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

Exhibit 99.1

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

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	4
Funds From Operations	5
Condensed Consolidated Balance Sheets	6
Key Ratios and Supplemental Information	7
Net Income and Funds From Operations — Supplemental Detail	8
Development Pipeline	15
Portfolio Listing	16
Same Property Information	19
Square Feet Expiring:
Office	20
Retail	21
Industrial	22
Top 25 Largest Tenants	23
Inventory of Land Held	24
Inventory of Residential Lots	26
Inventory of Multi-Family Units Held for Sale	28
Debt Outstanding	29
Reconciliations of Non-GAAP Financial Measures	30
Discussion of Non-GAAP Financial Measures	35

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the risks identified in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

News Release

FOR IMMEDIATE RELEASE

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

Website address:www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED MARCH 31, 2009

          ATLANTA (May 5, 2009) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2009. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

          Funds from Operations Available to Common Stockholders (“FFO”) was $7.6 million, or $0.15 per share, for the first quarter of 2009 compared with FFO of $13.8 million, or $0.27 per share, for the first quarter of 2008. Net Income Available to Common Stockholders (“Net Income Available”) was $160.6 million, or $3.13 per share, compared with Net Income Available of $1.8 million, or $0.04 per share, for the first quarter of 2008.

	First quarter highlights of the Company included the following:
•	As a result of a distribution from the venture to the partners, recognized approximately $167 million of deferred gain related to the June 2006 Avenue Fund transaction with Prudential.
•	Sold a ground-leased outparcel at The Avenue Webb Gin for approximately $1.8 million, generating pre-tax FFO of approximately $582,000.
•	Executed or renewed leases covering approximately 80,000 square feet of office space and 72,000 square feet of retail space.
	Other highlights subsequent to quarter end included the following:
•	In April 2009, repaid in full the $83.3 million mortgage note payable secured by the San Jose MarketCenter for approximately $70 million. The Company anticipates recognizing a gain on extinguishment of this debt of approximately $12.7 million in the second quarter of 2009.
•	Executed a 50,000 square foot lease with Firethorn Holdings, LLC in Terminus 200, a 25-story office building under construction at the Company’s Terminus development in Atlanta, Georgia.

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

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1

CUZ Reports First Quarter Results
Page 2
May 5, 2009

          At March 31, 2009, the Company’s portfolio of operational office buildings was 90% leased, its portfolio of operational retail centers was 83% leased and its operational industrial buildings were 40% leased.

          “In an extremely challenging leasing environment, our leasing team made good progress during the first quarter, leasing new space and renewing existing space,” said Tom Bell, Chairman and CEO of Cousins. “Our recently executed lease of two floors at Terminus 200 provides an encouraging start to the leasing of this asset. Equally encouraging was the purchase of our San Jose MarketCenter note at 84 cents on the dollar, which is a testament to our ability to put our strong balance sheet to work in this environment. We will continue to seek other opportunities that emerge while focusing on maintaining and strengthening our existing assets.”

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

          The Company will conduct a conference call at 2:00 p.m. (Eastern Time) on Wednesday, May 6, 2009, to discuss the results of the quarter ended March 31, 2009. The number to call for this interactive teleconference is (303) 275-2170. A replay of the conference call will be available for 14 days by dialing (303) 590-3000 and entering the passcode 11129149#. The replay can be accessed on the Company’s website,www.cousinsproperties.com, through the “Q1 2009 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page, as well as atwww.streetevents.com andwww.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s website for 14 days.

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

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2

CUZ Reports First Quarter Results
Page 3
May 5, 2009

          Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

3

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

	Three Months Ended
	March 31,
	2009			2008
REVENUES:
Rental property revenues	$	37,509		$	34,307
Fee income		8,044			7,558
Residential lot and outparcel sales		2,548			1,744
Interest and other		986			1,360
		49,087			44,969
COSTS AND EXPENSES:
Rental property operating expenses		17,313			13,439
General and administrative expenses		9,762			10,599
Reimbursed general and administrative expenses		4,228			3,786
Depreciation and amortization		13,056			11,265
Residential lot and outparcel cost of sales		1,730			946
Interest expense		10,430			6,275
Other		1,546			1,755
		58,065			48,065
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, INCOME FROM UNCONSOLIDATED JOINT VENTURES AND NONCONTROLLING INTERESTS		(8,978	)		(3,096	)
BENEFIT FOR INCOME TAXES FROM OPERATIONS		3,941			3,217
INCOME FROM UNCONSOLIDATED JOINT VENTURES		1,820			2,817
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(3,217	)		2,938
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		167,434			3,792
INCOME FROM CONTINUING OPERATIONS		164,217			6,730
LOSS FROM DISCONTINUED OPERATIONS		(7	)		(407	)
NET INCOME		164,210			6,323
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(412	)		(671	)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		163,798			5,652
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,813	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	160,571		$	1,839
PER COMMON SHARE-BASIC:
Income from continuing operations	$	3.13		$	0.05
Loss from discontinued operations		—			(0.01	)
Net income available to common stockholders	$	3.13		$	0.04
PER COMMON SHARE-DILUTED:
Income from continuing operations	$	3.13		$	0.05
Loss from discontinued operations		—			(0.01	)
Net income available to common stockholders	$	3.13		$	0.04
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.25		$	0.37
WEIGHTED AVERAGE SHARES		51,350			51,281
DILUTED WEIGHTED AVERAGE SHARES		51,350			51,803

4

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

	Three Months Ended
	March 31,
	2009			2008
Net Income Available to Common Stockholders	$	160,571		$	1,839
Depreciation and amortization:
Consolidated properties		13,056			11,265
Discontinued properties		—			174
Share of unconsolidated joint ventures		2,158			1,391
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(968	)		(770	)
Discontinued properties		—			(7	)
Share of unconsolidated joint ventures		(10	)		(25	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(167,434	)		(3,792	)
Share of unconsolidated joint ventures		(28	)		—
Gain on sale of undepreciated investment properties		209			3,736
Funds From Operations Available to Common Stockholders	$	7,554		$	13,811
Per Common Share — Basic:
Net Income Available	$	3.13		$	.04
Funds From Operations	$	.15		$	.27
Weighted Average Shares-Basic		51,350			51,281
Per Common Share — Diluted:
Net Income Available	$	3.13		$	.04
Funds From Operations	$	.15		$	.27
Weighted Average Shares-Diluted		51,350			51,803

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

     FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and key employees.

5

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

	March 31,			December 31,
	2009			2008
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $192,988 and $182,050 in 2009 and 2008, respectively	$	849,386		$	853,450
Projects under development		169,427			172,582
Land held for investment or future development		122,360			115,862
Residential lots under development		60,122			59,197
Multi-family units held for sale		70,888			70,658
Total properties		1,272,183			1,271,749
CASH AND CASH EQUIVALENTS		59,662			82,963
RESTRICTED CASH		4,549			3,636
NOTES AND OTHER RECEIVABLES,net of allowance for doubtful accounts of $2,942 and $2,764 in 2009 and 2008, respectively		51,390			51,267
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		200,726			200,850
OTHER ASSETS		84,200			83,330
TOTAL ASSETS	$	1,672,710		$	1,693,795
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	945,269		$	942,239
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		55,076			65,026
DEFERRED GAIN		4,620			171,838
DEPOSITS AND DEFERRED INCOME		6,662			6,485
TOTAL LIABILITIES		1,011,627			1,185,588
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES		12,658			3,945
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2009 and 2008		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2009 and 2008		94,775			94,775
Common stock, $1 par value, 150,000,000 shares authorized, 54,912,152 and 54,922,173 shares issued in 2009 and 2008, respectively		54,912			54,922
Additional paid-in capital		369,665			368,829
Treasury stock at cost, 3,570,082 shares in 2009 and 2008		(86,840	)		(86,840	)
Accumulated other comprehensive loss		(16,121	)		(16,601	)
Cumulative undistributed net income (distributions in excess of net income)		124,364			(23,189	)
TOTAL STOCKHOLDERS’ INVESTMENT ATTRIBUTABLE TO CONTROLLING INTEREST		615,582			466,723
NONREDEEMABLE NONCONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES		32,843			37,539
TOTAL STOCKHOLDERS’ INVESTMENT		648,425			504,262
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,672,710		$	1,693,795

6

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

	2005			2006			2007			2008 1st				2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		34,491			217,441			17,672			1,839				2,911			6,978			(4,138	)		7,590			160,571
FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING CERTAIN LOSSES ON EXTINGUISHMENT OF DEBT		73,746			74,469			48,437			13,811				16,120			20,931			10,152			61,014			7,554
BASIC WEIGHTED AVERAGE COMMON SHARES		50,277			50,907			51,857			51,281				51,322			51,341			51,377			51,331			51,350
DILUTED WEIGHTED AVERAGE COMMON SHARES		52,035			52,705			53,059			51,803				52,152			51,749			51,377			51,728			51,350
NET INCOME (LOSS) PER COMMON SHARE — BASIC		0.69			4.27			0.34			0.04				0.06			0.14			(0.08	)		0.15			3.13
NET INCOME (LOSS) PER COMMON SHARE — DILUTED		0.66			4.13			0.33			0.04				0.06			0.13			(0.08	)		0.15			3.13
FFO PER COMMON SHARE — BASIC		1.47			1.46			0.93			0.27				0.31			0.41			0.20			1.19			0.15
FFO PER COMMON SHARE — DILUTED		1.42			1.41			0.91			0.27				0.31			0.40			0.20			1.18			0.15
(A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		9,439			13,421			18,979			6,936				8,375			5,010			3,711			24,032			3,531
													��
REGULAR COMMON DIVIDENDS		74,649			75,495			76,782			18,974				18,992			18,995			12,846			69,807			12,838
SPECIAL COMMON DIVIDEND		—			175,470			—			—				—			—			—			—			—
REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37				0.37			0.37			0.25			1.36			0.25
SPECIAL COMMON DIVIDEND PER SHARE		—			3.40			—			—				—			—			—			—			—
COMMON STOCK PRICE AT PERIOD END		28.30			35.27			22.10			24.71				23.10			25.23			13.85			13.85			6.44
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		50,665			51,748			51,280			51,292				51,336			51,383			51,352			51,352			51,342
PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		25.75			25.90			22.38			21.14				22.50			18.00			12.24			12.24			13.70
NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000				4,000			4,000			2,993			2,993			2,993
PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		25.40			25.53			20.59			20.45				21.78			17.00			12.00			12.00			13.16
NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000				4,000			4,000			3,791			3,791			3,791
COMMON EQUITY MARKET CAPITALIZATION		1,433,820			1,825,152			1,133,288			1,267,425				1,185,862			1,296,393			711,225			711,225			330,642
PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880			166,360				177,120			140,000			82,126			82,126			90,894
(B) ADJUSTED DEBT (1)		514,560			376,516			773,482			898,205				899,140			973,524			1,073,953			1,073,953			1,084,051
TOTAL MARKET CAPITALIZATION		2,152,980			2,407,388			2,078,650			2,331,990				2,262,122			2,409,917			1,867,304			1,867,304			1,505,587
ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		24	%		16	%		37	%		39	%			40	%		40	%		58	%		58	%		72	%
(B) RECOURSE DEBT (1)		196,824			226,855			205,658			328,106				337,110			392,422			491,603			491,603			502,396
RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		9	%		10	%		14	%			15	%		16	%		26	%		26	%		33	%
COMMON EQUITY MARKET CAPITALIZATION		1,433,820			1,825,152			1,133,288			1,267,425				1,185,862			1,296,393			711,225			711,225			330,642
PREFERRED EQUITY MARKET CAPITALIZATION		204,600			205,720			171,880			166,360				177,120			140,000			82,126			82,126			90,894
(B) TOTAL DEBT (INCLUDING SHARE OF JV’S) (1)		615,645			487,234			846,355			967,832				967,885			1,040,513			1,139,113			1,139,113			1,147,217
TOTAL MARKET CAPITALIZATION		2,254,065			2,518,106			2,151,523			2,401,617				2,330,867			2,476,906			1,932,464			1,932,464			1,568,753
TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		27	%		19	%		39	%		40	%			42	%		42	%		59	%		59	%		73	%
VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
LEVERAGE RATIO		39	%		29	%		45	%		49	%			48	%		48	%		51	%		51	%		54	%
COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%			60	%		60	%		60	%		60	%		60	%
FIXED CHARGES RATIO		2.7			2.4			2.5			2.0				2.1			2.3			2.2			2.2			2.1
COVENANT REQUIREMENT — NO LESS THAN		1.5			1.5			1.5			1.5				1.5			1.5			1.5			1.5			1.5

7

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

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

8

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

	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st
(E)  RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT      PROPERTY FFO:
OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		1,367			1,656			1,017			755			25			1,551			59			2,390			582
TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96
TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		3,390			6,675			651			0			931			1,695			566			3,192			235
TOTAL TRACT SALES NET OF COS		18,873			9,156			5,628			3,736			5,672			2,070			918			12,396			331
OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — WHOLLY OWNED (1)		0			11,867			8,184			0			415			956			36			1,407			113
TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			11,867			8,184			0			415			956			36			1,407			113
LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		4,162			2,877			1,124			43			398			279			107			827			236
LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		10,479			8,217			1,822			121			237			182			255			795			95
TOTAL LOT SALES NET OF COS		14,641			11,094			2,946			164			635			461			362			1,622			331
INTEREST — JOINT VENTURES (1)		(152	)		(284	)		(238	)		(101	)		(85	)		(139	)		(145	)		(470	)		(137	)
OTHER — JOINT VENTURES (1)		(528	)		(381	)		(1,087	)		1,014			258			(235	)		(988	)		49			(146	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS — JOINT VENTURES (1)		(62	)		0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY FFO		34,139			33,108			16,450			5,547			6,899			4,643			242			17,331			1,069
(F) MULTI-FAMILY FFO:
MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		1,828			3,731			144			0			0			744			370			1,114			0
MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		7,182			10,343			(185	)		650			(227	)		973			496			1,892			(1	)
TOTAL MULTI-FAMILY FFO		9,010			14,074			(41	)		650			(227	)		1,717			866			3,006			(1	)
DEVELOPMENT INCOME		3,056			4,585			5,881			1,013			1,219			14,322			1,204			17,758			945
MANAGEMENT FEES		24,058			24,437			24,782			5,791			6,153			6,388			7,072			25,404			6,606
LEASING & OTHER FEES		8,084			6,443			5,651			754			430			1,026			2,290			4,500			493
TERMINATION FEES		545			631			5,193			131			(109	)		355			30			407			359
INTEREST INCOME & OTHER		1,886			742			1,236			1,229			1,049			636			837			3,751			627
GENERAL & ADMINISTRATIVE EXPENSES:
GENERAL & ADMINISTRATIVE EXPENSES		(40,702	)		(42,536	)		(40,643	)		(10,599	)		(9,114	)		(9,648	)		(9,399	)		(38,760	)		(9,730	)
COMMISSION ON DEVELOPMENT FEE		0			0			0			0			0			(3,372	)		(42	)		(3,414	)		(32	)
REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(15,116	)		(16,056	)		(17,167	)		(3,786	)		(3,953	)		(4,006	)		(4,534	)		(16,279	)		(4,228	)
TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(55,818	)		(58,592	)		(57,810	)		(14,385	)		(13,067	)		(17,026	)		(13,975	)		(58,453	)		(13,990	)
INTEREST EXPENSE CONSOLIDATED:
2007 CREDIT FACILITY — FLOATING @ LIBOR + .75% to 1.25%		0			0			(3,308	)		(1,339	)		(1,949	)		(2,082	)		(2,759	)		(8,129	)		(2,407	)
UNSECURED TERM LOAN — FIXED SWAP RATE OF 5.01% + .70% to 1.20%		0			0			(1,977	)		(1,470	)		(1,479	)		(1,479	)		(1,524	)		(5,952	)		(1,387	)
THE AMERICAN CANCER SOCIETY CENTER - 6.45%		0			0			(3,027	)		(2,240	)		(2,240	)		(2,263	)		(2,264	)		(9,007	)		(2,215	)
333 & 555 NORTH POINT CENTER DEBT - 7%		(2,165	)		(2,121	)		(2,072	)		(510	)		(507	)		(503	)		(500	)		(2,020	)		(496	)
MERIDIAN MARK PLAZA DEBT - 8.27%		(2,021	)		(1,991	)		(1,959	)		(484	)		(482	)		(480	)		(477	)		(1,923	)		(475	)
600 UNIVERSITY PARK DEBT - 7.38%		(1,009	)		(995	)		(983	)		(243	)		(242	)		(241	)		(240	)		(966	)		(239	)
100 NORTH POINT CENTER EAST DEBT - 5.39%		(932	)		(932	)		(780	)		(169	)		(172	)		(170	)		(170	)		(681	)		(170	)
200 NORTH POINT CENTER EAST DEBT - 5.39%		(826	)		(826	)		(736	)		(168	)		(172	)		(170	)		(170	)		(680	)		(170	)
LAKESHORE PARK PLAZA DEBT - 5.89%					0			0			0			0			(230	)		(293	)		(523	)		(285	)
LAKESHORE PARK PLAZA DEBT - 6.78%		(648	)		(631	)		(612	)		(150	)		(115	)		0			0			(265	)		0
KING MILL DEBT - 9%		(34	)		(293	)		(469	)		(121	)		(122	)		(125	)		(125	)		(493	)		(82	)
JEFFERSON MILL DEBT - 9%		0			(23	)		(218	)		(65	)		(67	)		(70	)		(70	)		(272	)		(47	)
THE POINTS AT WATERVIEW DEBT - 5.66%		(11	)		(1,051	)		(1,070	)		(259	)		(258	)		(257	)		(255	)		(1,029	)		(254	)
TERMINUS 100 DEBT - 6.13%		0			0			(2,358	)		(2,800	)		(2,801	)		(2,801	)		(2,801	)		(11,203	)		(2,802	)
SAN JOSE MARKETCENTER DEBT - 5.6%		0			0			(448	)		(1,223	)		(1,224	)		(1,225	)		(1,222	)		(4,894	)		(1,226	)
2005 CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			(8,752	)		(8,014	)		0			0			0			0			0			0
2005 TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			(2,598	)		(3,265	)		0			0			0			0			0			0
BRIDGE LOAN — FLOATING @ LIBOR + .75%		0			0			(855	)		0			0			0			0			0			0
BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,197	)		(7,447	)		(2	)		0			0			0			0			0			0
THE AVENUE EAST COBB DEBT - 8.39%		(3,153	)		(1,546	)		0			0			0			0			0			0			0
CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		(3,979	)		(2,103	)		0			0			0			0			0			0			0
OTHER		(1,312	)		(363	)		(6	)		(2	)		(1	)		(4	)		(1	)		(8	)		(1	)
CAPITALIZED		17,193			20,553			23,343			4,968			4,464			3,395			2,067			14,894			1,826
TOTAL INTEREST EXPENSE CONSOLIDATED		(9,094	)		(11,119	)		(8,816	)		(6,275	)		(7,367	)		(8,705	)		(10,804	)		(33,151	)		(10,430	)

9

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

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

10

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

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

11

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

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

12

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

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

13

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

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

14

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of March 31, 2009
($ in thousands)

																Company's			Company's			Actual or
	Company		Total		Leased GLA (%)			��						Company's		Share of			Share of			Projected Dates
	Owned		Project		Total Project				Cousins’			Approximate		Share of		Cost Incurred			Remaining			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)				Ownership %			Total Cost		Total Cost		at 3/31/09			Costs			Fully Operational
OFFICE
Terminus 200 (Atlanta, GA)		565,000		565,000		0	%			50	%	$	175,900	$	87,950	$	49,800		$	38,150		const. – 3Q-09 fully operational 3Q-10
Palisades West Building 2 (Austin, TX)		157,000		157,000		24	%			50	%		38,500		19,250		11,393			7,857		const. – 4Q-08 fully operational 4Q-09
TOTAL OFFICE		722,000		722,000									214,400		107,200		61,193			46,007
RETAIL
Tiffany Springs MarketCenter (Kansas City, MO)		249,000		587,000		89	%			88.5	%		59,700		52,828		50,787			2,041		const. – 3Q-08 fully operational 3Q-09
The Avenue Forsyth — Phase IA (Suburban Atlanta, GA)		473,000		473,000		55	%			88.5	%		133,965		118,546		105,259			13,287		const. – 2Q-08 fully operational 2Q-09
TOTAL RETAIL		722,000		1,060,000									193,665		171,374		156,046			15,328
TOTAL PORTFOLIO		1,444,000		1,782,000								$	408,065	$	278,574	$	217,239	(4)		61,335
AMOUNT TO BE FUNDED BY CONSTRUCTION LOAN																				(38,150	)
AMOUNT REQUIRED TO BE FUNDED BY THE COMPANY																			$	23,185

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

Total Cousins’ Share of Cost Incurred per above schedule	$	217,239
Less: Investment in unconsolidated joint ventures
Palisades West Building 2		(11,393	)
Terminus 200		(49,800	)
Add: Prudential’s 11.5% interest in Tiffany Springs MarketCenter		5,609
Add: Prudential’s 11.5% interest in The Avenue Forsyth		13,209
Less: Accumulated depreciation on partially operational consolidated properties		(5,437	)
Consolidated projects under development per balance sheet	$	169,427

15

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

									Percent Leased
						Company's			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			12/31/2008			3/31/2009
I.	OFFICE OPERATING PROPERTIES
	191 Peachtree Tower	Atlanta	Georgia		1,217,000		100.00	%		74	%		71	%
	Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
	The American Cancer Society Center	Atlanta	Georgia		993,000		100.00	%		100	%		97	%
	Terminus 100	Atlanta	Georgia		656,000		100.00	%		97	%		97	%
	One Georgia Center (a)	Atlanta	Georgia		375,000		88.50	%		100	%		100	%
	Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		100	%		97	%
	Ten Peachtree Place	Atlanta	Georgia		260,000		50.00	%		92	%		92	%
	Palisades West Building 1	Austin	Texas		216,000		50.00	%		100	%		100	%
	The Points at Waterview	Dallas	Texas		203,000		100.00	%		98	%		97	%
	Lakeshore Park Plaza (b)	Birmingham	Alabama		196,000		100.00	%		96	%		96	%
	Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		92	%		92	%
	555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		98	%		98	%
	333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		97	%		97	%
	600 University Park Place (b)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		39	%		40	%
	Cosmopolitan Center	Atlanta	Georgia		85,000		100.00	%		94	%		88	%
	Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		83	%		81	%
	8995 Westside Parkway (formerly known as AtheroGenics)	Atlanta	Georgia		51,000		100.00	%		100	%		29	%
	Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
	Total Office Operating Portfolio				6,732,000								90	%*
	OFFICE DEVELOPMENT PROPERTIES (c)
	Terminus 200 (a)	Atlanta	Georgia		565,000		50.00	%		3	%		0	%
	Palisades West Building 2	Austin	Texas		157,000		50.00	%		21	%		24	%
	Total Office Development Properties				722,000
	TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,454,000

* 191 Peachtree Tower was considered a Development/Redevelopment Property as of December 31, 2008 and was not included in this percentage as of that date or in any prior periods.

16

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

								Percent Leased
					Company's			(Fully Executed)
	Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet		Interest			12/31/2008			3/31/2009
II. RETAIL OPERATING PROPERTIES
The Avenue Murfreesboro	Nashville	Tennessee		749,000		50.00	%		75	%		75	%
The Avenue Carriage Crossing (b)	Memphis	Tennessee		511,000		100.00	%		83	%		83	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		83	%		82	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		99	%		99	%
The Avenue Webb Gin	Atlanta	Georgia		356,000		100.00	%		81	%		80	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		94	%		93	%
The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		83	%		82	%
The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		98	%		96	%
San Jose MarketCenter	San Jose	California		214,000		100.00	%		98	%		97	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		94	%		94	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		84	%		75	%
Total Retail Operating Properties				3,945,000								83	%
RETAIL DEVELOPMENT PROPERTIES (c)
The Avenue Forsyth (a)	Atlanta	Georgia		473,000		88.50	%		56	%		55	%
Tiffany Springs MarketCenter (a)	Kansas City	Missouri		249,000		88.50	%		73	%		75	%
Total Retail Development Properties				722,000
TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,667,000
III. INDUSTRIAL OPERATING PROPERTIES
Lakeside Ranch Business Park — Building 20 (b)	Dallas	Texas		749,000		100.00	%		48	%		48	%
Jefferson Mill Business Park — Building A	Atlanta	Georgia		459,000		75.00	%		0	%		0	%
King Mill Distribution Park — Building 3A	Atlanta	Georgia		417,000		75.00	%		100	%		100	%
King Mill Distribution Park — Building 3B	Atlanta	Georgia		379,000		75.00	%		0	%		0	%
TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								40	%
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,125,000

17

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of March 31, 2009

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,454,000		6,039,000		60	%		90	%
Retail		4,667,000		2,328,000		23	%		83	%
Industrial		2,004,000		1,690,000		17	%		40	%
TOTAL		14,125,000		10,057,000		100	%
SUMMARY BY STATE
Georgia		8,581,000		6,625,000		66	%		79	%
Texas		1,325,000		1,139,000		11	%		62	%
Tennessee		1,260,000		886,000		9	%		80	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		98	%
California		371,000		230,000		2	%		96	%
Missouri		249,000		220,000		2	%		N/A
Florida		510,000		59,000		1	%		94	%
Virginia		376,000		39,000		1	%		99	%
		14,125,000		10,057,000		100	%

(a)	This project is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate.
(b)	These projects are shown as 100% owned by the Company; however, they are owned in a joint venture with a third party who may receive a participation in operations and/or on sale of the property depending upon achievement of certain thresholds.
(c)	These properties are under construction and/or in lease up.

18

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	First Quarter 2009 vs									First Quarter 2009 vs
	Fourth Quarter 2008									First Quarter 2008
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		-6.9	%		1.6	%		-3.8	%		5.8	%		-10.1	%		-1.5	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		-6.4	%		1.5	%		-3.5	%		4.4	%		-9.1	%		-1.8	%

Note: The following properties are included in the same property portfolio:	Office
	Gateway Village	333 Northpoint Center East
	The American Cancer Society Center	200 Northpoint Center East
	One Georgia Center	100 Northpoint Center East
	Emory University Hospital Midtown Medical Office Tower	600 University Park Place
	Ten Peachtree Place	Galleria 75
	The Points at Waterview	Cosmopolitan Center
	Lakeshore Park Plaza	Presbyterian Medical Plaza
	Meridian Mark Plaza	8995 Westside Parkway (formerly known as AtheroGenics)
	555 Northpoint Center East	Inhibitex
	Terminus 100 (1Q to 4Q only)
	Retail
	The Avenue Carriage Crossing	The Avenue Peachtree City
	North Point MarketCenter	Viera MarketCenter
	Greenbrier MarketCenter	Los Altos MarketCenter
	The Avenue Viera	San Jose MarketCenter
	The Avenue West Cobb	The Avenue Webb Gin
	The Avenue East Cobb

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

19

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

OFFICE

As of March 31, 2009, the Company’s office portfolio included 21 commercial office buildings, excluding all properties currently under development and buildings in lease-up stage. The weighted average remaining lease term of these office buildings was approximately eight years as of March 31, 2009. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2018 &
	2009			2010			2011			2012			2013			2014			2015			2016			2017			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		321,508			224,249			497,305			202,007			449,811			256,316			278,500			718,726			572,465			1,587,281			5,108,168
% of Leased Space		6	%		4	%		10	%		4	%		9	%		5	%		6	%		14	%		11	%		31	%		100	%
Annual Contractual Rent (000’s) (2)	$	4,268		$	3,584		$	7,108		$	3,552		$	8,646		$	5,501		$	5,369		$	13,320		$	13,773		$	35,619		$	100,740
Annual Contractual Rent/Sq. Ft. (2)	$	13.27		$	15.98		$	14.29		$	17.58		$	19.22		$	21.46		$	19.28		$	18.53		$	24.06		$	22.44		$	19.72
Wholly Owned:
Square Feet Expiring (1)		303,155			211,415			478,411			147,262			303,624			232,852			260,090			181,119			491,967			1,227,377			3,837,272	(3)
% of Leased Space		8	%		5	%		12	%		4	%		8	%		6	%		7	%		5	%		13	%		32	%		100	%
Annual Contractual Rent (000’s) (2)	$	4,061		$	3,363		$	6,886		$	2,465		$	5,955		$	4,918		$	5,097		$	3,355		$	11,792		$	29,176		$	77,068
Annual Contractual Rent/Sq. Ft. (2)	$	13.40		$	15.91		$	14.39		$	16.74		$	19.61		$	21.12		$	19.60		$	18.52		$	23.97		$	23.77		$	20.08
Joint Venture:
Square Feet Expiring (1)		23,633			19,770			32,285			139,316			278,700			46,927			23,697			1,071,594			159,886			500,571			2,296,379	(4)
% of Leased Space		1	%		1	%		1	%		6	%		12	%		2	%		1	%		47	%		7	%		22	%		100	%
Annual Contractual Rent (000’s) (2)	$	294		$	359		$	423		$	2,799		$	5,185		$	1,165		$	370		$	19,869		$	3,960		$	10,327		$	44,751
Annual Contractual Rent/Sq. Ft. (2)	$	12.42		$	18.13		$	13.11		$	20.09		$	18.60		$	24.83		$	15.60		$	18.54		$	24.77		$	20.63		$	19.49

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of March 31, 2009 out of approximately 4,389,000 total rentable square feet.
(4)	Rentable square feet leased as of March 31, 2009 out of approximately 2,343,000 total rentable square feet.

20

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

RETAIL

As of March 31, 2009, the Company’s retail portfolio included 12 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 eight years as of March 31, 2009. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2018 &
	2009			2010			2011			2012			2013			2014			2015			2016			2017			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		29,876			28,235			90,859			70,371			40,304			19,577			82,800			349,801			188,378			508,127			1,408,328
% of Leased Space		2	%		2	%		7	%		5	%		3	%		1	%		6	%		25	%		13	%		36	%		100	%
Annual Contractual Rent (000’s) (2)	$	386		$	580		$	2,354		$	1,640		$	1,063		$	492		$	2,119		$	9,059		$	5,512		$	8,274		$	31,479
Annual Contractual Rent/Sq. Ft. (2)	$	12.93		$	20.55		$	25.90		$	23.30		$	26.38		$	25.12		$	25.59		$	25.90		$	29.26		$	16.28		$	22.35
Wholly Owned:
Square Feet Expiring (1)		13,310			6,443			62,953			36,594			16,635			2,275			52,767			328,623			142,754			255,111			917,465	(3)
% of Leased Space		1	%		1	%		7	%		4	%		2	%		0	%		6	%		36	%		15	%		28	%		100	%
Annual Contractual Rent (000’s) (2)	$	158		$	119		$	1,913		$	953		$	442		$	82		$	1,541		$	8,615		$	4,550		$	4,293		$	22,666
Annual Contractual Rent/Sq. Ft. (2)	$	11.84		$	18.44		$	30.39		$	26.05		$	26.56		$	36.00		$	29.20		$	26.22		$	31.87		$	16.83		$	24.70
Joint Venture:
Square Feet Expiring (1)		110,599			190,094			264,325			304,413			151,590			147,219			202,176			193,315			233,098			669,789			2,466,618	(4)
% of Leased Space		5	%		8	%		11	%		12	%		6	%		6	%		8	%		8	%		9	%		27	%		100	%
Annual Contractual Rent (000’s) (2)	$	1,620		$	4,081		$	4,087		$	6,031		$	3,883		$	3,435		$	4,172		$	4,016		$	4,890		$	9,996		$	46,211
Annual Contractual Rent/Sq. Ft. (2)	$	14.65		$	21.47		$	15.46		$	19.81		$	25.61		$	23.33		$	20.64		$	20.78		$	20.98		$	14.92		$	18.74

(1)	Certain leases contain termination options, with or without penalty, if co-tenancy clauses or sales volume levels are not achieved. The expiration date per the lease is used for these leases in the above table, although early termination is possible.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Gross leasable area leased as of March 31, 2009 out of approximately 1,081,000 total gross leasable area.
(4)	Gross leasable area leased as of March 31, 2009 out of approximately 2,864,000 total gross leasable area.

21

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

INDUSTRIAL

As of March 31, 2009, the Company’s operating industrial portfolio consisted of King Mill Distribution Park — Building 3, Jefferson Mill Business Park — Building A and Lakeside Ranch Business Park — Building 20. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2012			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		668,671			668,671
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,063		$	2,063
Annual Contractual Rent/Sq. Ft. (1)	$	3.09		$	3.09
Joint Venture:
Square Feet Expiring		773,021			773,021	(2)
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,368		$	2,368
Annual Contractual Rent/Sq. Ft. (1)	$	3.06		$	3.06

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Rentable square feet leased as of March 31, 2009 out of approximately 2,004,000 total rentable square feet.

22

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET OF TOTAL PORTFOLIO
As of March 31, 2009

			Percentage of Total Portfolio			Average Remaining
	Tenant (1)	Product Type	at the Company’s Share (2)			Lease Term (Years)
1.	Bank of America (3)	Office		5.9	%		6.8
2.	HD Supply	Industrial		3.9	%		3.1
3.	Deloitte & Touche	Office		3.7	%		15.2
4.	Snapper	Industrial		3.5	%		2.9
5.	American Cancer Society	Office		3.0	%		13.3
6.	Georgia Department of Transportation	Office		2.8	%		9.3
7.	AT&T	Office		1.5	%		0.5
8.	Internap Network Services	Office		1.3	%		11.1
9.	AGL Services Company	Office		1.3	%		4.0
10.	MedAssets Net Revenue Systems, LLC	Office		1.2	%		6.0
11.	Dimensional Fund Advisors	Office		1.2	%		14.5
12.	Bombardier Aerospace Corporation	Office		1.1	%		3.9
13.	Georgia Lottery Corporation	Office		1.1	%		14.3
14.	Barnes & Noble	Retail		1.1	%		7.7
15.	CB Richard Ellis	Office		1.0	%		8.3
16.	Emory University	Office		0.8	%		7.7
17.	US South Communications	Office		0.8	%		2.1
18.	Citigroup	Office		0.8	%		9.5
19.	The Gap Inc.	Retail		0.8	%		2.8
20.	Premiere Global Services, Inc.	Office		0.7	%		9.4
21.	KIDS II, Inc.	Office		0.7	%		6.8
22.	Best Buy	Retail		0.7	%		9.3
23.	Limited Brands	Retail		0.7	%		8.0
24.	Turner Broadcasting System, Inc.	Office		0.6	%		2.2
25.	Sapient Corporation	Office		0.6	%		13.8
	Total leased square feet of Top 25 Largest Tenants			40.8	%		7.8

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

23

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of March 31, 2009

		Company’s			Developable					Cost
		Ownership			Land Area			Year		Basis
Description and Location	Zoned Use	Interest			(Acres)			Acquired		($000) (1)
CONSOLIDATED
Round Rock Land
Austin, TX	Retail and Commercial		100	%		60			2005	$	17,115
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		130	(2)		2005		17,018
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		172	(2)		2006		13,702
Terminus
Atlanta, GA	Mixed Use		100	%		4			2005		11,938
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		94	%(3)		15			2007		10,434
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2			1996		10,164
Blalock Lakes
Suburban Atlanta, GA	Residential		100	%		1,205			2008		9,649
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		100	%(4)		48			2006		9,455
505 / 511 / 555 / 557 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1			2004		5,988
Research Park V
Austin, TX	Commercial		100	%		6			1998		4,894
Lancaster
Dallas, TX	Industrial		100	%(4)		47			2007		4,844
North Point
Suburban Atlanta, GA	Mixed Use		100	%		37			1970-1985		3,361
Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN	Retail		100	%		2			2004		1,969
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Retail		100	%		2			2005		946
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23			1971-1989		883
The Lakes at Cedar Grove
Suburban Atlanta, GA	Mixed Use		100	%		9			2002		—	(5)
TOTAL CONSOLIDATED LAND HELD										$	122,360

24

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of March 31, 2009

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000) (1)
JOINT VENTURES
TEMCO ASSOCIATES TRACTS:
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		5,641		2005	$	13,161
Happy Valley
Suburban Atlanta, GA	Residential		50	%		228		2003		2,756
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		95		2002-2005		—	(5)
CL REALTY, L.L.C. TRACTS:
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		11,545
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		363		2002		—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		138		2002		—	(5)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		—	(5)
Village Park
McKinney, TX	Residential		50	%		2		2003-2005		—	(5)
OTHER JOINT VENTURES:
Land Adjacent to The Avenue Murfreesboro
Suburban Nashville, TN	Retail		50	%		8		2006		5,028
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187		2004		5,452
Glenmore Garden Villas
Suburban Charlotte, NC	Multi-Family (6)		50	%		16		2007		10,091
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		21,249
Total Acres						9,529

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

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of March 31, 2009

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining		Cost
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Basis
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		($000) (2)
Cousins Real Estate Corporation (Consolidated)
The Lakes at Cedar Grove (3)		2001		13		906		73		—		—		702		204	$	5,327
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned)(4)		2006		8		559		125		2		2		14		545		14,261
Harris County
Pine Mountain, GA
Blalock Lakes		2006		9		142		94		—		—		16		126		36,813
Coweta County
Newnan, GA
Longleaf at Callaway (5)		2002		8		138		14		—		—		124		14		438
Harris County
Pine Mountain, GA
River’s Call		1999		12		107		13		—		—		94		13		559
East Cobb County
Suburban Atlanta, GA
Tillman Hall		2008		3		29		27		2		2		2		27		2,724
Gwinnett County
Suburban Atlanta, GA
Total consolidated						1,881		346		4		4		952		929		60,122
Temco Associates (50% owned)(6)
Bentwater		1998		11		1,676		5		—		—		1,671		5		16
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		21		1,385		258		—		—		288		1,097		23,247
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		11		1,077		328		—		—		634		443		15,874
Paulding County
Suburban Atlanta, GA
Harris Place		2004		6		27		9		—		—		18		9		649
Paulding County
Suburban Atlanta, GA
Total Temco						4,165		600		—		—		2,611		1,554		39,786
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		14		2,106		154		1		1		604		1,502		19,161
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		13		2,568		187		—		—		796		1,772		22,965
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		15		1,199		138		—		—		176		1,023		8,249
Tarrant County
Fort Worth, TX
Summer Lakes		2003		10		1,123		177		—		—		325		798		7,301
Fort Bend County
Rosenberg, TX

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of March 31, 2009

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining			Cost
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Basis
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			($000) (2)
CL Realty, LLC, continued
Southern Trails (80% owned)		2005		9		1,069			29			6			6			326			743		$	20,823
Brazoria County
Pearland, TX
Village Park		2003		7		560			17			—			—			339			221			7,035
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			8,415
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		7		381			72			12			12			180			201			8,623
Bexar County
San Antonio, TX
Manatee River Plantation		2003		8		457			109			—			—			348			109			4,195
Manatee County
Tampa, FL
Stillwater Canyon		2003		8		335			6			—			—			225			110			2,317
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			6,129
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		7		197			3			—			—			25			172			33,408
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		7		189			10			2			2			69			120			2,388
Collin County
McKinney, TX
Bridle Path Estates		2004		8		87			—			—			—			—			87			3,214
Hillsborough County
Tampa, FL
West Park		2005		8		85			—			—			—			21			64			5,264
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,150			1,078			21			21			3,559			7,591			159,487
Total						17,196			2,024			25			25			7,122			10,074		$	259,395
Company Share of Total						8,152			1,020			10			10			3,718			4,433		$	126,968
Company Weighted Average Ownership						47	%		50	%		40	%		40	%		52	%		44	%		49	%

(1)	This estimate represents the total projected development capacity for a development on owned land. The numbers shown include lots currently developed or to be developed over time, based on management’s current estimates, and lots sold to date from inception of development.
(2)	Includes cost basis of land tracts as detailed on the Inventory of Land Held schedule.
(3)	A third party has a participation in this project after certain thresholds are met.
(4)	Callaway Gardens is owned in a joint venture which is consolidated with the Company. The partner is entitled to a share of the profits after the Company’s capital is recovered.
(5)	Longleaf at Callaway lots are sold to a home building venture, of which the Company is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of March 31, 2009, 122 houses have been sold by this venture.
(6)	The Company 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, 2008 for a description of these entities.

27

COUSINS PROPERTIES INCORPORATED
INVENTORY OF MULTI-FAMILY UNITS HELD FOR SALE (1)
As of March 31, 2009

Total

Developed

Units Sold

Units Sold

Total

Remaining

Cost

Units

Units in

in Current

Year to

Units

Units to be

Basis

Developed

Inventory

Quarter

Date

Sold

Sold

($000)

10 Terminus Place

137

124

—

—

13

124

$

70,888

Atlanta, GA

(1) Glenmore Garden Villas, a townhome community in Charlotte, North Carolina, is included in the Inventory of Land Held schedule herein.

28

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF MARCH 31, 2009
($ in thousands)

									Rate			Company’s			Company’s		Total		Weighted
	Total		Ownership			Maturity			End of			Share			Share		Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage			Date			Quarter			Recourse			Non-Recourse (1)		Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 0.75%-1.25%)	$	322,000		100	%		8/29/2011	(2)		2.66	%(3)	$	322,000		$	—	$	322,000
UNSECURED TERM LOAN		100,000		100	%		8/29/2012			6.06	%(4)		100,000	��				100,000
TERMINUS 100 (INTEREST ONLY)		180,000		100	%		10/1/2012			6.13	%		5,000			175,000		180,000
THE AMERICAN CANCER SOCIETY CENTER (INTEREST ONLY UNTIL 10/1/2011) (5)		136,000		100	%		9/1/2017			6.45	%					136,000		136,000
SAN JOSE MARKETCENTER (INTEREST ONLY)		83,300		100	%		12/1/2010	(6)		5.60	%					83,300		83,300
333/555 NORTH POINT CENTER EAST		27,903		100	%		11/1/2011			7.00	%		27,903					27,903
100/200 NORTH POINT CENTER EAST (INTEREST ONLY UNTIL 7/1/2010)		25,000		100	%		6/1/2012			5.39	%					25,000		25,000
MERIDIAN MARK PLAZA		22,641		100	%		9/1/2010			8.27	%					22,641		22,641
LAKESHORE PARK PLAZA		18,159		100	%		8/1/2012			5.89	%					18,159		18,159
THE POINTS AT WATERVIEW		17,333		100	%		1/1/2016			5.66	%					17,333		17,333
600 UNIVERSITY PARK		12,707		100	%		8/10/2011			7.38	%					12,707		12,707
VARIOUS		226		100	%	VARIOUS			VARIOUS				28			198		226
TOTAL CONSOLIDATED		945,269								5.00	%		454,931			490,338		945,269		3.6
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		111,577		50	%		7/20/2010	(2)		1.60	%		26,220			29,569		55,789
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		57,199		50	%		6/6/2011	(2)		2.10	%		17,250			11,350		28,600
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		50,429		50	%		6/1/2013			5.90	%					25,215		25,215
THE AVENUE EAST COBB		36,496		11.5	%		8/1/2010			8.39	%					4,197		4,197
TEN PEACHTREE PLACE		27,741		50	%		4/1/2015			5.39	%					13,871		13,871
GLENMORE GARDEN VILLAS (LIBOR + 2.25%) ($13.5MM CONSTRUCTION LOANS)		7,990		50	%		10/3/2010			2.70	%		3,995	(7)				3,995
HANDY ROAD ASSOCIATES (PRIME +0.5%)		3,311		50	%		3/31/2010			3.75	%					1,656		1,656
PINE MOUNTAIN BUILDERS (PRIME)		2,781		50	%		3/27/2010			3.25	%					1,391		1,391
TEMCO:
BENTWATER LINKS		3,168		50	%		5/22/2009			7.98	%					1,584		1,584
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		2,522		50	%		8/22/2009			4.75	%					1,261		1,261
WATERFORD PARK (PRIME + 1.5%)		1,239		50	%		5/8/2009			4.75	%					620		620
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		1,206		50	%		6/28/2009			2.70	%					603		603
TOTAL UNCONSOLIDATED		305,659								3.26	%		47,465			91,317		138,782		2.4
TOTAL ADJUSTED DEBT	$	1,250,928								4.78	%	$	502,396		$	581,655	$	1,084,051		3.5
INVESTMENT ENTITY DEBT (8)
CHARLOTTE GATEWAY VILLAGE	$	119,370		50	%		12/1/2016			6.41	%				$	59,685	$	59,685
CL REALTY:
BLUE VALLEY (PRIME)		22,960		12.5	%		10/1/2009			3.25	%					2,870		2,870
STONEWALL ESTATES (PRIME)		2,442		25.0	%		5/31/2010			3.25	%					611		611
													-
TOTAL INVESTMENT ENTITY DEBT		144,772								6.24	%		—			63,166		63,166		7.3
TOTAL	$	1,395,700								4.86	%	$	502,396		$	644,821	$	1,147,217		3.7

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	This loan may be extended at the Company’s option for one year, provided certain conditions are met.
(3)	The Company entered into two interest rate swaps that effectively fix the interest rate on two $75 million tranches of the Company’s Corporate Credit Facility at 2.995% and 2.69%, plus the applicable spreads. The rate shown is the weighted average rate for all borrowings under the Credit Facility.
(4)	The interest rate on this instrument is LIBOR plus 0.70% to 1.20%. The Company entered into an interest rate swap that effectively fixes the underlying LIBOR rate at 5.01%. Rate at the end of the quarter represents the swap rate plus 1.05%.
(5)	The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.
(6)	This loan was satisfied in full in April 2009.
(7)	The Company has an obligation to guarantee 50% of the available amount, up to a maximum of $6.75 million.
(8)	An investment entity is defined as an entity where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings and (3) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenant calculations in the Company’s credit facility.

29

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2009 Compared to Fourth Quarter 2008
(In thousands, expect percentages)

	Same Property																									Non-Same						All Properties
	Office									Retail							Total
	Q4 2008			Q1 2009			% Change			Q4 2008		Q1 2009		% Change			Q4 2008			Q1 2009			% Change			Q4 2008			Q1 2009			Q4 2008			Q1 2009
RENTAL PROPERTY REVENUES	$	34,744		$	35,529					$	19,627	$	19,458				$	54,371		$	54,987					$	12,433		$	13,816		$	66,804		$	68,803
RENTAL PROPERTY OPERATING EXPENSES		12,004			14,353						6,691		6,318					18,695			20,671						4,849			6,486			23,544			27,157
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	22,740		$	21,176			-6.9	%	$	12,936	$	13,140		1.6	%	$	35,676		$	34,316			-3.8	%	$	7,584		$	7,330		$	43,260		$	41,646
RENTAL PROPERTY REVENUES	$	34,744		$	35,529					$	19,627	$	19,458				$	54,371		$	54,987					$	12,433		$	13,816		$	66,804		$	68,803
Less: STRAIGHT-LINE RENTS		744			620						203		210					947			830						765			839			1,712			1,669
AMORTIZATION OF LEASE INDUCEMENTS		(122	)		(139	)					21		21					(101	)		(118	)					(204	)		(132	)		(305	)		(250	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		5			5						0		0					5			5						(841	)		(24	)		(836	)		(19	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		34,117			35,043						19,403		19,227					53,520			54,270						12,713			13,133			66,233			67,403
RENTAL PROPERTY OPERATING EXPENSES		12,004			14,353						6,691		6,318					18,695			20,671						4,849			6,486			23,544			27,157
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	22,113		$	20,690			-6.4	%	$	12,712	$	12,909		1.5	%	$	34,825		$	33,599			-3.5	%	$	7,864		$	6,647		$	42,689		$	40,246
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	34,744		$	35,529					$	19,627	$	19,458		��		$	54,371		$	54,987					$	12,433		$	13,816		$	66,804		$	68,803
RENTAL PROPERTY OPERATING EXPENSES		12,004			14,353						6,691		6,318					18,695			20,671						4,849			6,486			23,544			27,157
	$	22,740		$	21,176					$	12,936	$	13,140				$	35,676		$	34,316					$	7,584		$	7,330		$	43,260		$	41,646
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	24,106		$	20,196
DISCONTINUED OPERATIONS (3)																																	82			(7	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	4,110			4,838
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	28,298			25,027
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	14,962			16,619
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	43,260		$	41,646

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

30

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2009 Compared to First Quarter 2008
(In thousands, expect percentages)

	Same Property																									Non-Same						All Properties
	Office									Retail							Total
	Q1 2008			Q1 2009			% Change			Q1 2008		Q1 2009		% Change			Q1 2008			Q1 2009			% Change			Q1 2008			Q1 2009			Q1 2008			Q1 2009
RENTAL PROPERTY REVENUES	$	28,088		$	29,703					$	20,078	$	19,458				$	48,166		$	49,161					$	14,255		$	19,642		$	62,421		$	68,803
RENTAL PROPERTY OPERATING EXPENSES		11,170			11,798						5,464		6,318					16,634			18,116						5,638			9,041			22,272			27,157
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,918		$	17,905			5.8	%	$	14,614	$	13,140		-10.1	%	$	31,532		$	31,045			-1.5	%	$	8,617		$	10,601		$	40,149		$	41,646
RENTAL PROPERTY REVENUES	$	28,088		$	29,703					$	20,078	$	19,458				$	48,166		$	49,161					$	14,255		$	19,642		$	62,421		$	68,803
Less: STRAIGHT-LINE RENTS		309			593						394		210					703			803						2,511			866			3,214			1,669
AMORTIZATION OF LEASE INDUCEMENTS		(28	)		(55	)					21		21					(7	)		(34	)					(119	)		(216	)		(126	)		(250	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		4			5						0		0					4			5						(119	)		(24	)		(115	)		(19	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		27,803			29,160						19,663		19,227					47,466			48,387						11,982			19,016			59,448			67,403
RENTAL PROPERTY OPERATING EXPENSES		11,170			11,798						5,464		6,318					16,634			18,116						5,638			9,041			22,272			27,157
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,633		$	17,362			4.4	%	$	14,199	$	12,909		-9.1	%	$	30,832		$	30,271			-1.8	%	$	6,344		$	9,975		$	37,176		$	40,246
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	28,088		$	29,703					$	20,078	$	19,458				$	48,166		$	49,161					$	14,255		$	19,642		$	62,421		$	68,803
RENTAL PROPERTY OPERATING EXPENSES		11,170			11,798						5,464		6,318					16,634			18,116						5,638			9,041			22,272			27,157
	$	16,918		$	17,905					$	14,614	$	13,140				$	31,532		$	31,045					$	8,617		$	10,601		$	40,149		$	41,646
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	20,868		$	20,196
DISCONTINUED OPERATIONS (3)																																	(233	)		(7	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	3,520			4,838
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	24,155			25,027
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	15,994			16,619
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	40,149		$	41,646

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

31

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

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

32

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

RECONCILIATIONS	2005			2006			2007			2008 1st			2008 2nd			2008 3rd			2008 4th			2008 YTD			2009 1st
(E) CONSOLIDATED RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
OUTPARCEL SALES		7,004			6,788			3,000			1,600			0			3,250			0			4,850			1,800
LOT SALES		14,929			10,497			6,949			144			1,255			497			247			2,143			748
TOTAL RESIDENTIAL AND OUTPARCEL SALES		21,933			17,285			9,949			1,744			1,255			3,747			247			6,993			2,548
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
OUTPARCEL COST OF SALES		5,637			5,132			1,983			845			(25	)		1,699			(59	)		2,460			1,218
LOT COST OF SALES		10,767			7,620			5,825			101			857			218			140			1,316			512
TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		16,404			12,752			7,808			946			832			1,917			81			3,776			1,730
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96
OUTPARCEL SALES, TRACT SALES, RESIDENTIAL LOT SALES AND OTHER INVESTMENT PROPERTY SALES, NET -WHOLLY OWNED		21,012			18,881			15,302			4,534			5,579			3,161			554			13,828			1,027
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		1,367			1,656			1,017			755			25			1,551			59			2,390			582
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			11,867			8,184			0			415			956			36			1,407			113
TRACT SALES NET OF COS — WHOLLY OWNED		15,483			2,481			4,977			3,736			4,741			375			352			9,204			96
LOT SALES NET OF COS — WHOLLY OWNED		4,162			2,877			1,124			43			398			279			107			827			236
TOTAL WHOLLY OWNED SALES, NET		21,012			18,881			15,302			4,534			5,579			3,161			554			13,828			1,027
SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL LOT AND TRACT SALES AND COST OF SALES:
RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
LOT SALES		41,232			38,676			8,718			1,074			1,059			436			1,170			3,739			790
TRACT SALES		6,218			14,235			1,355			0			931			2,660			567			4,158			617
TOTAL RESIDENTIAL LOT AND TRACT SALES		47,450			52,911			10,073			1,074			1,990			3,096			1,737			7,897			1,407
RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
LOT COST OF SALES		30,753			30,459			6,896			953			822			254			915			2,944			695
TRACT COST OF SALES		2,828			7,560			704			0			0			965			1			966			382
TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		33,581			38,019			7,600			953			822			1,219			916			3,910			1,077
RESIDENTIAL LOT SALES AND TRACT SALES, NET -JOINT VENTURES		13,869			14,892			2,473			121			1,168			1,877			821			3,987			330
SHARE OF UNCONSOLIDATED JOINT VENTURES:
LOT SALES LESS COST OF SALES		10,479			8,217			1,822			121			237			182			255			795			95
TRACT SALES LESS COST OF SALES		3,390			6,675			651			0			931			1,695			566			3,192			235
INTEREST EXPENSE		(152	)		(284	)		(238	)		(101	)		(85	)		(139	)		(145	)		(470	)		(137	)
OTHER		(528	)		(381	)		(1,087	)		1,014			258			(235	)		(988	)		49			(146	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(62	)		0			0			(21	)		(21	)		(21	)		0			(63	)		(5	)
RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		13,127			14,227			1,148			1,013			1,320			1,482			(312	)		3,503			42
TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		34,139			33,108			16,450			5,547			6,899			4,643			242			17,331			1,069

33

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

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

34

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

     “Funds From Operations Available to Common Stockholders” (“FFO”)is a supplemental operating performance measure used in the real estate industry. For periods other than 2005, the Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis. For the 2005 period, the Company modified its NAREIT defined calculations of FFO to include $5.0 million in income from a real estate venture related to the sale of real estate. The Company included this amount in FFO

35

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

     FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance based in part on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

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

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

36

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

certain components from net income in order to provide results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

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

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

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

37