 100 (4Q to 3Q only)
333 Northpoint Center East	Palisades West Building 1 (4Q to 3Q only)
200 Northpoint Center East
Retail
The Avenue Carriage Crossing	San Jose MarketCenter
North Point MarketCenter	The Avenue Peachtree City
Greenbrier MarketCenter	Viera MarketCenter
The Avenue Webb Gin	Los Altos MarketCenter
The Avenue Viera	The Avenue Murfreesboro (4Q to 3Q only)
The Avenue West Cobb	The Avenue Forsyth (4Q to 3Q only)
The Avenue East Cobb	Tiffany Springs MarketCenter (4Q to 3Q only)

(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 termination fees, inter-company activities, straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.

20

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2009

OFFICE

As of December 31, 2009, the Company’s office portfolio included 22 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 seven years as of December 31, 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:

																												2019 &
	2010			2011			2012			2013			2014			2015			2016			2017			2018			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring		181,190			466,219			213,348			514,632			280,820			339,659			719,907			451,364			218,379			1,590,406			4,975,924
% of Leased Space		4	%		9	%		4	%		10	%		6	%		7	%		15	%		9	%		4	%		32	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,528		$	5,651		$	3,126		$	8,875		$	4,954		$	6,309		$	13,202		$	10,928		$	5,914		$	32,882		$	94,369
Annual Contractual Rent/Sq. Ft. (1)	$	13.95		$	12.12		$	14.65		$	17.25		$	17.64		$	18.57		$	18.34		$	24.21		$	27.08		$	20.68		$	18.97
Wholly Owned:
Square Feet Expiring		176,022			454,653			169,407			363,165			254,269			316,415			178,568			369,541			199,431			1,209,207			3,690,678	(2)
% of Leased Space		5	%		12	%		5	%		10	%		7	%		8	%		5	%		10	%		5	%		33	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,439		$	5,476		$	2,315		$	6,032		$	4,335		$	5,991		$	3,181		$	8,859		$	5,363		$	26,232		$	70,223
Annual Contractual Rent/Sq. Ft. (1)	$	13.85		$	12.04		$	13.66		$	16.61		$	17.05		$	18.93		$	17.81		$	23.97		$	26.89		$	21.69		$	19.03
Joint Venture:
Square Feet Expiring		7,296			25,094			116,146			288,432			51,558			33,364			1,079,059			163,646			36,068			535,650			2,336,313	(3)
% of Leased Space		0	%		1	%		5	%		12	%		2	%		2	%		46	%		7	%		2	%		23	%		100	%
Annual Contractual Rent (000’s) (1)	$	129		$	392		$	2,236		$	5,537		$	1,228		$	512		$	20,005		$	4,138		$	1,082		$	10,826		$	46,085
Annual Contractual Rent/Sq. Ft. (1)	$	17.64		$	15.61		$	19.25		$	19.20		$	23.82		$	15.34		$	18.54		$	25.29		$	30.00		$	20.21		$	19.73

(1)	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.
(2)	Rentable square feet leased as of December 31, 2009 out of approximately 4,388,000 total rentable square feet.
(3)	Rentable square feet leased as of December 31, 2009 out of approximately 2,501,000 total rentable square feet.

21

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2009

RETAIL

As of December 31, 2009, the Company’s retail portfolio included 14 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of December 31, 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:

	2010			2011			2012			2013			2014			2015			2016			2017			2018			2019 & Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		78,671			83,363			80,765			55,076			47,906			99,678			339,023			183,964			330,123			638,100			1,936,669
% of Leased Space		4	%		4	%		4	%		3	%		2	%		5	%		19	%		9	%		17	%		33	%		100	%
Annual Contractual Rent (000’s) (2)	$	908		$	2,220		$	1,791		$	1,393		$	1,146		$	2,478		$	8,796		$	5,419		$	7,641		$	10,824		$	42,616
Annual Contractual Rent/Sq. Ft. (2)	$	11.54		$	26.63		$	22.17		$	25.29		$	23.93		$	24.86		$	25.94		$	29.46		$	23.15		$	16.96		$	22.00
Wholly Owned:
Square Feet Expiring (1)		34,343			59,176			46,259			15,422			10,529			48,478			312,049			137,757			64,357			249,686			978,056	(3)
% of Leased Space		3	%		6	%		5	%		2	%		1	%		5	%		32	%		14	%		7	%		25	%		100	%
Annual Contractual Rent (000’s) (2)	$	492		$	1,820		$	1,080		$	403		$	278		$	1,421		$	8,204		$	4,438		$	1,721		$	3,178		$	23,035
Annual Contractual Rent/Sq. Ft. (2)	$	14.33		$	30.75		$	23.36		$	26.10		$	26.36		$	29.31		$	26.29		$	32.21		$	26.74		$	12.73		$	23.55
Joint Venture:
Square Feet Expiring (1)		197,500			227,956			296,289			169,424			201,814			306,468			194,096			238,163			443,543			799,327			3,074,580	(4)
% of Leased Space		6	%		7	%		10	%		6	%		7	%		10	%		6	%		8	%		14	%		26	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,912		$	3,691		$	5,896		$	4,327		$	4,466		$	6,207		$	3,885		$	5,068		$	9,848		$	12,781		$	59,081
Annual Contractual Rent/Sq. Ft. (2)	$	14.75		$	16.19		$	19.90		$	25.54		$	22.13		$	20.25		$	20.02		$	21.28		$	22.20		$	15.99		$	19.22

(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 December 31, 2009 out of approximately 1,069,000 total gross leasable area.
(4)	Gross leasable area leased as of December 31, 2009 out of approximately 3,586,000 total gross leasable area.

22

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2009

INDUSTRIAL

As of December 31, 2009, the Company’s industrial portfolio included three buildings. The weighted average remaining lease term of these properties was approximately four years as of December 31, 2009. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2012			2015			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		355,621			508,050			863,671
% of Leased Space		41	%		59	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,471		$	2,620
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	3.03
Joint Venture:
Square Feet Expiring		355,621			677,400			1,033,021	(2)
% of Leased Space		34	%		66	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,962		$	3,111
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	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 December 31, 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 December 31, 2009

				Percentage of Total Portfolio at
Tenant (1)			Product Type	the Company's Share (2)			Average Remaining Lease Term (Years)
	1.	Bank of America (3)	Office		5.5	%		7.0
	2.	Briggs & Stratton Corporation	Industrial		5.2	%		5.2
	3.	HD Supply	Industrial		3.6	%		2.4
	4.	Deloitte & Touche	Office		3.2	%		14.4
	5.	American Cancer Society	Office		2.8	%		12.5
	6.	Georgia Department of Transportation	Office		2.7	%		9.6
	7.	Internap Network Services	Office		1.2	%		10.3
	8.	AGL Services Company	Office		1.2	%		3.3
	9.	MedAssets Net Revenue Systems, LLC	Office		1.1	%		5.2
	10.	Dimensional Fund Advisors	Office		1.1	%		13.8
	11.	Bombardier Aerospace Corporation	Office		1.0	%		3.2
	12.	US South Communications	Office		1.0	%		1.4
	13.	Georgia Lottery Corporation	Office		1.0	%		13.5
	14.	Barnes & Noble	Retail		1.0	%		7.0
	15.	Turner Broadcasting System, Inc.	Office		0.9	%		1.4
	16.	CB Richard Ellis	Office		0.9	%		9.5
	17.	Emory University	Office		0.8	%		7.0
	18.	Citigroup	Office		0.7	%		8.8
	19.	The Gap Inc.	Retail		0.7	%		2.0
	20.	Premiere Global Services, Inc.	Office		0.7	%		8.7
	21.	Limited Brands	Retail		0.7	%		7.3
	22.	KIDS II, Inc.	Office		0.7	%		6.1
	23.	Best Buy	Retail		0.6	%		5.0
	24.	PetSmart	Retail		0.6	%		7.3
	25.	Northside Hospital	Office		0.6	%		5.0
		Total leased square feet of Top 25 Largest Tenants			39.5	%		7.4

(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 December 31, 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		17,092
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		172	(2)		2006		13,770
Terminus
Atlanta, GA	Mixed Use		100	%		4			2005		12,709
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2			1996		12,492
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		94%	(3)		15			2007		10,446
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
549 / 555 / 557 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1			2004 / 2009		8,794
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187			2004		5,342
Research Park V
Austin, TX	Commercial		100	%		6			1998		4,924
Lancaster
Dallas, TX	Industrial		100%	(4)		47			2007		4,844
Glenmore Garden Villas (5)
Suburban Charlotte, NC	Multi-Family		50	%		16			2007		3,774
North Point
Suburban Atlanta, GA	Mixed Use		100	%		28			1970-1985		2,553
Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN	Retail		100	%		2			2004		1,969
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23			1971-1989		995
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Retail		100	%		2			2005		946
TOTAL CONSOLIDATED LAND HELD										$	137,233

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of December 31, 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	$	13,158
Happy Valley
Suburban Atlanta, GA	Residential		50	%		228		2003		1,654
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		112		2002-2005		—	(6)
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		—	(6)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		138		2002		—	(6)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		—	(6)
Village Park
McKinney, TX	Residential		50	%		2		2003-2005		—	(6)
OTHER JOINT VENTURES:
Land Adjacent to The Avenue Murfreesboro
Suburban Nashville, TN	Retail		50	%		8		2006		5,028
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		21,222
Total Acres						9,405

(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 March 31, 2010.
(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)	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. The Company consolidated the Glenmore Garden Villas entity in September 2009 and recorded the full balance of land at fair market value. This project is under contract to sell, with a closing expected in the first half of 2010.
(6)	These residential communities have adjacent land that may be sold to third parties in large tracts for residential, multi-family or commercial development. The cost basis of these tracts and the lot inventory are included on the Inventory of Residential Lots schedule.

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of December 31, 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)(3)
Cousins Real Estate Corporation (Consolidated)
The Lakes at Cedar Grove		2001		14		906		73		—		—		702		204	$	5,098
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned) (4) (5)		2006		10		559		119		5		8		20		539		15,847
Harris County
Pine Mountain, GA
Blalock Lakes (5)		2006		14		154		86		1		1		17		137		38,042
Coweta County
Suburban Atlanta, GA
Longleaf at Callaway (5)		2002		9		138		13		—		1		125		13		381
Harris County
Pine Mountain, GA
River’s Call		1999		12		107		13		—		—		94		13		572
East Cobb County
Suburban Atlanta, GA
Tillman Hall		2008		4		29		25		—		4		4		25		2,885
Gwinnett County
Suburban Atlanta, GA
Total consolidated						1,893		329		6		14		962		931		62,825
Temco Associates, LLC (50% owned) (6)
Bentwater		1998		13		1,676		5		—		—		1,671		5		18
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		21		1,385		259		—		—		288		1,097		23,483
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		12		1,077		333		—		—		634		443		16,785
Paulding County
Suburban Atlanta, GA
Harris Place		2004		8		27		9		—		—		18		9		649
Paulding County
Suburban Atlanta, GA
Total Temco						4,165		606		—		—		2,611		1,554		40,935
CL Realty, L.L.C. (50% owned) (6)
Summer Creek Ranch		2003		21		2,568		187		—		—		796		1,772		22,981
Tarrant County
Fort Worth, TX
Long Meadow Farms (37.5% owned)		2003		12		2,106		151		1		4		607		1,499		17,305
Fort Bend County
Houston, TX
Bar C Ranch		2004		20		1,199		122		16		16		192		1,007		7,953
Tarrant County
Fort Worth, TX
Summer Lakes		2003		15		1,123		177		—		—		325		798		7,269
Fort Bend County
Rosenberg, TX

27

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of December 31, 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)(3)
CL Realty, L.L.C., continued
Southern Trails (80% owned)		2005		11		1,027			135			8			52			372			655		$	20,288
Brazoria County
Pearland, TX
Village Park		2003		12		560			17			—			—			339			221			7,053
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			8,396
Fort Bend County
Rosenberg, TX
Manatee River Plantation		2003		10		457			109			—			—			348			109			2,604
Manatee County
Tampa, FL
Stonewall Estates (50% owned)		2005		9		381			32			8			52			220			161			6,808
Bexar County
San Antonio, TX
Stillwater Canyon		2003		11		335			6			—			—			225			110			2,324
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			4,431
Manatee County
Bradenton, FL
Village Park North		2005		10		189			8			—			4			71			118			2,324
Collin County
McKinney, TX
Bridle Path Estates		2004		10		87			—			—			—			—			87			3,152
Hillsborough County
Tampa, FL
West Park		2005		8		84			—			—			—			21			63			5,298
Cobb County
Suburban Atlanta, GA
Total CL Realty						10,910			1,120			33			128			3,641			7,269			118,186
Total						16,968			2,055			39			142			7,214			9,754		$	221,946
Company Share of Total						8,122			1,031			17			55			3,760			4,362		$	122,388
Company Weighted Average Ownership						48	%		50	%		44	%		39	%		52	%		45	%		55	%

(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)	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.
(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)	All lots at Longleaf at Callaway and certain lots at Callaway Gardens and Blalock Lakes are sold to a homebuilding venture, of which the Company is a joint venture partner. As a result of this relationship, the Company defers some or all profits until 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 December 31, 2009, 126 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
As of December 31, 2009

	Total
	Units		Units Sold		Units Sold		Total		Remaining		Cost
	Developed /		in Current		Year to		Units		Units to be		Basis
	Purchased		Quarter		Date		Sold		Sold		($000)
10 Terminus Place (1)		137		35		42		55		82	$	25,803
Atlanta, GA
60 North Market (2)		28		23		24		24		4		2,701
Asheville, NC
The Brownstones at Habersham (3)		14		—		14		14		—		—
Atlanta, GA
TOTAL CONSOLIDATED MULTI-FAMILY UNITS		179		58		80		93		86	$	28,504

(1)	The total units sold does not include four units that closed but do not qualify as a sale pursuant to accounting rules.
(2)	The Company had a mezzanine loan on 28 completed multi-family units and 9,224 square feet of for-sale retail space in downtown Asheville, North Carolina. The owner defaulted on the loan and the Company acquired the property in settlement of the loan in the third quarter of 2009. Units sold to-date are from that date forward, not from commencement of the project. During the fourth quarter of 2009, the commercial space was divided into four units and one unit was sold.
(3)	The Company sold the five undeveloped lots at this townhome development during the fourth quarter of 2009.

29

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF DECEMBER 31,2009
($ 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%)	$	40,000		100	%		8/29/2011	(2)		3.85	%(3)	$	40,000		$	—	$	40,000
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		27,287		100	%		11/1/2011			7.00	%		27,287					27,287
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		22,279		100	%		9/1/2010			8.27	%					22,279		22,279
LAKESHORE PARK PLAZA		17,903		100	%		8/1/2012			5.89	%					17,903		17,903
THE POINTS AT WATERVIEW		17,024		100	%		1/1/2016			5.66	%					17,024		17,024
600 UNIVERSITY PARK		12,536		100	%		8/10/2011			7.38	%					12,536		12,536
HANDY ROAD ASSOCIATES (PRIME + 0.5%)		3,340		50	%		3/31/2010			3.75	%					3,340		3,340
GLENMORE GARDEN VILLAS (LIBOR + 2.25%) ($13.5MM CONSTRUCTION LOANS)		8,674		50	%		10/3/2010			2.48	%		6,750	(6)		1,924		8,674
VARIOUS		165		100	%	VARIOUS			VARIOUS							165		165
TOTAL CONSOLIDATED		590,208								6.05	%		179,037			411,171		590,208		3.7
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		113,476		50	%		7/20/2010	(2)		1.38	%		26,220			30,518		56,738
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		76,762		50	%		6/6/2011	(2)		1.88	%		17,250			21,131		38,381
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		49,710		50	%		6/1/2013			5.90	%					24,855		24,855
THE AVENUE EAST COBB		35,451		11.5	%		8/1/2010			8.39	%					4,077		4,077
TEN PEACHTREE PLACE		27,341		50	%		4/1/2015			5.39	%					13,671		13,671
PINE MOUNTAIN BUILDERS (PRIME)		1,834		50	%		6/11/2011			3.25	%					917		917
TEMCO:
BENTWATER LINKS		3,061		50	%		5/23/2012			6.73	%					1,531		1,531
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		1,412		50	%		8/22/2010			4.75	%					706		706
WATERFORD PARK (PRIME + 1.5%)		1,263		50	%		5/8/2010			4.75	%					632		632
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		893		50	%		3/28/2011			2.48	%					447		447
TOTAL UNCONSOLIDATED		311,203								3.00	%		43,470			98,485		141,955		1.8
TOTAL ADJUSTED DEBT	$	901,411								5.46	%	$	222,507		$	509,656	$	732,163		3.3
INVESTMENT ENTITY DEBT (7)
CHARLOTTE GATEWAY VILLAGE	$	110,101		50	%		12/1/2016			6.41	%	$	—		$	55,051	$	55,051
CL REALTY:
STONEWALL ESTATES (PRIME)		195		25	%		5/31/2010			3.25	%					49		49
TOTAL INVESTMENT ENTITY DEBT		110,296								6.25	%		—			55,100		55,100		6.6
TOTAL	$	1,011,707								5.51	%	$	222,507		$	564,756	$	787,263		3.5

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	This loan may be extended at the venture’s option for one year, provided certain conditions are met.
(3)	The Company entered into two interest rate swaps that effectively fixed the interest rate on two $75 million tranches of the Company’s LIBOR-based floating rate debt at 2.995% and 2.69%, plus the applicable spreads. In October 2009, the Company terminated one of the swaps for a payment of $1.8 million and reduced the notational amount of the other swap to $40 million for a payment of $959,000. Concurrently the Company repaid $110 million of the Corporate Credit Facility outstanding balance. The rate at the end of the quarter represents the swapped rate plus 0.85%.
(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)	The Company consolidated the Glenmore Garden Villas entity in September 2009 and recorded the full balance outstanding under the loan as its obligation.
(7)	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
Fourth Quarter 2009 Compared to Third Quarter 2009
(in thousands, except percentages)

	Same Property
	Office									Retail							Total									Non-Same						All Properties
	Q3 2009			Q4 2009			%Change			Q3 2009		Q4 2009		%Change			Q3 2009			Q4 2009			%Change			Q3 2009			Q4 2009			Q3 2009			Q4 2009
RENTAL PROPERTY REVENUES	$	43,541		$	41,585					$	24,322	$	23,854				$	67,863		$	65,439					$	1,562		$	1,464		$	69,425		$	66,903
RENTAL PROPERTY OPERATING EXPENSES		17,786			17,844						8,683		7,876					26,469			25,720						806			795			27,275			26,515
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	25,755		$	23,741			-7.8	%	$	15,639	$	15,978		2.2	%	$	41,394		$	39,719			-4.0	%	$	756		$	669		$	42,150		$	40,388
RENTAL PROPERTY REVENUES	$	43,541		$	41,585					$	24,322	$	23,854				$	67,863		$	65,439					$	1,562		$	1,464		$	69,425		$	66,903
Less: STRAIGHT-LINE RENTS		1,365			1,437						571		639					1,936			2,076						26			293			1,962			2,369
AMORTIZATION OF LEASE INDUCEMENTS		(284	)		(283	)					6		0					(278	)		(283	)					(10	)		(10	)		(288	)		(293	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(20	)		7						0		0					(20	)		7						0			0			(20	)		7
CASH BASIS RENTAL PROPERTY REVENUES (1)		42,480			40,424						23,745		23,215					66,225			63,639						1,546			1,181			67,771			64,820
RENTAL PROPERTY OPERATING EXPENSES		17,786			17,844						8,683		7,876					26,469			25,720						806			795			27,275			26,515
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	24,694		$	22,580			-8.6	%	$	15,062	$	15,339		1.8	%	$	39,756		$	37,919			-4.6	%	$	740		$	386		$	40,496		$	38,305
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	43,541		$	41,585					$	24,322	$	23,854				$	67,863		$	65,439					$	1,562		$	1,464		$	69,425		$	66,903
RENTAL PROPERTY OPERATING EXPENSES		17,786			17,844						8,683		7,876					26,469			25,720						806			795			27,275			26,515
	$	25,755		$	23,741					$	15,639	$	15,978				$	41,394		$	39,719					$	756		$	669		$	42,150		$	40,388
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	21,230		$	19,862
DISCONTINUED OPERATIONS (3)																																	3			0
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	4,916			4,904
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	26,149			24,766
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	16,001			15,622
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	42,150		$	40,388

(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, amortization of lease inducements and amortization of acquired above and below market rents.
(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
Twelve Months 2009 Compared to Twelve Months 2008
(in thousands, except percentages)

	Same Property
	Office									Retail							Total									Non-Same						All Properties
	12M 2008			12M 2009			%Change			12M 2008		12M 2009		%Change			12M 2008			12M 2009			%Change			12M 2008			12M 2009			12M 2008			12M 2009
RENTAL PROPERTY REVENUES	$	116,891		$	115,898					$	80,007	$	74,912				$	196,898		$	190,810					$	64,218		$	81,539		$	261,116		$	272,349
RENTAL PROPERTY OPERATING EXPENSES		45,857			46,847						24,129		25,120					69,986			71,967						23,334			33,916			93,320			105,883
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	71,034		$	69,051			-2.8	%	$	55,878	$	49,792		-10.9	%	$	126,912		$	118,843			-6.4	%	$	40,884		$	47,623		$	167,796		$	166,466
RENTAL PROPERTY REVENUES	$	116,891		$	115,898					$	80,007	$	74,912				$	196,898		$	190,810					$	64,218		$	81,539		$	261,116		$	272,349
Less: STRAIGHT-LINE RENTS		827			1,473						1,187		1,096					2,014			2,569						7,916			6,562			9,930			9,131
AMORTIZATION OF LEASE INDUCEMENTS		(204	)		(215	)					150		146					(54	)		(69	)					(762	)		(749	)		(816	)		(818	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		18			17						0		0					18			17						(3,485	)		(68	)		(3,467	)		(51	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		116,250			114,623						78,670		73,670					194,920			188,293						60,549			75,794			255,469			264,087
RENTAL PROPERTY OPERATING EXPENSES		45,857			46,847						24,129		25,120					69,986			71,967						23,334			33,916			93,320			105,883
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	70,393		$	67,776			-3.7	%	$	54,541	$	48,550		-11.0	%	$	124,934		$	116,326			-6.9	%	$	37,215		$	41,878		$	162,149		$	158,204
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	116,891		$	115,898					$	80,007	$	74,912				$	196,898		$	190,810					$	64,218		$	81,539		$	261,116		$	272,349
RENTAL PROPERTY OPERATING EXPENSES		45,857			46,847						24,129		25,120					69,986			71,967						23,334			33,916			93,320			105,883
	$	71,034		$	69,051					$	55,878	$	49,792				$	126,912		$	118,843					$	40,884		$	47,623		$	167,796		$	166,466
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	90,787		$	83,224
DISCONTINUED OPERATIONS (3)																																	(611	)		(4	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	14,879			19,636
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	105,055			102,856
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	62,741			63,610
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	167,796		$	166,466

(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, amortization of lease inducements and amortization of acquired above and below market rents.
(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 3rd			2009 4th			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			1,884			1,881			5,159
	SECOND GENERATION BUILDING IMPROVEMENTS		1,017			1,066			834			1,363			2,995			1,066			2,624			8,048			2,855			3,030			182			2,458			8,525
			9,439			13,421			18,979			6,936			8,375			5,010			3,711			24,032			3,531			3,748			2,066			4,339			13,684
	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			656			707			2,744
	SECOND GENERATION BUILDING IMPROVEMENTS		1,015			1,066			834			1,363			2,995			1,066			2,624			8,048			2,855			3,030			182			2,458			8,525
			8,835			10,398			18,964			6,936			8,375			5,010			3,711			24,032			3,531			3,735			838			3,165			11,269
	RETAIL:
	SECOND GENERATION LEASING RELATED COSTS		602			3,023			15			0			0			0			0			0			0			13			1,228			1,174			2,415
	SECOND GENERATION BUILDING IMPROVEMENTS		2			0			0			0			0			0			0			0			0			0			0			0			0
			604			3,023			15			0			0			0			0			0			0			13			1,228			1,174			2,415
	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			2,066			4,339			13,684
(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			700,700			590,208			590,208
	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			198,501			197,055			197,055
	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			899,201			787,263			787,263
	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	)		(59,639	)		(55,100	)		(55,100	)
	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			839,562			732,163			732,163
	RECOURSE DEBT		196,824			226,855			205,658			328,106			337,110			392,422			491,603			491,603			502,396			580,939			334,658			222,507			222,507
	NON-RECOURSE DEBT		317,736			149,661			567,824			570,099			562,030			581,102			582,350			582,350			581,655			505,854			504,904			509,656			509,656
	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			839,562			732,163			732,163
(C)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
	OFFICE CONSOLIDATED PROPERTIES		26,024			30,065			45,738			15,323			16,232			16,492			17,683			65,730			13,742			15,207			15,143			13,137			57,229
	RETAIL CONSOLIDATED PROPERTIES		17,366			20,402			18,736			5,041			5,534			6,869			6,140			23,584			6,130			6,334			5,702			6,231			24,397
	INDUSTRIAL CONSOLIDATED PROPERTIES		0			405			1,949			465			359			384			334			1,542			355			369			400			444			1,568
	OTHER RENTAL OPERATIONS — CONSOLIDATED		1,023			203			82			39			(8	)		(49	)		(51	)		(69	)		(31	)		26			(15	)		50			30
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		44,413			51,075			66,505			20,868			22,117			23,696			24,106			90,787			20,196			21,936			21,230			19,862			83,224
	RENTAL PROPERTY REVENUES		72,402			85,032			112,645			34,307			36,700			38,337			38,050			147,394			37,509			37,095			38,632			36,553			149,789
	RENTAL PROPERTY OPERATING EXPENSES		(27,988	)		(33,955	)		(46,139	)		(13,439	)		(14,583	)		(14,641	)		(13,944	)		(56,607	)		(17,313	)		(15,159	)		(17,402	)		(16,691	)		(66,565	)
	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			21,230			19,862			83,224
(D)	INCOME FROM DISCONTINUED OPERATIONS:
	RENTAL PROPERTY REVENUES		28,132			23,766			836			3			6			6			20			35			(5	)		0			3			0			(2	)
	LEASE TERMINATION FEES & OTHER INCOME		302			3,155			112			2			0			0			20			22			0			0			0			0			0
	RENTAL PROPERTY OPERATING EXPENSES		(12,078	)		(10,257	)		(1,516	)		(238	)		(173	)		(299	)		42			(668	)		(2	)		0			0			0			(2	)
	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		16,356			16,664			(568	)		(233	)		(167	)		(293	)		82			(611	)		(7	)		0			3			0			(4	)
	INTEREST EXPENSE		0			0			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			0			0
	PROVISION FOR INCOME TAXES		(126	)		(2	)		0			0			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			0			0
	FUNDS FROM OPERATIONS		16,230			16,662			(593	)		(240	)		(173	)		(299	)		82			(630	)		(7	)		0			3			0			(4	)
	DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(10,316	)		(12,866	)		(821	)		(167	)		(168	)		(132	)		0			(467	)		0			0			0			0			0
	INCOME FROM DISCONTINUED OPERATIONS		5,914			3,796			(1,414	)		(407	)		(341	)		(431	)		82			(1,097	)		(7	)		0			3			0			(4	)

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 3rd			2009 4th			2009 YTD
(E)	CONSOLIDATED RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
	CONSOLIDATED:
	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			1,100			0			5,675
	LOT SALES		14,929			10,497			6,949			144			1,255			497			247			2,143			748			553			50			395			1,746
	TOTAL RESIDENTIAL AND OUTPARCEL SALES		21,933			17,285			9,949			1,744			1,255			3,747			247			6,993			2,548			3,328			1,150			395			7,421
	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			929			(39	)		3,758
	LOT COST OF SALES		10,767			7,620			5,825			101			857			218			140			1,316			512			373			50			330			1,265
	TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		16,404			12,752			7,808			946			832			1,917			81			3,776			1,730			2,023			979			291			5,023
	OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113			0			0			(55	)		58
	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			349			(6	)		1,185
	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			520			43			3,641
	SUMMARY — CONSOLIDATED:
	OUTPARCEL SALES NET OF COS — WHOLLY OWNED		1,367			1,656			1,017			755			25			1,551			59			2,390			582			1,125			171			39			1,917
	OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113			0			0			(55	)		58
	TRACT SALES NET OF COS — WHOLLY OWNED		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96			746			349			(6	)		1,185
	LOT SALES NET OF COS — WHOLLY OWNED		4,162			2,877			1,124			43			398			279			107			827			236			180			0			65			481
	TOTAL WHOLLY OWNED SALES, NET		21,012			18,881			15,302			4,534			5,579			3,161			554			13,828			1,027			2,051			520			43			3,641
	JOINT VENTURES:
	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			859			674			4,158
	TRACT SALES		6,218			14,235			1,355			0			931			2,660			567			4,158			617			0			5			36			658
	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			864			710			4,816
	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			648			659			3,627
	TRACT COST OF SALES		2,828			7,560			704			0			0			965			1			966			382			0			1			11			394
	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			649			670			4,021
	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			215			40			795
	SUMMARY — JOINT VENTURES:
	LOT SALES LESS COST OF SALES		10,479			8,217			1,822			121			237			182			255			795			95			210			211			15			531
	TRACT SALES LESS COST OF SALES		3,390			6,675			651			0			931			1,695			566			3,192			235			0			4			25			264
	RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		13,869			14,892			2,473			121			1,168			1,877			821			3,987			330			210			215			40			795
	TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		34,881			33,773			17,775			4,655			6,747			5,038			1,375			17,815			1,357			2,261			735			83			4,436
(F)	MULTI-FAMILY SALES AND COST OF SALES:
	CONSOLIDATED:
	MULTI-FAMILY SALES — CONSOLIDATED:
	MULTI-FAMILY SALES		11,233			23,134			20			0			0			5,459			2,985			8,444			0			1,185			9,228			20,428			30,841
	MULTI-FAMILY COST OF SALES		(9,405	)		(19,403	)		124			0			0			(4,715	)		(2,615	)		(7,330	)		0			(1,185	)		(7,372	)		(17,072	)		(25,629	)
	MULTI-FAMILY SALES — CONSOLIDATED, NET		1,828			3,731			144			0			0			744			370			1,114			0			0			1,856			3,356			5,212
	JOINT VENTURES:
	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			175			175
	MULTI-FAMILY COST OF SALES		(19,098	)		(46,562	)		(3,261	)		(3,122	)		(5,976	)		(10,976	)		(1,073	)		(21,147	)		0			0			0			(116	)		(116	)
	OTHER, NET		153			171			3,142			451			(422	)		(290	)		9			(252	)		(1	)		2			0			55			56
	MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			0			114			115
	TOTAL MULTI-FAMILY FFO		9,010			14,074			(41	)		650			(227	)		1,717			866			3,006			(1	)		2			1,856			3,470			5,327

34

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 3rd			2009 4th			2009 YTD
(G)	INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
	OFFICE PROPERTIES		23,173			18,629			7,006			1,779			1,834			1,804			2,056			7,473			2,925			3,077			3,074			2,975			12,051
	RETAIL PROPERTIES		1,664			6,215			4,822			1,741			1,734			1,877			2,054			7,406			1,913			1,901			1,842			1,929			7,585
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		24,837			24,844			11,828			3,520			3,568			3,681			4,110			14,879			4,838			4,978			4,916			4,904			19,636
	RESIDENTIAL LOT AND TRACT SALES, NET OF COST OF SALES		13,869			14,892			2,473			121			1,168			1,877			821			3,987			330			210			215			40			795
	MULTI-FAMILY SALES, NET OF COST OF SALES		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)		2			0			114			115
	INTEREST EXPENSE		(2,814	)		(3,534	)		(3,378	)		(1,125	)		(1,055	)		(1,147	)		(1,240	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)
	OTHER EXPENSE		4,804			(248	)		(1,252	)		1,042			258			(266	)		(662	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)
	IMPAIRMENT LOSS		0			0			0			0			0			0			(347	)		(347	)		0			(2,619	)		(21,563	)		0			(24,182	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(12	)		(5	)		(25	)		(26	)		(27	)		(1	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)
	FUNDS FROM OPERATIONS — UNCONSOLIDATED JOINT VENTURES		47,862			46,285			9,481			4,183			3,686			5,091			3,177			16,137			3,940			945			(17,744	)		3,962			(8,897	)
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		1,935			135,618			1,186			0			0			0			0			0			28			(16	)		0			0			12
	DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,842	)		(8,819	)		(4,571	)		(1,366	)		(1,447	)		(1,594	)		(2,009	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)
	NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		40,955			173,084			6,096			2,817			2,239			3,497			1,168			9,721			1,820			(1,231	)		(19,926	)		1,698			(17,639	)

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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 historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties.

     “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 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. Also during 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 2006. NAREIT-defined FFO includes losses on extinguishment of debt in the FFO calculation. The Company believes the charges in 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 Revenues Less Rental Property Operating Expenses excludes certain components from net income in order to provide

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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, amortization of lease inducements and amortization of acquired above and 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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