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

COUSINS PROPERTIES INCORPORATED

Quarterly Information Package

For the Quarter Ended December 31, 2010

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Operations	5
Funds From Operations	6
Condensed Consolidated Balance Sheets	7
Key Ratios and Supplemental Information	8
Net Income (Loss) and Funds From Operations — Supplemental Detail	9
Portfolio Listing	16
Same Property Information	18
Square Feet Expiring:
Office	19
Retail	20
Industrial	21
Top 25 Largest Tenants	22
Inventory of Land Held	23
Inventory of Residential Lots	25
Inventory of Multi-Family Units Held for Sale	27
Debt Outstanding	28
Reconciliations of Non-GAAP Financial Measures	29
Discussion of Non-GAAP Financial Measures	34

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, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions; leasing risks; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking 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 as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

News Release

FOR IMMEDIATE RELEASE

CONTACT:

Gregg D. Adzema	Cameron Golden
Executive Vice President and	Director of Investor Relations and
Chief Financial Officer	Corporate Communications
(404) 407-1116	(404) 407-1984
greggadzema@cousinsproperties.com	camerongolden@cousinsproperties.com

Web site address:www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER AND YEAR ENDED DECEMBER 31, 2010

Highlights:

• FFO Before Non-Cash Impairment and Separation Charges totaled $0.16 per share.

• Completed leasing totaling 491,000 square feet, reaching 2,994,000 square feet for 2010, a full year increase of 41% for office, 18% for retail and 16% for industrial.

• Sold $27.7 million of non-strategic assets for a 2010 total of $172.8 million.

• Invested $14.9 million in a new partnership owning four Publix-anchored shopping centers.

• Returned to an all cash dividend at an annualized rate of $0.18 per share.

     ATLANTA (February 7, 2011) —Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2010. Funds from Operations Available to Common Stockholders (“FFO”) was $10.0 million, or $0.10 per share, for the fourth quarter of 2010 compared with $7.3 million, or $0.07 per share, for the fourth quarter of 2009. FFO was $32.8 million, or $0.32 per share, for the year ended December 31, 2010 compared with $(92.0) million, or $(1.40) per share, for the same period in 2009.

     Net Loss Available to Common Stockholders (“Net Loss Available”) was $8.9 million, or $0.09 per share, for the fourth quarter of 2010 compared with $7.8 million, or $0.08 per share, for the fourth quarter of 2009. Net Loss Available was $27.5 million, or $0.27 per share, for the year ended December 31, 2010 compared with Net Income Available of $14.4 million, or $0.22 per share, for the same period in 2009.

     “The fourth quarter and year end results demonstrate the continued success of our strategic efforts to lease vacant space, sell non-core assets and improve our balance sheet,” said Larry Gellerstedt, CEO of Cousins. “I’m also pleased that we are beginning to find attractive investment opportunities; we look forward to carrying this momentum into 2011.”

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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 7, 2011

     FFO Before Non-Cash Impairment and Separation Charges (reconciled to FFO and Net Loss Available below) was $16.5 million, or $0.16 per share, for the fourth quarter of 2010. FFO Before Non-Cash Impairment, Swap Termination and Separation Charges (reconciled to FFO and Net Loss Available below) for the year ended December 31, 2010 was $49.4 million, or $0.49 per share.

	Three Months Ended						Year Ended
	December 31, 2010						December 31, 2010
	$(000)			Per Share			$(000)			Per Share
FFO Before Non-Cash Impairment, Swap	$	16,476		$	0.16		$	49,361		$	0.49
Termination and Separation Charges:
Impairment on Padre Island		(2,000	)					(2,000	)
Impairment on Handy Road Associates		(1,968	)					(1,968	)
Impairment on Pine Mountain Builders		(1,517	)					(1,517	)
Impairment on Creekside Oaks		(229	)					(229	)
Impairment on 60 North Market		—						(586	)
Swap Termination Payment		—						(9,235	)
Separation Charges		(742	)					(1,045	)
Total		(6,456	)		(0.06	)		(16,580	)		(0.16	)
FFO	$	10,020		$	0.10		$	32,781		$	0.32
Net Loss Available Before Non-Cash Impairment,
Swap Termination and Separation Charges		($2,474	)		($0.02	)		($10,900	)		($0.11	)
Non-Cash Impairment, Swap Termination and
Separation Charges		(6,456	)		(0.06	)		(16,580	)		(0.16	)
Net Loss Available		($8,930	)		($0.09	)		($27,480	)		($0.27	)

Fourth Quarter Activity:

• Invested $14.9 million in a joint venture with Watkins Retail Group that owns four Publix-anchored shopping centers in Florida and Tennessee.

• Sold 624 acres at the Summer Creek Ranch residential project in Texas (50% Cousins ownership) for $20.3 million, generating a gain for Cousins of approximately $3.4 million. Cousins’ previously impaired its investment in this venture by $3.0 million. This sale generated a $410,000 gain over the pre-impaired cost basis.

• Sold 8995 Westside Parkway, a 51,000-square-foot office building in Atlanta, Georgia, for $3.2 million, generating a gain of approximately $700,000.

• Sold 19 residential condominium units, leaving five units remaining for sale at year end.

• Modified and extended the mortgage loan secured by Terminus 100, reducing the principal balance by $40 million and the interest rate from 6.13% to 5.25%, extending the maturity to January 1, 2023 and eliminating the Company’s $5 million guarantee.

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2

CUZ Reports Fourth Quarter Results
Page 3
February 7, 2011

• Obtained a new mortgage loan secured by The Avenue East Cobb for $36.6 million at a fixed rate of 4.52% that matures in 2017. This loan replaced a $34.7 million loan at a fixed rate of 8.39% that matured earlier in 2010.

• Recorded impairments of $5.7 million on four residential investments.

• Recorded $742,000 of separation expenses related to staff reductions and retirement.

• Recovered $1.2 million in previously expensed predevelopment costs.

Subsequent to Quarter End:

• Entered into a contract to sell Jefferson Mill Business Park Building A, with an expected closing in the first quarter of 2011.

• Sold two residential condominium units and put two units under contract, leaving one residential condominium unit available for sale company wide.

     As of December 31, 2010, the office portfolio increased to 91% leased from 87% leased compared with December 31, 2009; retail climbed to 86% from 84% and industrial increased to 96% from 51%.

     The Condensed Consolidated Statements of Operations, 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 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 “Supplemental Information” and “SEC Filings” links on the “Investor Information & Filings” link of the Investor Relations page of the Company’s website at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1984.

     The Company will conduct a conference call at 2:00 p.m. (Eastern Time) on Tuesday, February 8, 2011, to discuss the results of the quarter ended December 31, 2010. The number to call for this interactive teleconference is (212) 231-2938. A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21507316. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q4 2010 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 and retail 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

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3

CUZ Reports Fourth Quarter Results
Page 4
February 7, 2011

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, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions; leasing risks; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report onForm 10-K for the year ended December 31, 2009. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

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4

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

	Three Months Ended						Years Ended
	December 31,						December 31,
	2010			2009			2010			2009
REVENUES:
Rental property revenues	$	36,475		$	34,112		$	143,472		$	139,504
Fee income		8,179			8,080			33,420			33,806
Multi-family residential unit sales		9,716			20,428			34,442			30,841
Residential lot and outparcel sales		1,178			395			15,943			7,421
Other		689			79			1,229			2,972
		56,237			63,094			228,506			214,544
COSTS AND EXPENSES:
Rental property operating expenses		13,801			16,122			58,973			63,382
Multi-family residential unit cost of sales		7,749			17,072			27,017			25,629
Residential lot and outparcel cost of sales		779			291			10,699			5,023
General and administrative expenses		9,501			5,402			36,149			33,948
Separation expenses		742			163			1,045			3,257
Reimbursed general and administrative expenses		3,773			3,269			15,304			15,506
Depreciation and amortization		17,501			12,922			59,111			53,350
Interest expense		8,411			9,610			37,180			39,888
Impairment loss		1,968			—			2,554			40,512
Other		(319	)		5,442			5,170			13,143
		63,906			70,293			253,202			293,638
LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS		—			(2,766	)		(9,827	)		(2,766	)
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(7,669	)		(9,965	)		(34,523	)		(81,860	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		(28	)		3,065			1,079			(4,341	)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		2,000			1,698			9,493			(17,639	)
Impairment loss on investment in unconsolidated joint ventures		—			—			—			(51,058	)
		2,000			1,698			9,493			(68,697	)
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(5,697	)		(5,202	)		(23,951	)		(154,898	)
GAIN (LOSS) ON SALE OF INVESTMENT PROPERTIES		63			(4	)		1,938			168,637
INCOME (LOSS) FROM CONTINUING OPERATIONS		(5,634	)		(5,206	)		(22,013	)		13,739
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		11			1,266			2,754			3,163
Gain on extinguishment of debt		—			—			—			12,498
Gain (loss) on sale of investment properties		654			(6	)		7,226			147
		665			1,260			9,980			15,808
NET INCOME (LOSS)		(4,969	)		(3,946	)		(12,033	)		29,547
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(734	)		(611	)		(2,540	)		(2,252	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		(5,703	)		(4,557	)		(14,573	)		27,295
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,225	)		(12,907	)		(12,907	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(8,930	)	$	(7,782	)	$	(27,480	)	$	14,388
PER COMMON SHARE INFORMATION — BASIC AND DILUTED:
Loss from continuing operations attributable to controlling interest	$	(0.09	)	$	(0.09	)	$	(0.37	)	$	(0.02	)
Income from discontinued operations		0.01			0.01			0.10			0.24
Net income (loss) available to common stockholders — basic and diluted	$	(0.09	)	$	(0.08	)	$	(0.27	)	$	0.22
WEIGHTED AVERAGE SHARES — BASIC AND DILUTED		102,761			99,155			101,440			65,495

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2010 AND 2009
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2010			2009			2010			2009
Net Income (Loss) Available to Common Stockholders	$	(8,930	)	$	(7,782	)	$	(27,480	)	$	14,388
Depreciation and amortization:
Consolidated properties		17,501			12,922			59,111			53,350
Discontinued properties		—			606			845			2,483
Share of unconsolidated joint ventures		2,586			2,276			9,683			8,800
Depreciation of non-real estate assets:
Consolidated properties		(414	)		(639	)		(1,884	)		(3,366	)
Discontinued properties		—			(4	)		(5	)		(16	)
Share of unconsolidated joint ventures		(5	)		(12	)		(22	)		(46	)
(Gain) loss on sale of investment properties:
Consolidated		(63	)		4			(1,938	)		(168,637	)
Discontinued properties		(654	)		6			(7,226	)		(147	)
Share of unconsolidated joint ventures		—			—			—			(12	)
Gain (loss) on sale of undepreciated investment properties		(1	)		(61	)		1,697			1,243
Funds From Operations Available to Common Stockholders	$	10,020		$	7,316		$	32,781		$	(91,960	)
Per Common Share — Basic and Diluted:
Net Income (Loss) Available	$	(.09	)	$	(.08	)	$	(.27	)	$	.22
Funds From Operations	$	.10		$	.07		$	.32		$	(1.40	)
Weighted Average Shares — Basic and Diluted		102,761			99,155			101,440			65,495

     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 (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable 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 along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

     Management believes that FFO before non-cash impairment, swap termination and separation charges provides analysts and investors with appropriate information related to its core operations and for comparability of the results of its operations with other real estate companies.

6

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

	December 31,
	2010			2009
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $274,925 and $233,091 in 2010 and 2009, respectively	$	898,119		$	1,006,760
Land held for investment or future development		123,879			137,233
Residential lots		63,403			62,825
Multi-family units held for sale		2,994			28,504
Total properties		1,088,395			1,235,322
CASH AND CASH EQUIVALENTS		7,599			9,464
RESTRICTED CASH		15,521			3,585
NOTES AND OTHER RECEIVABLES,net of allowance for doubtful accounts of $6,287 and $5,734 in 2010 and 2009, respectively		48,395			49,678
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		167,108			146,150
OTHER ASSETS		44,264			47,353
TOTAL ASSETS	$	1,371,282		$	1,491,552
LIABILITIES AND EQUITY
NOTES PAYABLE	$	509,509		$	590,208
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		32,388			56,577
DEFERRED GAIN		4,216			4,452
DEPOSITS AND DEFERRED INCOME		18,029			7,465
TOTAL LIABILITIES		564,142			658,702
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		14,289			12,591
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 2010 and 2009		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2010 and 2009		94,775			94,775
Common stock, $1 par value, 250,000,000 shares authorized, 106,961,959 and 103,352,382 shares issued in 2010 and 2009, respectively		106,962			103,352
Additional paid-in capital		684,551			662,216
Treasury stock at cost, 3,570,082 shares in 2010 and 2009		(86,840	)		(86,840	)
Accumulated other comprehensive loss on derivative instruments		—			(9,517	)
Distributions in excess of net income (loss)		(114,196	)		(51,402	)
TOTAL STOCKHOLDERS’ INVESTMENT		760,079			787,411
Nonredeemable noncontrolling interests		32,772			32,848
TOTAL EQUITY		792,851			820,259
TOTAL LIABILITIES AND EQUITY	$	1,371,282		$	1,491,552

7

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

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		217,441			17,673			7,590			160,571			(81,313	)		(57,088	)		(7,782	)		14,388			(1,573	)		(8,595	)		(8,382	)		(8,930	)		(27,480	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF CERTAIN DEBT		74,469			48,438			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980			7,895			886			10,020			32,781
		BASIC WEIGHTED AVERAGE COMMON SHARES		50,907			51,857			51,331			51,350			51,615			59,403			99,155			65,495			100,069			101,001			101,893			102,761			101,440
		DILUTED WEIGHTED AVERAGE COMMON SHARES		52,705			53,059			51,728			51,350			51,615			59,403			99,155			65,495			100,069			101,001			101,893			102,761			101,440
		NET INCOME (LOSS) PER COMMON SHARE — BASIC		4.27			0.34			0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22			(0.02	)		(0.09	)		(0.08	)		(0.09	)		(0.27	)
		NET INCOME (LOSS) PER COMMON SHARE — DILUTED		4.13			0.33			0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22			(0.02	)		(0.09	)		(0.08	)		(0.09	)		(0.27	)
		FFO PER COMMON SHARE — BASIC		1.46			0.93			1.19			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14			0.08			0.01			0.10			0.32
		FFO PER COMMON SHARE — DILUTED		1.41			0.91			1.18			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14			0.08			0.01			0.10			0.32
(A	)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)(2)		13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			2,530			8,600
		REGULAR COMMON DIVIDENDS:
		CASH		75,495			76,782			69,807			12,838			4,283			2,617			2,972			22,710			2,997			3,034			3,060			3,085			12,176
		COMMON STOCK		—			—			—			—			8,551			5,225			5,935			19,711			5,984			6,046			6,100			6,152			24,282
		SPECIAL COMMON DIVIDEND		175,470			—			—			—			—			—			—			—			—			—			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.36			0.25			0.25			0.15			0.09			0.74			0.09			0.09			0.09			0.09			0.36
		SPECIAL COMMON DIVIDEND PER SHARE		3.40			—			—			—			—			—			—			—			—			—			—			—			—
		COMMON STOCK PRICE AT PERIOD END		35.27			22.10			13.85			6.44			8.50			8.28			7.63			7.63			8.31			6.74			7.14			8.34			8.34
		NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		51,748			51,280			51,352			51,342			52,293			98,970			99,782			99,782			100,866			101,767			102,635			103,392			103,392
		PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		25.90			22.38			12.24			13.70			15.01			20.53			20.96			20.96			23.04			23.00			24.88			24.80			24.80
		NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			2,993			2,993			2,993			2,993			2,993			2,993			2,993			2,993			2,993			2,993			2,993
		PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		25.53			20.59			12.00			13.16			14.73			19.53			20.90			20.90			21.97			21.49			24.40			24.80			24.80
		NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		4,000			4,000			3,791			3,791			3,791			3,791			3,791			3,791			3,791			3,791			3,791			3,791			3,791
		COMMON EQUITY MARKET CAPITALIZATION		1,825,152			1,133,288			711,225			330,642			444,491			819,472			761,337			761,337			838,196			685,910			732,814			862,289			862,289
		PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			166,966			168,243			168,243
(B	)	ADJUSTED DEBT (1)		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744			686,833			616,566			633,319			633,319
		TOTAL MARKET CAPITALIZATION		2,407,388			2,078,650			1,867,304			1,505,587			1,632,050			1,794,518			1,635,465			1,635,465			1,713,187			1,523,051			1,516,346			1,663,851			1,663,851
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		16	%		37	%		58	%		72	%		67	%		47	%		45	%		45	%		42	%		45	%		41	%		38	%		38	%
(B	)	RECOURSE DEBT (1)		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			127,457			167,258			167,258
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		10	%		26	%		33	%		36	%		19	%		14	%		14	%		13	%		13	%		8	%		10	%		10	%
		COMMON EQUITY MARKET CAPITALIZATION		1,825,152			1,133,288			711,225			330,642			444,491			819,472			761,337			761,337			838,196			685,910			732,814			862,289			862,289
		PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			166,966			168,243			168,243
(B	)	TOTAL DEBT (INCLUDING SHARE OF JV’S) (1)		487,234			846,355			1,139,113			1,147,217			1,148,294			899,201			787,263			787,263			776,229			738,668			666,754			681,834			681,834
		TOTAL MARKET CAPITALIZATION		2,518,106			2,151,523			1,932,464			1,568,753			1,693,551			1,854,157			1,690,565			1,690,565			1,766,672			1,574,886			1,566,534			1,712,366			1,712,366
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		19	%		39	%		59	%		73	%		68	%		49	%		47	%		47	%		44	%		47	%		43	%		40	%		40	%
		VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
		LEVERAGE RATIO		29	%		45	%		51	%		54	%		52	%		41	%		40	%		40	%		41	%		40	%		38	%		39	%		39	%
		COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		55	%		55	%		55	%		55	%		55	%
		FIXED CHARGES RATIO		2.4			2.5			2.2			2.1			2.0			1.8			1.7			1.7			1.9			1.7			1.8			1.8			1.8
		COVENANT REQUIREMENT — NO LESS THAN		1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.3			1.3			1.3			1.3			1.3

8

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
		CONSOLIDATED ENTITY FFO AND NET INCOME (LOSS):
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
(C	)	CONSOLIDATED PROPERTIES (1):
		TERMINUS 100		0			5,000			16,386			3,311			4,750			3,478			2,952			14,491			3,720			3,731			3,635			3,695			14,781
		191 PEACHTREE		1,964			9,349			11,339			789			1,561			2,432			1,943			6,725			2,845			2,793			2,830			4,155			12,623
		AMERICAN CANCER SOCIETY CENTER		11,774			11,959			14,547			3,791			3,151			3,449			2,671			13,062			2,675			2,736			2,796			2,611			10,818
		ONE GEORGIA CENTER		(219	)		(109	)		2,650			1,039			1,039			1,100			1,127			4,305			1,029			1,025			1,027			1,020			4,101
		MERIDIAN MARK PLAZA		4,475			4,339			4,504			958			972			947			945			3,822			917			924			910			935			3,686
		LAKESHORE PARK PLAZA		922			1,794			2,141			567			545			540			534			2,186			561			521			527			594			2,203
		555 NORTH POINT CENTER EAST		1,771			1,882			1,989			501			531			528			503			2,063			482			539			505			512			2,038
		THE POINTS AT WATERVIEW		2,124			2,179			2,127			509			515			536			490			2,050			460			540			447			480			1,927
		200 NORTH POINT CENTER EAST		839			1,490			1,484			378			393			423			412			1,606			417			415			422			419			1,673
		333 NORTH POINT CENTER EAST		1,183			1,287			1,449			417			426			426			416			1,685			406			422			352			395			1,575
		600 UNIVERSITY PARK PLACE		1,107			1,557			1,679			394			394			396			369			1,553			418			349			322			437			1,526
		100 NORTH POINT CENTER EAST		1,035			1,320			1,529			391			423			361			216			1,391			319			459			373			373			1,524
		INHIBITEX		917			912			910			220			226			225			225			896			224			222			225			225			896
		COSMOPOLITAN CENTER		13			341			459			139			129			138			148			554			115			126			110			164			515
		221 PEACHTREE CENTER GARAGE		0			510			639			124			103			157			81			465			100			102			152			140			494
		GALLERIA 75		897			649			591			22			67			65			107			261			55			87			63			114			319
		SUBTOTAL — OFFICE CONSOLIDATED		28,802			44,460			64,423			13,550			15,225			15,201			13,139			57,115			14,743			14,991			14,696			16,269			60,699
(G	)	JOINT VENTURE PROPERTIES (1):
		PALISADES WEST — BUILDINGS 1 AND 2		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			1,223			1,334			5,012
		EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,586			3,601			3,623			909			930			902			875			3,616			894			904			963			918			3,679
		TEN PEACHTREE PLACE		2,239			2,020			2,099			526			541			561			557			2,185			571			583			582			578			2,314
		GATEWAY VILLAGE — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			302			302			1,208
		PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16			12			19			15			62
		TERMINUS 200		0			0			115			21			17			20			0			58			0			(60	)		50			29			19
		OTHER — CP VENTURE TWO		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0			0			0
		OTHER		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(18	)		(18	)		(52	)
		SUBTOTAL — OFFICE JOINT VENTURE		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976			2,987			3,121			3,158			12,242
		SUBTOTAL — OFFICE CONSOLIDATED & JOINT VENTURE		47,431			51,466			71,896			16,475			18,302			18,275			16,114			69,166			17,719			17,978			17,817			19,427			72,941
		RETAIL:
(C	)	CONSOLIDATED PROPERTIES (1):
		THE AVENUE FORSYTH		0			0			2,527			1,025			955			821			896			3,697			1,588			1,458			1,638			1,551			6,235
		THE AVENUE WEBB GIN		1,653			5,558			5,967			1,469			1,503			1,307			1,304			5,583			1,484			1,214			1,307			1,290			5,295
		THE AVENUE CARRIAGE CROSSING		5,835			6,774			6,714			1,140			1,255			955			1,450			4,800			1,082			1,503			1,396			1,257			5,238
		TIFFANY SPRINGS MARKETCENTER		0			0			1,257			803			900			919			707			3,329			741			817			835			918			3,311
		PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		9,068			(45	)		30			0			0			0			0			0			0			0			0			0			0
		SUBTOTAL — RETAIL CONSOLIDATED		16,556			12,287			16,495			4,437			4,613			4,002			4,357			17,409			4,895			4,992			5,176			5,016			20,079
(G	)	JOINT VENTURE PROPERTIES (1):
		THE AVENUE MURFREESBORO		0			554			3,413			937			948			1,011			1,099			3,995			1,071			1,117			1,082			1,135			4,405
		THE AVENUE EAST COBB		1,382			723			710			176			168			176			141			661			154			161			167			152			634
		GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			138			135			551
		THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			131			116			531
		NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			129			146			513
		THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			125			133			493
		THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			118			96			437
		LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			52			72			220
		VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			51			52			201
		MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0			0			0
		SUBTOTAL — RETAIL JOINT VENTURE		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			1,993			2,037			7,985
		SUBTOTAL — RETAIL CONSOLIDATED & JOINT VENTURE		22,771			17,109			23,901			6,350			6,514			5,844			6,286			24,994			6,871			6,971			7,169			7,053			28,064

9

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

			2006		2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (Continued):
(C	)	INDUSTRIAL (1):
		KING MILL — BUILDING 3		405		1,155			923			236			236			283			292			1,047			339			418			470			558			1,785
		LAKESIDE RANCH — BUILDING 20		0		794			768			176			190			164			197			727			247			263			360			395			1,265
		JEFFERSON MILL — BUILDING A		0		0			(149	)		(57	)		(57	)		(47	)		(45	)		(206	)		(53	)		(66	)		262			432			575
		SUBTOTAL INDUSTRIAL CONSOLIDATED		405		1,949			1,542			355			369			400			444			1,568			533			615			1,092			1,385			3,625
(C	)	OTHER RENTAL OPERATIONS (1):
		OTHER		206		82			(69	)		(31	)		26			(15	)		50			30			18			59			15			4			96
		SUBTOTAL OTHER CONSOLIDATED		206		82			(69	)		(31	)		26			(15	)		50			30			18			59			15			4			96
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		70,814		70,606			97,270			23,149			25,211			24,504			22,894			95,758			25,141			25,623			26,093			27,869			104,726
(D	)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1)
		SAN JOSE MARKETCENTER		3,844		6,450			7,089			1,693			1,721			1,700			1,874			6,988			1,883			1,743			86			1			3,713
		8995 WESTSIDE PARKWAY		1,262		1,278			1,307			192			(18	)		(58	)		(2	)		114			(43	)		(58	)		(53	)		5			(149	)
		OTHER		16,666		(568	)		(611	)		(7	)		0			3			0			(4	)		0			0			0			0			0
		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,772		7,160			7,785			1,878			1,703			1,645			1,872			7,098			1,840			1,685			33			6			3,564
(E	)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES (1):
		LOT SALES NET OF COST OF SALES — CONSOLIDATED		2,877		1,124			827			236			180			0			65			481			130			41			81			322			574
		LOT SALES NET OF COST OF SALES — JOINT VENTURES		8,217		1,822			795			95			210			211			15			531			520			458			397			497			1,872
		TOTAL LOT SALES NET OF COS		11,094		2,946			1,622			331			390			211			80			1,012			650			499			478			819			2,446
		OUTPARCEL SALES NET OF COST OF SALES — CONSOLIDATED		1,656		1,017			2,390			582			1,125			171			39			1,917			4,593			0			0			77			4,670
		OUTPARCEL SALES NET OF COST OF SALES — JOINT VENTURES		0		0			0			0			0			0			0			0			86			0			(4	)		0			82
		TOTAL OUTPARCEL SALES NET OF COS		1,656		1,017			2,390			582			1,125			171			39			1,917			4,679			0			(4	)		77			4,752
		TRACT SALES NET OF COST OF SALES — CONSOLIDATED		2,481		4,977			9,204			96			746			349			(6	)		1,185			697			1,002			(1	)		(1	)		1,697
		TRACT SALES NET OF COST OF SALES — JOINT VENTURES		6,675		651			3,192			235			0			4			25			264			46			102			2			3,457			3,607
		TOTAL TRACT SALES NET OF COS		9,156		5,628			12,396			331			746			353			19			1,449			743			1,104			1			3,456			5,304
		OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — CONSOLIDATED		11,867		8,184			1,407			113			0			0			(55	)		58			0			0			0			0			0
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		11,867		8,184			1,407			113			0			0			(55	)		58			0			0			0			0			0
		TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES		33,773		17,775			17,815			1,357			2,261			735			83			4,436			6,072			1,603			475			4,352			12,502
(F	)	MULTI-FAMILY SALES, NET OF COST OF SALES (1):
		MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED		3,731		144			1,114			0			0			1,856			3,356			5,212			2,176			1,835			1,447			1,967			7,425
		MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES		10,343		(185	)		1,892			(1	)		2			0			114			115			117			45			165			146			473
		TOTAL MULTI-FAMILY FFO		14,074		(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			1,612			2,113			7,898
		DEVELOPMENT INCOME
		DEVELOPMENT FEES — COUSINS PROPERTIES SERVICES (3)		468		446			452			150			73			136			181			540			109			158			170			284			721
		DEVELOPMENT FEES — OTHER		4,117		5,435			17,306			795			810			755			459			2,819			496			815			841			667			2,819
		TOTAL DEVELOPMENT INCOME		4,585		5,881			17,758			945			883			891			640			3,359			605			973			1,011			951			3,540
		MANAGEMENT FEES
		MANAGEMENT FEES — COUSINS PROPERTIES SERVICES (3)		14,625		17,202			16,929			4,293			4,275			3,931			3,416			15,915			3,690			3,438			3,239			3,173			13,540
		MANAGEMENT FEES — OTHER		9,812		7,580			8,475			2,313			2,162			2,224			2,029			8,728			2,748			2,003			2,175			2,447			9,373
		TOTAL MANAGEMENT FEES		24,437		24,782			25,404			6,606			6,437			6,155			5,445			24,643			6,438			5,441			5,414			5,620			22,913
		LEASING & OTHER FEES
		LEASING & OTHER FEES — COUSINS PROPERTIES SERVICES (3)		5,496		5,290			3,539			493			613			2,365			1,539			5,010			855			763			1,192			1,389			4,199
		LEASING & OTHER FEES — OTHER		947		361			961			0			239			99			456			794			440			1,036			1,073			219			2,768
		TOTAL LEASING & OTHER FEES		6,443		5,651			4,500			493			852			2,464			1,995			5,804			1,295			1,799			2,265			1,608			6,967

10

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
		TERMINATION FEES		631			5,193			407			359			1,097			261			0			1,717			8			33			26			447			514
		INTEREST INCOME & OTHER:
		CONTINUING OPERATIONS		988			1,374			3,742			620			142			414			79			1,255			116			138			219			242			715
		DISCONTINUED OPERATIONS		(246	)		(138	)		9			7			46			0			0			53			0			19			11			5			35
		TOTAL INTEREST INCOME & OTHER		742			1,236			3,751			627			188			414			79			1,308			116			157			230			247			750
		GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		0			0			0			0			12,498			0			(2,766	)		9,732			(592	)		0			(9,235	)		0			(9,827	)
		GENERAL & ADMINISTRATIVE EXPENSES:
		GENERAL & ADMINISTRATIVE EXPENSES		(34,677	)		(31,260	)		(29,985	)		(7,607	)		(8,082	)		(6,556	)		(3,953	)		(26,198	)		(8,017	)		(6,763	)		(6,172	)		(7,565	)		(28,517	)
		GENERAL & ADMINISTRATIVE EXPENSES — COUSINS PROPERTIES SERVICES (3)		(7,859	)		(9,383	)		(7,589	)		(1,779	)		(1,835	)		(2,593	)		(1,417	)		(7,624	)		(1,901	)		(1,795	)		(1,906	)		(1,904	)		(7,506	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(7,129	)		(5,783	)		(5,207	)		(1,452	)		(1,334	)		(1,389	)		(1,203	)		(5,378	)		(1,859	)		(1,203	)		(1,337	)		(1,610	)		(6,009	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES -COUSINS PROPERTIES SERVICES (3)		(8,927	)		(11,384	)		(11,072	)		(2,776	)		(2,696	)		(2,590	)		(2,066	)		(10,128	)		(2,559	)		(2,388	)		(2,185	)		(2,163	)		(9,295	)
		COMMISSION ON DEVELOPMENT FEE		0			0			(3,414	)		(32	)		(31	)		(31	)		(32	)		(126	)		(32	)		(31	)		(31	)		(32	)		(126	)
		SEPARATION EXPENSES		0			0			(1,186	)		(344	)		(2,026	)		(724	)		(163	)		(3,257	)		(68	)		(33	)		(202	)		(742	)		(1,045	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(58,592	)		(57,810	)		(58,453	)		(13,990	)		(16,004	)		(13,883	)		(8,834	)		(52,711	)		(14,436	)		(12,213	)		(11,833	)		(14,016	)		(52,498	)
		INTEREST EXPENSE:
		CONSOLIDATED DEBT:
		TERMINUS 100		0			(2,358	)		(11,203	)		(2,802	)		(2,802	)		(2,802	)		(2,802	)		(11,208	)		(2,802	)		(2,802	)		(2,802	)		(2,729	)		(11,135	)
		THE AMERICAN CANCER SOCIETY CENTER		0			(3,027	)		(9,007	)		(2,215	)		(2,240	)		(2,264	)		(2,263	)		(8,982	)		(2,215	)		(2,240	)		(2,263	)		(2,264	)		(8,982	)
		CREDIT FACILITY		(10,855	)		(11,322	)		(8,129	)		(2,407	)		(2,666	)		(2,605	)		(921	)		(8,599	)		(1,037	)		(1,277	)		(1,528	)		(1,393	)		(5,235	)
		UNSECURED TERM LOAN		0			(1,977	)		(5,952	)		(1,387	)		(1,647	)		(1,552	)		(1,506	)		(6,092	)		(1,616	)		(1,866	)		(56	)		0			(3,538	)
		333 & 555 NORTH POINT CENTER		(2,121	)		(2,072	)		(2,020	)		(496	)		(494	)		(490	)		(486	)		(1,966	)		(482	)		(479	)		(475	)		(470	)		(1,906	)
		MERIDIAN MARK PLAZA		(1,991	)		(1,959	)		(1,923	)		(475	)		(473	)		(470	)		(468	)		(1,886	)		(465	)		(462	)		(425	)		(411	)		(1,763	)
		LAKESHORE PARK PLAZA		(631	)		(612	)		(788	)		(285	)		(284	)		(282	)		(281	)		(1,132	)		(280	)		(278	)		(278	)		(276	)		(1,112	)
		THE POINTS AT WATERVIEW		(1,051	)		(1,070	)		(1,029	)		(254	)		(252	)		(251	)		(250	)		(1,007	)		(248	)		(247	)		(245	)		(243	)		(983	)
		600 UNIVERSITY PARK		(995	)		(983	)		(966	)		(239	)		(238	)		(237	)		(236	)		(950	)		(235	)		(234	)		(232	)		(232	)		(933	)
		100 NORTH POINT CENTER EAST		(932	)		(780	)		(681	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)
		200 NORTH POINT CENTER EAST		(826	)		(736	)		(680	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)
		OTHER		(12,270	)		(5,263	)		(5,667	)		(1,356	)		(379	)		(99	)		(111	)		(1,945	)		(61	)		(61	)		(58	)		(55	)		(235	)
		CAPITALIZED		20,553			23,343			14,894			1,826			1,255			599			56			3,736			0			0			0			0			0
		SUBTOTAL — CONSOLIDATED		(11,119	)		(8,816	)		(33,151	)		(10,430	)		(10,560	)		(10,793	)		(9,610	)		(41,393	)		(9,781	)		(10,286	)		(8,702	)		(8,411	)		(37,180	)
(G	)	JOINT VENTURE DEBT (1):
		EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(367	)		(365	)		(1,472	)
		THE AVENUE MURFREESBORO		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(489	)		(472	)		(1,409	)
		TEN PEACHTREE PLACE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(188	)		(186	)		(752	)
		THE AVENUE EAST COBB		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(57	)		(22	)		(246	)
		MSREF/TERMINUS 200		0			0			0			0			0			0			0			0			0			(3	)		(34	)		(118	)		(155	)
		TEMCO ASSOCIATES		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(27	)		(29	)		(109	)
		CL REALTY		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(25	)		(27	)		(109	)
		OTHER		(369	)		0			(92	)		(51	)		(51	)		(28	)		0			(130	)		0			0			0			0			0
		SUBTOTAL — JOINT VENTURE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)
		TOTAL INTEREST EXPENSE		(14,653	)		(12,194	)		(37,718	)		(11,475	)		(11,583	)		(11,751	)		(10,519	)		(45,328	)		(10,680	)		(11,233	)		(9,889	)		(9,630	)		(41,432	)
		OTHER EXPENSES — CONTINUING OPERATIONS — CONSOLIDATED:
		PROPERTY TAXES & OTHER HOLDING COSTS		(524	)		(579	)		(1,482	)		(681	)		(1,095	)		(1,634	)		(1,420	)		(4,830	)		(825	)		(1,029	)		(860	)		(732	)		(3,446	)
		PREDEVELOPMENT & OTHER		(2,287	)		(2,689	)		(4,567	)		(865	)		(3,337	)		(89	)		(4,022	)		(8,313	)		(503	)		(2,168	)		(104	)		1,051			(1,724	)
		NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(4,130	)		(1,656	)		(2,378	)		(412	)		(698	)		(531	)		(611	)		(2,252	)		(526	)		(584	)		(696	)		(734	)		(2,540	)
		IMPAIRMENT LOSS — CONSOLIDATED		0			0			(2,100	)		0			(36,500	)		(4,012	)		0			(40,512	)		0			(586	)		0			(1,968	)		(2,554	)
		IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			(28,130	)		(22,928	)		0			(51,058	)		0			0			0			0			0
		TOTAL OTHER EXPENSES		(6,941	)		(4,924	)		(10,527	)		(1,958	)		(69,760	)		(29,194	)		(6,053	)		(106,965	)		(1,854	)		(4,367	)		(1,660	)		(2,383	)		(10,264	)

11

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
(G	)	OTHER EXPENSES — JOINT VENTURES (1):
		IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0			(3,746	)		(3,746	)
		OTHER INCOME (EXPENSE), NET		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			42			256			913
		TOTAL OTHER EXPENSES — JOINT VENTURES		(248	)		(1,252	)		25			(172	)		(3,208	)		(21,906	)		(175	)		(25,461	)		392			223			42			(3,490	)		(2,833	)
		INCOME TAX (PROVISION)/BENEFIT:
		BENEFIT (PROVISION) FROM CONTINUING OPERATIONS		(4,193	)		4,423			8,770			3,941			(11,293	)		(54	)		3,065			(4,341	)		1,146			(14	)		(25	)		(28	)		1,079
(D	)	DISCONTINUED OPERATIONS (1)		(2	)		0			0			0			0			0			0			0			0			0			0			0			0
		TOTAL INCOME TAX (PROVISION)/BENEFIT		(4,195	)		4,423			8,770			3,941			(11,293	)		(54	)		3,065			(4,341	)		1,146			(14	)		(25	)		(28	)		1,079
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,840	)		(2,752	)		(3,710	)		(964	)		(934	)		(829	)		(639	)		(3,366	)		(567	)		(462	)		(441	)		(414	)		(1,884	)
(D	)	DISCONTINUED OPERATIONS (1)		(71	)		(41	)		(33	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(1	)		0			0			(5	)
(G	)	JOINT VENTURES (1)		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(6	)		(5	)		(22	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,923	)		(2,798	)		(3,822	)		(978	)		(952	)		(843	)		(655	)		(3,428	)		(577	)		(468	)		(447	)		(419	)		(1,911	)
		PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(14,957	)		(3,227	)		(3,227	)		(3,228	)		(3,225	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF CERTAIN DEBT		74,469			48,438			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980			7,895			886			10,020			32,781
		LOSS ON EXTINGUISHMENT OF DEBT ASSOCIATED WITH PROPERTY SALES		(18,207	)		0			0			0			0			0			0			0			0			0			0			0			0
		FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		56,262			48,438			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980			7,895			886			10,020			32,781
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
		CONTINUING OPERATIONS		3,012			5,535			10,799			167,434			801			406			(4	)		168,637			756			1,061			58			63			1,938
(E	)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (1)		(14,348	)		(13,161	)		(10,611	)		(209	)		(746	)		(349	)		61			(1,243	)		(697	)		(1,002	)		1			1			(1,697	)
		DISCONTINUED OPERATIONS		86,495			18,095			2,472			0			146			7			(6	)		147			0			0			6,572			654			7,226
(G	)	JOINT VENTURES (1)		135,618			1,186			0			28			(16	)		0			0			12			0			0			0			0			0
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		210,777			11,655			2,660			167,253			185			64			51			167,553			59			59			6,631			718			7,467
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
		CONSOLIDATED		(26,282	)		(34,635	)		(46,561	)		(11,427	)		(13,839	)		(12,435	)		(12,283	)		(49,984	)		(12,724	)		(13,880	)		(13,536	)		(17,087	)		(57,227	)
(D	)	DISCONTINUED OPERATIONS (1)		(14,497	)		(3,214	)		(3,107	)		(661	)		(604	)		(600	)		(602	)		(2,467	)		(600	)		(221	)		(19	)		0			(840	)
(G	)	JOINT VENTURES (1)		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)		(2,448	)		(2,344	)		(2,581	)		(9,661	)
		TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(49,598	)		(42,420	)		(56,084	)		(14,236	)		(16,603	)		(15,217	)		(15,149	)		(61,205	)		(15,612	)		(16,549	)		(15,899	)		(19,668	)		(67,728	)
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		217,441			17,673			7,590			160,571			(81,313	)		(57,088	)		(7,782	)		14,388			(1,573	)		(8,595	)		(8,382	)		(8,930	)		(27,480	)

12

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
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	%
RETAIL PORTFOLIO		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16			12			19			15			62
OTHER		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0			0			0
SUBTOTAL OFFICE		263			115			87			13			15			20			15			63			16			12			19			15			62
RETAIL:
GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			138			135			551
NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			129			146			513
LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			52			72			220
MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0			0			0
SUBTOTAL RETAIL		1,713			1,541			1,417			343			350			237			265			1,195			303			309			319			353			1,284
TOTAL REVENUES LESS OPERATING EXPENSES		1,976			1,656			1,504			356			365			257			280			1,258			319			321			338			368			1,346
INTEREST EXPENSE		(231	)		0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		(20	)		(2	)		0			0			(2	)		38			4			40			20			5			0			0			25
FUNDS FROM OPERATIONS		1,725			1,654			1,504			356			363			295			284			1,298			339			326			338			368			1,371
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(670	)		(477	)		(549	)		(107	)		(109	)		(106	)		(106	)		(428	)		(105	)		(115	)		(114	)		(116	)		(450	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		736			1,224			0			12			0						0			12			0			0			0			0			0
NET INCOME		1,791			2,401			955			261			254			189			178			882			234			211			224			252			921
COUSINS’ SHARE OF CP VENTURE FIVE:		40.63	%		11.50	%		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		1,382			723			710			176			168			176			141			661			154			161			167			152			634
THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			131			116			531
THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			125			133			493
THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			118			96			437
VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			51			52			201
TOTAL REVENUES LESS OPERATING EXPENSES		4,502			2,727			2,576			633			603			594			565			2,395			602			553			592			549			2,296
INTEREST EXPENSE		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(57	)		(22	)		(246	)
OTHER, NET		(19	)		76			23			0			0			6			29			35			7			(1	)		21			0			27
FUNDS FROM OPERATIONS		3,849			2,453			2,254			548			518			516			510			2,092			525			469			556			527			2,077
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,018	)		(1,205	)		(1,203	)		(271	)		(207	)		(238	)		(234	)		(950	)		(236	)		(267	)		(208	)		(332	)		(1,043	)
NET INCOME		1,831			1,248			1,051			277			311			278			276			1,142			289			202			348			195			1,034
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,239			2,020			2,099			526			541			561			557			2,185			571			583			582			578			2,314
INTEREST EXPENSE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(188	)		(186	)		(752	)
FUNDS FROM OPERATIONS		1,433			1,226			1,318			333			349			369			367			1,418			382			394			394			392			1,562
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,060	)		(1,052	)		(1,044	)		(260	)		(261	)		(260	)		(262	)		(1,043	)		(264	)		(264	)		(264	)		(264	)		(1,056	)
NET INCOME		373			174			274			73			88			109			105			375			118			130			130			128			506
COUSINS’ SHARE OF GATEWAY VILLAGE (5):
FUNDS FROM OPERATIONS — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			302			302			1,208
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)
NET INCOME		1,176			1,176			1,176			294			294			294			294			1,176			294			294			294			294			1,176

13

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
COUSINS’ SHARE OF CRAWFORD LONG — CPI:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,586			3,601			3,623			909			930			902			875			3,616			894			904			963			918			3,679
OTHER, NET		0			0			0			0			0			1			0			1			0			0			0			0			0
INTEREST EXPENSE		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(367	)		(365	)		(1,472	)
FUNDS FROM OPERATIONS		2,007			2,047			2,094			531			554			528			502			2,115			523			535			596			553			2,207
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,468	)		(1,352	)		(1,287	)		(312	)		(307	)		(303	)		(304	)		(1,226	)		(300	)		(342	)		(297	)		(299	)		(1,238	)
NET INCOME		539			695			807			219			247			226			198			890			223			193			299			254			969
COUSINS’ SHARE OF AVENUE MURFREESBORO:					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			554			3,413			937			948			1,011			1,099			3,995			1,071			1,117			1,082			1,135			4,405
OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			(4	)		0			82
OTHER, NET		0			0			27			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(489	)		(472	)		(1,409	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(4	)		(16	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(5	)		(6	)		(5	)		(21	)
FUNDS FROM OPERATIONS		0			108			1,982			708			727			786			893			3,114			955			861			583			658			3,057
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(310	)		(1,946	)		(618	)		(638	)		(637	)		(682	)		(2,575	)		(689	)		(726	)		(672	)		(690	)		(2,777	)
NET INCOME (LOSS)		0			(202	)		36			90			89			149			211			539			266			135			(89	)		(32	)		280
COUSINS’ SHARE OF PALISADES WEST LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			1,223			1,334			5,012
FUNDS FROM OPERATIONS		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			1,223			1,334			5,012
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(170	)		(532	)		(586	)		(610	)		(652	)		(2,380	)		(670	)		(678	)		(679	)		(720	)		(2,747	)
NET INCOME (LOSS)		(11	)		127			257			640			690			677			581			2,588			545			562			544			614			2,265
COUSINS’ SHARE OF MSREF/TERMINUS 200 LLC:																													20	%		20	%		20	%		20	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			(60	)		50			29			19
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(3	)		(34	)		(118	)		(155	)
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			(63	)		16			(89	)		(136	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(33	)		(87	)		(137	)		(257	)
NET INCOME (LOSS)		0			0			0			0			0			0			0			0			0			(96	)		(71	)		(226	)		(393	)
COUSINS’ SHARE OF TERMINUS 200 LLC:					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			115			21			17			20			0			58			0			0			0			0			0
OTHER, NET		0			(193	)		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
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			(20,932	)		0			(20,932	)		0			0			0			0			0
FUNDS FROM OPERATIONS		0			(193	)		115			21			17			(20,912	)		0			(20,874	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(121	)		(30	)		(30	)		(20	)		0			(80	)		0			0			0			0			0
NET INCOME (LOSS)		0			(193	)		(6	)		(9	)		(13	)		(20,932	)		0			(20,954	)		0			0			0			0			0
COUSINS’ SHARE OF 50 BISCAYNE, LLC:		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		10,172			(3,327	)		2,144			0			0			0			59			59			123			0			(3	)		3			123
OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			168			143			350
FUNDS FROM OPERATIONS & NET INCOME (LOSS)		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			146			473
COUSINS’ SHARE OF OTHER:
REVENUES LESS OPERATING EXPENSES		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(18	)		(18	)		(52	)
INTEREST EXPENSE		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0			0			0			0			0
OTHER, NET		(42	)		(42	)		(74	)		(26	)		(25	)		(82	)		4			(129	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		11,290			(107	)		(160	)		(72	)		(57	)		(129	)		(3	)		(261	)		(22	)		6			(18	)		(18	)		(52	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,458	)		(19	)		(19	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(4	)		(4	)		(4	)		(17	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		134,882			(41	)		0			16			(16	)		0			0			0			0			0			0			0			0
NET INCOME (LOSS)		142,714			(167	)		(179	)		(61	)		(78	)		(135	)		(8	)		(282	)		(27	)		2			(22	)		(22	)		(69	)

14

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS-SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
COUSINS’ SHARE OF TEMCO ASSOCIATES:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		7,523			697			1,037			0			0			4			0			4			0			(3	)		0			0			(3	)
INTEREST EXPENSE		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(27	)		(29	)		(109	)
OTHER, NET		125			(274	)		(234	)		(168	)		(212	)		(73	)		(109	)		(562	)		641			(156	)		(154	)		(70	)		261
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(63	)		(5	)		(9	)		(5	)		(7	)		(26	)		(1	)		0			0			0			(1	)
IMPAIRMENT LOSS		0			0			(22	)		0			0			(631	)		0			(631	)		0			0			0			0			0
FUNDS FROM OPERATIONS		7,502			284			586			(205	)		(253	)		(734	)		(146	)		(1,338	)		614			(186	)		(181	)		(99	)		148
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(123	)		(45	)		(5	)		(9	)		5			(11	)		(20	)		(11	)		(11	)		(11	)		(11	)		(44	)
NET INCOME (LOSS)		7,388			161			541			(210	)		(262	)		(728	)		(157	)		(1,357	)		603			(197	)		(192	)		(110	)		104
COUSINS’ SHARE OF CL REALTY, LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		6,629			1,736			2,795			335			178			228			192			933			546			514			319			3,814			5,193
INTEREST EXPENSE		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(25	)		(27	)		(109	)
OTHER, NET		(137	)		(638	)		658			29			(343	)		(233	)		(103	)		(650	)		(276	)		398			242			324			688
IMPAIRMENT LOSS		0			0			(325	)		0			(2,619	)		0			0			(2,619	)		0			0			0			(2,229	)		(2,229	)
FUNDS FROM OPERATIONS		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238			887			536			1,882			3,543
NET INCOME (LOSS)		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238			887			536			1,882			3,543
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		739			41			155			(5	)		32			(17	)		(152	)		(142	)		20			49			80			140			289
OTHER, NET		0			0			(1	)		0			0			0			0			0			0			(23	)		(67	)		2			(88	)
IMPAIRMENT LOSS		0			0			0			0			0			0			0			0			0			0			0			(1,517	)		(1,517	)
FUNDS FROM OPERATIONS		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			13			(1,375	)		(1,316	)
NET INCOME (LOSS)		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			13			(1,375	)		(1,316	)
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC:		50	%		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		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0			0			0			0			0
OTHER, NET		(155	)		(175	)		(27	)		(7	)		(7	)		0			0			(14	)		0			0			0			0			0
FUNDS FROM OPERATIONS		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			0			0			0
NET INCOME (LOSS)		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			0			0			0

	NOTES:
(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	The Company has excluded 2nd Generation TI and Leasing Costs and building capex associated with 191 Peachtree because this building was acquired for redevelopment.
(3)	Cousins Properties Services is the Company’s third-party management business which provides management, leasing and development of commercial office properties for third-party owners. Amounts for Cousins Properties Services do not include management, leasing and development services for the Company’s joint venture properties or development fees
	associated with various other unrelated third parties.
(4)	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.
(5)	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, 2009.

15

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of December 31, 2010

										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	%		80	%		79	%		76	%		74	%
		Gateway Village (b)	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%		100	%		100	%
		The American Cancer Society Center	Atlanta	Georgia		996,000		100.00	%		95	%		95	%		85	%		86	%
		Terminus 100	Atlanta	Georgia		656,000		100.00	%		93	%		95	%		93	%		93	%
		Terminus 200 (b)	Atlanta	Georgia		566,000		20.00	%		62	%		67	%		17	%		22	%
		One Georgia Center (b)	Atlanta	Georgia		376,000		88.50	%		96	%		96	%		96	%		96	%
		Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		100	%		100	%		98	%		97	%
		Ten Peachtree Place (b)	Atlanta	Georgia		260,000		50.00	%		94	%		94	%		94	%		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	%		87	%		88	%		87	%		87	%
		Lakeshore Park Plaza (c)	Birmingham	Alabama		197,000		100.00	%		96	%		94	%		96	%		94	%
		Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		97	%		97	%		97	%		91	%
		Palisades West Building 2	Austin	Texas		157,000		50.00	%		93	%		93	%		31	%		93	%
		555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		98	%		98	%		96	%		98	%
		333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		95	%		98	%		95	%		98	%
		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	%		96	%		94	%		96	%		94	%
		600 University Park Place (c)	Birmingham	Alabama		123,000		100.00	%		98	%		86	%		97	%		85	%
		Galleria 75	Atlanta	Georgia		111,000		100.00	%		74	%		67	%		74	%		67	%
		Cosmopolitan Center	Atlanta	Georgia		84,000		100.00	%		93	%		93	%		93	%		93	%
		Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		78	%		78	%		78	%		78	%
		Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%		100	%		100	%
		TOTAL OFFICE OPERATING PROPERTIES				7,407,000								91	%					87	%
II.		RETAIL OPERATING PROPERTIES
		The Avenue Murfreesboro	Nashville	Tennessee		751,000		50.00	%		85	%		86	%		84	%		86	%
		The Avenue Carriage Crossing (c)	Memphis	Tennessee		511,000		100.00	%		90	%		88	%		90	%		88	%
		The Avenue Forsyth (b)	Atlanta	Georgia		472,000		88.50	%		78	%		81	%		74	%		72	%
		North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		99	%		99	%		98	%		97	%
		Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%		100	%		100	%
		The Avenue Viera	Viera	Florida		332,000		11.50	%		91	%		93	%		88	%		92	%
		The Avenue Webb Gin	Atlanta	Georgia		322,000		100.00	%		88	%		88	%		80	%		86	%
		The Avenue West Cobb	Atlanta	Georgia		255,000		11.50	%		98	%		95	%		96	%		95	%
		Tiffany Springs MarketCenter (b)	Kansas City	Missouri		238,000		88.50	%		80	%		82	%		80	%		80	%
		The Avenue East Cobb	Atlanta	Georgia		230,000		11.50	%		95	%		98	%		95	%		95	%
		The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		91	%		89	%		91	%		89	%
		Viera MarketCenter	Viera	Florida		178,000		11.50	%		99	%		96	%		99	%		96	%
		Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%		75	%		100	%
		Highland City Town Center (b)(d)	Lakeland	Florida		96,000		50.50	%		N/A			87	%		N/A			87	%
		Mt. Juliet Village (b)(d)	Nashville	Tennessee		91,000		50.50	%		N/A			77	%		N/A			77	%
		Creek Plantation Village (b)(d)	Chattanooga	Tennessee		78,000		50.50	%		N/A			91	%		N/A			91	%
		The Shops of Lee Village (b)(d)	Nashville	Tennessee		74,000		50.50	%		N/A			83	%		N/A			83	%
		TOTAL RETAIL OPERATING PROPERTIES				4,745,000								86	%					83	%
III.		INDUSTRIAL OPERATING PROPERTIES
		King Mill Distribution Park — Building 3 (b)	Atlanta	Georgia		796,000		75.00	%		100	%		100	%		100	%		100	%
		Lakeside Ranch Business Park — Building 20 (c)	Dallas	Texas		749,000		100.00	%		77	%		91	%		77	%		77	%
		Jefferson Mill Business Park — Building A (b)(e)	Atlanta	Georgia		459,000		75.00	%		100	%		100	%		100	%		100	%
		TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								96	%					90	%
		TOTAL OPERATING PORTFOLIO				14,156,000

16

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of December 31, 2010

			Company		Weighted
			Share of		Portfolio
	Rentable		Rentable		Ownership			Percent Leased -
	Square Feet		Square Feet		%			Fully Executed
SUMMARY BY TYPE
Office		7,407,000		5,819,000		60	%		91	%
Retail		4,745,000		2,240,000		23	%		86	%
Industrial		2,004,000		1,690,000		17	%		96	%
TOTAL		14,156,000		9,749,000		100	%
SUMMARY BY STATE
Georgia		8,495,000		6,370,000		65	%		91	%
Texas		1,325,000		1,138,000		12	%		91	%
Tennessee		1,505,000		1,008,000		10	%		87	%
North Carolina		1,134,000		540,000		6	%		100	%
Alabama		320,000		320,000		3	%		91	%
Missouri		238,000		211,000		2	%		82	%
Florida		606,000		107,000		1	%		91	%
Virginia		376,000		39,000		1	%		100	%
California		157,000		16,000		0	%		100	%
		14,156,000		9,749,000		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)	These properties were purchased on December 31, 2010.
(e)	Subsequent to December 31, 2010, the Company entered into a contract to sell this property.

17

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Fourth Quarter 2010 vs									Twelve Months
	Third Quarter 2010									2010 vs 2009
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		6.3	%		-0.7	%		3.3	%		4.9	%		2.0	%		3.7	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		6.4	%		-2.2	%		2.6	%		6.3	%		3.0	%		4.9	%

Properties included in the Same Property portfolio (3)	Office
	191 Peachtree Tower	333 Northpoint Center East
	Gateway Village	200 Northpoint Center East
	The American Cancer Society Center	100 Northpoint Center East
	Terminus 100	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	Inhibitex
	Lakeshore Park Plaza	Palisades West Building 1 (4Q to 3Q only)
	Meridian Mark Plaza	Palisades West Building 2 (4Q to 3Q only)
	555 Northpoint Center East
	Retail
	The Avenue Murfreesboro	The Avenue East Cobb
	The Avenue Carriage Crossing	The Avenue Peachtree City
	North Point MarketCenter	Viera MarketCenter
	Greenbrier MarketCenter	Los Altos MarketCenter
	The Avenue Viera	The Avenue Forsyth (4Q to 3Q only)
	The Avenue Webb Gin	Tiffany Springs MarketCenter (4Q to 3Q only)
	The Avenue West Cobb

(1)	Rental Property Revenues includes rental property revenues of the Company and its unconsolidated joint ventures.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.
(3)	Same Properties include those office and retail properties that have been fully operational in each of the comparable reporting periods.

18

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2010

OFFICE

As of December 31, 2010, the Company’s office portfolio included 22 commercial office buildings. The weighted average remaining lease term of these office buildings was approximately seven years as of December 31, 2010. 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:

																												2020 &
	2011			2012			2013			2014			2015			2016			2017			2018			2019			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring		453,048			177,108			537,534			256,485			405,130			703,723			459,908			271,199			514,932			1,518,406			5,297,473
% of Leased Space		9	%		3	%		10	%		5	%		7	%		13	%		9	%		5	%		10	%		29	%		100.00	%
Annual Contractual Rent (000’s) (1)	$	5,373		$	2,577		$	8,834		$	4,448		$	7,099		$	12,754		$	10,638		$	6,902		$	9,279		$	31,551		$	99,455
Annual Contractual Rent/Sq. Ft. (1)	$	11.86		$	14.55		$	16.44		$	17.34		$	17.52		$	18.12		$	23.13		$	25.45		$	18.02		$	20.78		$	18.77
Wholly Owned:
Square Feet Expiring		440,657			134,417			380,864			218,625			381,301			149,211			372,892			208,212			235,344			1,358,798			3,880,321	(2)
% of Leased Space		11	%		3	%		10	%		6	%		10	%		4	%		10	%		5	%		6	%		35	%		100	%
Annual Contractual Rent (000’s) (1)	$	5,186		$	1,788		$	5,930		$	3,579		$	6,768		$	2,433		$	8,454		$	5,455		$	5,962		$	26,671		$	72,226
Annual Contractual Rent/Sq. Ft. (1)	$	11.77		$	13.30		$	15.57		$	16.37		$	17.75		$	16.30		$	22.67		$	26.20		$	25.33		$	19.63		$	18.61
Joint Venture:
Square Feet Expiring		26,743			106,398			295,713			101,506			34,534			1,127,710			176,043			124,146			365,109			465,197			2,823,099	(3)
% of Leased Space		1	%		4	%		10	%		4	%		1	%		40	%		6	%		4	%		13	%		17	%		100	%
Annual Contractual Rent (000’s) (1)	$	416		$	2,071		$	5,635		$	2,486		$	538		$	21,143		$	4,422		$	2,874		$	4,865		$	13,764		$	58,214
Annual Contractual Rent/Sq. Ft. (1)	$	15.55		$	19.46		$	19.06		$	24.49		$	15.57		$	18.75		$	25.12		$	23.15		$	13.33		$	29.59		$	20.62

(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, 2010 out of approximately 4,340,000 total rentable square feet.
(3)	Rentable square feet leased as of December 31, 2010 out of approximately 3,067,000 total rentable square feet.

19

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2010

RETAIL

As of December 31, 2010, the Company’s retail portfolio included 17 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of December 31, 2010. 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:

																												2020 &
	2011			2012			2013			2014			2015			2016			2017			2018			2019			Thereafter				Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		89,204			56,908			68,521			94,888			107,460			266,721			131,276			319,192			293,968			504,713				1,932,851
% of Leased Space		5	%		2	%		3	%		5	%		6	%		14	%		7	%		17	%		15	%		26	%			100	%
Annual Contractual Rent (000’s) (2)	$	1,429		$	1,086		$	1,670		$	1,900		$	2,491		$	6,089		$	3,311		$	7,240		$	6,196		$	5,788			$	37,200
Annual Contractual Rent/Sq. Ft. (2)	$	16.02		$	19.09		$	24.37		$	20.02		$	23.18		$	22.83		$	25.22		$	22.68		$	21.08		$	11.47			$	19.25
Wholly Owned:
Square Feet Expiring (1)		43,526			28,776			14,546			41,036			40,029			181,980			71,602			48,183			60,816			202,051				732,545	(3)
% of Leased Space		6	%		4	%		2	%		5	%		5	%		25	%		10	%		7	%		8	%		28	%			100	%
Annual Contractual Rent (000’s) (2)	$	786		$	503		$	373		$	742		$	1,138		$	4,640		$	2,068		$	1,213		$	824		$	1,307			$	13,594
Annual Contractual Rent/Sq. Ft. (2)	$	18.05		$	17.48		$	25.67		$	18.09		$	28.42		$	25.50		$	28.88		$	25.17		$	13.55		$	6.47			$	18.56
Joint Venture:
Square Feet Expiring (1)		233,472			232,278			197,034			228,014			375,664			372,872			302,033			473,851			318,264			811,907				3,545,389	(4)
% of Leased Space		7	%		6	%		5	%		6	%		11	%		11	%		9	%		13	%		9	%		23	%	��		100	%
Annual Contractual Rent (000’s) (2)	$	3,506		$	4,753		$	4,927		$	4,822		$	7,444		$	6,489		$	6,096		$	10,265		$	7,609		$	10,548			$	66,459
Annual Contractual Rent/Sq. Ft. (2)	$	15.02		$	20.46		$	25.01		$	21.15		$	19.81		$	17.40		$	20.18		$	21.66		$	23.91		$	12.99			$	18.75

(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, 2010 out of approximately 833,000 total gross leasable area.
(4)	Gross leasable area leased as of December 31, 2010 out of approximately 3,912,000 total gross leasable area.

20

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of December 31, 2010

INDUSTRIAL

As of December 31, 2010, the Company’s industrial portfolio included three buildings. The weighted average remaining lease term of these properties was approximately nine years as of December 31, 2010. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2020 &
	2011			2012			2013			2014			2015			2016			2017			2018			2019			Thereafter			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		89,288			—			—			—			731,240			—			457,681			—			—			344,351			1,622,560	(2)
% of Leased Space		6	%		0	%		0	%		0	%		45	%		0	%		28	%		0	%		0	%		21	%		100	%
Annual Contractual Rent (000’s) (1)	$	223		$	—		$	—		$	—		$	2,186		$	—		$	1,602		$	—		$	—		$	1,616		$	5,627
Annual Contractual Rent/Sq. Ft. (1)	$	2.50		$	—		$	—		$	—		$	2.99		$	—		$	3.50		$	—		$	—		$	4.69		$	3.47
Joint Venture:
Square Feet Expiring		119,050			—			—			—			900,590			—			457,681			—			—			459,134			1,936,455	(3)
% of Leased Space		6	%		0	%		0	%		0	%		46	%		0	%		24	%		0	%		0	%		24	%		100	%
Annual Contractual Rent (000’s) (1)	$	298		$	—		$	—		$	—		$	2,676		$	—		$	1,602		$	—		$	—		$	2,154		$	6,730
Annual Contractual Rent/Sq. Ft. (1)	$	2.50		$	—		$	—		$	—		$	2.97		$	—		$	3.50		$	—		$	—		$	4.69		$	3.48

(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)	Subsequent to December 31, 2010, the Company entered into a contract to sell Jefferson Mill Building A.
(3)	Rentable square feet leased as of December 31, 2010 out of approximately 2,004,000 total rentable square feet.

21

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET OF TOTAL PORTFOLIO
As of December 31, 2010

			Percentage of Total
			Portfolio at the Company’s			Average Remaining
	Tenant (1)	Product Type	Share (2)			Lease Term (Years)
1.	Briggs & Stratton Corporation	Industrial		6.1	%		3.7
2.	Bank of America	Office		5.8	%		5.8
3.	HD Supply	Industrial		4.7	%		6.4
4.	SYX Distribution	Industrial		3.5	%		19.6
5.	Deloitte & Touche	Office		3.2	%		13.4
6.	American Cancer Society	Office		2.8	%		11.5
7.	Georgia Department of Transportation	Office		2.7	%		8.6
8.	Owens & Minor Distribution, Inc.	Industrial		2.3	%		4.9
9.	US South Communications	Office		2.2	%		9.3
10.	MedAssets Net Revenue Systems, LLC	Office		1.2	%		4.2
11.	Internap Network Services	Office		1.2	%		9.3
12.	AGL Services Company	Office		1.2	%		2.3
13.	Dimensional Fund Advisors	Office		1.1	%		12.8
14.	Publix Super Markets, Inc.	Retail		1.0	%		17.7
15.	Bombardier Aerospace Corporation	Office		1.0	%		2.2
16.	Georgia Lottery Corporation	Office		1.0	%		12.5
17.	Barnes & Noble	Retail		1.0	%		6.7
18.	Turner Broadcasting System, Inc.	Office		0.9	%		0.4
19.	Morgan Stanley	Office		0.9	%		6.5
20.	CB Richard Ellis	Office		0.9	%		8.5
21.	Emory University	Office		0.8	%		6.0
22.	Wells Fargo Bank, N.A.	Office		0.8	%		5.2
23.	The Gap Inc.	Retail		0.7	%		3.3
24.	Premiere Global Services, Inc.	Office		0.7	%		7.7
25.	Limited Brands	Retail		0.7	%		6.3
	Total leased square feet of Top 25 Largest Tenants			48.4	%		8.1

(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.

22

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of December 31, 2010

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000) (1)
COMMERCIAL INVESTMENTS
Round Rock Land
Austin, TX	Retail and Commercial		100	%		60		2005	$	17,115	(2)
Terminus
Atlanta, GA	Mixed Use		100	%		4		2005		12,651	(2)
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2		1996		12,492	(2)
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		10,593
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		94	%(3)		15		2007		10,442	(2)
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		86		2005		10,089	(2)
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		100	%(4)		51		2006		9,821	(2)
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		117		2006		9,196	(2)
549 / 555 / 557 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1		2004 / 2009		8,794	(2)
North Point
Suburban Atlanta, GA	Mixed Use		100	%		42		1970-1985		6,519	(2)
Research Park V
Austin, TX	Commercial		100	%		6		1998		4,963	(2)
Lancaster
Dallas, TX	Industrial		100	%(4)		47		2007		4,844	(2)
Land Adjacent to The Avenue Murfreesboro
Suburban Nashville, TN	Retail		50	%		6		2006		2,050
Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN	Retail		100	%(4)		2		2004		1,969	(2)
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23		1971-1989		1,014	(2)
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Retail		100	%		2		2005		946	(2)
Land Adjacent to Highland City Town Center
Lakeland, FL	Mixed Use		51	%(4)		56		2010		2,756
Land Adjacent to The Shops of Lee Village
Suburban Nashville, TN	Retail		51	%(4)		6		2010		982
TOTAL COMMERCIAL INVESTMENTS						562				127,236

23

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of December 31, 2010

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000) (1)
RESIDENTIAL INVESTMENTS
Blalock Lakes
Suburban Atlanta, GA	Residential		100	%		1,205		2008	$	9,650	(2)
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		5,731		2005		7,423
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		3,773
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%(4)		1,187		2004		3,374	(2)
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		71		2002		—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		105		2002		—	(5)
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		112		2002-2005		—	(5)
Waterford Park
Rosenberg, TX	Commercial		50	%		90		2005		—	(5)
Village Park
McKinney, TX	Residential		50	%		2		2003-2005		—	(5)
TOTAL RESIDENTIAL INVESTMENTS						8,518				24,220
TOTAL LAND HELD						9,080			$	151,456

(1)	Cost Basis reflects the Company’s basis for consolidated properties and the Company’s share of 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)	The cost basis of these consolidated properties aggregates to $123,879,000, as reflected on the Condensed Consolidated Balance Sheet.
(3)	Ownership percentage reflects blended ownership. A portion of the developable land area is owned 100% by the Company and a portion is owned 88.5% by a consolidated joint venture.
(4)	This project is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale most likely will be disproportionate.
(5)	These residential communities have adjacent land that may be sold to third parties in large tracts for residential, multi-family or commercial development. The cost basis of these tracts and the lot inventory are included on the Inventory of Residential Lots schedule.

24

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of December 31, 2010

			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		20		906		48		25		25		727		179	$	4,651
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned) (4) (5)		2006		10		559		101		2		10		30		529		15,600
Harris County
Pine Mountain, GA
Blalock Lakes (5)		2006		14		154		86		—		1		19		135		39,647
Coweta County
Suburban Atlanta, GA
Longleaf at Callaway (5)		2002		10		138		13		—		—		125		13		384
Harris County
Pine Mountain, GA
River’s Call		1999		13		107		12		1		1		95		12		468
East Cobb County
Suburban Atlanta, GA
Tillman Hall		2008		5		29		23		—		2		6		23		2,653
Gwinnett County
Suburban Atlanta, GA
Total Consolidated						1,893		283		28		39		1,002		891		63,403
Temco Associates, LLC (50% owned) (6)
Bentwater		1998		13		1,676		5		—		—		1,671		5		16
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		24		1,385		259		—		—		288		1,097		23,673
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		17		1,081		331		—		2		636		445		16,699
Paulding County
Suburban Atlanta, GA
Harris Place		2004		10		27		9		—		—		18		9		652
Paulding County
Suburban Atlanta, GA
Total Temco						4,169		604		—		2		2,613		1,556		41,040
CL Realty, L.L.C. (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		16		2,083		65		35		86		693		1,390		12,800
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		21		1,274		187		—		—		796		478		5,067
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		20		1,199		82		9		40		232		967		7,113
Tarrant County
Fort Worth, TX
Summer Lakes		2003		16		1,123		157		13		20		345		778		7,121
Fort Bend County
Rosenberg, TX

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of December 31, 2010

			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			59			18			80			452			575		$	18,558
Brazoria County
Pearland, TX
Village Park		2003		12		567			—			—			17			356			211			6,407
Collin County
McKinney, TX
Manatee River Plantation		2003		10		457			109			—			—			348			109			2,604
Manatee County
Tampa, FL
Stonewall Estates (50% owned)		2005		9		382			15			7			41			261			121			4,918
Bexar County
San Antonio, TX
Stillwater Canyon		2003		11		335			6			—			—			225			110			2,325
Dallas County
DeSoto, TX
Creekside Oaks		2003		11		301			130			10			46			171			130			2,855
Manatee County
Bradenton, FL
Waterford Park		2005		12		210			—			—			—			—			210			8,524
Fort Bend County
Rosenberg, TX
Village Park North		2005		10		189			8			—			—			71			118			2,387
Collin County
McKinney, TX
Bridle Path Estates		2004		10		87			—			—			—			—			87			3,016
Hillsborough County
Tampa, FL
West Park		2005		13		84			—			—			—			21			63			5,332
Cobb County
Suburban Atlanta, GA
Total CL Realty						9,318			818			92			330			3,971			5,347			89,027
Total						15,380			1,705			120			371			7,586			7,794		$	193,470
Company Share of Total						7,335			881			59			155			3,916			3,419		$	110,592
Company Weighted Average Ownership						48	%		52	%		49	%		42	%		52	%		44	%		57	%

(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)	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.
(3)	Includes Cost Basis of land tracts as detailed on the Inventory of Land Held schedule.
(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.
(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, 2009 for a description of these entities.

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF MULTI-FAMILY UNITS HELD FOR SALE
As of December 31, 2010

	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		16		75		130		7	$	2,561
Atlanta, GA
60 North Market (2)		28		3		5		28		—		433
Asheville, NC
TOTAL CONSOLIDATED MULTI-FAMILY UNITS		165		19		80		158		7	$	2,994

(1)	The total units sold does not include two units that closed but do not qualify as sales pursuant to accounting rules.
(2)	The project includes 9,224 square feet of for-sale commercial retail space. The commercial units are not included in the unit totals above but are included in the cost basis. None of the commercial retail space has been sold as of December 31, 2010.

27

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF DECEMBER 31, 2010
($ 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 + 1.75%-2.25%; $350MM FACILITY)	$	105,400		100	%		8/29/2011	(2)		2.26%	(2)	$	105,400		$	—	$	105,400
TERMINUS 100		140,000		100	%		1/1/2023			5.25	%		—			140,000		140,000
THE AMERICAN CANCER SOCIETY CENTER (INTEREST ONLY UNTIL 10/1/2011) (3)		136,000		100	%		9/1/2017			6.45	%		—			136,000		136,000
MERIDIAN MARK PLAZA		26,892		100	%		8/1/2020			6.00	%		—			26,892		26,892
333/555 NORTH POINT CENTER EAST		26,412		100	%		11/1/2011			7.00	%		26,412			—		26,412
100/200 NORTH POINT CENTER EAST		24,830		100	%		6/1/2012			5.39	%		—			24,830		24,830
LAKESHORE PARK PLAZA		17,544		100	%		8/1/2012			5.89	%		—			17,544		17,544
THE POINTS AT WATERVIEW		16,592		100	%		1/1/2016			5.66	%		—			16,592		16,592
600 UNIVERSITY PARK		12,292		100	%		8/10/2011			7.38	%		—			12,292		12,292
HANDY ROAD ASSOCIATES (PRIME + 1.0%, NOT LESS THAN 6%)		3,374		50%	(4)		3/30/2011			6.00	%		—			3,374		3,374
OTHER		173		100	%		11/18/2013			4.13	%		—			173		173
TOTAL CONSOLIDATED		509,509								5.18	%		131,812			377,697		509,509		6.1
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR + 3.00%) ($113.2MM FACILITY)		103,378		50	%		7/20/2013			3.26	%		26,220			25,469		51,689
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		48,701		50	%		6/1/2013			5.90	%		—			24,351		24,351
TEN PEACHTREE PLACE		26,782		50	%		4/1/2015			5.39	%		—			13,391		13,391
MSREF/TERMINUS 200 LLC (LIBOR + 2.50%) ($92MM FACILITY)		46,169		20	%		12/31/2013			2.76	%		—			9,234		9,234
THE AVENUE EAST COBB		36,620		11.5	%		12/1/2017			4.52	%		—			4,211		4,211
PINE MOUNTAIN BUILDERS (LIBOR + 4%, NOT LESS THAN 5%)		896		50	%		6/11/2011			5.00	%		—			448		448
COUSINS WATKINS
HIGHLAND CITY TOWN CENTER (LIBOR + 2.65%)		10,850		50.5%	(4)		1/1/2016	(5)		2.91	%		—			5,479		5,479
CREEK PLANTATION VILLAGE (LIBOR + 2.65%)		6,300		50.5%	(4)		1/1/2016	(5)		2.91	%		6,300	(6)		—		6,300
MT. JULIET VILLAGE (LIBOR + 2.85%) ($9.2MM FACILITY. INTEREST ONLY UNTIL 1/1/2013)		6,150		50.5%	(4)		1/1/2016	(5)		3.11	%		1,538			1,568		3,106
THE SHOPS OF LEE VILLAGE (LIBOR + 2.85%) ($7.1MM FACILITY. INTEREST ONLY UNTIL 1/1/2013)		5,550		50.5%	(4)		1/1/2016	(5)		3.11	%		1,388			1,415		2,803
TEMCO
BENTWATER LINKS (LIBOR + 6.5%)		2,929		50	%		5/23/2012			6.76	%		—			1,465		1,465
CL REALTY
SUMMER LAKES (PRIME + 1.5%)		1,349		50	%		8/22/2011			4.75	%		—			675		675
WATERFORD PARK (PRIME + 1.5%)		1,143		50	%		11/8/2011			4.75	%		—			572		572
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		171		50	%		3/28/2011			2.51	%		—			86		86
TOTAL UNCONSOLIDATED		296,988								3.99	%		35,446			88,364		123,810		3.5
TOTAL ADJUSTED DEBT	$	806,497								4.74	%	$	167,258		$	466,061	$	633,319		5.1
INVESTMENT ENTITY DEBT (7)
CHARLOTTE GATEWAY VILLAGE		97,030		50	%		12/1/2016			6.41	%		—			48,515		48,515		5.9
TOTAL	$	903,527								4.92	%	$	167,258		$	514,576	$	681,834		5.2

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	Availability is based on certain covenant calculations and is also reduced by letters of credit, and amounts drawn. The availability at December 31, 2010 is $238.4 million. This facility may be extended for one year, provided certain conditions are met. The interest rate on this instrument is LIBOR plus a spread of 1.75% to 2.25%, based on certain calculations.
(3)	The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.
(4)	The ownership percentage and the allocation of results of operations and/or gain or losses on property sales may be disproportionate.
(5)	These loans may be extended for two additional one-year terms, provided certain conditions are met.
(6)	This loan is guaranteed by the Company until the resolution of environmental concerns at the property, but it is anticipated that the Company will be released from this guarantee by March 31, 2011.
(7)	An investment entity is defined as an entity where the Company (a) has a fixed commitment to the venture, (b) 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 (c) 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.

28

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
SAME PROPERTY GROWTH
Fourth Quarter 2010 Compared to Third Quarter 2010
(in thousands, except percentages)

	Same Property
	Office									Retail									Total									Non-Same					All Properties
	Q3 2010			Q4 2010			% Change			Q3 2010			Q4 2010			% Change			Q3 2010			Q4 2010			% Change			Q3 2010			Q4 2010		Q3 2010			Q4 2010
RENTAL PROPERTY REVENUES	$	35,880		$	34,645					$	22,389		$	23,303					$	58,269		$	57,948					$	2,708		$	3,336	$	60,977		$	61,284
RENTAL PROPERTY OPERATING EXPENSES		15,343			12,823						6,805			7,822						22,148			20,645						1,152			1,227		23,300			21,872
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	20,537		$	21,822			6.3	%	$	15,584		$	15,481			-0.7	%	$	36,121		$	37,303			3.3	%	$	1,556		$	2,109	$	37,677		$	39,412
RENTAL PROPERTY REVENUES	$	35,880		$	34,645					$	22,389		$	23,303					$	58,269		$	57,948					$	2,708		$	3,336	$	60,977		$	61,284
Less: STRAIGHT-LINE RENTS		1,419			1,478						410			641						1,829			2,119						808			894		2,637			3,013
AMORTIZATION OF LEASE INDUCEMENTS		(282	)		(297	)					(67	)		(69	)					(349	)		(366	)					(62	)		78		(411	)		(288	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		24			26						0			0						24			26						0			0		24			26
CASH BASIS RENTAL PROPERTY REVENUES (1)		34,719			33,438						22,046			22,731						56,765			56,169						1,962			2,364		58,727			58,533
RENTAL PROPERTY OPERATING EXPENSES		15,343			12,823						6,805			7,822						22,148			20,645						1,152			1,227		23,300			21,872
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	19,376		$	20,615			6.4	%	$	15,241		$	14,909			-2.2	%	$	34,617		$	35,524			2.6	%	$	810		$	1,137	$	35,427		$	36,661
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	35,880		$	34,645					$	22,389		$	23,303					$	58,269		$	57,948					$	2,708		$	3,336	$	60,977		$	61,284
RENTAL PROPERTY OPERATING EXPENSES		15,343			12,823						6,805			7,822						22,148			20,645						1,152			1,227		23,300			21,872
	$	20,537		$	21,822					$	15,584		$	15,481					$	36,121		$	37,303					$	1,556		$	2,109	$	37,677		$	39,412
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	20,979		$	22,674
DISCONTINUED OPERATIONS (3)																																		33			6
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		5,114			5,195
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		26,126			27,875
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		11,551			11,537
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																	$	37,677		$	39,412

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes 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%.

29

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
SAME PROPERTY GROWTH
Twelve Months 2010 Compared to Twelve Months 2009
(in thousands, except percentages)

	Same Property
	Office									Retail								Total									Non-Same				All Properties
	12M 2009			12M 2010			% Change			12M 2009		12M 2010			% Change			12M 2009			12M 2010			% Change			12M 2009		12M 2010		12M 2009			12M 2010
RENTAL PROPERTY REVENUES	$	126,454		$	127,008					$	77,345	$	76,348					$	203,799		$	203,356					$	39,633	$	42,089	$	243,432		$	245,445
RENTAL PROPERTY OPERATING EXPENSES		56,427			53,515						26,629		24,594						83,056			78,109						13,026		13,860		96,082			91,969
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	70,027		$	73,493			4.9	%	$	50,716	$	51,754			2.0	%	$	120,743		$	125,247			3.7	%	$	26,607	$	28,229	$	147,350		$	153,476
RENTAL PROPERTY REVENUES	$	126,454		$	127,008					$	77,345	$	76,348					$	203,799		$	203,356					$	39,633	$	42,089	$	243,432		$	245,445
Less: STRAIGHT-LINE RENTS		4,911			4,231						1,267		1,139						6,178			5,370						2,361		4,784		8,539			10,154
AMORTIZATION OF LEASE INDUCEMENTS		(962	)		(1,132	)					37		(259	)					(925	)		(1,391	)					130		22		(795	)		(1,369	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(51	)		90						0		0						(51	)		90						0		0		(51	)		90
CASH BASIS RENTAL PROPERTY REVENUES (1)		122,556			123,819						76,041		75,468						198,597			199,287						37,142		37,283		235,739			236,570
RENTAL PROPERTY OPERATING EXPENSES		56,427			53,515						26,629		24,594						83,056			78,109						13,026		13,860		96,082			91,969
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	66,129		$	70,304			6.3	%	$	49,412	$	50,874			3.0	%	$	115,541		$	121,178			4.9	%	$	24,116	$	23,423	$	139,657		$	144,601
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	126,454		$	127,008					$	77,345	$	76,348					$	203,799		$	203,356					$	39,633	$	42,089	$	243,432		$	245,445
RENTAL PROPERTY OPERATING EXPENSES		56,427			53,515						26,629		24,594						83,056			78,109						13,026		13,860		96,082			91,969
	$	70,027		$	73,493					$	50,716	$	51,754					$	120,743		$	125,247					$	26,607	$	28,229	$	147,350		$	153,476
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																															$	76,122		$	84,499
DISCONTINUED OPERATIONS (3)																																7,098			3,564
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																19,636			20,227
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																102,856			108,290
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																44,494			45,186
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																															$	147,350		$	153,476

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes 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%.

30

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

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
(A)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
	TOTAL BY TYPE:
	SECOND GENERATION LEASING RELATED COSTS		12,355			17,978			15,890			676			718			1,884			1,882			5,160			928			1,454			3,145			2,449			7,976
	SECOND GENERATION BUILDING IMPROVEMENTS		999			510			5,439			786			215			151			187			1,339			81			270			192			81			624
			13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			2,530			8,600
	TOTAL BY SEGMENT:
	OFFICE:
	SECOND GENERATION LEASING RELATED COSTS		9,332			17,978			15,890			676			705			656			708			2,745			334			954			2,378			1,697			5,363
	SECOND GENERATION BUILDING IMPROVEMENTS		999			510			5,439			786			215			151			187			1,339			81			270			192			81			624
			10,331			18,488			21,329			1,462			920			807			895			4,084			415			1,224			2,570			1,778			5,987
	RETAIL:
	SECOND GENERATION LEASING RELATED COSTS		3,023			0			0			0			13			1,228			1,174			2,415			594			500			767			752			2,613
	SECOND GENERATION BUILDING IMPROVEMENTS		0			0			0			0			0			0			0			0			0			0			0			0			0
			3,023			0			0			0			13			1,228			1,174			2,415			594			500			767			752			2,613
	TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			2,530			8,600
(B)	ADJUSTED DEBT:
	CONSOLIDATED DEBT		315,149			676,189			942,239			945,269			943,792			700,700			590,208			590,208			580,979			580,378			514,363			509,509			509,509
	SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		172,085			170,166			196,874			201,948			204,502			198,501			197,055			197,055			195,250			158,290			152,391			172,325			172,325
	TOTAL DEBT INCLUDING SHARE OF JV’S		487,234			846,355			1,139,113			1,147,217			1,148,294			899,201			787,263			787,263			776,229			738,668			666,754			681,834			681,834
	SHARE OF INVESTMENT ENTITY DEBT		(110,718	)		(72,873	)		(65,160	)		(63,166	)		(61,501	)		(59,639	)		(55,100	)		(55,100	)		(53,485	)		(51,835	)		(50,188	)		(48,515	)		(48,515	)
	ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744			686,833			616,566			633,319			633,319
	RECOURSE DEBT		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			127,457			167,258			167,258
	NON-RECOURSE DEBT		149,661			567,824			582,350			581,655			505,854			504,904			509,656			509,656			507,200			488,756			489,109			466,061			466,061
	ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744			686,833			616,566			633,319			633,319
(C)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
	OFFICE CONSOLIDATED PROPERTIES		28,802			44,460			64,423			13,550			15,225			15,201			13,139			57,115			14,743			14,991			14,696			16,269			60,699
	RETAIL CONSOLIDATED PROPERTIES		16,556			12,287			16,495			4,437			4,613			4,002			4,357			17,409			4,895			4,992			5,176			5,016			20,079
	INDUSTRIAL CONSOLIDATED PROPERTIES		405			1,949			1,542			355			369			400			444			1,568			533			615			1,092			1,385			3,625
	OTHER RENTAL OPERATIONS — CONSOLIDATED		206			82			(69	)		(31	)		26			(15	)		50			30			18			59			15			4			96
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		45,969			58,778			82,391			18,311			20,233			19,588			17,990			76,122			20,189			20,657			20,979			22,674			84,499
	RENTAL PROPERTY REVENUES		79,331			103,443			136,892			34,718			34,469			36,205			34,112			139,504			34,773			35,969			36,255			36,475			143,472
	RENTAL PROPERTY OPERATING EXPENSES		(33,362	)		(44,666	)		(54,501	)		(16,407	)		(14,236	)		(16,617	)		(16,122	)		(63,382	)		(14,584	)		(15,312	)		(15,276	)		(13,801	)		(58,973	)
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		45,969			58,777			82,391			18,311			20,233			19,588			17,990			76,122			20,189			20,657			20,979			22,674			84,499
(D)	INCOME FROM DISCONTINUED OPERATIONS:
	RENTAL PROPERTY REVENUES		29,467			10,044			10,537			2,786			2,626			2,430			2,441			10,283			2,440			2,292			123			1			4,856
	LEASE TERMINATION FEES & OTHER INCOME		3,155			106			22			0			0			0			0			0			0			0			0			0			0
	RENTAL PROPERTY OPERATING EXPENSES		(10,850	)		(2,990	)		(2,774	)		(908	)		(923	)		(785	)		(569	)		(3,185	)		(600	)		(607	)		(90	)		5			(1,292	)
	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,772			7,160			7,785			1,878			1,703			1,645			1,872			7,098			1,840			1,685			33			6			3,564
	INTEREST INCOME		(246	)		(138	)		9			7			46			0			0			53			0			19			11			5			35
	INTEREST EXPENSE		0			(251	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)		0			0			0			0			0
	PROVISION FOR INCOME TAXES		(2	)		0			0			0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(71	)		(41	)		(33	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(1	)		0			0			(5	)
	FUNDS FROM OPERATIONS		21,453			6,730			2,867			655			1,466			1,641			1,868			5,630			1,836			1,703			44			11			3,594
	DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(14,497	)		(3,214	)		(3,107	)		(661	)		(604	)		(600	)		(602	)		(2,467	)		(600	)		(221	)		(19	)		0			(840	)
	INCOME FROM DISCONTINUED OPERATIONS		6,956			3,516			(240	)		(6	)		862			1,041			1,266			3,163			1,236			1,482			25			11			2,754

31

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

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
(E)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
	CONSOLIDATED:
	RESIDENTIAL LOT AND OUTPARCEL SALES — CONSOLIDATED:
	LOT SALES		10,497			6,949			2,143			748			553			50			395			1,746			390			316			630			1,178			2,514
	OUTPARCEL SALES		6,788			3,000			4,850			1,800			2,775			1,100			0			5,675			13,429			0			0			0			13,429
	TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES		17,285			9,949			6,993			2,548			3,328			1,150			395			7,421			13,819			316			630			1,178			15,943
	RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — CONSOLIDATED:
	LOT COST OF SALES		7,620			5,825			1,316			512			373			50			330			1,265			260			275			549			856			1,940
	OUTPARCEL COST OF SALES		5,132			1,983			2,460			1,218			1,650			929			(39	)		3,758			8,836			0			0			(77	)		8,759
	TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES		12,752			7,808			3,776			1,730			2,023			979			291			5,023			9,096			275			549			779			10,699
	TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697			1,002			(1	)		(1	)		1,697
	OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0			0			0			0			0
	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET — CONSOLIDATED		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420			1,043			80			398			6,941
	SUMMARY — CONSOLIDATED:
	LOT SALES NET OF COST OF SALES		2,877			1,124			827			236			180			0			65			481			130			41			81			322			574
	OUTPARCEL SALES NET OF COST OF SALES		1,656			1,017			2,390			582			1,125			171			39			1,917			4,593			0			0			77			4,670
	TRACT SALES NET OF COST OF SALES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697			1,002			(1	)		(1	)		1,697
	OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0			0			0			0			0
	TOTAL CONSOLIDATED SALES, NET		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420			1,043			80			398			6,941
	JOINT VENTURES:
	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES — JOINT VENTURES:
	LOT SALES		38,676			8,718			3,739			790			1,835			859			674			4,158			1,675			1,328			1,590			3,175			7,768
	OUTPARCEL SALES		0			0			0			0			0			0			0			0			516			0			0			0			516
	TRACT SALES		14,235			1,355			4,158			617			0			5			36			658			61			167			0			10,405			10,633
	TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		52,911			10,073			7,897			1,407			1,835			864			710			4,816			2,252			1,495			1,590			13,580			18,917
	RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES — JOINT VENTURES:
	LOT COST OF SALES		30,459			6,896			2,944			695			1,625			648			659			3,627			1,155			870			1,193			2,678			5,896
	OUTPARCEL COST OF SALES		0			0			0			0			0			0			0			0			430			0			4			0			434
	TRACT COST OF SALES		7,560			704			966			382			0			1			11			394			15			65			(2	)		6,948			7,026
	TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES		38,019			7,600			3,910			1,077			1,625			649			670			4,021			1,600			935			1,195			9,626			13,356
	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET -JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			3,954			5,561
	SUMMARY — JOINT VENTURES:
	LOT SALES NET OF COST OF SALES		8,217			1,822			795			95			210			211			15			531			520			458			397			497			1,872
	OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			(4	)		0			82
	TRACT SALES NET OF COST OF SALES		6,675			651			3,192			235			0			4			25			264			46			102			2			3,457			3,607
	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET — SHARE OF JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			3,954			5,561
	TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES		33,773			17,775			17,815			1,357			2,261			735			83			4,436			6,072			1,603			475			4,352			12,502
(F)	MULTI-FAMILY SALES AND COST OF SALES:
	CONSOLIDATED:
	MULTI-FAMILY SALES — CONSOLIDATED:
	MULTI-FAMILY SALES		23,134			20			8,444			0			1,185			9,228			20,428			30,841			10,146			7,943			6,637			9,716			34,442
	MULTI-FAMILY COST OF SALES		(19,403	)		124			(7,330	)		0			(1,185	)		(7,372	)		(17,072	)		(25,629	)		(7,970	)		(6,108	)		(5,190	)		(7,749	)		(27,017	)
	MULTI-FAMILY SALES — CONSOLIDATED, NET		3,731			144			1,114			0			0			1,856			3,356			5,212			2,176			1,835			1,447			1,967			7,425
	JOINT VENTURES:
	MULTI-FAMILY SALES — JOINT VENTURES:
	MULTI-FAMILY SALES		56,734			(66	)		23,291			0			0			0			175			175			389			0			0			0			389
	MULTI-FAMILY COST OF SALES		(46,562	)		(3,261	)		(21,147	)		0			0			0			(116	)		(116	)		(266	)		0			(3	)		3			(266	)
	OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			168			143			350
	MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			146			473
	TOTAL MULTI-FAMILY FFO		14,074			(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			1,612			2,113			7,898

32

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

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010 YTD
(G)	INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
	OPERATING EXPENSES:
	OFFICE PROPERTIES		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976			2,987			3,121			3,158			12,242
	RETAIL PROPERTIES		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			1,993			2,037			7,985
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		24,844			11,828			14,879			4,838			4,978			4,916			4,904			19,636			4,952			4,966			5,114			5,195			20,227
	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET OF COST OF SALES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			3,954			5,561
	MULTI-FAMILY SALES, NET OF COST OF SALES		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			146			473
	INTEREST EXPENSE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)
	OTHER EXPENSE		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			42			256			913
	IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0			(3,746	)		(3,746	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(6	)		(5	)		(22	)
	FUNDS FROM OPERATIONS — UNCONSOLIDATED JOINT VENTURES		46,285			9,481			16,137			3,940			945			(17,744	)		3,962			(8,897	)		5,208			4,842			4,523			4,581			19,154
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		135,618			1,186			0			28			(16	)		0			0			12			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)		(2,448	)		(2,344	)		(2,581	)		(9,661	)
	NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		173,084			6,096			9,721			1,820			(1,231	)		(19,926	)		1,698			(17,639	)		2,920			2,394			2,179			2,000			9,493

33

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company.

     “2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures”is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties. The Company excludes from second generation costs amounts incurred to lease vacant space and other building improvements associated with properties acquired for redevelopment or repositioning.

     “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.

     “Fixed Charges Ratio”represents the ratio of EBITDA, as defined in the Company’s credit facility, 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.

     “Funds From Operations Available to Common Stockholders” (“FFO”)is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable real property, plus depreciation and amortization

34

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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 other key employees.

     “Funds From Operations, Excluding Loss on Extinguishment of Certain Debt”is FFO adjusted to exclude loss on extinguishment of debt associated with property sales, 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.

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

     “Rental Property Revenues Less Rental Property Operating Expenses”is used by industry analysts, investors and Company management to measure operating performance

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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 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 includes rental property revenues of the Company and its unconsolidated joint ventures. Cash Basis Rental Property Revenues excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. Same Properties include those office and retail 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.

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