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

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

CONTACT:

James A. Fleming	Patrick T. Hickey, Jr.
Executive Vice President and	Vice President
Chief Financial Officer	(770) 857-2503
(770) 857-2416	pathickey@cousinsproperties.com
jimfleming@cousinsproperties.com

Web site address:www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2006

          ATLANTA (November 6, 2006) —Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 30, 2006. All per share amounts are reported on a diluted basis; basic per share data is included in the Consolidated Statements of Income accompanying this release.

          Funds from Operations to Common Stockholders (“FFO”) was $13.9 million, or $0.26 per share, for the third quarter of 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. This compares to FFO of $17.0 million, or $0.33 per share, for the third quarter of 2005. FFO was $46.9 million, or $0.90 per share, for the nine months ended September 30, 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. This compares to FFO of $50.9 million, or $0.98 per share, for the nine months ended September 30, 2005. Loss on extinguishment of debt was $15.4 million, or $0.29 per share, for the third quarter and $18.2 million, or $0.35 per share, for the nine months ended September 30, 2006. The third quarter amount relates to defeasance costs on a mortgage loan repaid upon a property sale, and the year-to-date amount also includes an adjustment to mark to market the debt associated with a property contributed to a venture.

          Net Income Available to Common Stockholders (“Net Income Available”) was $174.5 million, or $3.33 per share, for the third quarter of 2006 compared with Net Income Available of $9.9 million, or $0.19 per share, for the third quarter of 2005. Net Income Available was $179.4 million, or $3.44 per share, for the nine months ended September 30, 2006 compared with $21.9 million, or $0.42 per share, for the nine months ended September 30, 2005.

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2500 Windy Ridge Parkway• Suite 1600• Atlanta, Georgia 30339-5683• 770/955-2200• FAX 770/857-2360

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CUZ Reports Third Quarter Results
Page 2
November 6, 2006

	Third quarter highlights of the Company included the following:
•	Sold Frost Bank Tower, a 531,000-square-foot office building in Austin, Texas, for $188 million, or $354 per square foot. GAAP gains and Value Creation on this transaction were $54 million and $44 million, respectively.
•	Through CSC Associates, sold Bank of America Plaza, a 1.25 million-square-foot office building in Atlanta, for $436 million, or $348 per square foot. The Company’s share of GAAP gains and Value Creation on this transaction were $133 million and $88 million, respectively.
•	Purchased all the interests in 191 Peachtree Tower, a 1.2 million-square-foot office building in downtown Atlanta, for $153 million, or $127 per square foot.
•	Executed a 274,000-square-foot lease with the American Cancer Society at Inforum in downtown Atlanta. This space will be the Society’s international headquarters.
•	Through a joint venture with Seefried Properties, Inc., acquired 85 acres of land north of DFW International Airport in Flower Mound, Texas, for development of Lakeside Ranch Business Park, a 1.7 million-square-foot industrial project. The Company also executed a 355,000-square-foot lease with Home Depot Supply at the first building in Lakeside Ranch.
•	Through a joint venture with Faison Enterprises, Inc., acquired approximately 100 acres of land in Murfreesboro, Tennessee, closed a $131 million construction loan and began construction of Phase I and II of The Avenue Murfreesboro, an 805,000-square-foot lifestyle and power center.
•	Opened the first phase of The Avenue Webb Gin, a 381,000-square-foot specialty retail center in Gwinnett County, Georgia.
•	Acquired the first 1,750 acres of the planned 3,000 acre Blalock Lakes development, a residential community in Coweta County, Georgia, that will include private hunting, equestrian, fishing, swim and tennis facilities in a controlled access community.
•	Executed a contract to sell 12 ground leased outparcels at the Company’s North Point property for an aggregate price of $24 million. The aggregate gain on the sale of these outparcels is estimated to be $20 million and these gains will be included in the Company’s calculation of FFO upon closing. The Company expects to close seven parcels in the fourth quarter of 2006 and five in the first quarter of 2007.
	Other developments subsequent to quarter-end:
•	Sold The Avenue of the Peninsula, a 373,000 square foot specialty retail center in Rolling Hills Estates, California, for approximately $96 million.

          At September 30, 2006, the Company’s portfolio of operational office buildings was 87% leased, and its portfolio of operational retail centers was 93% leased.

          At September 30, 2006, the Company and its joint ventures had nine retail, office and industrial projects under development and redevelopment totaling 5.8 million Company-owned square feet, and one

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CUZ Reports Third Quarter Results
Page 3
November 6, 2006

condominium project under development containing a total of 529 units. The Company estimates the total cost of these projects will be $1.1 billion and expects completion of these projects throughout the next four years. In addition, the Company had 23 residential communities under development directly or through investments in unconsolidated entities in which approximately 11,400 lots remain to be developed and/or sold.

          “Summer can be a slow time in the real estate business, but that was certainly not the case here at Cousins. We were able to close several significant transactions, including two record-setting office building sales and an important trophy tower acquisition in downtown Atlanta, while also signing downtown’s largest office lease this year and opening our fourth Atlanta-area Avenue project,” said Tom Bell, president and CEO of Cousins. “During the quarter, we also started Blalock Lakes – a unique Atlanta-area residential project with more than 1,500 acres of land preserved for game and wildlife that is already seeing tremendous buyer demand – and we signed a lease for more than half of our first Dallas-area industrial building.”

          “From the value-capturing transactions to our pending headquarters move downtown, this is turning out to be an important year for our company,” Bell added. “We expect the fourth quarter to continue that trend.”

          The Consolidated Statements of Income, Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on the Investor Relations page of the Company’s Web site atwww.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (770) 857-2503.

          The Company will conduct a conference call at 2:00 p.m. (Eastern time) on Tuesday, November 7, 2006, to discuss the results of the quarter ended September 30, 2006. The number to call for this interactive teleconference is (913) 981-5520. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the pass code 1316543. The Company will also provide an online Web simulcast and rebroadcast of its third quarter 2006 earnings release conference call. The live broadcast will be available through the “Q3 2006 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page of the Company’s Web site, as well as atwww.streetevents.com andwww.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s Web site for 14 days.

          Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, multi-family, retail, industrial and land

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CUZ Reports Third Quarter Results
Page 4
November 6, 2006

development projects. The Company’s portfolio consists of interests in 6.9 million square feet of office space, 4.6 million square feet of retail space, 2.0 million square feet of industrial space, a 529 unit for-sale multi-family project under development, over 9,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. The Company also provides leasing and management services to third-party investors; its client-services portfolio comprises 14.9 million square feet of office and retail space. The Company is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol “CUZ.” For more information on the Company, please visit its Web site atwww.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 risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2005. The words “believes”, “expects”, “anticipates”, “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

The estimated value creation of $132 million for Frost Bank Tower and the Company’s share of Bank of America Plaza is calculated as estimated GAAP gain of $187 million less accumulated depreciation of $60 million, plus the effect of straight-lined rents receivable and income tax effect of $5 million. “Value Creation” is defined as the value or sales price of a property less any applicable closing costs and less the GAAP cost of the property before deducting accumulated depreciation and excluding any straight-line rent receivable, all as of the measurement date. Where the ownership entity is a venture, the Company’s share of these items is used in these calculations. Value Creation is useful in determining the economic gain or loss inherent in a property. For example, to the extent that GAAP depreciation is recorded against an asset when the asset has in fact appreciated, it is helpful to eliminate this portion of the GAAP gain in order to reflect the true economic gain. As such, Value Creation is useful to investors as a measure of a company’s ability to create value by developing or acquiring an investment which has a fair market value in excess of the cost incurred by the company to create the investment. Company management considers Value Creation a key objective and core competency of the Company and uses this as an additional measure in assessing performance of the Company and its officers and employees.

4

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
REVENUES:
Rental property revenues	$	21,772		$	21,476		$	72,420		$	63,533
Fee income		3,431			4,801			12,353			12,622
Multi-family residential unit sales		1,026			4,986			22,741			4,986
Residential lot and outparcel sales		4,572			10,946			12,206			17,006
Interest and other		400			883			3,944			2,036
		31,201			43,092			123,664			100,183
COSTS AND EXPENSES:
Rental property operating expenses		9,167			8,502			28,255			24,569
General and administrative expenses		9,095			8,943			28,932			25,836
Depreciation and amortization		7,834			7,238			29,479			23,581
Multi-family residential unit cost of sales		1,346			4,274			19,081			4,274
Residential lot and outparcel cost of sales		3,425			8,350			8,926			12,492
Interest expense		2,625			1,675			11,119			6,559
Loss on extinguishment of debt		15,443			—			18,207			—
Other		414			266			1,349			694
		49,349			39,248			145,348			98,005
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		(18,148	)		3,844			(21,684	)		2,178
PROVISION FOR INCOME TAXES FROM OPERATIONS		(7	)		(2,021	)		(4,301	)		(3,947	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(899	)		(560	)		(3,290	)		(1,349	)
INCOME FROM UNCONSOLIDATED JOINT VENTURES		142,355			10,008			162,882			20,791
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		123,301			11,271			133,607			17,673
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		244			796			1,110			13,201
INCOME FROM CONTINUING OPERATIONS		123,545			12,067			134,717			30,874
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income from discontinued operations		654			598			1,693			1,370
Gain on sale of investment properties		54,068			1,070			54,394			1,107
		54,722			1,668			56,087			2,477
NET INCOME		178,267			13,735			190,804			33,351
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,812	)		(3,812	)		(11,437	)		(11,437	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	174,455		$	9,923		$	179,367		$	21,914
PER SHARE INFORMATION — BASIC:
Income from continuing operations	$	2.37		$	0.17		$	2.45		$	0.39
Income from discontinued operations		1.08			0.03			1.11			0.05
Net income available to common stockholders	$	3.45		$	0.20		$	3.56		$	0.44
PER SHARE INFORMATION — DILUTED:
Income from continuing operations	$	2.29		$	0.16		$	2.36		$	0.38
Income from discontinued operations		1.04			0.03			1.08			0.05
Net income available to common stockholders	$	3.33		$	0.19		$	3.44		$	0.42
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37		$	1.11		$	1.11
WEIGHTED AVERAGE SHARES — BASIC		50,630			50,079			50,436			49,932
WEIGHTED AVERAGE SHARES — DILUTED		52,428			52,013			52,106			51,759

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Net Income Available to Common Stockholders	$	174,455		$	9,923		$	179,367		$	21,914
Depreciation and amortization:
Consolidated properties		7,834			7,238			29,479			23,581
Discontinued properties		1,221			1,334			4,088			3,954
Share of unconsolidated joint ventures		2,932			2,045			7,010			6,873
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(702	)		(730	)		(2,391	)		(2,094	)
Share of unconsolidated joint ventures		(4	)		(4	)		(12	)		(74	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(244	)		(796	)		(1,110	)		(13,201	)
Discontinued properties		(54,068	)		(1,070	)		(54,394	)		(1,107	)
Share of unconsolidated joint ventures		(133,192	)		(1,633	)		(134,246	)		(1,945	)
Gain on sale of undepreciated investment properties		179			732			914			13,010
Funds From Operations Available to Common Stockholders, as defined		(1,589	)		17,039			28,705			50,911
Loss on extinguishment of debt		15,443			—			18,207			—
Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt	$	13,854		$	17,039		$	46,912		$	50,911
Per Common Share — Basic:
Net Income Available	$	3.45		$	.20		$	3.56		$	.44
Funds From Operations	$	(.03	)	$	.34		$	.57		$	1.02
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.27		$	.34		$	.93		$	1.02
Weighted Average Shares-Basic		50,630			50,079			50,436			49,932
Per Common Share — Diluted:
Net Income Available	$	3.33		$	.19		$	3.44		$	.42
Funds From Operations	$	(.03	)	$	.33		$	.55		$	.98
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.26		$	.33		$	.90		$	.98
Weighted Average Shares-Diluted		52,428			52,013			52,106			51,759

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders (“Net Income Available”) for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net income 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. The Company presented Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt to exclude the effect of the losses incurred during the second and third quarters of 2006. The Company views those losses as components of the sale or exchange of real estate and therefore believes they should be excluded from the FFO calculation. See further detail within Discussion of Non-GAAP Financial Measures herein.

     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 the operating performance of its reportable segments and of its divisions 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 employees.

6

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

	September 30,			December 31,
	2006			2005
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $128,681 in 2006 and $158,700 in 2005	$	446,716		$	572,466
Operating properties held-for-sale, net of accumulated depreciation of $257 in 2006		3,194			—
Land held for investment or future development		104,659			62,059
Projects under development		361,106			241,711
Residential lots under development		24,001			11,577
Total properties		939,676			887,813
CASH AND CASH EQUIVALENTS		66,150			9,336
RESTRICTED CASH		2,780			3,806
RECEIVABLE FROM VENTURE PARTNER		66,688			—
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $1,235 and $781 in 2006 and 2005, respectively		26,963			40,014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		169,404			217,232
OTHER ASSETS, including goodwill of $5,602 in 2006 and $8,324 in 2005		62,223			30,073
TOTAL ASSETS	$	1,333,884		$	1,188,274
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	287,036		$	467,516
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		69,543			55,791
DEFERRED GAIN		157,493			5,951
DEPOSITS AND DEFERRED INCOME		2,405			2,551
TOTAL LIABILITIES		516,477			531,809
MINORITY INTERESTS		43,564			24,185
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 4,000,000 shares issued and outstanding		100,000			100,000
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 4,000,000 shares issued and outstanding		100,000			100,000
Common stock, $1 par value, 150,000,000 shares authorized, 54,210,132 and 53,357,151 shares issued in 2006 and 2005, respectively		54,210			53,357
Additional paid-in capital		330,982			321,747
Treasury stock at cost, 2,691,582 shares		(64,894	)		(64,894	)
Unearned compensation		—			(8,495	)
Cumulative undistributed net income		253,545			130,565
TOTAL STOCKHOLDERS’ INVESTMENT		773,843			632,280
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,333,884		$	1,188,274

7

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

		2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,466			9,923			12,577			34,491			8,395			(3,483	)		174,455			179,367
	FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT (4)		116,867			124,965			109,483			16,287			17,585			17,039			22,835			73,746			19,146			13,912			13,854			46,912
	BASIC WEIGHTED AVERAGE COMMON SHARES		49,252			48,313			49,005			49,788			49,924			50,079			50,160			49,989			50,289			50,385			50,630			50,436
	DILUTED WEIGHTED AVERAGE COMMON SHARES		49,937			49,415			51,016			51,653			51,586			52,013			51,825			51,747			52,002			52,031			52,428			52,106
	NET INCOME (LOSS) PER COMMON SHARE — BASIC		0.97			4.94			8.16			0.11			0.13			0.20			0.25			0.69			0.17			(0.07	)		3.45			3.56
	NET INCOME (LOSS) PER COMMON SHARE — DILUTED		0.96			4.83			7.84			0.11			0.13			0.19			0.24			0.67			0.16			(0.07	)		3.33			3.44
	FFO PER COMMON SHARE — BASIC (4)		2.37			2.59			2.23			0.33			0.35			0.34			0.46			1.48			0.38			0.28			0.27			0.93
	FFO PER COMMON SHARE — DILUTED (4)		2.34			2.53			2.15			0.32			0.34			0.33			0.44			1.43			0.37			0.27			0.26			0.90
(H)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		12,988			14,507			19,258			2,207			1,321			2,564			3,347			9,439			3,158			5,120			3,907			12,185
	REGULAR COMMON DIVIDENDS		73,345			71,694			72,869			18,611			18,621			18,689			18,728			74,649			18,760			18,788			18,839			56,387
	SPECIAL COMMON DIVIDEND		—			100,544			356,493			—			—			—			—			—			—			—			—			—
	REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.37			1.11
	SPECIAL COMMON DIVIDEND PER SHARE		—			2.07			7.15			—			—			—			—			—			—			—			—			—
	COMMON STOCK PRICE AT PERIOD END		24.70			30.60			30.27			25.87			29.58			30.22			28.30			28.30			33.43			30.93			34.21			34.21
	NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		48,386			48,835			50,092			50,324			50,460			50,550			50,665			50,665			50,732			50,873			51,518			51,518	��
	PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		—			27.25			26.15			25.25			25.70			26.00			25.75			25.75			25.54			24.96			25.85			25.85
	NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		—			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		—			—			25.00			25.00			25.45			25.60			25.40			25.40			25.38			25.00			25.42			25.42
	NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		—			—			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	COMMON EQUITY MARKET CAPITALIZATION		1,195,134			1,494,351			1,516,285			1,301,882			1,492,607			1,527,621			1,433,820			1,433,820			1,695,971			1,573,502			1,762,431			1,762,431
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680			199,840			205,080			205,080
(A)	ADJUSTED DEBT (1)		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460			470,662			350,780			350,780
	TOTAL MARKET CAPITALIZATION		2,040,014			2,300,401			2,071,231			1,863,096			2,096,479			2,145,779			2,152,980			2,152,980			2,497,111			2,244,004			2,318,291			2,318,291
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		41	%		30	%		17	%		19	%		19	%		19	%		24	%		24	%		24	%		21	%		15	%		15	%
(A)	RECOURSE DEBT (1)		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577			174,552			197,095			197,095
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		8	%		1	%		2	%		3	%		5	%		5	%		9	%		9	%		11	%		8	%		9	%		9	%
	COMMON EQUITY MARKET CAPITALIZATION		1,195,134			1,494,351			1,516,285			1,301,882			1,492,607			1,527,621			1,433,820			1,433,820			1,695,971			1,573,502			1,762,431			1,762,431
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680			199,840			205,080			205,080
(A)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		935,646			783,638			438,050			447,791			491,568			511,988			615,645			615,645			698,263			574,844			454,661			454,661
	TOTAL MARKET CAPITALIZATION		2,130,780			2,386,989			2,158,935			1,950,673			2,188,775			2,246,009			2,254,065			2,254,065			2,597,914			2,348,186			2,422,172			2,422,172
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		44	%		33	%		20	%		23	%		22	%		23	%		27	%		27	%		27	%		24	%		19	%		19	%
(B)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,448			5,581			3,703			13,732
	FFO BEFORE INTEREST		167,498			170,739			141,139			19,776			20,393			19,417			26,068			85,654			23,594			19,493			17,557			60,644
	INTEREST EXPENSE COVERAGE RATIO		3.31			3.73			4.46			5.67			7.26			8.17			8.06			7.19			5.30			3.49			4.74			4.42
(C)	FIXED CHARGES (excluding preferred dividends)(1)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,444			8,130			5,926			21,500
	FFO PLUS FIXED CHARGES (excluding preferred dividends)		168,349			171,338			131,854			19,932			20,577			19,587			26,241			86,337			23,773			19,671			17,687			61,131
	FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		2.58			2.88			3.22			3.81			4.71			4.72			3.88			4.21			3.19			2.42			2.98			2.84
(C)	FIXED CHARGES (including preferred dividends)(1)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,257			11,942			9,738			32,937
	FFO PLUS FIXED CHARGES (including preferred dividends)		168,349			174,696			139,896			23,745			24,389			23,399			30,054			101,587			27,586			23,483			21,499			72,568
	FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.58			2.78			2.87			2.63			2.98			2.94			2.84			2.84			2.45			1.97			2.21			2.20

8

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

		2002		2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st		2006 2nd				2006 3rd			2006 YTD
(D)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	OFFICE:
	3100 WINDY HILL RD		2,693		2,988			2,974			734			734			737			739			2,944			722		733				717			2,172
	3301 WINDY RIDGE PARKWAY		1,517		1,555			1,659			404			423			440			426			1,693			247		26				80			353
	100 NORTH POINT CENTER EAST		0		73			1,010			277			234			237			272			1,020			221		276				253			750
	200 NORTH POINT CENTER EAST		0		23			417			48			36			164			115			363			233		192				212			637
	333 NORTH POINT CENTER EAST		2,397		1,398			1,036			321			403			352			319			1,395			321		269				304			894
	555 NORTH POINT CENTER EAST		2,359		1,541			945			346			377			400			383			1,506			401		458				451			1,310
	615 PEACHTREE STREET		1,985		1,919			1,395			273			254			212			18			757			20		74				(53	)		41
	LAKESHORE PARK PLAZA		1,113		1,231			1,459			426			224			40			32			722			200		209				219			628
	INFORUM		13,444		13,843	��		12,808			2,836			2,726			2,879			2,935			11,376			2,936		2,887				2,844			8,667
	600 UNIVERSITY PARK PLACE		1,757		1,871			1,797			431			417			421			432			1,701			355		250				257			862
	THE POINTS AT WATERVIEW		1,040		1,778			1,949			533			432			454			453			1,872			584		530				521			1,635
	ONE GEORGIA CENTER		3,381		2,913			1,369			(308	)		(261	)		(414	)		(378	)		(1,361	)		35		(9	)			(174	)		(148	)
	GALLERIA 75		0		0			899			206			274			272			284			1,036			281		240				200			721
	SONO RENAISSANCE		0		0			38			76			60			64			70			270			66		66				60			192
	ATHEROGENICS		1,134		1,181			1,222			308			311			311			311			1,241			313		316				317			946
	INHIBITEX		0		0			0			0			189			246			231			666			228		229				230			687
	MERIDIAN MARK PLAZA		4,073		4,153			4,224			1,080			1,164			1,114			1,129			4,487			1,128		1,147				1,110			3,385
	COSMOPOLITAN CENTER		0		0			0			0			0			0			0			0			0		0				43			43
	191 PEACHTREE		0		0			0			0			0			0			0			0			0		0				402			402
	SUBTOTAL		36,893		36,467			35,201			7,991			7,997			7,929			7,771			31,688			8,291		7,893				7,993			24,177
	RETAIL:
	THE AVENUE EAST COBB		5,327		5,424			5,635			1,416			1,381			1,398			1,520			5,715			1,502		1,580				(23	)		3,059
	THE AVENUE OF THE PENINSULA		4,284		3,722			3,997			1,078			1,092			898			1,077			4,145			1,233		1,118		��		1,075			3,426
	THE AVENUE PEACHTREE CITY		3,160		3,029			3,430			963			872			843			995			3,673			933		885				(3	)		1,815
	THE AVENUE WEST COBB		0		655			3,925			1,095			1,073			1,108			1,085			4,361			1,148		1,072				5			2,225
	AVENUE VIERA		0		0			189			421			610			804			891			2,726			713		1,047				(6	)		1,754
	VIERA MARKET CENTER		0		0			0			0			0			0			148			148			152		121				(10	)		263
	THE AVENUE CARRIAGE CROSSING		0		0			0			0			0			0			743			743			1,212		1,413				1,553			4,178
	SAN JOSE MARKETCENTER		0		0			0			0			0			0			0			0			220		1,006				1,223			2,449
	THE AVENUE WEBB GIN		0		0			0			0			0			0			0			0			0		0				616			616
	SUBTOTAL		12,771		12,830			17,176			4,973			5,028			5,051			6,459			21,511			7,113		8,242				4,430			19,785
	INDUSTRIAL:
	KING MILL		0		0			0			0			0			0			0			0			0		(1	)			217			216
	SUBTOTAL		0		0			0			0			0			0			0			0			0		(1	)			217			216
	OTHER RENTAL OPERATIONS:
	OTHER		0		0			(1	)		0			0			(6	)		0			(6	)		22		0				(35	)		(14	)
	SUBTOTAL		0		0			(1	)		0			0			(6	)		0			(6	)		22		0				(35	)		(14	)
	101 INDEPENDENCE CENTER		8,866		9,085			5,294			2			0			0			0			2			0		0				0			0
	333 JOHN CARLYLE		3,535		3,952			1,316			0			0			0			0			0			0		0				0			0
	1900 DUKE STREET		2,698		2,932			1,129			0			0			0			0			0			0		0				0			0
	COLONIAL PLAZA MARKETCENTER		0		0			0			0			0			0			0			0			0		0				0			0
	COLUMBUS BAZAAR		0		0			(124	)		0			0			0			0			0			0		0				0			0
	PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		15,099		15,969			7,615			2			0			0			0			2			0		0				0			0
	TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		64,763		65,266			59,991			12,966			13,025			12,974			14,230			53,195			15,426		16,135				12,605			44,165

9

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

		2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
(E)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	NORTHSIDE/ALPHARETTA I		1,819			1,606			1,339			(4	)		(5	)		0			(3	)		(12	)		0			0			0			0
	NORTHSIDE/ALPHARETTA II		2,255			2,160			1,992			(6	)		(16	)		44			17			39			17			17			6			40
	101 SECOND STREET		14,557			10,632			6,770			7			53			5			1			66			2			(2	)		0			0
	55 SECOND STREET		12,724			27,073			5,067			2			9			160			2			173			0			(1	)		0			(1	)
	AT&T WIRELESS SERVICES HEADQUARTERS		5,718			2,828			0			0			0			0			0			0			0			0			0			0
	CERRITOS CORPORATE CENTER-PHASE II		2,322			1,128			0			0			0			0			0			0			0			0			0			0
	PRESIDENTIAL MARKETCENTER		3,731			2,396			0			0			0			0			0			0			0			0			0			0
	MIRA MESA MARKETCENTER		5,956			2,298			0			69			0			0			(13	)		56			0			0			0			0
	PERIMETER EXPO		3,178			2,404			0			0			0			0			(5	)		(5	)		0			0			0			0
	SALEM ROAD STATION		505			0			0			0			0			0			0			0			0			0			0			0
	THE SHOPS OF LAKE TUSCALOOSA		0			18			570			0			0			0			5			5			0			(2	)		0			(2	)
	HANOVER SQUARE SOUTH		0			0			0			(10	)		140			268			(2	)		396			0			5			(1	)		4
	GA 400 LAND LEASES		1,298			1,392			1,463			361			352			351			368			1,432			395			372			365			1,132
	FROST BANK TOWER		0			0			3,486			1,311			1,152			1,206			1,454			5,123			1,578			1,527			1,505			4,610
	OTHER		94			98			22			0			0			0			0			0			0			0			0			0
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		54,157			54,033			20,709			1,730			1,685			2,034			1,824			7,273			1,992			1,916			1,875			5,783
	RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO:
(G)	OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		195			120			471			0			0			1,381			(14	)		1,367			0			62			798			860
(G)	TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740			(5	)		179			914
(G)	TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		671			472			2,198			82			(1	)		1,517			1,792			3,390			4,164			294			59			4,517
	TOTAL TRACT & OUTPARCEL SALES NET OF COS		2,814			7,742			31,825			6,848			5,511			2,249			4,265			18,873			4,904			289			238			5,431
(G)	LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		1,622			2,803			4,222			492			1,426			1,215			1,029			4,162			1,302			769			349			2,420
(G)	LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		1,281			3,428			6,993			1,979			1,859			3,357			3,284			10,479			2,089			2,074			1,558			5,721
	TOTAL LOT SALES NET OF COS		2,903			6,231			11,215			2,471			3,285			4,572			4,313			14,641			3,391			2,843			1,907			8,141
(G)	INTEREST — JOINT VENTURE (1)		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)		(37	)		(36	)		(248	)
(G)	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0			0			0			0
(G)	OTHER — JOINT VENTURE (1)		(3	)		(156	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)		5			(34	)		(205	)
	TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO		5,909			13,937			43,150			9,007			8,734			8,019			8,379			34,139			7,944			3,162			2,873			13,979
	MULTI-FAMILY FFO:
(J)	MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		0			0			0			0			0			712			1,116			1,828			1,221			2,759			(320	)		3,660
(J)	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		0			0			0			0			514			0			6,668			7,182			1,797			2,629			2,986			7,412
	TOTAL MULTI-FAMILY FFO		0			0			0			0			514			712			7,784			9,010			3,018			5,388			2,666			11,072
	DEVELOPMENT INCOME		4,625			2,870			3,310			497			684			623			1,252			3,056			1,752			825			772			3,349
	MANAGEMENT FEES		9,313			8,519			8,704			2,307			2,287			2,141			2,207			8,942			2,098			1,972			2,052			6,122
	LEASING & OTHER FEES		4,297			6,991			4,463			1,048			998			2,037			4,001			8,084			887			1,388			607			2,882
	TERMINATION FEES		616			2,057			2,348			106			328			143			270			847			2,720			807			217			3,744
	INTEREST INCOME & OTHER		4,393			3,940			2,528			305			414			740			427			1,886			(38	)		55			183			200
	GENERAL & ADMINISTRATIVE EXPENSES		(27,699	)		(29,606	)		(33,702	)		(8,676	)		(8,217	)		(8,943	)		(14,867	)		(40,703	)		(9,931	)		(9,906	)		(9,095	)		(28,932	)

10

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

		2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
	INTEREST EXPENSE CONSOLIDATED:
	CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			0			(764	)		(452	)		(751	)		(1,030	)		(1,746	)		(3,979	)		(2,103	)		0			0			(2,103	)
	CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(781	)		(3,494	)		(2,680	)		(6,955	)
	TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(118	)		(664	)		(836	)		(1,618	)
	BANK OF AMERICA PLAZA FINANCING - 6.9575%		(8,974	)		(10,718	)		(10,406	)		(2,532	)		(2,548	)		(2,564	)		(2,553	)		(10,197	)		(2,485	)		(2,501	)		(2,461	)		(7,447	)
	THE AVENUE EAST COBB DEBT - 8.39%		(3,250	)		(3,220	)		(3,188	)		(792	)		(789	)		(787	)		(785	)		(3,153	)		(782	)		(764	)		0			(1,546	)
	333 & 555 NORTH POINT CENTER DEBT - 7%		(2,282	)		(2,246	)		(2,207	)		(545	)		(543	)		(540	)		(537	)		(2,165	)		(534	)		(532	)		(529	)		(1,595	)
	MERIDIAN MARK PLAZA DEBT - 8.27%		(2,097	)		(2,074	)		(2,048	)		(507	)		(506	)		(505	)		(503	)		(2,021	)		(501	)		(498	)		(498	)		(1,497	)
	NOTE PAYABLE, UNSECURED - 8.04%		0			(598	)		(1,882	)		(458	)		(452	)		(238	)		0			(1,148	)		0			0						0
	600 UNIVERSITY PARK DEBT - 7.38%		(1,042	)		(1,032	)		(1,020	)		(254	)		(253	)		(251	)		(251	)		(1,009	)		(250	)		(249	)		(248	)		(747	)
	100 NORTH POINT CENTER EAST DEBT - 7.86%		0			(79	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(230	)		(232	)		(235	)		(697	)
	200 NORTH POINT CENTER EAST DEBT - 7.86%		0			(70	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(204	)		(206	)		(208	)		(618	)
	LAKESHORE PARK PLAZA DEBT - 6.78%		(696	)		(682	)		(666	)		(164	)		(163	)		(161	)		(160	)		(648	)		(160	)		(158	)		(157	)		(475	)
	905 JUNIPER DEBT		0			0			0			0			0			0			(155	)		(155	)		(194	)		(157	)		0			(351	)
	KING MILL DEBT		0			0			0			0			0			0			(34	)		(34	)		(44	)		(52	)		(92	)		(188	)
	WATERVIEW DEBT - 5.66%		0			0			0			0			0			0			(11	)		(11	)		(265	)		(264	)		(261	)		(790	)
	CREDIT FACILITY — FLOATING @ LIBOR + 1.05% to 1.70%		(4,738	)		(3,320	)		(1,331	)		0			0			0			0			0			0			0			0			0
	PERIMETER EXPO DEBT - 8.04%		(1,637	)		(1,087	)		0			0			0			0			0			0			0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.677%		(868	)		0			0			0			0			0			0			0			0			0			0			0
	101 INDEPENDENCE CENTER DEBT - 8.22%		(3,755	)		(3,673	)		(2,073	)		0			0			0			0			0			0			0			0			0
	1900 DUKE STREET & 333 JOHN CARLYLE DEBT - 7%		(3,456	)		(3,419	)		(1,289	)		0			0			0			0			0			0			0			0			0
	OTHER		(180	)		(41	)		(19	)		(3	)		2			(5	)		(3	)		(9	)		(4	)		(3	)		(3	)		(10	)
	CAPITALIZED		5,934			9,683			14,028			3,360			4,338			4,849			4,646			17,193			5,041			4,894			5,583			15,518
	TOTAL INTEREST EXPENSE CONSOLIDATED		(27,041	)		(22,576	)		(14,623	)		(2,781	)		(2,103	)		(1,675	)		(2,535	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		(11,119	)
	OTHER EXPENSES — CONTINUING OPERATIONS:
	PROPERTY TAXES		(675	)		(768	)		(664	)		(119	)		(160	)		(136	)		(339	)		(754	)		(190	)		(170	)		(202	)		(562	)
	MINORITY INTEREST EXPENSE		(1,589	)		(1,613	)		(1,417	)		(392	)		(397	)		(560	)		(1,688	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(3,290	)
	PREDEVELOPMENT & OTHER		(1,558	)		(1,677	)		(1,284	)		77			(226	)		(130	)		(289	)		(568	)		(265	)		(311	)		(212	)		(788	)
	TOTAL OTHER EXPENSES		(3,822	)		(4,058	)		(3,365	)		(434	)		(783	)		(826	)		(2,316	)		(4,359	)		(1,533	)		(1,794	)		(1,313	)		(4,640	)
(E)	OTHER EXPENSES — DISCONTINUED OPERATIONS:
	INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0
	MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0			0			0			0
	TOTAL OTHER EXPENSES — DISCONTINUED OPERATIONS		(12,092	)		(10,083	)		(5,870	)		0			0			0			0			0			0			0			0			0
	INCOME TAX (PROVISION)/BENEFIT:
	CONTINUING OPERATIONS		(1,526	)		(2,596	)		(2,744	)		(869	)		(1,057	)		(2,021	)		(3,809	)		(7,756	)		(2,370	)		(1,924	)		(7	)		(4,301	)
(E)	DISCONTINUED OPERATIONS (1)		(139	)		0			0			17			(41	)		(102	)		0			(126	)		0			(2	)		0			(2	)
	TOTAL INCOME TAX (PROVISION)/BENEFIT		(1,665	)		(2,596	)		(2,744	)		(852	)		(1,098	)		(2,123	)		(3,809	)		(7,882	)		(2,370	)		(1,926	)		(7	)		(4,303	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I)	CONSOLIDATED		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)		(868	)		(702	)		(2,391	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)		(868	)		(702	)		(2,391	)

11

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

		2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
(F)	JOINT VENTURE FFO (EXCLUDING TEMCO, CL REALTY, 905 JUNIPER, 50 BISCAYNE, HANDY ROAD & VERDE) (1):
	WILDWOOD ASSOCIATES		10,870			10,051			4,897			(18	)		(69	)		12			(9	)		(84	)		(24	)		(17	)		(29	)		(70	)
	WILDWOOD ASSOCIATES — IMPAIRMENT LOSS ON DEPRECIABLE		0			(551	)		0			0			0			0			0			0			0			0			0			0
	PROPERTY CP VENTURE TWO LLC		2,274			2,080			2,070			442			463			407			410			1,722			423			458			432			1,313
	CP VENTURE TWO LLC — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0			0			0			0
	CP VENTURE FIVE LLC		0			0			0			0			0			0			0			0			0			49			2,332			2,381
	COUSINS LORET VENTURE, L.L.C.		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0			0			0			0
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0			(1	)		0			(1	)
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		350			365			407			115			115			82			111			423			58			4			(9	)		53
	TEN PEACHTREE PLACE ASSOCIATES		(488	)		1,539			1,533			348			373			406			379			1,506			385			397			344			1,126
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		15,368			15,789			15,281			3,666			3,706			3,748			3,798			14,918			3,708			3,756			3,668			11,132
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		3,998			3,102			3,492			257			260			(6	)		13			524			1			1			0			2
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		3,180			3,412			2,465			2			0			0			1			3			0			0			0			0
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			906
	CRAWFORD LONG — CPI, LLC		1,728			1,685			1,447			440			483			484			458			1,865			486			501			518			1,505
	OTHER		0			0			924			0			0			310			5,204			5,514			90			0			0			90
	TOTAL SHARE OF JOINT VENTURE FFO		43,261			42,140			35,278			5,555			5,615			5,725			10,658			27,553			5,429			5,450			7,558			18,437
	PREFERRED STOCK DIVIDENDS		0			(3,358	)		(8,042	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(11,437	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT (4)		116,867			124,965			109,483			16,287			17,585			17,039			22,835			73,746			19,146			13,912			13,854			46,912
	LOSS ON EXTINGUISHMENT OF DEBT		(3,501	)		0			(605	)		0			0			0			0			0			0			(2,764	)		(15,443	)		(18,207	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		113,366			124,965			108,878			16,287			17,585			17,039			22,835			73,746			19,146			11,148			(1,589	)		28,705
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
	CONTINUING OPERATIONS		6,254			100,558			118,056			6,827			5,578			796			2,532			15,733			805			61			244			1,110
(G)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(2,143	)		(7,270	)		(29,627	)		(6,766	)		(5,512	)		(732	)		(2,473	)		(15,483	)		(740	)		5			(179	)		(914	)
	DISCONTINUED OPERATIONS		1,174			93,459			81,927			37			0			1,070			(70	)		1,037			191			135			54,068			54,394
	SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053			1			133,192			134,246
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		5,285			186,747			346,621			446			30			2,767			(21	)		3,222			1,309			202			187,325			188,836
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I)	CONSOLIDATED		(34,131	)		(36,931	)		(32,450	)		(7,426	)		(7,553	)		(6,508	)		(6,850	)		(28,337	)		(8,573	)		(11,383	)		(7,132	)		(27,088	)
(E,I)	DISCONTINUED OPERATIONS		(18,108	)		(14,713	)		(7,427	)		(1,305	)		(1,315	)		(1,334	)		(1,344	)		(5,298	)		(1,429	)		(1,438	)		(1,221	)		(4,088	)
(G,I)	SHARE OF UNCONSOLIDATED JOINT VENTURES		(18,540	)		(21,265	)		(15,880	)		(2,477	)		(2,281	)		(2,041	)		(2,043	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(6,998	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(70,779	)		(72,909	)		(55,757	)		(11,208	)		(11,149	)		(9,883	)		(10,237	)		(42,477	)		(12,060	)		(14,833	)		(11,281	)		(38,174	)
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,466			9,923			12,577			34,491			8,395			(3,483	)		174,455			179,367

12

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY		11,182			8,462			7,130			2			(3	)		19			(9	)		9			0			0			0			0
2500 WINDY RIDGE PARKWAY		4,992			4,673			3,164			0			(1	)		4			0			3			0			0			0			0
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		12,217			13,181			8,861			(10	)		(4	)		18			0			4			0			0			0			0
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,803			3,851			2,764			0			0			2			0			2			0			0			0			0
4200 WILDWOOD PARKWAY (GE)		4,853			4,690			3,434			0			0			23			0			23			0			0			0			0
BANK/RESTAURANT GROUND LEASES		1,081			1,287			1,041			14			(16	)		(1	)		0			(3	)		0			0			0			0
		38,128			36,144			26,394			6			(24	)		65			(9	)		38			0			0			0			0
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,546	)		(4,359	)		(3,382	)		0			0			0			0			0			0			0			0			0
2500 DEBT - 7.45%		(1,642	)		(1,571	)		(1,105	)		0			0			0			0			0			0			0			0			0
3200 DEBT - 8.23%		(5,389	)		(5,218	)		(4,056	)		0			0			0			0			0			0			0			0			0
4100/4300 DEBT - 7.65%		(2,097	)		(2,030	)		(1,413	)		0			0			0			0			0			0			0			0			0
4200 DEBT - 6.78%		(2,812	)		(2,737	)		(1,898	)		0			0			0			0			0			0			0			0			0
		(16,486	)		(15,915	)		(11,854	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(3,843	)		0			0			0			0			0			0			0			0
OTHER, NET		96			478			(265	)		(43	)		(113	)		(41	)		(8	)		(205	)		(47	)		(34	)		(57	)		(138	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(45	)		(30	)		0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(1,101	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		21,738			19,561			10,402			(37	)		(137	)		24			(17	)		(167	)		(47	)		(34	)		(57	)		(138	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,022	)		(9,364	)		(6,398	)		(9	)		(9	)		(8	)		(10	)		(36	)		(8	)		(8	)		(9	)		(25	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			200,835			0			0			0			0			0			0			0			0			0
NET INCOME		12,716			10,197			204,839			(46	)		(146	)		16			(27	)		(203	)		(55	)		(42	)		(66	)		(163	)
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		19,065			17,796			12,895			3			(12	)		33			(5	)		19			0			0			0			0
INTEREST EXPENSE		(8,243	)		(7,960	)		(5,928	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,922	)		0			0			0			0			0			0			0			0			0
OTHER, NET		48			238			(133	)		(21	)		(57	)		(21	)		(4	)		(103	)		(24	)		(17	)		(29	)		(70	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(23	)		(15	)		0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(551	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		10,870			9,500			4,897			(18	)		(69	)		12			(9	)		(84	)		(24	)		(17	)		(29	)		(70	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,512	)		(4,682	)		(3,191	)		(4	)		(5	)		(4	)		(5	)		(18	)		(4	)		(4	)		(5	)		(13	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			99,360			0			0			0			0			0			0			0			0			0
NET INCOME		6,358			4,818			101,066			(22	)		(74	)		8			(14	)		(102	)		(28	)		(21	)		(34	)		(83	)

13

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		4,021			2,944			2,659			2			15			0			0			17			0			0			0			0
GRANDVIEW II		2,288			2,359			2,400			444			303			208			255			1,210			417			432			448			1,297
100 NORTH POINT CENTER EAST		1,456			1,239			7			0			0			15			0			15			0			0			0			0
200 NORTH POINT CENTER EAST		1,047			484			13			0			0			17			0			17			0			0			0			0
PRESBYTERIAN MEDICAL PLAZA		912			938			966			247			248			237			241			973			248			233			246			727
SUBTOTAL OFFICE		9,724			7,964			6,045			693			566			477			496			2,232			665			665			694			2,024
RETAIL:
NORTH POINT MARKETCENTER		4,982			5,156			5,142			1,459			1,426			1,298			1,430			5,613			1,373			1,263			1,429			4,065
MANSELL CROSSING II		1,533			1,190			1,227			314			306			314			300			1,234			329			338			320			987
GREENBRIER MARKETCENTER		4,687			4,519			4,513			1,149			1,269			1,019			1,043			4,480			1,165			1,215			1,167			3,547
LOS ALTOS MARKETCENTER		2,974			2,976			3,101			774			832			728			626			2,960			755			781			734			2,270
SUBTOTAL RETAIL		14,176			13,841			13,983			3,696			3,833			3,359			3,399			14,287			3,622			3,597			3,650			10,869
TOTAL REVENUES LESS OPERATING EXPENSES		23,900			21,805			20,028			4,389			4,399			3,836			3,895			16,519			4,287			4,262			4,344			12,893
OTHER, NET		(52	)		(71	)		(71	)		(56	)		(28	)		0			(60	)		(144	)		(88	)		(11	)		1			(98	)
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(2,264	)		(2,216	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)		(507	)		(507	)		(1,525	)
100 & 200 NORTH POINT CENTER EAST - 7.86%		(1,815	)		(1,628	)		0			0			0			0			0			0			0			0			0			0
TOTAL INTEREST EXPENSE		(4,079	)		(3,844	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)		(507	)		(507	)		(1,525	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(8,567	)		(1,535	)		0			0			60			0			60			0			0			0			0
FUNDS FROM OPERATIONS		19,769			9,323			16,263			3,803			3,849			3,376			3,319			14,347			3,688			3,744			3,838			11,270
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(10,639	)		(9,727	)		(7,417	)		(1,497	)		(1,495	)		(1,428	)		(1,378	)		(5,798	)		(1,775	)		(1,467	)		(1,442	)		(4,684	)
NET INCOME		9,130			(404	)		8,846			2,306			2,354			1,948			1,941			8,549			1,913			2,277			2,396			6,586
COUSINS’ SHARE OF CP VENTURE TWO (2):		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		2,749			2,530			2,318			510			526			467			476			1,979			492			517			490			1,499
INTEREST EXPENSE		(470	)		(442	)		(248	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)		(58	)		(58	)		(175	)
OTHER, NET		(5	)		(8	)		0			(7	)		(3	)		0			(7	)		(17	)		(10	)		(1	)		0			(11	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,274			1,095			1,861			442			463			407			410			1,722			423			458			432			1,313
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,223	)		(1,119	)		(852	)		(172	)		(172	)		(164	)		(159	)		(667	)		(204	)		(169	)		(166	)		(539	)
NET INCOME		1,051			(24	)		1,009			270			291			243			251			1,055			219			289			266			774

14

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
CP VENTURE FIVE, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		0			0			0			0			0			0			0			0			0			37			1,539			1,576
THE AVENUE PEACHTREE CITY		0			0			0			0			0			0			0			0			0			20			910			930
THE AVENUE WEST COBB		0			0			0			0			0			0			0			0			0			31			1,095			1,126
AVENUE VIERA		0			0			0			0			0			0			0			0			0			24			1,044			1,068
VIERA MARKET CENTER		0			0			0			0			0			0			0			0			0			2			175			177
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			114			4,763			4,877
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE:
THE AVENUE EAST COBB		0			0			0			0			0			0			0			0			0			(14	)		(602	)		(616	)
TOTAL INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(14	)		(602	)		(616	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			100			4,161			4,261
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(88	)		(4,477	)		(4,565	)
NET INCOME		0			0			0			0			0			0			0			0			0			12			(316	)		(304	)
COUSINS’ SHARE OF CP VENTURE FIVE (2):																													50.84	%		31.20	%		31.20	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			58			2,722			2,780
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(9	)		(390	)		(399	)
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			49			2,332			2,381
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(20	)		(965	)		(985	)
NET INCOME		0			0			0			0			0			0			0			0			0			29			1,367			1,396
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK		4,446			3,771			2,454			0			(2	)		(8	)		(17	)		(27	)		0			0			0			0
THE PINNACLE		9,986			9,751			5,756			0			0			(4	)		0			(4	)		0			0			0			0
TOTAL REVENUES LESS OPERATING EXPENSES		14,432			13,522			8,210			0			(2	)		(12	)		(17	)		(31	)		0			0			0			0
INTEREST EXPENSE		(7,109	)		(7,022	)		(4,072	)		0			0			0			0			0			0			0			0			0
CAPITALIZED INTEREST		0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(17	)		(16	)		(9	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		7,306			6,484			4,129			0			(2	)		(12	)		(17	)		(31	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,680	)		(6,790	)		(3,783	)		0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			89,922			0			(72	)		(16	)		0			(88	)		0			0			0			0
NET INCOME		(1,374	)		(306	)		90,268			0			(74	)		(28	)		(17	)		(119	)		0			0			0			0
COUSINS’ SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		7,217			6,761			4,106			0			(1	)		(2	)		(9	)		(12	)		0			0			0			0
INTEREST EXPENSE		(3,555	)		(3,511	)		(2,037	)		0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(9	)		(8	)		(5	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,383	)		(3,395	)		(1,889	)		0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			45,340			0			(36	)		(12	)		0			(48	)		0			0			0			0
NET INCOME		(730	)		(153	)		45,515			0			(37	)		(14	)		(9	)		(60	)		0			0			0			0

15

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,661			3,747			3,155			0			0			(37	)		0			(37	)		0			(1	)		0			(1	)
INTEREST — 7.0%		(1,420	)		(1,341	)		(1,025	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(2,657	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(2	)		(1	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,241			2,404			(528	)		0			0			(37	)		0			(37	)		0			(1	)		0			(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,126	)		(1,125	)		(844	)		0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			38,917			696			0			0			0			696			0			0			0			0
NET INCOME		1,115			1,279			37,545			696			0			(37	)		0			659			0			(1	)		0			(1	)
COUSINS’ SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,831			1,874			1,540			1			0			(18	)		0			(17	)		0			(1	)		0			(1	)
INTEREST EXPENSE		(711	)		(671	)		(513	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,328	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0			(1	)		0			(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(575	)		(576	)		(435	)		0			(1	)		0			0			(1	)		0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			19,212			348			0			0			0			348			7			0			0			7
NET INCOME		545			627			18,476			349			(1	)		(18	)		0			330			7			(1	)		0			6
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		696			727			815			230			231			163			222			846			116			7			(18	)		105
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		696			727			815			230			231			163			222			846			116			7			(18	)		105
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(829	)		(547	)		(686	)		(125	)		(166	)		(165	)		(119	)		(575	)		0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			3,008			0			14			3,022
NET INCOME		(133	)		180			129			105			65			(2	)		103			271			3,124			7			(4	)		3,127
COUSINS’ SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		350			365			407			115			115			82			111			423			58			4			(9	)		53
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		350			365			407			115			115			82			111			423			58			4			(9	)		53
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(415	)		(274	)		(343	)		(62	)		(83	)		(83	)		(60	)		(288	)		0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			1,046			0			7			1,053
NET INCOME		(65	)		91			64			53			32			(1	)		51			135			1,104			4			(2	)		1,106

16

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		(518	)		3,324			4,422			1,107			1,155			1,221			1,166			4,649			1,176			1,198			1,088			3,462
INTEREST - 5.39%		(457	)		(246	)		(1,356	)		(411	)		(410	)		(409	)		(407	)		(1,637	)		(406	)		(404	)		(403	)		(1,213	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(975	)		3,078			3,066			696			745			812			759			3,012			770			794			685			2,249
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(727	)		(2,016	)		(2,278	)		(569	)		(569	)		(569	)		(569	)		(2,276	)		(568	)		(569	)		(555	)		(1,692	)
NET INCOME		(1,702	)		1,062			788			127			176			243			190			736			202			225			130			557
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		(259	)		1,662			2,211			554			578			611			583			2,326			588			599			544			1,731
INTEREST EXPENSE		(229	)		(123	)		(678	)		(206	)		(205	)		(205	)		(204	)		(820	)		(203	)		(202	)		(200	)		(605	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(488	)		1,539			1,533			348			373			406			379			1,506			385			397			344			1,126
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(365	)		(1,007	)		(1,134	)		(282	)		(282	)		(282	)		(282	)		(1,128	)		(282	)		(246	)		(282	)		(810	)
NET INCOME		(853	)		532			399			66			91			124			97			378			103			151			62			316
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		30,735			31,577			30,593			7,339			7,422			7,504			7,604			29,869			7,424			7,518			7,343			22,285
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(34	)		(8	)		(8	)		(9	)		(8	)		(33	)		(8	)		(8	)		(9	)		(25	)
FUNDS FROM OPERATIONS		30,735			31,577			30,559			7,331			7,414			7,495			7,596			29,836			7,416			7,510			7,334			22,260
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,654	)		(7,616	)		(7,440	)		(1,940	)		(1,940	)		(1,941	)		(1,943	)		(7,764	)		(1,942	)		(2,055	)		(364	)		(4,361	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			0			0			271,201			271,201
NET INCOME		23,081			23,961			23,119			5,391			5,474			5,554			5,653			22,072			5,474			5,455			278,171			289,100
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		15,368			15,789			15,298			3,670			3,710			3,752			3,802			14,934			3,712			3,760			3,672			11,144
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(17	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(4	)		(4	)		(12	)
FUNDS FROM OPERATIONS		15,368			15,789			15,281			3,666			3,706			3,748			3,798			14,918			3,708			3,756			3,668			11,132
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET																										0			0			133,185			133,185
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,904	)		(3,885	)		(3,795	)		(989	)		(988	)		(989	)		(990	)		(3,956	)		(989	)		(992	)		(992	)		(2,973	)
NET INCOME		11,464			11,904			11,486			2,677			2,718			2,759			2,808			10,962			2,719			2,764			135,861			141,344
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		7,994			6,202			6,431			514			511			(7	)		25			1,043			1			3			0			4
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		7,994			6,202			6,431			514			511			(7	)		25			1,043			1			3			0			4
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,211	)		(7,558	)		(3,821	)		(949	)		(386	)		0			0			(1,335	)		0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			3,289			(19	)		3,270			0			0			0			0
NET INCOME		5,783			(1,356	)		2,610			(435	)		125			3,282			6			2,978			1			3			0			4
COUSINS’ SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,998			3,102			3,492			257			260			(6	)		13			524			1			1			0			2
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,998			3,102			3,492			257			260			(6	)		13			524			1			1			0			2
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,274	)		(3,947	)		(2,077	)		(517	)		(234	)		0			0			(751	)		0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			1,645			(10	)		1,635			0			1			0			1
NET INCOME		2,724			(845	)		1,415			(260	)		26			1,639			3			1,408			1			2			0			3

17

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

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,357			6,828			4,881			3			1			0			2			6			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		4			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		6,357			6,825			4,885			3			1			0			2			6			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,949	)		(1,914	)		(1,280	)		0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			27,170			0			0			0			0			0			0			0			0			0
NET INCOME		4,408			4,911			30,775			3			1			0			2			6			0			0			0			0
COUSINS’ SHARE OF CPI/FSP I (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,180			3,415			2,463			2			0			0			1			3			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		2			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,180			3,412			2,465			2			0			0			1			3			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,062	)		(1,044	)		(691	)		0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			12,353			0			0			0			0			0			0			0			0			0
NET INCOME		2,118			2,368			14,127			2			0			0			1			3			0			0			0			0
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,126			21,023			20,997			5,254			5,256			5,265			5,264			21,039			5,240			5,277			5,263			15,780
INTEREST - 6.41%		(12,030	)		(11,513	)		(10,961	)		(2,650	)		(2,613	)		(2,574	)		(2,536	)		(10,373	)		(2,497	)		(2,457	)		(2,417	)		(7,371	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		9,096			9,510			10,036			2,604			2,643			2,691			2,728			10,666			2,743			2,820			2,846			8,409
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(5,928	)		(6,037	)		(6,130	)		(1,546	)		(1,548	)		(1,550	)		(1,553	)		(6,197	)		(1,556	)		(1,562	)		(1,565	)		(4,683	)
NET INCOME		3,168			3,473			3,906			1,058			1,095			1,141			1,175			4,469			1,187			1,258			1,281			3,726
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			906
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			906
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(25	)		(32	)		(32	)		(8	)		(9	)		(8	)		(8	)		(33	)		(8	)		(8	)		(8	)		(24	)
NET INCOME		1,183			1,176			1,176			294			276			294			294			1,158			294			294			294			882

18

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
CRAWFORD LONG — CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL OPERATING EXPENSES		3,454			5,431			6,139			1,686			1,768			1,767			1,712			6,933			1,766			1,789			1,825			5,380
INTEREST — 5.9%		0			(2,062	)		(3,246	)		(805	)		(802	)		(799	)		(796	)		(3,202	)		(794	)		(790	)		(788	)		(2,372	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,454			3,369			2,893			881			966			968			916			3,731			972			999			1,037			3,008
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,530	)		(2,507	)		(2,598	)		(691	)		(699	)		(697	)		(707	)		(2,794	)		(709	)		(709	)		(709	)		(2,127	)
NET INCOME		1,924			862			295			190			267			271			209			937			263			290			328			881
COUSINS’ SHARE OF CRAWFORD LONG —CPI (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,728			2,717			3,071			843			884			884			856			3,467			883			896			912			2,691
INTEREST EXPENSE		0			(1,032	)		(1,624	)		(403	)		(401	)		(400	)		(398	)		(1,602	)		(397	)		(395	)		(394	)		(1,186	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,728			1,685			1,447			440			483			484			458			1,865			486			501			518			1,505
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(802	)		(1,306	)		(1,352	)		(358	)		(362	)		(361	)		(366	)		(1,447	)		(367	)		(367	)		(367	)		(1,101	)
NET INCOME		926			379			95			82			121			123			92			418			119			134			151			404
905 JUNIPER, LLC (100%):
MULTI-FAMILY, NET OF COS		0			0			0			0			714			0			0			714			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			714			0			0			714			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			714			0			0			714			0			0			0			0
COUSINS’ SHARE OF 905 JUNIPER, LLC:														72	%								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			514			0			0			514			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			514			0			0			514			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			514			0			0			514			0			0			0			0
50 BISCAYNE, LLC (100%):
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			16,516			16,516			4,554			6,082			8,059			18,695
OTHER, NET		0			0			0			0			0			0			367			367			125			843			0			968
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			16,883			16,883			4,679			6,925			8,059			19,663
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			16,883			16,883			4,679			6,925			8,059			19,663
COUSINS’ SHARE OF 50 BISCAYNE, LLC:																				40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			6,515			6,515			1,745			2,279			3,325			7,349
OTHER, NET		0			0			0			0			0			0			153			153			52			350			(339	)		63
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			6,668			6,668			1,797			2,629			2,986			7,413
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			6,668			6,668			1,797			2,629			2,986			7,413

19

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			1,848			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			1,848			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			1,848			0			0			0			0			0			0			0			0			0
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			924			0			0			310			5,204			5,514			90			0			0			90
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			924			0			0			310			5,204			5,514			90			0			0			90
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			924			0			0			310			5,204			5,514			90			0			0			90
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		2,074			3,201			5,336			727			556			1,811			998			4,092			3,877			785			284			4,946
INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(37	)		(37	)		(36	)		(110	)
OTHER, NET		(125	)		(64	)		(6	)		(45	)		96			44			10			105			11			104			33			148
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,949			3,137			5,195			644			613			1,817			971			4,045			3,851			852			281			4,984
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(88	)		(29	)		(28	)		(29	)		(28	)		(114	)		(29	)		(29	)		(29	)		(87	)
NET INCOME		1,949			3,137			5,107			615			585			1,788			943			3,931			3,822			823			252			4,897
COUSINS’ SHARE OF CL REALTY, LLC (2):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			701			3,457			1,119			1,174			2,846			3,913			9,052			2,251			1,272			1,152			4,675
OTHER, NET		0			(94	)		(220	)		(51	)		(4	)		(42	)		(53	)		(150	)		(48	)		(54	)		49			(53	)
FUNDS FROM OPERATIONS		0			607			3,237			1,068			1,170			2,804			3,860			8,902			2,203			1,218			1,201			4,622
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			607			3,237			1,068			1,170			2,804			3,860			8,902			2,203			1,218			1,201			4,622
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):								50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			398			215			128			217			165			725			125			311			181			617
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			398			215			128			217			165			725			125			311			181			617
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			398			215			128			217			165			725			125			311			181			617

20

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002		2003		2004		2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):																							50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0		0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0		0		0		0			0			0			0			0			(138	)		0			0			(138	)
OTHER, NET		0		0		0		0			0			0			0			0			(21	)		(39	)		(26	)		(86	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		0		0			0			0			0			0			(159	)		(39	)		(26	)		(224	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0		0			0			0			0			0			0			0			0			0
NET INCOME		0		0		0		0			0			0			0			0			(159	)		(39	)		(26	)		(224	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):								8	%		5.18	%		4.99	%		4.94	%		4.94	%		5	%		4.91	%		3.00	%		3.00	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0		0			0			0			0			0			0			0						0
OTHER, NET		0		0		0		(116	)		(115	)		(147	)		(105	)		(483	)		(118	)		(6	)		(90	)		(214	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0		(62	)		0			0			0			(62	)		0			0						0
FUNDS FROM OPERATIONS		0		0		0		(178	)		(115	)		(147	)		(105	)		(545	)		(118	)		(6	)		(90	)		(214	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0		(56	)		(117	)		(121	)		(145	)		(439	)		(175	)		(178	)		(114	)		(467	)
NET INCOME		0		0		0		(234	)		(232	)		(268	)		(250	)		(984	)		(293	)		(184	)		(204	)		(681	)

21

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

FOOTNOTES

(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	Cousins’ share of income from unconsolidated joint ventures has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.
(3)	The Company recognizes a preferred return on its equity in Gateway Village. See Note 4 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005.
(4)	FFO Available to Common Stockholders, excluding loss on extinguishment of debt excludes the effect of the mark-to-market loss adjustment resulting from the CP Venture Five, LLC transaction during the second quarter 2006 and the loss incurred in defeasing the note associated with the sale of Bank of America Plaza during the third quarter 2006. The Company views the charges as components of the sale or exchange of real estate and therefore believes the losses should be excluded from the FFO calculation. See further detail in Discussion of Non-GAAP Financial Measures herein.

22

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of SEPTEMBER 30, 2006
($ in thousands)

																		Actual or
	Company			Total		Leased GLA (%)								Cousins’		Cousins’		Projected Dates
	Owned			Project		Total Project			Cousins’			Approximate		Share of		Investment		for Completion and
Project	GLA (2)			GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		@ 9/30/06		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100		652,000			652,000		61%	(4)		100	%	$	170,400	$	170,400	$	98,967	const. - 2Q-07
(Atlanta, GA)																		fully operational 2Q-08
191 Peachtree Tower (5)		1,211,000			1,211,000		54	%		100	%		231,500		231,500		153,200	purchase - 3Q-06
(Atlanta, GA)																		fully operational 4Q-10
50 Biscayne (6)	529 units (6)			529 units			N/A			40	%		161,500		64,600		37,808	const. - 3Q-07
(Miami, FL)																		fully sold 1Q-08
TOTAL OFFICE/MULTI-FAMILY		1,863,000			1,863,000								563,400		466,500		289,975
RETAIL
The Avenue Carriage Crossing (Suburban Memphis, TN)
Phase I		492,000			692,000		93	%		100%	(7)							const. - 4Q-05
																		fully operational 4Q-06
Phase I — Expansion		51,000			51,000		0	%		100	%							const. - 3Q-08
																		fully operational 1Q-09
Phase II		20,000	(9)		41,000		0	%		100	%							const. - 4Q-07
																		fully operational 2Q-08
Total — Avenue Carriage Crossing		563,000			784,000								103,600		101,100		91,695
The Avenue Webb Gin (Suburban Atlanta, GA)
Phase I		359,000			359,000		62	%		100	%							const. - 2Q-07 (8)
																		fully operational 3Q-07 (8)
Phase II		22,000			22,000		0	%		100	%							const. - 2Q-08
																		fully operational 3Q-08
Total — Webb Gin		381,000			381,000								84,000		84,000		63,631
San Jose MarketCenter		218,000			361,000		90	%		100	%		84,100		84,100		80,054	const. - 2Q-07
(San Jose, CA)																		fully operational 2Q-07
Avenue Murfreesboro (Murfreesboro, TN)
Phases I and II		689,000			689,000		42	%		50	%							const. - 4Q-07
																		fully operational 4Q-08
Phase III		30,000			30,000		0	%		50	%							const. - 2Q-08
																		fully operational 1Q-09
Phase IV		28,000			28,000		0	%		50	%							const. - 4Q-09
																		fully operational 1Q-10
Phase V		58,000			58,000		0	%		50	%							const. - 1Q-10
																		fully operational 4Q-10
Total — Murfreesboro		805,000			805,000								153,000		76,500		12,171
TOTAL RETAIL		1,967,000			2,331,000								424,700		345,700		247,551

23

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of SEPTEMBER 30, 2006
($ in thousands)

																		Actual or
	Company		Total		Leased GLA (%)								Cousins’		Cousins’			Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Investment			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		@ 9/30/06			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA)
Building 3 A		417,000		417,000		75	%		75	%	$	14,000	$	10,700	$	10,182		const. - 2Q-06
																		fully operational 4Q-06
Building 3 B		379,000		379,000		0	%		75	%		11,000		8,250		6,017		const. - 4Q-06
																		fully operational 2Q-07
Jefferson Mill Distribution Center (Suburban Atlanta, GA)
Building A		459,000		459,000		0	%		75	%		14,900		11,175		2,567		const. - 3Q-06
																		fully operational 4Q-07
Lakeside Ranch Business Park
(Dallas, TX)		749,000		749,000		47	%		97	%		26,400		25,476		6,692		const. - 3Q-06
Building 20																		fully operational 4Q-07
TOTAL INDUSTRIAL		2,004,000		2,004,000								66,300		55,601		25,458
Accumulated Depreciation on Partially Operational Properties		—		—								—		—		(5,232	)
TOTAL PORTFOLIO		5,834,000		6,198,000							$	1,054,400	$	867,801	$	557,752	(10)

(1)	This schedule includes all Office/Multi-Family, Retail and Industrial projects under construction from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Residential projects are included on a separate schedule in this package Amounts included in the total cost column represent the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are estimates and are subject to change as the projects proceed through the development process.
(2)	Company owned GLA includes square footage owned either directly by the Company or by a joint venture in which the Company is a partner.
(3)	Total project GLA includes anchor stores who may own their own property and other non-owned property contained within the named development.
(4)	Leased square footage includes a lease with the Company of 47,000 square feet, which the Company expects to terminate.
(5)	191 Peachtree Tower was purchased in 2006 and is under redevelopment and repositioning. It is treated as a development property for the purpose of this schedule, although it is considered to be an operating property for GAAP purposes.
(6)	94% of the units at 50 Biscayne are under non-cancelable third party contracts, 4% of the units are under cancelable contracts, and the remaining 2% of the units are under non-cancelable contracts to the Company’s partner in the venture.
(7)	A third party contributed $2.5 million of equity to the entity and will share in the results of operations and any gain on sale of the property.
(8)	The Avenue Webb Gin Phase 1 opened in two different months - the South side in August 2006 and the North side in October 2006.
(9)	Company owned GLA decreased during the quarter as a result of the sale of a hotel tract at this project to a third party.
(10)	Reconciliation to Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	557,752
Less: Operating Property Under redevelopment/repositioning		(153,200	)
Less: Unconsolidated Projects
50 Biscayne		(37,808	)
Avenue Murfreesboro		(12,171	)
Add: 905 Juniper costs on 1 unsold unit		303
Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 A		3,126
Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 B		2,005
Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		856
Add: Seefried 3% interest in Lakeside Ranch — Bldg 20		243
Consolidated projects under development per balance sheet	$	361,106

24

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of September 30, 2006

										Percent Leased
							Company’s			(Fully Executed)
			Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description			Area	State	Square Feet		Interest			6/30/2006			9/30/2006
	I.	OFFICE OPERATING PROPERTIES
		Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
		Inforum	Atlanta	Georgia		994,000		100.00	%		87	%		98	%
		Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		99	%		100	%
		One Georgia Center	Atlanta	Georgia		345,000		88.50	%		43	%		45	%
		Ten Peachtree Place	Atlanta	Georgia		259,000		50.00	%		100	%		87	%
		The Points at Waterview	Dallas	Texas		203,000		100.00	%		99	%		99	%
		Lakeshore Park Plaza (a)	Birmingham	Alabama		193,000		100.00	%		65	%		72	%
		3100 Windy Hill Road	Atlanta	Georgia		188,000		100.00	%		100	%		100	%
		Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		100	%		100	%
		555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		92	%		92	%
		Grandview II	Birmingham	Alabama		149,000		11.50	%		92	%		92	%
		333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		77	%		79	%
		200 North Point Center East	Atlanta	Georgia		129,000		100.00	%		70	%		70	%
		100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		88	%		89	%
		600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		73	%		75	%
		Galleria 75	Atlanta	Georgia		114,000		100.00	%		79	%		79	%
		3301 Windy Ridge Parkway	Atlanta	Georgia		107,000		100.00	%		42	%		42	%
		Cosmopolitan Center	Atlanta	Georgia		102,000		100.00	%		N/A			69	%
		Presbyterian Medical Plaza at University	Charlotte	North Carolina		69,000		11.50	%		100	%		100	%
		AtheroGenics	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
		Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
		Total Office Operating Portfolio				5,070,000								87	%
		OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
		Terminus 100	Atlanta	Georgia		652,000		100.00	%		54	%		61	%(c)
		191 Peachtree Tower (d)	Atlanta	Georgia		1,211,000		100.00	%		N/A			54	%
		Total Office Development/Redevelopment Properties				1,863,000
		TOTAL OFFICE, OPERATING AND DEVELOPMENT/REDEVELOPMENT				6,933,000

25

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of September 30, 2006

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description		Area	State	Square Feet		Interest			6/30/2006			9/30/2006
II.	RETAIL OPERATING PROPERTIES
	North Point MarketCenter	Atlanta	Georgia		401,000		11.50	%		100	%		100	%
	Greenbrier MarketCenter	Chesapeake	Virginia		376,000		11.50	%		100	%		100	%
	The Avenue of the Peninsula	Rolling Hills Estates	California		373,000		100.00	%		88	%		88	%
	The Avenue Viera (a)	Viera	Florida		332,000		31.17	%		87	%		91	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		31.17	%		100	%		100	%
	The Avenue West Cobb	Atlanta	Georgia		205,000		31.17	%		97	%		100	%
	The Avenue Peachtree City	Atlanta	Georgia		182,000		31.17	%		98	%		98	%
	Los Altos MarketCenter	Long Beach	California		157,000		11.50	%		100	%		100	%
	Mansell Crossing Phase II	Atlanta	Georgia		103,000		11.50	%		100	%		100	%
	Viera MarketCenter (a)	Viera	Florida		96,000		31.17	%		97	%		100	%
	Total Retail Operating Properties				2,456,000								93	%
	RETAIL DEVELOPMENT PROPERTIES (b)
	The Avenue Carriage Crossing (a)	Memphis	Tennessee		563,000		100.00	%		90	%		91	%
	The Avenue Murfreesboro (e)	Murfreesboro	Tennessee		805,000		50.00	%		N/A			42	%
	The Avenue Webb Gin	Atlanta	Georgia		381,000		100.00	%		57	%		62	%
	San Jose MarketCenter	San Jose	California		218,000		100.00	%		77	%		84	%
	Viera MarketCenter Expansion (a)	Viera	Florida		82,000		31.17	%		73	%		85	%
	The Avenue West Cobb Expansion	Atlanta	Georgia		46,000		31.17	%		94	%		94	%
	Total Retail Development Properties				2,095,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,551,000
III.	INDUSTRIAL DEVELOPMENT PROPERTIES (b)
	Lakeside Ranch Business Park — Building 20 (f)	Dallas	Texas		749,000		96.50	%		N/A			47	%
	Jefferson Mill Business Park — Building A	Atlanta	Georgia		459,000		75.00	%		N/A			0	%
	King Mill Distribution Park — Building 3A	Atlanta	Georgia		417,000		75.00	%		69	%		75	%
	King Mill Distribution Park — Building 3B	Atlanta	Georgia		379,000		75.00	%		N/A			0	%
	Total Industrial Development Properties				2,004,000
	TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				13,488,000
	TOTAL OPERATING PORTFOLIO PERCENT LEASED												88	%(g)

26

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 30, 2006

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet (e)		%			Development Properties
SUMMARY BY TYPE
Office		6,933,000		5,859,000		61	%		87	%
Retail		4,551,000		2,423,000		25	%		93	%
Industrial		2,004,000		1,380,000		14	%		N/A
TOTAL		13,488,000		9,662,000		100	%		88	%(g)
SUMMARY BY STATE
Georgia		7,935,000		6,086,000		63	%		87	%
North Carolina		1,134,000		540,000		6	%		100	%
California		748,000		609,000		6	%		88	%
Texas		952,000		926,000		10	%		99	%
Tennessee		1,368,000		966,000		10	%		N/A
Florida		510,000		159,000		2	%		93	%
Alabama		465,000		333,000		3	%		74	%
Virginia		376,000		43,000		0	%		100	%
		13,488,000		9,662,000		100	%		88	%(g)

(a)	These projects are owned either (1) through a joint venture with a third party providing a participation in operations and/or on sale of the property or (2) subject to a contract with a third party who has a participation in operations and/or on sale of the property, even though they may be shown as 100% owned.
(b)	Under construction and/or in lease up.
(c)	Percent leased includes lease with the company of 47,000 square feet.
(d)	Operating property purchased with intent to redevelop and reposition.
(e)	Total square footage for these properties includes anticipated expansions; however, the percent leased excludes the expansions.
(f)	These projects are 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 to the equity ownership.
(g)	Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up.

27

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Third Quarter 2006 vs									Nine Months
	Second Quarter 2006									2006 vs 2005
	Office			Retail			Total			Office			Retail			Total
Adjusted Rental Property Revenues(1) less Operating Expenses		-1.6	%		-4.0	%		-2.4	%		0.8	%		2.0	%		1.2	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		0.5	%		-2.5	%		-0.6	%		2.2	%		2.3	%		2.2	%

Note: The following properties are included in the same property portfolio:	Office
	3100 Windy Hill Road	Grandview II
	3301 Windy Ridge Parkway	Presbyterian Medical Plaza
	100 Northpoint Center East	Ten Peachtree Place
	200 Northpoint Center East	Gateway Village
	333 Northpoint Center East	Emory Crawford Long Medical Office Tower
	555 Northpoint Center East	Meridian Mark Plaza
	Lakeshore Park Plaza	Galleria 75
	Inforum	Sono Renaissance
	600 University Park Place	Inhibitex (2Q to 3Q only)
	The Points at Waterview
	One Georgia Center
	AtheroGenics
	Retail
	The Avenue East Cobb	Mansell Crossing Phase II
	The Avenue of the Peninsula	Greenbrier MarketCenter
	The Avenue Peachtree City	Los Altos MarketCenter
	The Avenue West Cobb	The Avenue Viera (2Q to 3Q only)
	Northpoint MarketCenter	Viera MarketCenter (2Q to 3Q only)

(1)	Adjusted Rental Property Revenues is Total Rental Property Revenues of the Company and its unconsolidated joint ventures, adjusted to exclude termination fees and inter-company activities.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line rents and amortization of acquired above and below market leases.

28

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2006

OFFICE

As of September 30, 2006, the Company’s office portfolio included 21 commercial office buildings, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these office buildings was approximately seven years as of September 30, 2006. 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:

																												2015 &
	2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring(1)		213,458			142,859			238,241			451,825			167,949			317,918			222,088			445,505			119,736			1,176,369			3,495,948
% of Leased Space		6	%		4	%		7	%		13	%		5	%		9	%		6	%		13	%		3	%		34	%		100	%
Annual Contractual Rent (000’s)(2)	$	3,304		$	1,950		$	3,763		$	7,004		$	2,657		$	4,679		$	3,524		$	7,927		$	2,534		$	23,767		$	61,109
Annual Contractual Rent/Sq. Ft.(2)	$	15.48		$	13.65		$	15.79		$	15.50		$	15.82		$	14.72		$	15.87		$	17.79		$	21.17		$	20.20		$	17.48
Wholly Owned:
Square Feet Expiring(1)		211,564			96,471			213,040			418,597			146,984			291,211			169,389			311,535			114,942			537,009			2,510,742	(3)
% of Leased Space		8	%		4	%		8	%		17	%		6	%		12	%		7	%		12	%		5	%		21	%		100	%
Annual Contractual Rent (000’s)(2)	$	3,270		$	1,421		$	3,423		$	6,489		$	2,340		$	4,269		$	2,516		$	5,459		$	2,423		$	11,407		$	43,017
Annual Contractual Rent/Sq. Ft.(2)	$	15.46		$	14.73		$	16.07		$	15.50		$	15.92		$	14.66		$	14.85		$	17.52		$	21.08		$	21.24		$	17.13
Joint Venture:
Square Feet Expiring(1)		2,140			90,789			67,202			69,269			70,057			40,947			130,848			259,810			9,587			1,270,320			2,010,969	(4)
% of Leased Space		0	%		5	%		3	%		3	%		3	%		2	%		7	%		13	%		1	%		63	%		100	%
Annual Contractual Rent (000’s)(2)	$	39		$	1,280		$	1,099		$	1,178		$	1,101		$	719		$	2,600		$	4,841		$	223		$	24,634		$	37,715
Annual Contractual Rent/Sq. Ft.(2)	$	18.26		$	14.10		$	16.35		$	17.01		$	15.72		$	17.55		$	19.87		$	18.63		$	23.30		$	19.39		$	18.75

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the ease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of September 30, 2006 out of approximately 2,825,000 total rentable square feet.
(4)	Rentable square feet leased as of September 30, 2006 out of approximately 2,245,000 total rentable square feet.

29

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2006

RETAIL

As of September 30, 2006, the Company’s retail portfolio included ten retail properties, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately nine years as of September 30, 2006. 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:

																												2015 &
	2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter			Total
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		9,999			32,692			24,563			47,098			89,849			63,649			59,797			43,056			69,801			321,474			761,978
% of Leased Space		1	%		4	%		3	%		6	%		12	%		9	%		8	%		6	%		9	%		42	%		100	%
Annual Contractual Rent (000’s)(1)	$	97		$	597		$	597		$	1,201		$	2,337		$	1,363		$	1,344		$	1,109		$	1,794		$	6,077		$	16,516
Annual Contractual Rent/Sq. Ft.(1)	$	9.74		$	18.27		$	24.32		$	25.50		$	26.01		$	21.41		$	22.47		$	25.75		$	25.70		$	18.90		$	21.67
Wholly Owned:
Square Feet Expiring		8,366			15,998			6,866			31,637			42,574			17,693			11,721			16,809			16,532			158,725			326,921	(2)
% of Leased Space		3	%		5	%		2	%		10	%		13	%		5	%		4	%		5	%		5	%		48	%		100	%
Annual Contractual Rent (000’s)(1)	$	68		$	181		$	208		$	822		$	1,318		$	456		$	352		$	400		$	594		$	3,324		$	7,723
Annual Contractual Rent/Sq. Ft.(1)	$	8.13		$	11.33		$	30.26		$	25.99		$	30.95		$	25.79		$	30.00		$	23.80		$	35.95		$	20.94		$	23.62
Joint Venture:
Square Feet Expiring		14,199			76,010			64,551			80,208			211,904			301,506			283,787			91,783			213,108			712,872			2,049,928	(3)
% of Leased Space		1	%		4	%		3	%		4	%		10	%		15	%		14	%		4	%		10	%		35	%		100	%
Annual Contractual Rent (000’s)(1)	$	256		$	1,855		$	1,398		$	1,728		$	4,107		$	4,944		$	5,056		$	2,402		$	4,481		$	12,065		$	38,292
Annual Contractual Rent/Sq. Ft.(1)	$	18.01		$	24.40		$	21.66		$	21.55		$	19.38		$	16.40		$	17.82		$	26.18		$	21.03		$	16.92		$	18.68

(1)	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.
(2)	Gross leasable area leased as of September 30, 2006 out of approximately 373,000 total gross leasable area.
(3)	Gross leasable area leased as of September 30, 2006 out of approximately 2,083,000 total gross leasable area.

30

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of September 30, 2006

		Percentage of Total Portfolio			Average Remaining
	Tenant (1)	at the Company's Share (2)			Lease Term (Years)
1.	Bank of America		11.1	%		9.3
2.	American Cancer Society		5.7	%		15.0
3.	IBM		3.9	%		0.2
4.	BellSouth		2.9	%		3.0
5.	Georgia Lottery Corporation		2.7	%		6.8
6.	Internap Network Services		2.5	%		13.6
7.	AGL Services Company		2.4	%		6.5
8.	Bombardier Aerospace Corporation		2.0	%		6.4
9.	Emory University		1.6	%		10.4
10.	Turner Broadcasting System, Inc.		1.2	%		4.7
11.	Sapient Corporation		1.2	%		2.7
12.	Regal Cinemas, Inc.		1.2	%		8.6
13.	KIDS II, Inc.		1.1	%		9.3
14.	Inhibitex		1.1	%		8.5
15.	AtheroGenics		1.1	%		2.4
16.	US South Communications		1.1	%		4.7
17.	Northside Hospital		1.0	%		6.7
18.	Indus International, Inc.		0.9	%		5.5
19.	The Gap Inc.		0.9	%		3.1
20.	Southern Communications Services		0.9	%		4.3
21.	Global Crossing Telecommunications		0.8	%		1.9
22.	Merrill Lynch		0.7	%		7.8
23.	MCI Worldcom		0.7	%		3.6
24.	Schweitzer-Mauduit International		0.7	%		5.8
25.	Scottish Rite Children’s Medical Group		0.7	%		6.3
	Total leased square feet of Top 25 Largest Tenants		50.1	%		5.3

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Percentages are based on square footage of operating properties only, and thus exclude properties under development, held for redevelopment and properties in the lease-up stage.

31

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of September 30, 2006

		Company’s		Developable			Cost
		Ownership		Land Area		Year	Basis
Description and Location	Zoned Use	Interest		(Acres)		Acquired	($000)(2)
North Point
Suburban Atlanta, GA	Mixed Use	100	%		80	1970–1985	$	6,262
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial	100	%		27	1971–1989		1,389
King Mill Distribution Park
Suburban Atlanta, GA	Industrial	100	% (3)		140	2005		11,683
Land Adjacent to The Avenue Carriage Crossing
Memphis, TN	Retail and Commercial	100	% (4)		41	2004		4,898
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial	100	%		45	2005		12,971
The Lakes at Cedar Grove (4)
Suburban Atlanta, GA	Mixed Use	100	%		10	2002		—	(5)
Terminus
Atlanta, GA	Mixed Use	100	%		6	2005		22,456
505 & 511 Peachtree Street
Atlanta, GA	Mixed Use	100	%		1	2004		3,389
615 Peachtree Street
Atlanta, GA	Mixed Use	100	%		2	1996		7,562
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial	100	% (3)		277	2006		13,932
Lakeside Ranch Business Park (6)
Dallas, TX	Industrial and Commercial	95	% (6)		51	2006		6,214
Palisades
Austin, TX	Office and Commercial	100	%		22	2006		12,254
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Commercial and Institutional	100	%		6	2005		935
Land Adjacent to The Avenue Viera
Viera, FL	Retail and Commercial	100	%		2	2003		714
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT							$	104,659
CL REALTY TRACTS (5)
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use	50	%		374	2002	$	—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use	19	%		134	2002		—	(5)
Summer Creek
Rosenberg, TX	Commercial	50	%		37	2005		—	(5)

32

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of September 30, 2006

		Company’s	Developable			Cost
		Ownership	Land Area		Year	Basis
Description and Location	Zoned Use	Interest	(Acres)		Acquired	($000)(2)
Summer Lakes
Rosenberg, TX	Commercial	50%		9	2003		—	(5)
Village Park
McKinney, TX	Residential	50%		7	2003–2005		—	(5)
Padre Island
Corpus Christi, TX	Residential and Mixed Use	50%		15	2005		11,539
TEMCO TRACTS (5)
Seven Hills at Bentwater
Suburban Atlanta, GA	Residential and Mixed Use	50%		90	2002–2005		—	(5)
Happy Valley
Suburban Atlanta, GA	Residential	50%		213	2003		1,858
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use	50%		6,481	2005		14,726
OTHER JOINT VENTURES
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential	50%		1,187	2004		5,295
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial	50%		32	1971–1989		21,875
Austin Research Park
Austin, TX	Commercial	50%		6	1998		3,478
Total Acres				9,295

(1) The following properties include adjacent building pads. The aggregate cost of these pads is included in Operating Properties in the Company’s consolidated financial statements or the applicable joint venture’s financial statements. The square footage of potential office buildings which could be built on the land is as follows:

	Ownership Interest			Square Footage
Ten Peachtree Place		50	%		400,000
One Georgia Center		88.5	%		300,000
The Points at Waterview		100	%		60,000

(2)	For consolidated properties, reflects the Company’s basis. For joint venture properties, reflects the venture basis.
(3)	Weeks Properties Group, LLC has the option to invest up to 25% of project equity of the future industrial development on a portion of this land.
(4)	This project is consolidated but owned through a joint venture with a third party or through a wholly-owned entity in which a third party has a participation.
(5)	Residential communities with adjacent land that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts as well as lot inventory are included on the Inventory of Residential Lots Under Development schedule.
(6)	These projects are 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 to the equity ownership.

33

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 30, 2006

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Cost
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		Basis (2)
Cousins Real Estate Corporation (100% owned)
The Lakes at Cedar Grove (3)		2001		11		906		26		15		89		657		249	$	5,828
Fulton County
Suburban Atlanta, GA
Blalock Lakes		2006		9		399		—		—		—		—		399		15,205
Coweta County
Newnan, GA
Longleaf at Callaway (4)		2002		5		138		23		1		7		115		23		1,868
Harris County
Pine Mountain, GA
River’s Call		1999		10		107		18		1		8		89		18		1,100
East Cobb County
Suburban Atlanta, GA
Total 100% owned						1,550		67		17		104		861		689		24,001
Temco Associates (50% owned) (5)
Bentwater		1998		9		1,676		114		2		32		1,562		114		3,323
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		10		1,386		270		4		25		278		1,108		18,996
Paulding County
Suburban Atlanta, GA
Seven Hills at Bentwater		2003		7		1,079		150		36		146		510		569		14,050
Paulding County
Suburban Atlanta, GA
Happy Valley		2004		2		110		—		—		110		110		—		—
Paulding County
Suburban Atlanta, GA
Harris Place		2004		4		27		12		—		1		15		12		782
Paulding County
Suburban Atlanta, GA
Total Temco						4,278		546		42		314		2,475		1,803		37,151
CL Realty, LLC (50% owned) (5)
Long Meadow Farms (37.5% owned)		2003		10		2,712		177		62		117		404		2,308		25,603
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		9		2,445		98		30		109		772		1,673		20,751
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		8		1,181		57		26		81		120		1,061		7,810
Tarrant County
Forth Worth, TX
Summer Lakes		2003		5		1,144		19		—		—		294		850		7,095
Fort Bend County
Rosenberg, TX

34

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 30, 2006

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Cost
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			Basis (2)
CL Realty, LLC, continued
Southern Trails (80% owned)		2005		6		1,059			52			—			63			162			897		$	21,688
Brazoria County
Pearland, TX
Village Park (6)		2003		4		569			71			43			100			285			284			9,044
Collin County
McKinney, TX
Summer Creek		2005		3		525			—			—			—			—			525			6,229
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		5		386			—			—			—			—			386			7,071
Bexar County
San Antonio, TX
Manatee River Plantation		2003		5		457			133			—			57			324			133			4,356
Manatee County
Tampa, FL
Stillwater Canyon		2003		5		336			47			13			47			184			152			2,829
Dallas County
DeSota, TX
Creekside Oaks		2003		5		301			176			—			—			125			176			5,026
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		3		197			4			8			24			24			173			25,423
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North (6)		2005		4		194			61			17			17			17			177			3,574
Collin County
McKinney, TX
Bridle Path Estates		2004		7		87			—			—			—			—			87			4,145
Hillsborough County
Tampa, FL
West Park		2005		3		82			—			21			21			21			61			358
Cobb County
Suburban Atlanta, GA
Stonebridge (7)		2003		4		360			—			—			68			360			—			—
Coweta County
Newnan, GA
Total CL Realty						12,035			895			220			704			3,092			8,943			151,002
Total						17,863			1,508			279			1,122			6,428			11,435		$	212,154
Company Share of Total						8,247			692			125			516			3,248			4,951			94,232
Company Weighted Average Ownership						46	%		46	%		45	%		46	%		51	%		43	%		44	%

(1)	This estimate represents the total projected development capacity for a development on both owned land and land expected to be purchased for further development. The numbers shown include lots currently developed or to be developed over time, based on management’s current estimates, and lots sold to date from inception of development.
(2)	Includes cost basis of land tracts as detailed on the Inventory of Land Held for Investment or Future Development schedule.
(3)	A third party has a participation in this project after certain thresholds are met.
(4)	Longleaf at Callaway lots are sold to a home building venture, of which Cousins Real Estate Corporation (“CREC”) is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of September 30, 2006, 102 houses have been sold.
(5)	CREC owns 50% of Temco Associates and CL Realty, LLC. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 for a description of Temco Associates and CL Realty, LLC.
(6)	CL Realty purchased the partner’s interest in Village Park and Village Park North on July 31, 2006. Prior to this date, CL Realty owned 60% and 75%, respectively, of the projects.
(7)	The Company owned a 10% interest in Stonebridge, which it sold on July 18, 2006 and no longer has an ownership interest.

35

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
As of September 30, 2006

											Company’s		Company’s		Total		Weighted
	Total		Ownership			Maturity		Rate end of			Share		Share		Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage			Date		Quarter			Recourse		Non- Recourse (1)		Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)	$	110,100		100	%		3/7/2010		6.12	%	$	110,100			$	110,100
CONSTRUCTION CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)		55,400		100	%		3/7/2010		6.12	%		55,400				55,400
333/555 NORTH POINT CENTER EAST		29,741		100	%		11/1/2011		7.00	%		29,741				29,741
MERIDIAN MARK PLAZA		23,698		100	%		9/1/2010		8.27	%				23,698		23,698
100/200 NORTH POINT CENTER (INTEREST ONLY UNTIL 12/31/06)		22,365		100	%		8/1/2007		7.86	%				22,365		22,365
600 UNIVERSITY PARK		13,215		100	%		8/10/2011		7.38	%				13,215		13,215
LAKESHORE PARK PLAZA		9,153		100	%		11/1/2008		6.78	%				9,153		9,153
KING MILL PROJECT I (INTEREST ONLY)(2)		2,608		75	%		8/30/2008		9.00	%				2,608		2,608
KING MILL PROJECT I (INTEREST ONLY)(2)		1,511		75	%		9/26/2009		9.00	%				1,511		1,511
JEFFERSON MILL PROJECT I (INTEREST ONLY)(2)		533		75	%		9/13/2009		9.00	%				533		533
THE POINTS AT WATERVIEW		18,271		100	%		1/1/2016		5.66	%				18,271		18,271
VARIOUS		441		100	%	VARIOUS		VARIOUS				105		336		441
TOTAL CONSOLIDATED		287,036							6.67	%		195,346		91,690		287,036		3.8
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		52,607		50	%		6/1/2013		5.90	%				26,304		26,304
TEN PEACHTREE PLACE		28,964		50	%		4/1/2015		5.39	%				14,482		14,482
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		11/2/2007		8.75	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		831		50	%		12/13/2006		8.25	%				416		416
AVENUE EAST COBB		39,659		31	%		8/1/2010		8.39	%				12,294		12,294
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		8,238		50	%		7/20/2010		6.47	%		1,648		2,471		4,119
TEMCO:
THE GEORGIAN (PRIME + 0.25%)		269		37.5	%		2/14/2007		8.50	%		101				101
BENTWATER LINKS		3,477		50	%		1/22/2009		7.98	%				1,739		1,739
BENTWATER LINKS, EQUIPMENT NOTE		148		50	%		1/15/2009		7.00	%				74		74
CL REALTY:
SUMMER LAKES (PRIME + 3%)		1,630		50	%		3/30/2007		11.25	%				815		815
SOUTHERN TRAILS (LIBOR + 0.25) ($13MM CONSTRUCTION LINE)		929		40	%		6/30/2008		5.57	%				372		372
VILLAGE PARK (> OF 10% OR PRIME + 2%)		3,810		50	%		5/15/2007		10.25	%				1,143		1,143
VILLAGE PARK NORTH (PRIME + 1%)		1,489		50	%		1/14/2008		9.25	%				283		283
TOTAL UNCONSOLIDATED		145,255							6.93	%		1,749		61,995		63,744		5.8
TOTAL ADJUSTED DEBT	$	432,291							6.72	%		197,095		153,685		350,780		4.2
INVESTMENT ENTITY DEBT (3)
CHARLOTTE GATEWAY VILLAGE	$	147,245		50	%		12/1/2016		6.41	%				73,623		73,623
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		49,337		40	%		6/9/2008		7.07	%				19,735		19,735
NORTH POINT MARKETCENTER		23,537		11.50	%		12/31/2006		8.50	%				2,707		2,707
CL REALTY:
LONG MEADOW FARMS (PRIME + 0.50%)		9,411		18.75	%		6/8/2007		8.75	%				1,765		1,765
BLUE VALLEY (PRIME)		15,458		12.5	%		11/11/2006		8.25	%				3,865		3,865
BLUE VALLEY (> OF PRIME OR 5.5%)		4,600		12.5	%		3/5/2007		8.25	%				1,150		1,150
STONEWALL ESTATES (PRIME)		4,143		25.0	%		5/31/2010		8.25	%				1,036		1,036
TOTAL INVESTMENT ENTITY DEBT		253,731							6.74	%		—		103,881		103,881		7.6
TOTAL	$	686,022							6.72	%	$	197,095	$	257,566	$	454,661		5

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	Represents a secured note payable with Weeks Properties CW Holdings, LLC, the Company’s 25% partner in the development of King Mill Project I and Jefferson Mill Project I.
(3)	An investment entity is defined as an entity where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings, and (3) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenants calculations in the Company’s credit facility.

36

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
($ in thousands)

	Discontinued Operations								Continuing Operations
	Office					Total			Undepreciated					Total
	Frost Bank					Discontinued			Investment					Continuing
	Tower			Other (1)		Operations			Properties (2)			Other		Operations
Square Footage
Total square footage		531,000			—		531,000			—			—		—
Company share of square footage		479,228			—		479,228			—			—		—
Value Creation & GAAP Gain:
Sales price	$	188,000		$	—	$	188,000		$	1,756		$	—	$	1,756
Cost of property and closing costs		(144,017	)		314		(143,703	)		(842	)		—		(842	)
Value Creation		43,983			314		44,297			914			—		914
Recognition of deferred gain (3)		—			—		—			—			196		196
Straight-line rent receivable		(1,014	)		—		(1,014	)		—			—		—
Accumulated depreciation		11,433			—		11,433			—			—		—
Provision for income taxes (4)		(322	)		—		(322	)		—			—		—
Gain on Sale of Investment Properties, Net	$	54,080		$	314	$	54,394		$	914		$	196	$	1,110

(continued on following page)

Page 1 of 2

37

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
($ in thousands)

(continued from previous page)

	Unconsolidated Joint Ventures
	Office			Retail			Total			Total			Total
	Bank of			World			Unconsolidated			Discontinued			Continuing
	America			Golf Village			Joint Ventures			Operations			Operations			Total
Square Footage
Total square footage		1,253,000			80,000			1,333,000			531,000			—			1,864,000
Company share of square footage		626,500			40,000			666,500			479,228			—			1,145,728
Value Creation & GAAP Gain:
Sales price (5)	$	218,053		$	6,750		$	224,803		$	188,000		$	1,756		$	414,559
Cost of property and closing costs (5)		(130,305	)		(7,650	)		(137,955	)		(143,703	)		(842	)		(282,500	)
Value Creation		87,748			(900	)		86,848			44,297			914			132,059
Recognition of deferred gain (5)		—			—			—			—			196			196
Straight-line rent receivable (5)		(3,391	)		—			(3,391	)		(1,014	)		—			(4,405	)
Accumulated depreciation (5)		48,828			1,961			50,789			11,433			—			62,222
Provision for income taxes (5)		—			—			—			(322	)		—			(322	)
Gain on Sale of Investment Properties, Net (5)	$	133,185		$	1,061		$	134,246		$	54,394		$	1,110		$	189,750

(1)	Represents gain adjustments for prior year property sales.
(2)	Undepreciated Investment Properties represent the sale of land tracts that were previously held for investment purposes.
(3)	Represents recognition of deferred gain on CP Venture Two.
(4)	A portion of Frost Bank Tower was owned by a taxable entity.
(5)	Amounts reflect the Company’s portion.

Page 2 of 2

38

COUSINS PROPERTIES INCORPORATED
RECONCILIATION OF CP VENTURE VALUE CREATION
SEPTEMBER 30, 2006
($ in thousands)

	Retail			Retail			Retail			Retail			Retail
	Avenue			Avenue			Avenue			Avenue			Viera
	East Cobb			West Cobb			Viera			Peachtree City			MarketCenter			Total
Square Footage
Total square footage		231,000			251,000			332,000			182,000			178,000			1,174,000
Company share of square footage		231,000			251,000			332,000			161,070			178,000			1,153,070
Value Creation & GAAP Deferred Gain:
Valuation	$	98,250		$	81,254		$	87,061		$	57,250		$	17,075		$	340,890
Adjustment to valuation — mark to market debt adjustment		(4,000	)		—			—			—			—			(4,000	)
Cost of property		(40,616	)		(45,654	)		(58,224	)		(32,858	)		(18,188	)		(195,540	)
Closing costs		(255	)		(239	)		(926	)		(171	)		(240	)		(1,831	)
Master lease contingency		—			—			(1,633	)		—			—			(1,633	)
Minority interest (a)		—			—			—			(3,462	)		—			(3,462	)
Value Creation	$	53,379		$	35,361		$	26,278		$	20,759		$	(1,353	)(e)	$	134,423
Loss on extinguishment of debt (b)		2,764			—			—			—			—			2,764
Carryover basis difference (c)		(3,430	)		(4,619	)		(3,524	)		(3,025	)		89			(14,508	)
Straight-line rent receivable		(22	)		(126	)		(196	)		(49	)		(148	)		(540	)
Accumulated depreciation		12,907			4,371			3,313			8,917			91			29,599
Deferred Gain (d)	$	65,598		$	34,988		$	25,871		$	26,602		$	(1,321	)(e)	$	151,738
Additional Value Creation
Value Creation	$	53,379		$	35,361		$	26,278		$	20,759		$	(1,353	)	$	134,423
Additional consideration		—			6,979			—			—			13,571			20,550
Additional tenant costs		—			(3,248	)		—			—			(1,497	)		(4,746	)
Additional Value Creation	$	53,379		$	39,091		$	26,278		$	20,759		$	10,720		$	150,227

(a)	The Company owned this property in a joint venture, in addition to having a participation agreement with a third party, prior to contribution. This amount reflects payments to these parties.
(b)	This amount represents the mark to market adjustment recognized by the Company in the September 30, 2006 Consolidated Statement of Income. All other amounts related to this transaction were recorded in Deferred Gain in the September 30, 2006 Consolidated Balance Sheet (see note (d) herein for more information).
(c)	The Company retained an 11.5% carryover basis in the Contributed Properties and therefore deferred gain was not recognized in the Company’s financial statements for 11.5% of the property’s basis. However, this schedule shows value created from the development and leasing of the entire property, which is then adjusted to reconcile to the Company’s GAAP basis.
(d)	The Company accounted for this transaction as a sale under FASB No. 66. The consideration received was not sufficient to allow for gain recognition in the income statement. Therefore, gain was deferred and recorded on the balance sheet until sufficient cash is distributed to meet income statement gain recognition under FASB No. 66.
(e)	The Company has already incurred costs related to the expansion which will be recovered upon the anticipated payment of the additional consideration.

39

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

	RECONCILIATIONS	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
(A)	ADJUSTED DEBT:
	CONSOLIDATED DEBT		669,792			497,981			302,286			311,862			350,066			363,677			467,516			467,516			551,182			404,612			287,036			287,036
	SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		265,854			285,657			135,764			135,929			141,502			148,311			148,129			148,129			147,081			170,232			167,625			167,625
	TOTAL DEBT INCLUDING SHARE OF JV’S		935,646			783,638			438,050			447,791			491,568			511,988			615,645			615,645			698,263			574,844			454,661			454,661
	SHARE OF INVESTMENT ENTITY DEBT		(90,766	)		(86,588	)		(87,704	)		(87,577	)		(92,296	)		(100,230	)		(101,085	)		(101,085	)		(100,803	)		(104,182	)		(103,881	)		(103,881	)
	ADJUSTED DEBT		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460			470,662			350,780			350,780
	RECOURSE DEBT		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577			174,552			197,095			197,095
	NON-RECOURSE DEBT		684,437			676,353			305,677			299,303			299,021			298,407			317,736			317,736			317,883			296,110			257,566			257,566
	ADJUSTED DEBT		844,880			697,050			355,915			360,214			399,272			411,758			514,560			514,560			597,460			470,662			454,661			454,661
(B)	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
	CONSOLIDATED INTEREST EXPENSE		27,041			22,576			14,623			2,781			2,103			1,675			2,535			9,094			3,614			4,880			2,625			11,119
	DISCONTINUED OPERATIONS INTEREST EXPENSE		10,382			9,459			5,870			0			0			0			0			0			0			0			0			0
	SHARE OF JOINT VENTURE INTEREST EXPENSE		13,208			13,739			11,163			708			705			703			698			2,814			834			701			1,078			2,613
	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,448			5,581			3,703			13,732
(C)	FIXED CHARGES:
	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,448			5,581			3,703			13,732
	LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			0			(124	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)		(58	)		(58	)		(175	)
	PRINCIPAL PAYMENTS:
	CONSOLIDATED		7,632			6,862			6,560			1,344			1,244			1,384			1,389			5,361			1,282			1,192			946			3,420
	SHARE OF JOINT VENTURES		6,140			6,345			5,257			299			189			278			2,027			2,793			1,594			1,237			1,205			4,036
	GROUND LEASE PAYMENTS:
	CONSOLIDATED		839			587			493			153			181			167			170			671			176			175			127			478
	SHARE OF JOINT VENTURES		12			12			12			3			3			3			3			12			3			3			3			9
	TOTAL FIXED CHARGES (excluding Preferred Dividends)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,444			8,130			5,926			21,500
	PREFERRED STOCK DIVIDENDS		0			3,358			8,042			3,813			3,812			3,812			3,813			15,250			3,813			3,812			3,812			11,437
	TOTAL FIXED CHARGES (including Preferred Dividends)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,257			11,942			9,738			32,937
(D)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
	RENTAL PROPERTY REVENUES		95,330			97,880			91,908			20,879			21,178			21,476			23,877			87,410			24,876			25,772			21,772			72,420
	RENTAL PROPERTY OPERATING EXPENSES		(30,567	)		(32,614	)		(31,917	)		(7,914	)		(8,153	)		(8,502	)		(9,646	)		(34,215	)		(9,452	)		(9,636	)		(9,167	)		(28,255	)
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		64,763			65,266			59,991			12,965			13,025			12,974			14,231			53,195			15,424			16,136			12,605			44,165
(E)	INCOME FROM DISCONTINUED OPERATIONS:
	RENTAL PROPERTY REVENUES		72,726			68,914			30,534			2,948			3,283			3,519			3,374			13,124			3,568			4,026			3,304			10,898
	RENTAL PROPERTY OPERATING EXPENSES		(18,569	)		(14,881	)		(9,825	)		(1,217	)		(1,598	)		(1,485	)		(1,551	)		(5,851	)		(1,576	)		(2,110	)		(1,429	)		(5,115	)
	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		54,157			54,033			20,709			1,731			1,685			2,034			1,823			7,273			1,992			1,916			1,875			5,783
	INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0
	MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0			0			0			0
	MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(605	)		0			0			0			0			0			0			0			0			0
	PROVISION FOR INCOME TAXES		(139	)		0			0			18			(41	)		(102	)		0			(125	)		0			0			0			0
	FUNDS FROM OPERATIONS		41,926			43,950			14,234			1,749			1,644			1,932			1,823			7,148			1,992			1,916			1,875			5,783
	DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(18,108	)		(14,713	)		(7,427	)		(1,305	)		(1,315	)		(1,334	)		(1,344	)		(5,298	)		(1,429	)		(1,438	)		(1,221	)		(4,088	)
	INCOME FROM DISCONTINUED OPERATIONS		23,818			29,237			6,807			444			329			598			479			1,850			563			478			654			1,695

40

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

	RECONCILIATIONS	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
(F)	SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY		56,435			57,219			49,009			6,257			6,345			6,105			6,130			24,837			6,036			6,136			8,633			20,805
	INTEREST EXPENSE		(13,208	)		(13,739	)		(11,028	)		(670	)		(666	)		(665	)		(661	)		(2,662	)		(659	)		(664	)		(1,042	)		(2,365	)
	LOSS ON EXTINGUISHMENT OF DEBT		0			0			(3,250	)		0			0			0			0			0			0			0			0			0
	OTHER, NET		43			230			791			(28	)		(60	)		289			5,193			5,394			56			(18	)		(29	)		9
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(9	)		(34	)		(35	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(4	)		(4	)		(12	)
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE		0			(1,536	)		(209	)		0			0			0			0			0			0			0			0			0
	FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		43,261			42,140			35,278			5,555			5,615			5,725			10,658			27,553			5,429			5,450			7,558			18,437
	MULTI-FAMILY FFO		0			0			0			0			514			0			6,668			7,182			1,797			2,629			2,986			7,412
	RESIDENTIAL LOT AND TRACT FFO		1,949			3,744			8,830			1,749			1,796			4,691			4,891			13,127			5,902			2,336			1,547			9,785
	FUNDS FROM OPERATIONS		45,210			45,884			44,108			7,304			7,925			10,416			22,217			47,862			13,128			10,415			12,091			35,634
	DEPRECIATION & AMORTIZATION OF REAL ESTATE		(18,540	)		(21,265	)		(15,880	)		(2,477	)		(2,281	)		(2,041	)		(2,043	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(6,998	)
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053			1			133,192			134,246
	NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		26,670			24,619			204,493			5,175			5,608			10,008			20,164			40,955			12,123			8,404			142,355			162,882
(G)	CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
	RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
	OUTPARCEL SALES		547			600			1,400			0			0			7,004			0			7,004			0			382			3,186			3,568
	LOT SALES		8,579			12,345			15,300			1,611			4,449			3,942			4,927			14,929			4,505			2,747			1,387			8,639
	TOTAL RESIDENTIAL AND OUTPARCEL SALES		9,126			12,945			16,700			1,611			4,449			10,946			4,927			21,933			4,505			3,129			4,573			12,207
	RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
	OUTPARCEL COST OF SALES		352			480			929			0			0			5,623			14			5,637			0			320			2,388			2,708
	LOT COST OF SALES		6,957			9,542			11,078			1,119			3,023			2,727			3,898			10,767			3,203			1,978			1,038			6,219
	TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		7,309			10,022			12,007			1,119			3,023			8,350			3,912			16,404			3,203			2,298			3,426			8,927
	TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740			(5	)		179			914
	OUTPARCEL SALES, TRACT SALES AND RESIDENTIAL LOT SALES, NET -WHOLLY OWNED		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042			826			1,326			4,194
	SUMMARY:
	OUTPARCEL SALES NET OF COS — WHOLLY OWNED		195			120			471			0			0			1,381			(14	)		1,367			0			62			798			860
	TRACT SALES NET OF COS — WHOLLY OWNED		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740			(5	)		179			914
	LOT SALES NET OF COS — WHOLLY OWNED		1,622			2,803			4,222			492			1,426			1,215			1,029			4,162			1,302			769			349			2,420
	TOTAL WHOLLY OWNED SALES, NET		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042			826			1,326			4,194
	SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL LOT AND TRACT SALES AND COST OF SALES:
	RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
	LOT SALES		5,922			12,581			32,116			9,413			8,713			10,857			12,249			41,232			11,029			8,592			8,868			28,489
	TRACT SALES		1,309			538			3,434			113			5			2,272			3,828			6,218			10,439			376			96			10,911
	TOTAL RESIDENTIAL LOT AND TRACT SALES		7,231			13,119			35,550			9,526			8,718			13,129			16,077			47,450			21,468			8,968			8,964			39,400
	RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
	LOT COST OF SALES		4,519			9,151			25,123			7,434			6,854			7,500			8,965			30,753			8,940			6,518			7,310			22,768
	TRACT COST OF SALES		638			66			1,236			31			6			755			2,036			2,828			6,275			82			37			6,394
	TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		5,157			9,217			26,359			7,465			6,860			8,255			11,001			33,581			15,215			6,600			7,347			29,162
	RESIDENTIAL LOT SALES AND TRACT SALES, NET -JOINT VENTURES		2,074			3,902			9,191			2,061			1,858			4,874			5,076			13,869			6,253			2,368			1,617			10,238
	SHARE OF UNCONSOLIDATED JOINT VENTURES:
	LOT SALES LESS COST OF SALES		1,403			3,430			6,993			1,979			1,859			3,357			3,284			10,479			2,089			2,074			1,558			5,721
	TRACT SALES LESS COST OF SALES		671			472			2,198			82			(1	)		1,517			1,792			3,390			4,164			294			59			4,517
	INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)		(37	)		(36	)		(248	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0			0			0			0
	OTHER — JOINT VENTURE		(125	)		(158	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)		5			(34	)		(205	)
	RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		1,949			3,744			8,830			1,749			1,796			4,691			4,891			13,127			5,902			2,336			1,547			9,785
	TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		5,909			13,937			43,150			9,007			8,734			8,019			8,379			34,139			7,944			3,162			2,873			13,979

41

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

	RECONCILIATIONS	2002		2003		2004			2005 1st		2005 2nd		2005 3rd		2005 4th		2005 YTD		2006 1st		2006 2nd		2006 3rd		2006 YTD
(H)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
	TOTAL BY TYPE:
	SECOND GENERATION LEASING RELATED COSTS		11,804		13,347		19,210			2,143		1,223		2,182		2,874		8,422		2,846		4,965		3,805		11,616
	SECOND GENERATION BUILDING IMPROVEMENTS		1,184		1,160		48			64		98		382		473		1,017		312		155		102		569
			12,988		14,507		19,258			2,207		1,321		2,564		3,347		9,439		3,158		5,120		3,907		12,185
	TOTAL BY SEGMENT:
	OFFICE:
	SECOND GENERATION LEASING RELATED COSTS		11,348		12,357		18,882			2,073		1,125		2,043		2,579		7,820		2,206		2,608		3,791		8,605
	SECOND GENERATION BUILDING IMPROVEMENTS		888		938		(30	)		64		98		380		473		1,015		312		155		102		569
			12,236		13,295		18,852			2,137		1,223		2,423		3,052		8,835		2,518		2,763		3,893		9,174
	RETAIL:
	SECOND GENERATION LEASING RELATED COSTS		456		992		328			70		98		139		295		602		640		2,357		14		3,011
	SECOND GENERATION BUILDING IMPROVEMENTS		296		220		78			0		0		2		0		2		0		0		0		0
			752		1,212		406			70		98		141		295		604		640		2,357		14		3,011
	TOTAL 2ND GENERATION TI & LEASING & BUILDING CAPEX		12,988		14,507		19,258			2,207		1,321		2,564		3,347		9,439		3,158		5,120		3,907		12,185
(I)	DEPRECIATION AND AMORTIZATION:
	REAL ESTATE RELATED:
	CONSOLIDATED		34,131		36,931		32,450			7,426		7,553		6,508		6,850		28,337		8,573		11,383		7,132		27,088
	DISCONTINUED OPERATIONS		18,108		14,713		7,427			1,305		1,315		1,334		1,344		5,298		1,429		1,438		1,221		4,088
			52,239		51,644		39,877			8,731		8,868		7,842		8,194		33,635		10,002		12,821		8,353		31,176
	SHARE OF JOINT VENTURES		18,540		21,265		15,880			2,477		2,281		2,041		2,043		8,842		2,058		2,012		2,928		6,998
	TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060		14,833		11,281		38,174
	NON-REAL ESTATE RELATED:
	CONSOLIDATED		2,148		2,511		2,652			678		686		730		857		2,951		821		868		702		2,391
	DISCONTINUED OPERATIONS		0		0		0			0		0		0		0		0		0		0		0		0
			2,148		2,511		2,652			678		686		730		857		2,951		821		868		702		2,391
	SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4		4		4		12
	TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825		872		706		2,403
	TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,705		11,987		40,577
	SUMMARY:
	CONSOLIDATED		36,279		39,442		35,102			8,104		8,239		7,238		7,707		31,288		9,394		12,251		7,834		29,479
	DISCONTINUED OPERATIONS		18,108		14,713		7,427			1,305		1,315		1,334		1,344		5,298		1,429		1,438		1,221		4,088
			54,387		54,155		42,529			9,409		9,554		8,572		9,051		36,586		10,823		13,689		9,055		33,567
	SHARE OF JOINT VENTURES		18,549		21,299		15,915			2,543		2,285		2,045		2,047		8,920		2,062		2,016		2,932		7,010
	TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,705		11,987		40,577
	MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		0		0		0			0		0		0		0		0		0		0		0		0
	TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,705		11,987		40,577
	SUMMARY BY TYPE:
	REAL ESTATE RELATED:
	BUILDING (INCLUDING TENANT FIRST GENERATION):
	CONSOLIDATED		49,913		48,627		37,241			7,934		8,160		7,102		7,624		30,820		9,149		11,915		7,351		28,415
	SHARE OF JOINT VENTURES		17,762		19,709		13,629			2,154		1,957		1,717		1,717		7,545		1,730		1,660		2,609		5,999
			67,675		68,336		50,870			10,088		10,117		8,819		9,341		38,365		10,879		13,575		9,960		34,414
	TENANT SECOND GENERATION:
	CONSOLIDATED		2,326		3,017		2,636			797		708		740		571		2,816		853		906		1,002		2,761
	SHARE OF JOINT VENTURES		778		1,556		2,251			323		324		324		325		1,296		328		352		319		999
			3,104		4,573		4,887			1,120		1,032		1,064		896		4,112		1,181		1,258		1,321		3,760
	TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060		14,833		11,281		38,174
	NON-REAL ESTATE RELATED:
	FURNITURE, FIXTURES AND EQUIPMENT:
	CONSOLIDATED		2,122		2,485		2,647			674		682		726		852		2,934		816		863		697		2,376
	SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4		4		4		12
			2,131		2,519		2,682			740		686		730		856		3,012		820		867		701		2,388
	GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
	CONSOLIDATED		26		26		5			4		4		4		5		17		5		5		5		15
	SHARE OF JOINT VENTURES		0		0		0			0		0		0		0		0		0		0		0		0
			26		26		5			4		4		4		5		17		5		5		5		15
	TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825		872		706		2,403
	TOTAL DEPRECIATION & AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,705		11,987		40,577

42

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

	RECONCILIATIONS	2002		2003		2004		2005 1st		2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st			2006 2nd			2006 3rd			2006 YTD
(J)	CONSOLIDATED MULTI-FAMILY SALES AND COST OF SALES:
	MULTI-FAMILY SALES — CONSOLIDATED:
	MULTI-FAMILY SALES		0		0		0		0		0			4,986			6,247			11,233			6,579			15,136			1,026			22,741
	MULTI-FAMILY COST OF SALES		0		0		0		0		0			(4,274	)		(5,131	)		(9,405	)		(5,358	)		(12,377	)		(1,346	)		(19,081	)
	MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0		0		0		0			712			1,116			1,828			1,221			2,759			(320	)		3,660
	MULTI-FAMILY SALES — JOINT VENTURES:
	MULTI-FAMILY SALES		0		0		0		0		2,086			0			24,194			26,280			6,955			10,050			28,130			45,135
	MULTI-FAMILY COST OF SALES		0		0		0		0		(1,572	)		0			(17,526	)		(19,098	)		(5,158	)		(7,421	)		(25,144	)		(37,723	)
	MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0		0		0		0		514			0			6,668			7,182			1,797			2,629			2,986			7,412
	TOTAL MULTI-FAMILY FFO		0		0		0		0		514			712			7,784			9,010			3,018			5,388			2,666			11,072

43

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Third Quarter 2006 Compared to Second Quarter 2006
(in thousands, except percentages)

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	2Q 2006			3Q 2006			% Change			2Q 2006			3Q 2006			% Change			2Q 2006			3Q 2006			% Change			2Q 2006			3Q 2006			2Q 2006			3Q 2006
ADJUSTED RENTAL PROPERTY REVENUES	$	24,386		$	24,435					$	13,107		$	13,287					$	37,493		$	37,722					$	19,030		$	19,088		$	56,523		$	56,810
RENTAL PROPERTY OPERATING EXPENSES		7,638			7,947						3,420			3,983						11,058			11,930						6,998			6,438			18,056			18,368
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,748		$	16,488			-1.6	%	$	9,687		$	9,304			-4.0	%	$	26,435		$	25,792			-2.4	%	$	12,032		$	12,650		$	38,467		$	38,442
ADJUSTED RENTAL PROPERTY REVENUES	$	24,386		$	24,435					$	13,107		$	13,287					$	37,493		$	37,722					$	19,030		$	19,088		$	56,523		$	56,810
Less: STRAIGHT-LINE RENTS		468			88						291			197						759			285						369			434			1,128			719
AMORTIZATION OF LEASE INDUCEMENTS		(6	)		(6	)					(15	)		(66	)					(21	)		(72	)					(74	)		(67	)		(21	)		(139	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(129	)		(94	)					0			0						(129	)		(94	)					0			(5	)		(129	)		(99	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		24,053			24,447						12,831			13,156						36,884			37,603						18,735			18,726			55,545			56,329
RENTAL PROPERTY OPERATING EXPENSES		7,638			7,947						3,420			3,983						11,058			11,930						6,998			6,438			18,056			18,368
CASH BASIS RENTAL PROPERTY REVENUES LESS
OPERATING EXPENSES	$	16,415		$	16,500			0.5	%	$	9,411		$	9,173			-2.5	%	$	25,826		$	25,673			-0.6	%	$	11,737		$	12,288		$	37,489		$	37,961
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	24,386		$	24,435					$	13,107		$	13,287					$	37,493		$	37,722					$	19,030		$	19,088		$	56,523		$	56,810
RENTAL PROPERTY OPERATING EXPENSES		7,638			7,947						3,420			3,983						11,058			11,930						6,998			6,438			18,056			18,368
	$	16,748		$	16,488					$	9,687		$	9,304					$	26,435		$	25,792					$	12,032		$	12,650		$	38,467		$	38,442
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	16,136		$	12,605
DISCONTINUED OPERATIONS (3)																																			1,916			1,875
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			6,136			8,633
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			24,188			23,113
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			14,279			15,329
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	38,467		$	38,442

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

44

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Nine Months 2006 Compared to Nine Months 2005
(in thousands, except percentages)

	Same Property
	Office									Retail								Total										Non-Same						All Properties
	9M 2005			9M 2006			% Change			9M 2005		9M 2006			% Change			9M 2005			9M 2005			% Change				9M 2005			9M 2006			9M 2005			9M 2006
ADJUSTED RENTAL PROPERTY REVENUES	$	70,270		$	72,714					$	33,806	$	33,882					$	104,076		$	106,596						$	52,211		$	60,957		$	156,287		$	167,553
RENTAL PROPERTY OPERATING EXPENSES		21,021			23,047						9,274		8,850						30,295			31,897							18,273			21,222			48,568			53,119
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	49,249		$	49,667			0.8	%	$	24,532	$	25,032			2.0	%	$	73,781		$	74,699			1.2	%		$	33,938		$	39,735		$	107,719		$	114,434
ADJUSTED RENTAL PROPERTY REVENUES	$	70,270		$	72,714					$	33,806	$	33,882					$	104,076		$	106,596						$	52,211		$	60,957		$	156,287		$	167,553
Less: STRAIGHT-LINE RENTS		1,927			1,218						270		307						2,197			1,525							1,543			1,480			3,740			3,005
AMORTIZATION OF LEASE INDUCEMENTS		(12	)		(17	)					0		(96	)					(12	)		(113	)						(220	)		(215	)		(232	)		(328	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(467	)		(375	)					0		0						(467	)		(375	)						0			(5	)		(467	)		(380	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		68,822			71,888						33,536		33,671						102,358			105,559							50,888			59,697			153,246			165,256
RENTAL PROPERTY OPERATING EXPENSES		21,021			23,047						9,274		8,850						30,295			31,897							18,273			21,222			48,568			53,119
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	47,801		$	48,841			2.2	%	$	24,262	$	24,821			2.3	%	$	72,063		$	73,662			2.2	%		$	32,615		$	38,475		$	104,678		$	112,137
																											��
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	70,270		$	72,714					$	33,806	$	33,882					$	104,076		$	106,596						$	52,211		$	60,957		$	156,287		$	167,553
RENTAL PROPERTY OPERATING EXPENSES		21,021			23,047						9,274		8,850						30,295			31,897							18,273			21,222			48,568			53,119
	$	49,249		$	49,667					$	24,532	$	25,032					$	73,781		$	74,699						$	33,938		$	39,735		$	107,719		$	114,434
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	38,964		$	44,165
DISCONTINUED OPERATIONS (3)																																			5,450			5,783
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			18,707			20,805
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			63,121			70,753
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			44,598			43,681
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	107,719		$	114,434

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line ren
(2)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

45

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

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

     “Adjusted Debt”is defined as the Company’s debt and the Company’s pro rata share of unconsolidated joint venture debt, excluding debt related to Investment Entities. Investment Entities are unconsolidated joint ventures where the Company 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 the Company is not the managing member of the venture. Investment Entities are not included in any of the financial covenant calculations in the Company’s credit facility. A significant component of Investment Entity debt is the debt of Gateway Village. This debt is fully secured by the underlying property and non-recourse to the borrower and is fully amortized by rental payments under a long-term lease to Bank of America. Adjusted Debt is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt.

     “Fixed Charge Coverage Ratio”is defined as FFO plus those fixed charges which have been expensed in calculating FFO (“FFO Plus Fixed Charges”), divided by fixed charges. Fixed charges is the sum of interest expense, principal amortization under mortgage notes payable, ground lease rental payments and preferred stock dividends. Fixed charges include the Company’s share of fixed charges for unconsolidated joint ventures, with Investment Entity expenses excluded, as discussed above. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt or capital.

46

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     “Funds From Operations Available to Common Stockholders” (“FFO”)is a supplemental operating performance measure used in the real estate industry. For periods other than 2005, the Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable 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 the operating performance of its reportable segments and of its divisions 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 employees.

     “Funds From Operations, Excluding Loss on Extinguishment of Debt”is FFO adjusted to exclude loss on extinguishment of debt, which the Company is presenting in the third quarter and nine months ended September 30, 2006 in addition to NAREIT-defined FFO. During the second quarter of 2006, the Company contributed The Avenue East Cobb to CP Venture Five, LLC, one of the ventures formed with the Prudential Insurance Company of America. The Avenue East Cobb was encumbered by a mortgage note payable, which was marked-to-market upon contribution to the venture. The Company recorded 88.5%, the extent of outside ownership in the venture, of the debt mark-to-market adjustment as a loss on extinguishment of debt. During the third quarter of 2006, in conjunction with the sale of Bank of America Plaza, CSC Associates, L.P. (“CSC”) repaid the non-recourse mortgage note payable on the building. The Company was obligated to CSC to fund this repayment and an additional defeasance charge. The defeasance charge and the unamortized balance of closing costs related to the origination of the note, approximately $15.4 million in the aggregate, were recorded as loss on extinguishment of debt in the third quarter of 2006. NAREIT-defined FFO includes losses on extinguishment of debt in the FFO calculation. The Company

47

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

believes the charges in the second and third quarters of 2006 relate to the sale or exchange of real estate and should be excluded from FFO to provide the user with a clearer picture of ongoing funds from operations.

     “Interest Expense Coverage Ratio”is defined as the ratio of FFO plus consolidated interest expense (“FFO Before Interest”) divided by consolidated interest expense. Consolidated interest expense is the sum of the Company’s interest expense plus its share of interest expense for unconsolidated joint ventures. The Company’s share of interest expense for Investment Entities has been excluded in accordance with the discussion under “Adjusted Debt” above. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt.

     “Rental Property Revenues Less Rental Property Operating Expenses”is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Like FFO, Rental Property Revenues Less Rental Property Operating Expenses excludes certain components from net income in order to provide 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 Adjusted Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Adjusted Rental Property Revenues is defined as rental property revenues, excluding lease termination fees, which are generally one-time payments that may distort results of operations for comparable periods, and inter-company activities. Cash Basis Rental Property Revenues excludes lease termination fees and inter-company activities and also excludes straight-line rents and amortization of acquired above market rents. Same Properties include those properties that have been fully operational in each of the comparable reporting periods. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

     “Value Creation”is defined as the value or sales price of a property less any applicable closing costs and less the GAAP cost of the property before deducting accumulated depreciation and excluding any straight-line rent receivable, all as of the measurement date. Where the ownership entity is a venture, the Company’s share of these items is used in these

48

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

calculations. Value Creation is useful in determining the economic gain or loss inherent in a property. For example, to the extent that GAAP depreciation is recorded against an asset when the asset has in fact appreciated, it is helpful to eliminate this portion of the GAAP gain in order to reflect the true economic gain. As such, Value Creation is useful to investors as a measure of a company’s ability to create value by developing or acquiring an investment which has a fair market value in excess of the cost incurred by the company to create the investment. Company management considers Value Creation a key objective and core competency of the Company and uses this as an additional measure in assessing performance of the Company and its officers and employees.

49