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

Exhibit 99.1

COUSINS PROPERTIES INCORPORATED

QUARTERLY INFORMATION PACKAGE

For the Quarter Ended September 30, 2011

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Operations	4
Funds From Operations	5
Condensed Consolidated Balance Sheets	6
Key Performance Indicators	7
Funds From Operations – Summary	8
Funds From Operations – Supplemental Detail	9
Portfolio Listing	13
Same Property Performance	15
Square Feet Expiring	16
Top 20 Tenants	17
Development Pipeline	18
Inventory of Commercial Land Held	19
Inventory of Lots and Tracts in Residential Projects	20
Debt Outstanding	21
Calculations and Reconciliations of Non-GAAP Financial Measures	23
Discussion of Non-GAAP Financial Measures	29

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust, risks associated with development projects 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, 2010. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

News Release

CONTACT:

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

COUSINS REPORTS RESULTS FOR THIRD QUARTER OF 2011

Highlights

• Funds From Operations (FFO) of $0.14 per share.

• Leased or renewed 787,000 square feet of office and retail.

• Commenced Mahan Village retail development.

ATLANTA (November 2, 2011) –Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2011.

“We were very pleased with our third quarter operating performance,” said Larry Gellerstedt, CEO of Cousins. “Our team continues to deliver strong results, particularly on the leasing front, as we continue to simplify the platform and seek attractive value creation opportunities.”

Portfolio Activity

• Leased or renewed 420,000 square feet of office space and 367,000 square feet of retail space.

• Office portfolio remained 91% leased and Retail portfolio increased to 89% leased.

Transaction Activity

• Commenced construction of Mahan Village, a 147,000-square-foot, Publix-anchored shopping center in Tallahassee, Florida.

• Sold One Georgia Center, a 376,000-square-foot office building in Atlanta, Georgia, for $48.6 million, generating a gain, net of noncontrolling interest, of $1.2 million.

• Sold 126 residential lots for net gains of $519,000.

• Subsequent to quarter end, placed King Mill Distribution Park Building 3, a 796,000-square-foot industrial building in Atlanta, Georgia, under contract for sale. This transaction is expected to close in the fourth quarter. 

Financial Results

FFO was $14.3 million, or $0.14 per share, for the third quarter of 2011 compared with $886,000, or $0.01 per share, for the third quarter of 2010. FFO was $33.3 million, or $0.32 per share, for the nine months ended September 30, 2011, compared with $22.8 million, or $0.23 per share, for the same period in 2010.

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191 Peachtree Street NE    —    Suite 500    —    Atlanta, Georgia 30303-1740    —    404/407-1000    —    FAX 404/407-1002

1

CUZ Reports Third Quarter Results

Page 2

November 2, 2011

Net income available to common stockholders was $188,000, or $0.00 per share, for the third quarter of 2011 compared with net loss available of ($8.4) million, or ($0.08) per share, for the third quarter of 2010. Net loss available was ($12.4) million, or ($0.12) per share, for the nine months ended September 30, 2011, compared with ($18.6) million, or ($0.18) per share, for the same period in 2010.

Investor Conference Call and Webcast

The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Thursday, November 3, 2011, to discuss the results of the quarter ended September 30, 2011. The number to call for this interactive teleconference is (212) 231-2921.

A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21539337. The replay can be accessed on the Company’s website,www.cousinsproperties.com, through the “Q3 2011 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page.

Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visitwww.cousinsproperties.com.

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

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2

CUZ Reports Third Quarter Results

Page 3

November 2, 2011

Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

	Three Months  Ended September 30,						Nine Months  Ended September 30,
	2011			2010			2011			2010
REVENUES:
Rental property revenues	$	35,268		$	33,840		$	104,094		$	100,630
Fee income		3,909			3,966			10,729			11,238
Third party management and leasing revenues		5,398			4,724			14,091			14,003
Multi-family residential unit sales		—			6,637			4,664			24,726
Residential lot and outparcel sales		165			630			410			14,765
Other		448			245			1,517			540
		45,188			50,042			135,505			165,902
COSTS AND EXPENSES:
Rental property operating expenses		14,968			14,150			42,705			42,029
Third party management and leasing expenses		4,241			4,122			12,414			13,294
Multi-family residential unit cost of sales		—			5,190			2,487			19,268
Residential lot and outparcel cost of sales		158			549			303			9,920
General and administrative expenses		4,295			6,172			17,828			20,952
Interest expense		6,601			8,702			21,503			28,769
Reimbursed expenses		1,866			1,392			4,749			4,649
Depreciation and amortization		12,891			13,115			38,310			39,094
Impairment losses		—			—			3,508			586
Separation expenses		15			202			193			303
Other		790			909			2,324			4,773
		45,825			54,503			146,324			183,637
LOSS ON EXTINGUISHMENT OF DEBT		(74	)		(9,235	)		(74	)		(9,827	)
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(711	)		(13,696	)		(10,893	)		(27,562	)
(PROVISION) BENEFIT FOR INCOME TAXES FROM OPERATIONS		180			(25	)		217			1,107
INCOME FROM UNCONSOLIDATED JOINT VENTURES		2,660			2,179			7,468			7,493
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAINON SALE OF INVESTMENT PROPERTIES		2,129			(11,542	)		(3,208	)		(18,962	)
GAIN ON SALE OF INVESTMENT PROPERTIES		59			58			177			1,875
INCOME (LOSS) FROM CONTINUING OPERATIONS		2,188			(11,484	)		(3,031	)		(17,087	)
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		597			452			1,353			3,451
Gain on sale of investment properties		2,821			6,572			2,437			6,572
		3,418			7,024			3,790			10,023
NET INCOME (LOSS)		5,606			(4,460	)		759			(7,064	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(2,192	)		(696	)		(3,454	)		(1,806	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		3,414			(5,156	)		(2,695	)		(8,870	)
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,226	)		(3,226	)		(9,680	)		(9,680	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	188		$	(8,382	)	$	(12,375	)	$	(18,550	)
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Loss from continuing operations attributable to controlling interest	$	(0.03	)	$	(0.15	)	$	(0.16	)	$	(0.28	)
Income from discontinued operations		0.03			0.07			0.04			0.10
Net income (loss) available to common stockholders	$	0.00		$	(0.08	)	$	(0.12	)	$	(0.18	)
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED		103,715			101,893			103,631			100,995
DIVIDENDS DECLARED PER COMMON SHARE	$	0.045		$	0.09		$	0.135		$	0.27
											��

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

(Unaudited, in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net Income (Loss) Available to Common Stockholders	$	188		$	(8,382	)	$	(12,375	)	$	(18,550	)
Depreciation and amortization:
Consolidated properties		12,891			13,115			38,310			39,094
Discontinued properties		478			881			1,973			3,361
Share of unconsolidated joint ventures		2,444			2,349			7,790			7,097
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(388	)		(441	)		(1,323	)		(1,470	)
Discontinued properties		—			—			—			(5	)
Share of unconsolidated joint ventures		(5	)		(5	)		(15	)		(17	)
Gain on sale of investment properties:
Consolidated		(59	)		(58	)		(177	)		(1,875	)
Discontinued properties, net of noncontrolling interest		(1,240	)		(6,572	)		(856	)		(6,572	)
Gain (loss) on sale of undepreciated investment properties		—			(1	)		—			1,698
Funds From Operations Available to Common Stockholders	$	14,309		$	886		$	33,327		$	22,761
Per Common Share - Basic and Diluted:
Net Income (Loss) Available	$	.00		$	(.08	)	$	(.12	)	$	(.18	)
Funds From Operations	$	.14		$	.01		$	.32		$	.23
Weighted Average Shares - Basic		103,715			101,893			103,631			100,995
Weighted Average Shares - Diluted		103,718			101,893			103,642			100,995

The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

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

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2011			December 31, 2010
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciationof $286,399 and $274,925 in 2011 and 2010, respectively	$	826,015		$	898,119
Projects under development		8,646			—
Land held for investment or future development		115,521			123,879
Residential lots		63,835			63,403
Other		738			2,994
Total properties		1,014,755			1,088,395
CASH AND CASH EQUIVALENTS		5,634			7,599
RESTRICTED CASH		5,514			15,521
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $5,423 and $6,287 in 2011 and 2010, respectively		50,610			48,395
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		181,947			167,108
OTHER ASSETS		35,916			44,264
TOTAL ASSETS	$	1,294,376		$	1,371,282
LIABILITIES AND EQUITY
NOTES PAYABLE	$	462,134		$	509,509
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		30,732			32,388
DEFERRED GAIN		4,039			4,216
DEPOSITS AND DEFERRED INCOME		16,766			18,029
TOTAL LIABILITIES		513,671			564,142
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		9,386			14,289
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidationpreference; 2,993,090 shares issued and outstanding in 2011 and 2010		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2011 and 2010		94,775			94,775
Common stock, $1 par value, 250,000,000 shares authorized, 107,283,665 and106,961,959 shares issued in 2011 and 2010, respectively		107,284			106,962
Additional paid-in capital		686,108			684,551
Treasury stock at cost, 3,570,082 shares in 2011 and 2010		(86,840	)		(86,840	)
Distributions in excess of cumulative net income		(140,553	)		(114,196	)
TOTAL STOCKHOLDERS’ INVESTMENT		735,601			760,079
Nonredeemable noncontrolling interests		35,718			32,772
TOTAL EQUITY		771,319			792,851
TOTAL LIABILITIES AND EQUITY	$	1,294,376		$	1,371,282

6

COUSINS PROPERTIES INCORPORATED

KEY PERFORMANCE INDICATORS

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
Property Statistics
Number of Operating Properties		38			38			38			38			41			41			40			40			39			39
Rentable Square Feet (in thousands)		14,113			14,078			14,078			13,869			14,156			14,156			13,747			13,749			13,342			13,342
Acres of Commercial Land (Company share)		569			539			479			482			510			510			510			510			506			506
Acres of Residential Land (Company share)		4,962			4,962			4,959			4,959			4,829			4,829			4,831			4,228			4,228			4,228
Number of Residential Lots Remaining to be Sold (Company Share)		4,632			4,594			4,559			4,531			3,684			3,684			3,667			3,632			3,600			3,600
Leverage Ratios (1)
Debt/Total Market Capitalization		46	%		44	%		46	%		42	%		40	%		40	%		39	%		39	%		46	%		46	%
Debt/Total Undepreciated Assets		38	%		38	%		36	%		34	%		35	%		35	%		34	%		34	%		33	%		33	%
Debt + Preferred/Total Market Capitalization		56	%		53	%		57	%		53	%		50	%		50	%		49	%		48	%		59	%		59	%
Debt + Preferred/Total Undepreciated Assets		47	%		46	%		45	%		43	%		43	%		43	%		43	%		43	%		42	%		42	%
Coverage Ratios (1)
Interest Coverage		1.92			2.61			2.26			2.40			2.89			2.53			2.76			2.74			3.28			2.91
Fixed Charges Coverage		1.40			1.89			1.66			1.63			1.97			1.78			1.76			1.71			2.02			1.82
Debt/Annualized EBITDA		9.03			6.95			7.28			7.03			6.13			6.51			6.88			7.11			6.09			4.27
Dividend Ratios (1)
FFO Payout Ratio		-46	%		64	%		115	%		1034	%		92	%		111	%		57	%		43	%		33	%		42	%
FFO Before Certain Charges Payout Ratio		105	%		61	%		87	%		89	%		61	%		72	%		40	%		42	%		32	%		37	%
FAD Payout Ratio		-40	%		80	%		213	%		-202	%		175	%		224	%		132	%		294	%		94	%		139	%
FAD Before Certain Charges Payout Ratio		160	%		75	%		133	%		186	%		88	%		107	%		65	%		244	%		92	%		99	%
Operations Ratios (1)
General and Administrative Expenses/Revenues Including Discontinued Operations		11.2	%		11.5	%		12.3	%		11.7	%		13.9	%		12.3	%		15.1	%		13.5	%		9.0	%		12.6	%
Annualized General and Administrative Expenses/Total Undepreciated Assets		1.3	%		1.6	%		1.3	%		1.3	%		1.6	%		1.5	%		1.5	%		1.3	%		0.9	%		1.2	%

(1) See calculations and reconciliations of Non-GAAP financial measures.

7

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUMMARY

($ in thousands, except per share)

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
NET OPERATING INCOME
OFFICE		69,280			17,676			17,920			17,764			19,432			72,792			18,608			18,780			18,848			56,236
RETAIL		31,982			8,754			8,714			7,255			7,054			31,777			8,488			7,443			7,672			23,603
INDUSTRIAL		1,568			533			615			1,092			1,385			3,625			1,050			911			907			2,868
OTHER		26			18			59			15			4			96			1			—			—			1
TOTAL NET OPERATING INCOME		102,856			26,981			27,308			26,126			27,875			108,290			28,147			27,134			27,427			82,708
SALES LESS COST OF SALES
MULTI-FAMILY RESIDENTIAL		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53			(2	)		2,225
RESIDENTIAL LOTS		1,012			650			499			478			819			2,446			226			398			519			1,143
TRACTS AND OUTPARCEL		3,366			5,422			1,104			(3	)		3,533			10,056			70			27			167			264
OTHER INVESTMENT PROPERTY		58			—			—			—			—			—			—			—			—			—
TOTAL SALES LESS COST OF SALES		9,763			8,365			3,483			2,087			6,465			20,400			2,470			478			684			3,632
FEE INCOME		11,840			3,544			3,728			3,966			3,205			14,443			3,385			3,435			3,909			10,729
THIRD PARTY MANAGEMENT AND LEASING REVENUES		21,966			4,794			4,485			4,724			4,974			18,977			4,088			4,605			5,398			14,091
OTHER INCOME		3,025			124			190			256			694			1,264			513			644			448			1,605
TOTAL FEE AND OTHER INCOME		36,831			8,462			8,403			8,946			8,873			34,684			7,986			8,684			9,755			26,425
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,878	)		(4,958	)		(4,214	)		(4,122	)		(4,099	)		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(12,414	)
REIMBURSED EXPENSES		(5,378	)		(1,859	)		(1,398	)		(1,392	)		(1,648	)		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(4,749	)
SEPARATION EXPENSES		(3,257	)		(68	)		(33	)		(202	)		(742	)		(1,045	)		(101	)		(77	)		(15	)		(193	)
GENERAL AND ADMINISTRATIVE EXPENSES		(26,198	)		(8,017	)		(6,763	)		(6,172	)		(7,565	)		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(17,828	)
GAIN (LOSS) ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,732			(592	)		—			(9,235	)		—			(9,827	)		—			—			(74	)		(74	)
INTEREST EXPENSE		(45,328	)		(10,680	)		(11,233	)		(9,889	)		(9,630	)		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(25,054	)
IMPAIRMENT LOSSES		(115,752	)		—			(586	)		—			(5,714	)		(6,300	)		(3,508	)		(250	)		—			(3,758	)
OTHER EXPENSES		(16,674	)		(996	)		(3,363	)		(1,563	)		(121	)		(6,043	)		(1,400	)		(1,353	)		(1,814	)		(4,567	)
INCOME TAX (PROVISION) BENEFIT		(4,341	)		1,146			(14	)		(25	)		(28	)		1,079			64			(27	)		180			217
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(3,428	)		(577	)		(468	)		(447	)		(419	)		(1,911	)		(568	)		(377	)		(393	)		(1,338	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(9,680	)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
WEIGHTED AVERAGE SHARES - BASIC		65,495			100,069			101,001			101,893			102,761			101,440			103,515			103,659			103,715			103,631
WEIGHTED AVERAGE SHARES - DILUTED		65,495			100,069			101,001			101,893			102,761			101,440			103,530			103,684			103,718			103,606
FFO PER SHARE- BASIC AND DILUTED		(1.40	)		0.14			0.08			0.01			0.10			0.32			0.08			0.11			0.14			0.32

8

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL

(in thousands, except per share amounts and percentages)

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
NET OPERATING INCOME
OFFICE:
CONSOLIDATED PROPERTIES :
TERMINUS 100		14,491			3,720			3,731			3,635			3,695			14,781			4,015			3,897			3,669			11,581
191 PEACHTREE TOWER		7,190			2,945			2,895			2,982			4,295			13,117			3,228			3,238			3,641			10,107
THE AMERICAN CANCER SOCIETY CENTER		13,062			2,675			2,736			2,796			2,611			10,818			2,771			2,995			2,927			8,693
MERIDIAN MARK PLAZA		3,822			917			924			910			935			3,686			895			946			1,021			2,862
LAKESHORE PARK PLAZA		2,186			561			521			527			594			2,203			546			505			490			1,541
THE POINTS AT WATERVIEW		2,050			460			540			447			480			1,927			415			423			523			1,361
555 NORTH POINT CENTER EAST		2,063			482			539			505			512			2,038			506			448			406			1,360
333 NORTH POINT CENTER EAST		1,606			417			415			422			419			1,673			419			456			375			1,250
200 NORTH POINT CENTER EAST		1,685			406			422			352			395			1,575			438			420			374			1,232
100 NORTH POINT CENTER EAST		1,391			319			459			373			373			1,524			307			373			346			1,026
600 UNIVERSITY PARK PLACE		1,553			418			349			322			437			1,526			182			300			352			834
INHIBITEX		896			224			222			225			225			896			225			224			224			673
GALLERIA 75		261			55			87			63			114			319			132			127			107			366
COSMOPOLITAN CENTER		554			115			126			110			164			515			106			95			(76	)		125
OTHER		—			—			—			—			—			—			—			(4	)		(3	)		(7	)
SUBTOTAL - OFFICE CONSOLIDATED		52,810			13,714			13,966			13,669			15,249			56,598			14,185			14,443			14,376			43,004
JOINT VENTURE PROPERTIES :
PALISADES WEST		4,968			1,215			1,240			1,223			1,334			5,012			1,511			1,512			1,511			4,534
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,616			894			904			963			918			3,679			933			992			960			2,885
TEN PEACHTREE PLACE		2,185			571			583			582			578			2,314			602			448			495			1,545
GATEWAY VILLAGE (A)		1,208			302			302			302			302			1,208			302			302			302			906
TERMINUS 200		68			16			12			19			15			62			14			67			140			221
PRESBYTERIAN MEDICAL PLAZA		58			—			(60	)		50			29			19			14			15			18			47
OTHER		(53	)		(22	)		6			(18	)		(18	)		(52	)		(19	)		(14	)		(20	)		(53	)
SUBTOTAL - OFFICE JOINT VENTURE		12,051			2,976			2,987			3,121			3,158			12,242			3,357			3,322			3,406			10,085
DISCONTINUED OPERATIONS :
ONE GEORGIA CENTER		4,305			1,029			1,025			1,027			1,020			4,101			1,067			1,009			1,071			3,147
8995 WESTSIDE PARKWAY		114			(43	)		(58	)		(53	)		5			(149	)		(1	)		—			(5	)		(6	)
OTHER		—			—			—			—			—			—			—			6			—			6
SUBTOTAL - OFFICE DISCONTINUED		4,419			986			967			974			1,025			3,952			1,066			1,015			1,066			3,147
TOTAL - OFFICE NET OPERATING INCOME		69,280			17,676			17,920			17,764			19,432			72,792			18,608			18,780			18,848			56,236

9

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL

(in thousands, except per share amounts and percentages)

	2009			2010 1st			2010 2nd			2010 3rd		2010 4th		2010		2011 1st			2011 2nd			2011 3rd			2011 YTD
RETAIL:
CONSOLIDATED PROPERTIES :
THE AVENUE FORSYTH		3,697			1,588			1,458			1,638		1,551		6,235		2,166			1,684			1,907			5,757
THE AVENUE WEBB GIN		5,583			1,484			1,214			1,307		1,290		5,295		1,463			1,322			1,239			4,024
THE AVENUE COLLIERVILLE (FORMERLY THE AVENUE CARRIAGE CROSSING)		4,800			1,082			1,503			1,396		1,257		5,238		1,254			1,023			970			3,247
TIFFANY SPRINGS MARKETCENTER		3,329			741			817			835		918		3,311		856			875			901			2,632
OTHER		—			—			—			—		—		—		—			(3	)		(1	)		(4	)
SUBTOTAL - RETAIL CONSOLIDATED		17,409			4,895			4,992			5,176		5,016		20,079		5,739			4,901			5,016			15,656
JOINT VENTURE PROPERTIES :
THE AVENUE MURFREESBORO		3,995			1,071			1,117			1,082		1,135		4,405		1,233			1,153			1,140			3,526
CW INVESTMENTS		—			—			—			—		—		—		594			594			612			1,800
THE AVENUE EAST COBB		661			154			161			167		152		634		144			163			150			457
GREENBRIER MARKETCENTER		543			142			136			138		135		551		142			141			132			415
THE AVENUE WEST COBB		497			130			105			125		133		493		135			134			142			411
NORTH POINT MARKETCENTER		447			105			133			129		146		513		138			121			132			391
THE AVENUE VIERA		578			153			131			131		116		531		128			129			128			385
THE AVENUE PEACHTREE CITY		454			117			106			118		96		437		106			99			103			308
LOS ALTOS MARKETCENTER		205			56			40			52		72		220		84			10			60			154
VIERA MARKETCENTER		205			48			50			51		52		201		49			53			49			151
OTHER		—			—			—			—		—		—		—			(1	)		(1	)		(2	)
SUBTOTAL - RETAIL JOINT VENTURE		7,585			1,976			1,979			1,993		2,037		7,985		2,753			2,596			2,647			7,996
DISCONTINUED OPERATIONS :
SAN JOSE MARKETCENTER		6,988			1,883			1,743			86		1		3,713		(4	)		(54	)		9			(49	)
SUBTOTAL - RETAIL DISCONTINUED		6,988			1,883			1,743			86		1		3,713		(4	)		(54	)		9			(49	)
TOTAL - RETAIL NET OPERATING INCOME		31,982			8,754			8,714			7,255		7,054		31,777		8,488			7,443			7,672			23,603
INDUSTRIAL :
KING MILL DISTRIBUTION PARK - BUILDING 3		1,047			339			418			470		558		1,785		537			529			534			1,600
LAKESIDE RANCH BUSINESS PARK - BUILDING 20		727			247			263			360		395		1,265		372			382			373			1,127
SUBTOTAL - INDUSTRIAL CONSOLIDATED		1,774			586			681			830		953		3,050		909			911			907			2,727
DISCONTINUED OPERATIONS :
JEFFERSON MILL BUSINESS PARK - BUILDING A		(206	)		(53	)		(66	)		262		432		575		141			—			—			141
SUBTOTAL - INDUSTRIAL DISCONTINUED		(206	)		(53	)		(66	)		262		432		575		141			—			—			141
TOTAL - INDUSTRIAL NET OPERATING INCOME		1,568			533			615			1,092		1,385		3,625		1,050			911			907			2,868
OTHER DISCONTINUED OPERATIONS NET OPERATING INCOME		(4	)		—			—			—		—		—		—			—			—			—
OTHER CONSOLIDATED NET OPERATING INCOME		30			18			59			15		4		96		1			—			—			1
TOTAL NET OPERATING INCOME		102,856			26,981			27,308			26,126		27,875		108,290		28,147			27,134			27,427			82,708

10

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL

(in thousands, except per share amounts and percentages)

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
SALES LESS COST OF SALES
MULTI-FAMILY SALES LESS COST OF SALES - CONSOLIDATED		5,212			2,176			1,835			1,447			1,967			7,425			2,157			20			—			2,177
MULTI-FAMILY SALES LESS COST OF SALES - JOINT VENTURES		115			117			45			165			146			473			17			33			(2	)		48
SUBTOTAL - MULTI-FAMILY SALES LESS COST OF SALES		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53			(2	)		2,225
LOT SALES LESS COST OF SALES - CONSOLIDATED		481			130			41			81			322			574			46			4			7			57
LOT SALES LESS COST OF SALES - JOINT VENTURES		531			520			458			397			497			1,872			180			394			512			1,086
SUBTOTAL - LOT SALES LESS COST OF SALES		1,012			650			499			478			819			2,446			226			398			519			1,143
TRACT SALES LESS COST OF SALES - CONSOLIDATED		1,185			697			1,002			(1	)		(1	)		1,697			—			—			—			—
TRACT SALES LESS COST OF SALES - JOINT VENTURES		264			46			102			2			3,457			3,607			20			27			167			214
OUTPARCEL SALES LESS COST OF SALES - CONSOLIDATED		1,917			4,593			—			—			77			4,670			50			—			—			50
OUTPARCEL SALES LESS COST OF SALES - JOINT VENTURE		—			86			—			(4	)		—			82			—			—			—			—
SUBTOTAL - TRACT AND OUTPARCEL SALES LESS COST OF SALES		3,366			5,422			1,104			(3	)		3,533			10,056			70			27			167			264
SUBTOTAL - INDUSTRIAL CONSOLIDATED
OTHER INVESTMENT PROPERTY LESS COST OF SALES - CONSOLIDATED		58			—			—			—			—			—			—			—			—			—
TOTAL SALES LESS COST OF SALES		9,763			8,365			3,483			2,087			6,465			20,400			2,470			478			684			3,632
FEE INCOME
DEVELOPMENT FEES		2,317			356			493			663			501			2,013			532			612			994			2,138
MANAGEMENT FEES(B)		8,729			2,748			2,199			2,230			2,485			9,662			2,377			2,176			2,198			6,751
LEASING & OTHER FEES		794			440			1,036			1,073			219			2,768			476			647			717			1,840
TOTAL - FEE INCOME		11,840			3,544			3,728			3,966			3,205			14,443			3,385			3,435			3,909			10,729
THIRD PARTY MANAGEMENT AND LEASING REVENUES
DEVELOPMENT FEES		1,042			249			285			293			412			1,239			249			271			266			786
MANAGEMENT FEES(B)		15,914			3,690			3,437			3,239			3,173			13,539			3,359			3,341			3,136			9,836
LEASING & OTHER FEES		5,010			855			763			1,192			1,389			4,199			480			993			1,996			3,469
TOTAL - THIRD PARTY MANAGEMENT AND LEASING REVENUES		21,966			4,794			4,485			4,724			4,974			18,977			4,088			4,605			5,398			14,091
OTHER INCOME
TERMINATION FEES		1,717			8			33			26			447			514			394			369			368			1,131
INTEREST AND OTHER INCOME - CONTINUING OPERATIONS		1,255			116			138			219			242			715			119			187			80			386
INTEREST AND OTHER INCOME - DISCONTINUED OPERATIONS		53			—			19			11			5			35			—			88			—			88
TOTAL INTEREST INCOME & OTHER		3,025			124			190			256			694			1,264			513			644			448			1,605
TOTAL FEE AND OTHER INCOME		36,831			8,462			8,403			8,946			8,873			34,684			7,986			8,684			9,755			26,425
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,878	)		(4,958	)		(4,214	)		(4,122	)		(4,099	)		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(12,414	)
REIMBURSED EXPENSES		(5,378	)		(1,859	)		(1,398	)		(1,392	)		(1,648	)		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(4,749	)
SEPARATION EXPENSES		(3,257	)		(68	)		(33	)		(202	)		(742	)		(1,045	)		(101	)		(77	)		(15	)		(193	)
GENERAL AND ADMINISTRATIVE EXPENSES		(26,198	)		(8,017	)		(6,763	)		(6,172	)		(7,565	)		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(17,828	)
GAIN (LOSS) ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,732			(592	)		—			(9,235	)		—			(9,827	)		—			—			(74	)		(74	)

11

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL

(in thousands, except per share amounts and percentages)

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
INTEREST EXPENSE
CONSOLIDATED DEBT:
THE AMERICAN CANCER SOCIETY CENTER		(8,982	)		(2,215	)		(2,240	)		(2,263	)		(2,264	)		(8,982	)		(2,215	)		(2,240	)		(2,264	)		(6,719	)
TERMINUS 100		(11,208	)		(2,802	)		(2,802	)		(2,802	)		(2,729	)		(11,135	)		(1,842	)		(1,835	)		(1,829	)		(5,506	)
CREDIT FACILITY, UNSECURED (LIBOR LIBOR + 1.75% to 2.25%)		(8,599	)		(1,037	)		(1,277	)		(1,528	)		(1,393	)		(5,235	)		(1,475	)		(1,480	)		(1,665	)		(4,620	)
MERIDIAN MARK PLAZA		(1,886	)		(465	)		(462	)		(425	)		(411	)		(1,763	)		(409	)		(408	)		(407	)		(1,224	)
333 & 555 NORTH POINT CENTER EAST		(1,966	)		(482	)		(479	)		(475	)		(470	)		(1,906	)		(471	)		(317	)		—			(788	)
THE POINTS AT WATERVIEW		(1,007	)		(248	)		(247	)		(245	)		(243	)		(983	)		(242	)		(240	)		(239	)		(721	)
600 UNIVERSITY PARK PLACE		(950	)		(235	)		(234	)		(232	)		(232	)		(933	)		(230	)		(229	)		(100	)		(559	)
LAKESHORE PARK PLAZA		(1,132	)		(280	)		(278	)		(278	)		(276	)		(1,112	)		(275	)		(273	)		—			(548	)
100 NORTH POINT CENTER EAST		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)		(169	)		(168	)		(167	)		(504	)
200 NORTH POINT CENTER EAST		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)		(169	)		(168	)		(167	)		(504	)
OTHER		(1,945	)		(61	)		(61	)		(58	)		(55	)		(235	)		(47	)		—			—			(47	)
UNSECURED TERM LOAN (LIBOR + 0.70% to 1.20%)		(6,092	)		(1,616	)		(1,866	)		(56	)		—			(3,538	)		—			—			—			—
CAPITALIZED		3,736			—			—			—			—			—			—			—			237			237
SUBTOTAL - CONSOLIDATED		(41,393	)		(9,781	)		(10,286	)		(8,702	)		(8,411	)		(37,180	)		(7,544	)		(7,358	)		(6,601	)		(21,503	)
JOINT VENTURE DEBT :
THE AVENUE MURFREESBORO		(861	)		(197	)		(251	)		(489	)		(472	)		(1,409	)		(458	)		(417	)		(484	)		(1,359	)
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		(1,501	)		(371	)		(369	)		(367	)		(365	)		(1,472	)		(364	)		(361	)		(359	)		(1,084	)
TEN PEACHTREE PLACE		(766	)		(189	)		(189	)		(188	)		(186	)		(752	)		(184	)		(183	)		(182	)		(549	)
TERMINUS 200		—			—			(3	)		(34	)		(118	)		(155	)		(89	)		(93	)		(98	)		(280	)
THE AVENUE EAST COBB		(339	)		(84	)		(83	)		(57	)		(22	)		(246	)		(49	)		(49	)		(49	)		(147	)
TEMCO ASSOCIATES		(122	)		(26	)		(27	)		(27	)		(29	)		(109	)		(26	)		(26	)		(25	)		(77	)
CL REALTY		(215	)		(32	)		(25	)		(25	)		(27	)		(109	)		(22	)		(18	)		(15	)		(55	)
OTHER		(130	)		—			—			—			—			—			—			—			—			—
SUBTOTAL - JOINT VENTURE		(3,934	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(3,551	)
TOTAL INTEREST EXPENSE		(45,328	)		(10,680	)		(11,233	)		(9,889	)		(9,630	)		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(25,054	)
IMPAIRMENT LOSSES
IMPAIRMENT LOSS - CONSOLIDATED		(40,512	)		—			(586	)		—			(1,968	)		(2,554	)		(3,508	)		—			—			(3,508	)
IMPAIRMENT LOSS - OTHER		(24,182	)		—			—			—			(3,746	)		(3,746	)		—			—			—			—
IMPAIRMENT LOSS - JOINT VENTURE INVESTMENTS		(51,058	)		—			—			—			—			—			—			(250	)		—			(250	)
TOTAL - IMPAIRMENT LOSSES		(115,752	)		—			(586	)		—			(5,714	)		(6,300	)		(3,508	)		(250	)		—			(3,758	)
OTHER EXPENSES
PROPERTY TAXES & OTHER HOLDING COSTS		(4,830	)		(825	)		(834	)		(805	)		(694	)		(3,158	)		(803	)		(555	)		(522	)		(1,880	)
PREDEVELOPMENT & OTHER		(8,313	)		(37	)		(2,168	)		(104	)		1,051			(1,258	)		(59	)		(117	)		(266	)		(442	)
MINORITY INTEREST EXPENSE		(2,252	)		(526	)		(584	)		(696	)		(734	)		(2,540	)		(581	)		(681	)		(613	)		(1,875	)
OTHER - JOINT VENTURE		(1,279	)		393			223			42			256			914			43			—			(413	)		(370	)
TOTAL - OTHER EXPENSES		(16,674	)		(995	)		(3,363	)		(1,563	)		(121	)		(6,042	)		(1,400	)		(1,353	)		(1,814	)		(4,567	)
INCOME TAX (PROVISION) BENEFIT		(4,341	)		1,146			(14	)		(25	)		(28	)		1,079			64			(27	)		180			217
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS
CONSOLIDATED		(3,366	)		(567	)		(462	)		(441	)		(414	)		(1,884	)		(563	)		(372	)		(388	)		(1,323	)
DISCONTINUED OPERATIONS		(16	)		(4	)		(1	)		—			—			(5	)		—			—			—			—
SHARE OF UNCONSOLIDATED JOINT VENTURES		(46	)		(6	)		(6	)		(5	)		(5	)		(22	)		(5	)		(5	)		(5	)		(15	)
TOTAL - NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		(3,428	)		(577	)		(469	)		(446	)		(419	)		(1,911	)		(568	)		(377	)		(393	)		(1,338	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(9,680	)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
WEIGHTED AVERAGE SHARES - BASIC		65,495			100,069			101,001			101,893			102,761			101,440			103,515			103,659			103,715			103,631
WEIGHTED AVERAGE SHARES - DILUTED		65,495			100,069			101,001			101,893			102,761			101,440			103,530			103,684			103,718			103,642
FFO PER SHARE - BASIC AND DILUTED		(1.40	)		0.14			0.08			0.01			0.10			0.32			0.08			0.11			0.14			0.32

(A) Gateway Village debt is non-recourse to the Company and the Company receives an 11.46% current return on its investment in Gateway Village of $10.4 million. Upon liquidation of the venture, the Company will receive up to an 17% internal rate of return on its investment. Based on the nature of the investment, this debt is excluded from total debt in the Company’s credit facility financial covenant calculations.

(B) Management Fees include reimbursements from third parties and joint ventures.

12

COUSINS PROPERTIES INCORPORATED

PORTFOLIO LISTING

OPERATING PROPERTIES

As of and For the Three Months ended September 30, 2011

								Company Share
	Property Description	Metropolitan Area	Rentable Square Feet		Company’s Ownership Interest			Percent Leased (previous  Quarter)			Percent Leased (current  Quarter)			Weighted Average Occupancy (1)			% of Total Net Operating Income			Property Level Debt ($000)
I.	OFFICE PROPERTIES
	Terminus 100	Atlanta		655,000		100.00	%		97	%		97	%		97	%		14	%		138,695
	191 Peachtree Tower	Atlanta		1,221,000		100.00	%		80	%		80	%		79	%		14	%		—
	The American Cancer Society Center	Atlanta		996,000		100.00	%		91	%		91	%		91	%		11	%		136,000
	Meridian Mark Plaza	Atlanta		160,000		100.00	%		97	%		97	%		97	%		4	%		26,640
	Emory University Hospital Midtown Medical Office Tower	Atlanta		358,000		50.00	%		100	%		100	%		100	%		4	%		23,953
	555 North Point Center East	Atlanta		152,000		100.00	%		98	%		98	%		98	%		3	%		—
	Ten Peachtree Place (2)	Atlanta		260,000		50.00	%		100	%		100	%		99	%		2	%		13,171
	333 North Point Center East	Atlanta		130,000		100.00	%		98	%		98	%		98	%		1	%		—
	200 North Point Center East	Atlanta		130,000		100.00	%		100	%		88	%		96	%		1	%		12,284
	100 North Point Center East	Atlanta		128,000		100.00	%		94	%		89	%		93	%		1	%		12,284
	Inhibitex	Atlanta		51,000		100.00	%		100	%		100	%		100	%		1	%		—
	Terminus 200 (2)	Atlanta		566,000		20.00	%		85	%		87	%		45	%		0	%		11,085
	Galleria 75	Atlanta		111,000		100.00	%		67	%		71	%		68	%		0	%		—
	Cosmopolitan Center (3)	Atlanta		51,000		100.00	%		88	%		94	%		89	%		0	%		—
	GEORGIA			4,969,000					90	%		89	%		88	%		56	%		374,112
	Palisades West	Austin		373,000		50.00	%		97	%		99	%		97	%		6	%		—
	The Points at Waterview	Dallas		203,000		100.00	%		84	%		84	%		84	%		2	%		16,252
	TEXAS			576,000					90	%		91	%		90	%		8	%		16,252
	Lakeshore Park Plaza (4)	Birmingham		197,000		100.00	%		91	%		95	%		90	%		2	%		—
	600 University Park Place (4)	Birmingham		123,000		100.00	%		89	%		89	%		80	%		1	%		—
	ALABAMA			320,000					90	%		93	%		86	%		3	%		—
	Gateway Village (2)	Charlotte		1,065,000		50.00	%		100	%		100	%		100	%		1	%		43,332
	Presbyterian Medical Plaza	Charlotte		69,000		11.50	%		78	%		84	%		78	%		0	%		—
	NORTH CAROLINA			1,134,000					100	%		100	%		100	%		1	%		43,332
	TOTAL OFFICE PROPERTIES			6,999,000					91	%		91	%		89	%		68	%		433,696
II.	RETAIL PROPERTIES
	The Avenue Forsyth (4)	Atlanta		524,000		100.00	%		88	%		91	%		72	%		7	%		—
	The Avenue Webb Gin	Atlanta		322,000		100.00	%		90	%		91	%		89	%		5	%		—
	The Avenue West Cobb	Atlanta		256,000		11.50	%		97	%		97	%		97	%		1	%		—
	The Avenue East Cobb	Atlanta		230,000		11.50	%		95	%		85	%		89	%		1	%		4,161
	North Point MarketCenter	Atlanta		401,000		10.32	%		99	%		100	%		91	%		1	%		—
	The Avenue Peachtree City	Atlanta		183,000		11.50	%		91	%		93	%		91	%		0	%		—
	GEORGIA			1,916,000					90	%		91	%		80	%		15	%		4,161
	The Avenue Collierville (4) (Formerly The Avenue Carriage Crossing)	Memphis		511,000		100.00	%		89	%		88	%		88	%		4	%		—
	The Avenue Murfreesboro	Nashville		751,000		50.00	%		86	%		87	%		86	%		4	%		49,917
	Mt. Juliet Village (2)	Nashville		91,000		50.50	%		77	%		80	%		77	%		1	%		3,106
	The Shops of Lee Village (2)	Nashville		74,000		50.50	%		79	%		81	%		79	%		1	%		2,803
	Creek Plantation Village (2)	Chattanooga		78,000		50.50	%		91	%		93	%		91	%		0	%		3,143
	TENNESSEE			1,505,000					87	%		87	%		86	%		10	%		58,969
	Tiffany Springs MarketCenter (4)	Kansas City		238,000		100.00	%		82	%		83	%		83	%		3	%		—
	MISSOURI			238,000					82	%		83	%		83	%		3	%		—
	Highland City Town Center (2)	Lakeland		96,000		50.50	%		87	%		87	%		87	%		1	%		5,414
	The Avenue Viera	Viera		332,000		11.50	%		96	%		96	%		96	%		0	%		—
	Viera MarketCenter	Viera		178,000		11.50	%		100	%		99	%		96	%		0	%		—
	FLORIDA			606,000					93	%		93	%		92	%		1	%		5,414
	Greenbrier MarketCenter	Chesapeake		376,000		10.32	%		100	%		100	%		100	%		0	%		—
	VIRGINIA			376,000					100	%		100	%		100	%		0	%		—
	Los Altos MarketCenter	Long Beach		157,000		10.32	%		100	%		100	%		87	%		0	%		—
	CALIFORNIA			157,000					100	%		100	%		87	%		0	%		—
	TOTAL RETAIL PROPERTIES			4,798,000					88	%		89	%		84	%		29	%		68,544

13

COUSINS PROPERTIES INCORPORATED

PORTFOLIO LISTING

OPERATING PROPERTIES

As of and For the Three Months ended September 30, 2011

								Company Share
	Property Description	Metropolitan Area	Rentable Square Feet		Company’s Ownership Interest			Percent Leased (previous  Quarter)			Percent Leased (current  Quarter)			Weighted Average Occupancy (1)			% of Total Net Operating Income			Property Level Debt ($000)
III.	INDUSTRIAL PROPERTIES
	King Mill Distribution Park - Building 3 (4)	Atlanta		796,000		100.00	%		100	%		100	%		100	%		2	%		—
	GEORGIA			796,000					100	%		100	%		100	%		2	%		—
	Lakeside Ranch Business Park - Building 20 (4)	Dallas		749,000		100.00	%		91	%		91	%		77	%		1	%		—
	TEXAS			749,000					91	%		91	%		77	%		1	%		—
	TOTAL INDUSTRIAL PROPERTIES			1,545,000					96	%		96	%		89	%		3	%		—
	TOTAL PORTFOLIO			13,342,000					91	%		91	%		88	%		100	%		502,240

(1) Weighted average occupancy represents an average of the square footage occupied at the property during the quarter.

(2) This property is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate.

(3) An approximately 33,000 square foot building at this property was taken out of operations. Therefore, the total property square footage was reduced by this amount.

(4) This property is shown as 100% as it is owned through a consolidated joint venture. The joint venture is with a third party who has contributed equity and the joint venture partner may receive distributions from the venture in connection with its equity ownership.

14

COUSINS PROPERTIES INCORPORATED

SAME PROPERTY PERFORMANCE (1)

($ in thousands)

	Three Months Ended						Q3 ’11  vs Q3 ’10 % Change			Q3 ’11  vs Q2 ’11 % Change
	September  30, 2011		September  30, 2010		June  30, 2011
Rental Property Revenues (2)
Office		30,598		29,308		29,821		4.4	%		2.6	%
Retail		10,912		10,412		10,924		4.8	%		-0.1	%
Total Rental Property Revenues		41,510		39,720		40,745		4.5	%		1.9	%
Rental Property Operating Expenses (2)
Office		12,854		12,664		12,199		1.5	%		5.4	%
Retail		3,859		3,243		4,016		19.0	%		-3.9	%
Total Rental Property Operating Expenses		16,714		15,907		16,215		5.1	%		3.1	%
Same Property Net Operating Income
Office		17,744		16,644		17,622		6.6	%		0.7	%
Retail		7,053		7,169		6,908		-1.6	%		2.1	%
Total Same Property Net Operating Income		24,796		23,814		24,530		4.1	%		1.1	%

	Three Months Ended						Q3 ’11  vs Q3 ’10 % Change			Q3 ’11  vs Q2 ’11 % Change
	September  30, 2011		September  30, 2010		June  30, 2011
Cash Basis Same Property Net Operating Income (3)
Office		15,353		15,755		15,686		-2.6	%		-2.1	%
Retail		6,882		6,898		6,679		-0.2	%		3.0	%
Total Cash Basis Same Property Net Operating Income		22,235		22,653		22,366		-1.8	%		-0.6	%

	Nine Months Ended				% Change
	September  30, 2011		September  30, 2010
Rental Property Revenues (2)
Office		89,446		86,647		3.2	%
Retail		32,733		31,557		3.7	%
Total Rental Property Revenues		122,180		118,204		3.4	%
Rental Property Operating Expenses
Office		36,639		36,534		0.3	%
Retail		11,275		10,545		6.9	%
Total Rental Property Operating Expenses		47,914		47,079		1.8	%
Same Property Net Operating Income
Office		52,808		50,114		5.4	%
Retail		21,458		21,012		2.1	%
Total Same Property Net Operating Income		74,266		71,126		4.4	%
	Nine Months Ended				% Change
	September 30, 2011		September 30, 2010
Cash Basis Same Property Net Operating Income (3)
Office		47,133		47,613		-1.0	%
Retail		20,742		20,176		2.8	%
Total Cash Basis Same Property Net Operating Income		67,875		67,790		0.1	%

(1) Same Properties include those office and retail properties that were operational on January 1, 2010, excluding properties subsequently sold.

(2) Rental Property Revenues and Expenses includes rental property revenues and expenses of the Company and its share of unconsolidated joint ventures.

(3) Cash Basis Same Property Net Operating Income includes that of the Company and its share of unconsolidated joint ventures. It represents Net Operating Income excluding straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.

15

COUSINS PROPERTIES INCORPORATED

SQUARE FEET EXPIRING

As of September 30, 2011

OFFICE

As of September 30, 2011, the Company’s office portfolio included 20 commercial office buildings. The weighted average remaining lease term of these office buildings was approximately eight years as of September 30, 2011. 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:

	2011			2012			2013			2014			2015			2016			2017			2018			2019			2020 & Thereafter			Total
Company Share
Square Feet Expiring		209,025			168,292			329,341			243,158			427,850			702,551			503,823			311,777			255,461			1,796,850			4,948,128
% of Leased Space		5	%		3	%		7	%		5	%		9	%		14	%		10	%		6	%		5	%		36	%		100	%
Annual Contractual Rent ($000’s) (1)	$	3,131		$	3,081		$	7,244		$	5,075		$	9,181		$	13,595		$	13,004		$	8,709		$	6,468		$	43,700		$	113,188
Annual Contractual Rent/Sq. Ft. (1)	$	14.98		$	18.31		$	22.00		$	20.87		$	21.46		$	19.35		$	25.81		$	27.93		$	25.32		$	24.32		$	22.87

RETAIL

As of September 30, 2011, the Company’s retail portfolio included 17 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of September 30, 2011. 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:

	2011			2012			2013			2014			2015			2016			2017			2018			2019			2020 & Thereafter			Total
Company Share
Square Feet Expiring (2)		32,090			81,633			71,198			98,271			97,379			288,225			146,076			328,656			325,956			644,592			2,114,076
% of Leased Space		2	%		4	%		3	%		5	%		5	%		14	%		7	%		16	%		15	%		30	%		100	%
Annual Contractual Rent ($000’s) (1)	$	613		$	1,304		$	1,727		$	1,982		$	2,193		$	6,463		$	3,501		$	7,376		$	6,943		$	8,068		$	40,170
Annual Contractual Rent/Sq. Ft. (1)	$	19.11		$	15.97		$	24.25		$	20.17		$	22.52		$	22.42		$	23.97		$	22.44		$	21.30		$	12.52		$	19.00

(1) Annual Contractual Rent shown is the estimated rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which, in most of the office leases, includes a base year of operating expenses.

(2) 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.

16

COUSINS PROPERTIES INCORPORATED

TOP 20 TENANTS

As of September 30, 2011

	Tenant (1)	Product Type	Company Share of Annualized Base Rent (2)			Average Remaining Lease Term (Years)
1.	Deloitte & Touche	Office		4.6	%		12.7
2.	American Cancer Society	Office		3.4	%		10.8
3.	US South Communications (3)	Office		3.4	%		7.1
4.	AGL Services Company	Office		2.5	%		14.8
5.	Internap Network Services	Office		2.4	%		8.6
6.	MedAssets Net Revenue Systems, LLC	Office		2.0	%		3.5
7.	Dimensional Fund Advisors	Office		2.0	%		12.0
8.	Morgan Stanley	Office		1.8	%		7.0
9.	Briggs & Stratton Corporation	Industrial		1.7	%		3.0
10.	CB Richard Ellis, Inc.	Office		1.6	%		7.8
11.	Bank of America (4)	Office		1.5	%		5.2
12.	Emory University	Office		1.4	%		5.4
13.	Northside Hospital	Office		1.3	%		3.2
14.	Bombardier Aerospace Corporation	Office		1.3	%		11.4
15.	Georgia Lottery Corporation	Office		1.3	%		11.8
16.	Wells Fargo Bank, N.A.	Office		1.3	%		4.5
17.	Cumulus Media, Inc.	Office		1.2	%		6.2
18.	Premiere Global Services, Inc.	Office		1.2	%		6.9
19.	Barnes & Noble	Retail		1.2	%		5.5
20.	Limited Brands	Retail		1.1	%		4.4
				38.1	%		8.4

(1) In some cases, the actual tenant may be an affiliate of the entity shown.

(2) Annualized Base Rent represents the annualized minimum rent paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent.

(3) Approximately 84,000 of the square footage leased and occupied is on a month to month lease and will be terminated once tenant completes build out of new space.

(4) The Company’s economic exposure for this tenant is limited through a joint venture arrangement to a fixed return.

NOTE: This schedule includes tenants whose leases have commenced and/or have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule.

17

COUSINS PROPERTIES INCORPORATED

DEVELOPMENT PIPELINE (1)

As of September 30, 2011

($ in thousands)

Project	Location	Cousins’ Ownership %			Estimated Project Cost (2)		Project Cost Incurred to Date		Number of Apartment Units/Square Feet		% Leased			Estimated Opening (3)		Estimated Stabilization(4)
Emory Point (Phase I)	Atlanta, GA		75	%	$	102,300	$	22,800
Apartments	—		—			—		—		443		N/A			3Q 12		2Q 14
Retail	—		—			—		—		80,000		33	%		4Q 12		2Q 13
Mahan Village	Tallahassee, FL		100	% (5)	$	24,500	$	8,645
Retail	—		—			—		—		147,000		77	%		4Q 12		3Q 14

(1) This schedule shows projects currently under active development through the point of stabilization. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for opening and stabilization are also estimates and are subject to change as the project proceeds through the development process.

(2) Amount represents 100% of the estimated project cost. The projects are being funded with a combination of equity from the partners and $61.1 million and $15 million construction loans for Emory Point and Mahan Village, respectively. The projects will be funded by equity contributions until the partners have contributed their required equity amounts. All subsequent funding is expected to come from the construction loans. As of September 30, 2011, $1,000 was outstanding under both construction loans.

(3) Estimated opening represents the quarter within which the Company estimates the first retail space to be open for operations and the quarter the Company estimates apartment units to be occupied.

(4) Estimated stabilization represents the quarter within which the Company estimates it will achieve 95% economic occupancy on the retail space and 93% on the apartments.

(5) Company’s ownership interest is shown at 100% as Mahan Village 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.

18

COUSINS PROPERTIES INCORPORATED

INVENTORY OF COMMERCIAL LAND HELD

As of September 30, 2011

Property Description	Metropolitan Area	Company’s Ownership Interest			Developable Land Area (Acres)		Cost Basis ($000) (1)
Wildwood Office Park	Atlanta		50.00	%		36	$	21,186
Terminus	Atlanta		100.00	%		4		12,654	(2)
615 Peachtree Street	Atlanta		100.00	%		2		12,492	(2)
King Mill Distribution Park	Atlanta		100.00	%		86		10,089	(2)
Jefferson Mill Business Park	Atlanta		100.00	%		117		9,196	(2)
549 / 555 / 557 Peachtree Street	Atlanta		100.00	%		1		8,794	(2)
North Point	Atlanta		100.00	%		42		6,686	(2)
The Avenue Forsyth (3)	Atlanta		88.50	%		11		5,283	(2)
Wildwood Office Park	Atlanta		100.00	%		23		1,014	(2)
The Avenue Webb Gin (3)	Atlanta		100.00	%		2		946	(2)
Georgia						324		88,340
Round Rock Land	Austin		100.00	%		60		17,115	(2)
Lakeside Ranch Business Park (4)	Dallas		100.00	%		51		9,821	(2)
Research Park V	Austin		100.00	%		6		4,968	(2)
Lancaster (4)	Dallas		100.00	%		47		4,844	(2)
Texas						164		36,748
The Avenue Murfreesboro (3) (4)	Nashville		50.00	%		6		4,099
The Avenue Collierville (Formerly The Avenue Carriage Crossing) (3) (4)	Memphis		100.00	%		2		1,969	(2)
The Shops of Lee Village (3) (4)	Nashville		50.50	%		6		1,944
Tennessee						14		8,012
Highland City Town Center (3) (4)	Lakeland		50.50	%		56		5,469
Florida						56		5,469
TOTAL COMMERCIAL LAND HELD						558	$	138,569
COMPANY’S SHARE OF TOTAL						506	$	111,664

(1) Cost Basis reflects the Company’s basis for consolidated properties and the venture’s basis for joint venture properties. In some cases, the Company’s share of a venture’s basis may be different than the Company’s investment due to capitalization of costs and impairments at the Company’s investment level.

(2) The cost basis of these consolidated properties aggregates to $105,871,000. Including the basis of the Blalock acreage of $9,650,000, which is included on the Inventory of Lots and Acres in Residential Projects schedule, these properties total $115,521,000, which is reflected on the Condensed Consolidated Balance Sheet.

(3) Land is adjacent to an existing retail center and will either be sold or developed as an additional phase of the retail center.

(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.

19

COUSINS PROPERTIES INCORPORATED

INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS

As of September 30, 2011

		Company’s			Lots						Tracts (2)				Cost
		Ownership			Estimated to		Total		Remaining		Sold since				Basis
Description	Metropolitan Area	Interest			be Developed (1)		Sold		to be Sold		Inception		Remaining		($000’s) (3)
Blalock Lakes (6)	Atlanta		100.00	%		154		21		133		—		1,205	$	49,721	(4)
The Georgian	Atlanta		37.50	%		1,385		289		1,096		—		—		23,637
Seven Hills	Atlanta		50.00	%		1,093		641		452		1,070		113		16,480
Callaway Gardens (5) (6)	Pine Mountain		100.00	%		559		30		529		—		—		15,704	(4)
Paulding County	Atlanta		50.00	%		—		—		—		783		5,712		14,810
West Park	Atlanta		50.00	%		84		21		63		—		—		5,332
The Lakes at Cedar Grove	Atlanta		100.00	%		906		727		179		—		—		4,655	(4)
Tillman Hall	Atlanta		100.00	%		29		7		22		—		—		2,534	(4)
Harris Place	Atlanta		50.00	%		27		18		9		—		—		652
River’s Call	Atlanta		100.00	%		107		95		12		—		—		483	(4)
Longleaf at Callaway (6)	Pine Mountain		100.00	%		138		125		13		—		—		390	(4)
Bentwater	Atlanta		50.00	%		1,676		1,671		5		—		—		16
Georgia						6,158		3,645		2,513		1,853		7,030		134,414
Southern Trails	Houston		40.00	%		1,027		475		552		114		—		16,892
Long Meadow Farms	Houston		18.75	%		2,083		838		1,245		133		113		11,979
Waterford Park	Houston		50.00	%		210		—		210		—		90		8,713
Padre Island	Corpus Christi		50.00	%		—		—		—		—		15		7,545
Village Park	Dallas/Fort Worth		50.00	%		571		368		203		3		2		7,010
Summer Lakes	Houston		50.00	%		1,130		382		748		56		—		6,761
Bar C Ranch	Dallas/Fort Worth		50.00	%		1,199		269		930		—		—		6,476
Stonewall Estates	San Antonio		25.00	%		388		280		108		—		—		5,408
Summer Creek Ranch	Dallas/Fort Worth		50.00	%		1,274		806		468		624		71		4,975
Stillwater Canyon	Dallas/Fort Worth		50.00	%		335		225		110		—		—		2,325
Village Park North	Dallas/Fort Worth		50.00	%		189		73		116		23		—		2,278
Texas						8,406		3,716		4,690		953		291		80,362
Bridle Path Estates	Tampa/St. Petersburg		50.00	%		87		—		87		—		—		3,028
Creekside Oaks	Tampa/St. Petersburg		50.00	%		301		172		129		—		—		2,855
Manatee River Plantation	Tampa/St. Petersburg		50.00	%		457		348		109		—		—		2,127
Florida						845		520		325		—		—		8,010
TOTAL INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS						15,409		7,881		7,528		2,806		7,321	$	222,786
COMPANY SHARE OF TOTAL						7,627		4,028		3,600		1,350		4,228	$	131,409

(1) This estimate represents the total projected development capacity for a development on owned land currently anticipated to be developed as lots. The lot 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) Tracts represents acres of land that may be sold to third parties in large tracts for residential, multi-family or commercial development.

(3) Cost Basis reflects the Company’s basis for consolidated properties and the venture’s basis for joint venture properties. In some cases, the Company’s share of a venture’s basis may be different than the Company’s investment due to capitalization of costs and impairments at the Company’s investment level.

(4) The cost basis of these consolidated properties aggregates to $73,487,000. Excluding the basis of the Blalock acreage of $9,650,000, these properties total $63,835,000, which is reflected on the Condensed Consolidated Balance Sheet.

(5) Company’s ownership interest is shown at 100% as 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.

(6) All lots at Longleaf at Callaway and certain lots at Callaway Gardens and Blalock Lakes are sold to a homebuilding venture, of which the Company is a joint venture partner. As a result of this relationship, the Company defers some or all profits until houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments.

20

COUSINS PROPERTIES INCORPORATED

DEBT OUTSTANDING

As of September 30, 2011

($ in thousands)

				Rate End  of Quarter																											Company’s Share Recourse (1)
	Ownership Percentage						Maturity Date			Company’s Share of Debt Maturities and Principal  Payments
Description (Interest Rate Base, if not fixed)										2011			2012			2013			2014			2015			Thereafter			Total
CONSOLIDATED DEBT
Floating Rate Debt
Credit Facility, Unsecured (LIBOR + 1.75%-2.25%; $350mm facility) (2)		100.00	%		2.24	%		8/29/2012			—			119,800			—			—			—			—			119,800			119,800
Mahan Village (LIBOR + 1.65%; $15mm facility)		100.00	% (4)		3.25	% (5)		9/12/2014	(6)		—			—			—			1			—			—			1			1
Total Floating Rate Debt											—			119,800			—			1			—			—			119,801			119,801
Fixed Rate Debt
100/200 North Point Center East		100.00	%		5.39	%		6/1/2012			90			24,478			—			—			—			—			24,568			—
Callaway Gardens		100.00	%		4.13	%		11/18/2013			—			—			178			—			—			—			178			—
The Points at Waterview		100.00	%		5.66	%		1/1/2016			117			484			512			541			573			14,025			16,252			—
The American Cancer Society Center (3)		100.00	%		6.45	%		9/1/2017			350			1,408			1,528			1,631			1,741			129,342			136,000			—
Meridian Mark Plaza		100.00	%		6.00	%		8/1/2020			86			359			381			405			430			24,979			26,640			—
Terminus 100		100.00	%		5.25	%		1/1/2023			501			2,071			2,182			2,300			2,424			129,217			138,695			—
Total Fixed Rate Debt											1,144			28,800			4,781			4,877			5,168			297,563			342,333			—
TOTAL CONSOLIDATED DEBT											1,144			148,600			4,781			4,878			5,168			297,563			462,134			119,801
UNCONSOLIDATED DEBT
Floating Rate Debt
Waterford Park (Prime + 1.5%)		50.00	%		4.75	%		11/8/2011			524			—			—			—			—			—			524			—
Bentwater Links (LIBOR + 6.5%)		50.00	%		6.74	%		5/23/2012			—			1,412			—			—			—			—			1,412			—
CF Murfreesboro Associates (LIBOR + 3.0%; $113.2mm facility)		50.00	%		3.24	%		7/20/2013			—			—			49,917			—			—			—			49,917			26,220
Terminus 200 (LIBOR + 2.5%; $92mm facility)		20.00	%		2.74	%		12/31/2013			—			—			11,085			—			—			—			11,085			—
Emory Point (LIBOR + 1.85%, $61.1mm facility)		75.00	%		2.09	%		6/28/2014	(6)		—			—			—			1			—			—			1			—
Highland City Town Center (LIBOR + 2.65%)		50.50	% (4)		2.89	%		1/1/2016	(6)		25			103			109			116			123			4,938			5,414			—
Creek Plantation Village (LIBOR + 2.65%)		50.50	% (4)		2.89	%		1/1/2016	(6)		14			60			64			67			71			2,867			3,143			—
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility)		50.50	% (4)		3.09	%		1/1/2016	(6)		—			—			50			56			59			2,941			3,106			1,538
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility)		50.50	% (4)		3.09	%		1/1/2016	(6)		—			—			45			50			53			2,655			2,803			1,388
Total Floating Rate Debt											563			1,575			61,270			290			306			13,401			77,405			29,146
Fixed Rate Debt
Emory University Hospital Midtown Medical Office Tower		50.00	%		5.90	%		6/1/2013			137			568			23,248			—			—			—			23,953			—
Ten Peachtree Place		50.00	%		5.39	%		4/1/2015			75			311			329			347			12,109			—			13,171			—
Gateway Village (7)		50.00	%		6.41	%		12/1/2016			1,784			7,427			7,917			8,440			8,997			8,768			43,332			—
The Avenue East Cobb		11.50	%		4.52	%		12/1/2017			17			71			74			78			81			3,840			4,161			—
Total Fixed Rate Debt											2,013			8,377			31,568			8,865			21,187			12,608			84,617			—
TOTAL UNCONSOLIDATED DEBT										$	2,576		$	9,952		$	92,838		$	9,155		$	21,493		$	26,009		$	162,022		$	29,146
TOTAL DEBT										$	3,720		$	158,552		$	97,619		$	14,033		$	26,661		$	323,572		$	624,156		$	148,947
TOTAL MATURITIES (8)										$	524		$	145,690		$	84,428		$	2		$	12,109		$	298,604		$	541,356
% OF MATURITIES											0	%		27	%		16	%		0	%		2	%		55	%		100	%

21

COUSINS PROPERTIES INCORPORATED

DEBT OUTSTANDING

As of September 30, 2011

($ in thousands)

Floating and Fixed Rate Debt Analysis
			% of Total Debt			Stated Weighted Average Rate			Weighted Average Maturity (Years)
Floating Rate Debt	$	197,206		32	%		2.61	%		1.5
Fixed Rate Debt		426,950		68	%		5.85	%		7.1
Total Debt	$	624,156		100	%		4.83	%		5.3

Unsecured and Secured Debt Analysis
			% of Total Debt			Stated Weighted Average Rate			Weighted Average Maturity (Years)
Unsecured Debt	$	119,800		19	%		2.24	%		0.9
Secured Debt		504,356		81	%		5.45	%		6.4
Total Debt	$	624,156		100	%		4.83	%		5.3

(1) Non-recourse loans are subject to customary carve-outs.

(2) Total borrowing capacity of the Credit Facility at September 30, 2011 was $350 million based on certain covenant calculations. The spread over LIBOR at September 30, 2011 was 2% based on covenant calculations.

(3) The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.

(4) The ownership percentage and the allocation of results of operations and/or gain or loss on property sales may be disproportionate.

(5) The Company may select from two interest rate options, as defined in the loan agreement, which are based on floating rate indices plus a spread.

(6) These loans may be extended for two additional one-year terms, provided certain conditions are met.

(7) Gateway Village debt is non-recourse to the Company and the Company receives an 11.46% current return on its investment in Gateway Village of $10.4 million. Upon liquidation of the venture, the Company will receive up to an 17% internal rate of return on its investment. Based on the nature of the investment, this debt is excluded from total debt in the Company’s credit facility financial covenant calculations.

(8) Maturities include lump sum principal payments due at the maturity date of debt. Maturities do not include scheduled principal payments due prior to the maturity date.

22

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		2,745			334			954			2,378			1,697			5,363			1,896			6,357			5,821			14,074
SECOND GENERATION BUILDING IMPROVEMENTS		1,339			81			270			192			81			624			25			24			35			84
		4,084			415			1,224			2,570			1,778			5,987			1,921			6,381			5,856			14,159
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		2,415			594			500			767			752			2,613			51			44			372			467
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		6,499			1,009			1,724			3,337			2,530			8,600			1,972			6,425			6,228			14,625
NET OPERATING INCOME:
OFFICE CONSOLIDATED PROPERTIES		52,807			13,714			13,966			13,669			15,249			56,598			14,185			14,443			14,376			43,004
RETAIL CONSOLIDATED PROPERTIES		17,411			4,895			4,992			5,176			5,016			20,079			5,739			4,901			5,016			15,656
INDUSTRIAL CONSOLIDATED PROPERTIES		1,774			586			681			830			953			3,050			909			911			907			2,727
OTHER RENTAL OPERATIONS - CONSOLIDATED		30			18			59			15			4			96			1			—			—			1
NET OPERATING INCOME - CONSOLIDATED		72,022			19,213			19,698			19,690			21,222			79,823			20,833			20,256			20,300			61,389
RENTAL PROPERTY REVENUES		131,344			32,823			33,967			33,840			34,033			134,663			34,113			34,713			35,268			104,094
RENTAL PROPERTY OPERATING EXPENSES		(59,322	)		(13,610	)		(14,269	)		(14,150	)		(12,811	)		(54,840	)		(13,280	)		(14,457	)		(14,968	)		(42,705	)
NET OPERATING INCOME - CONSOLIDATED		72,022			19,213			19,698			19,690			21,222			79,823			20,833			20,256			20,300			61,389
INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		18,443			4,390			4,294			2,538			2,443			13,665			2,180			1,975			2,273			6,428
RENTAL PROPERTY OPERATING EXPENSES		(7,245	)		(1,574	)		(1,650	)		(1,215	)		(985	)		(5,424	)		(977	)		(1,015	)		(1,198	)		(3,190	)
NET OPERATING INCOME		11,198			2,816			2,644			1,323			1,458			8,241			1,203			960			1,075			3,238
INTEREST AND OTHER INCOME		53			—			19			11			5			35			—			88			—			88
INTEREST EXPENSE		(1,552	)		—			—			—			—			—			—			—			—			—
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(4	)		(1	)		—			—			(5	)		—			—			—			—
FFO FROM DISCONTINUED OPERATIONS		9,683			2,812			2,662			1,334			1,463			8,271			1,203			1,048			1,075			3,326
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(5,966	)		(1,428	)		(1,047	)		(881	)		(903	)		(4,259	)		(778	)		(717	)		(478	)		(1,973	)
INCOME FROM DISCONTINUED OPERATIONS		3,717			1,384			1,615			453			560			4,012			425			331			597			1,353

23

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd		2011 3rd			2011 YTD
MULTI-FAMILY SALES AND COST OF SALES:
CONSOLIDATED:
MULTI-FAMILY SALES - CONSOLIDATED:
MULTI-FAMILY SALES		30,841			10,146			7,943			6,637			9,716			34,442			4,657			7		—			4,664
MULTI-FAMILY COST OF SALES		(25,629	)		(7,970	)		(6,108	)		(5,190	)		(7,749	)		(27,017	)		(2,500	)		13		—			(2,487	)
MULTI-FAMILY SALES LESS COST OF SALES - CONSOLIDATED		5,212			2,176			1,835			1,447			1,967			7,425			2,157			20		—			2,177
JOINT VENTURES:
MULTI-FAMILY SALES - JOINT VENTURES:
MULTI-FAMILY SALES		175			389			—			—			—			389			—			—		—			—
MULTI-FAMILY COST OF SALES		(116	)		(266	)		—			(3	)		3			(266	)		(5	)		—		—			(5	)
OTHER, NET		56			(6	)		45			168			143			350			22			33		(2	)		53
MULTI-FAMILY SALES LESS COST OF SALES - SHARE OF JOINT VENTURE		115			117			45			165			146			473			17			33		(2	)		48
TOTAL MULTI-FAMILY FFO		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53		(2	)		2,225
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT
PROPERTY SALES AND COST OF SALES:
CONSOLIDATED:
RESIDENTIAL LOT AND OUTPARCEL SALES - CONSOLIDATED:
RESIDENTIAL LOT SALES		1,746			390			316			630			1,178			2,514			165			80		165			410
OUTPARCEL SALES		5,675			13,429			—			—			—			13,429			—			—		—			—
TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES		7,421			13,819			316			630			1,178			15,943			165			80		165			410
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED:
RESIDENTIAL LOT COST OF SALES		1,265			260			275			549			856			1,940			119			76		158			353
OUTPARCEL COST OF SALES		3,758			8,836			—			—			(77	)		8,759			(50	)		—		—			(50	)
TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES-CONSOLIDATED		5,023			9,096			275			549			779			10,699			69			76		158			303
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		1,185			697			1,002			(1	)		(1	)		1,697			—			—		—			—
OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		58			—			—			—			—			—			—			—		—			—
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES LESS COST OF SALES - CONSOLIDATED		3,641			5,420			1,043			80			398			6,941			96			4		7			107
SUMMARY - CONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES		481			130			41			81			322			574			46			4		7			57
OUTPARCEL SALES LESS COST OF SALES		1,917			4,593			—			—			77			4,670			50			—		—			50
TRACT SALES LESS COST OF SALES		1,185			697			1,002			(1	)		(1	)		1,697			—			—		—			—
GAIN ON SALE OF INVESTMENT PROPERTIES		58			—			—			—			—			—			—			—		—			—
TOTAL CONSOLIDATED SALES LESS COST OF SALES		3,641			5,420			1,043			80			398			6,941			96			4		7			107

24

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
JOINT VENTURES:
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES - JOINT VENTURES:
RESIDENTIAL LOT SALES		4,158			1,675			1,328			1,590			3,175			7,768			1,186			2,229			1,875			5,290
OUTPARCEL SALES		—			516			—			—			—			516			—			—			—			—
TRACT SALES		658			61			167			—			10,405			10,633			572			29			152			753
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		4,816			2,252			1,495			1,590			13,580			18,917			1,758			2,258			2,027			6,043
RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES - JOINT VENTURES:
RESIDENTIAL LOT COST OF SALES		3,627			1,155			870			1,193			2,678			5,896			1,006			1,835			1,363			4,204
OUTPARCEL COST OF SALES		—			430			—			4			—			434			—			—			—			—
TRACT COST OF SALES		394			15			65			(2	)		6,948			7,026			552			2			(15	)		539
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES		4,021			1,600			935			1,195			9,626			13,356			1,558			1,837			1,348			4,743
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES - JOINT VENTURES		795			652			560			395			3,954			5,561			200			421			679			1,300
SUMMARY - JOINT VENTURES:
RESIDENTIAL LOT SALES LESS COST OF SALES		531			520			458			397			497			1,872			180			394			512			1,086
OUTPARCEL SALES LESS COST OF SALES		—			86			—			(4	)		—			82			—			—			—			—
TRACT SALES LESS COST OF SALES		264			46			102			2			3,457			3,607			20			27			167			214
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES - SHARE OF JOINT VENTURES		795			652			560			395			3,954			5,561			200			421			679			1,300
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES LESS COST OF SALES		4,436			6,072			1,603			475			4,352			12,502			296			425			686			1,407
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
NET OPERATING INCOME:
OFFICE PROPERTIES		12,051			2,976			2,987			3,121			3,158			12,242			3,357			3,322			3,406			10,085
RETAIL PROPERTIES		7,585			1,976			1,979			1,993			2,037			7,985			2,753			2,596			2,647			7,996
NET OPERATING INCOME		19,636			4,952			4,966			5,114			5,195			20,227			6,110			5,918			6,053			18,081
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES		795			652			560			395			3,954			5,561			200			421			679			1,300
MULTI-FAMILY SALES LESS COST OF SALES		115			117			45			165			146			473			17			33			(2	)		48
INTEREST EXPENSE		(3,934	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(3,551	)
OTHER EXPENSE		(1,279	)		392			223			42			256			913			43			—			(413	)		(370	)
IMPAIRMENT LOSSES		(24,182	)		—			—			—			(3,746	)		(3,746	)		—			(250	)		—			(250	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(46	)		(6	)		(5	)		(6	)		(5	)		(22	)		(5	)		(5	)		(5	)		(15	)
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES		(8,895	)		5,208			4,842			4,523			4,581			19,154			5,173			4,970			5,100			15,243
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		12			—			—			—			—			—			—			—			—			—
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(8,754	)		(2,288	)		(2,448	)		(2,344	)		(2,581	)		(9,661	)		(2,678	)		(2,658	)		(2,440	)		(7,776	)
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		(17,637	)		2,920			2,394			2,179			2,000			9,493			2,496			2,312			2,660			7,468

25

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
MARKET CAPITALIZATION
COMMON STOCK PRICE AT PERIOD END		7.63			8.31			6.74			7.14			8.34			8.34			8.35			8.54			5.35			5.35
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		99,782			100,866			101,767			102,635			103,392			103,392			103,631			103,714			103,714			103,714
COMMON STOCK CAPITALIZATION		761,337			838,196			685,910			732,814			862,289			862,289			865,319			885,718			554,870			554,870
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE		74,827			74,827			74,827			74,827			74,827			74,827			74,827			74,827			74,827			74,827
PREFERRED STOCK-SERIES B-PRICE AT LIQUIDATION VALUE		94,775			94,775			94,775			94,775			94,775			94,775			94,775			94,775			94,775			94,775
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT		590,208			580,979			580,378			514,363			509,509			509,509			496,823			498,034			462,135			462,135
SHARE OF UNCONSOLIDATED DEBT		197,055			195,250			158,290			152,391			172,325			172,325			166,726			163,931			162,022			162,022
DEBT (A)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			624,157
TOTAL MARKET CAPITALIZATION		1,718,202			1,784,027			1,594,180			1,569,170			1,713,725			1,713,725			1,698,470			1,717,285			1,348,629			1,348,629
LEVERAGE RATIOS
DEBT (A)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			624,157
TOTAL MARKET CAPITALIZATION		1,718,202			1,784,027			1,594,180			1,569,170			1,713,725			1,713,725			1,698,470			1,717,285			1,348,629			1,348,629
DEBT/TOTAL MARKET CAPITALIZATION		46	%		44	%		46	%		42	%		40	%		40	%		39	%		39	%		46	%		46	%
TOTAL ASSETS		1,491,552			1,485,477			1,469,022			1,391,052			1,371,282			1,371,282			1,335,453			1,337,132			1,294,376			1,294,376
ACCUMULATED DEPRECIATION-CONSOLIDATED		233,091			246,129			251,250			258,897			274,925			274,925			286,547			298,085			286,399			286,399
UNDEPRECIATED ASSETS-UNCONSOLIDATED (A)		475,407			477,745			467,863			472,166			485,598			485,598			484,634			498,986			506,806			506,806
LESS: INVESTMENT IN JOINT VENTURES		(146,150	)		(145,352	)		(158,955	)		(163,231	)		(167,108	)		(167,108	)		(165,119	)		(179,149	)		(181,947	)		(181,947	)
TOTAL UNDEPRECIATED ASSETS (A)		2,053,900			2,063,999			2,029,180			1,958,884			1,964,697			1,964,697			1,941,515			1,955,054			1,905,634			1,905,634
DEBT (A)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			624,157
TOTAL UNDEPRECIATED ASSETS (A)		2,053,900			2,063,999			2,029,180			1,958,884			1,964,697			1,964,697			1,941,515			1,955,054			1,905,634			1,905,634
DEBT (A)/TOTAL UNDEPRECIATED ASSETS (A)		38	%		38	%		36	%		34	%		35	%		35	%		34	%		34	%		33	%		33	%
DEBT (A)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			624,157
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT (A) + PREFERRED		956,865			945,831			908,270			836,356			851,436			851,436			833,151			831,567			793,759			793,759
TOTAL MARKET CAPITALIZATION		1,718,202			1,784,027			1,594,180			1,569,170			1,713,725			1,713,725			1,698,470			1,717,285			1,348,629			1,348,629
DEBT (A) + PREFERRED/ TOTAL MARKET CAPITALIZATION		56	%		53	%		57	%		53	%		50	%		50	%		49	%		48	%		59	%		59	%
DEBT (A) + PREFERRED		956,865			945,831			908,270			836,356			851,436			851,436			833,151			831,567			793,759			793,759
TOTAL UNDEPRECIATED ASSETS (A)		2,053,900			2,063,999			2,029,180			1,958,884			1,964,697			1,964,697			1,941,515			1,955,054			1,905,634			1,905,634
DEBT (A) + PREFERRED/TOTAL UNDEPRECIATED ASSETS (A)		47	%		46	%		45	%		43	%		43	%		43	%		43	%		43	%		42	%		42	%
EBITDA (A)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			25,054
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		3,428			577			469			446			419			1,911			568			377			393			1,338
INCOME TAX (PROVISION) BENEFIT		4,341			(1,146	)		14			25			28			(1,079	)		(64	)		27			(180	)		(217	)
IMPAIRMENT LOSSES		115,752			—			586			—			5,714			6,300			3,508			250			—			3,758
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			—
(GAIN) LOSS ON DEBT EXTINGUISHMENT		(9,732	)		592			—			9,235			—			9,827			—			—			74			74
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227			3,227			3,226			9,680
EBITDA (A)		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			73,014
COVERAGE RATIOS (A)
EBITDA		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			73,014
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			25,054
INTEREST COVERAGE RATIO (A)		1.92			2.61			2.26			2.40			2.89			2.53			2.76			2.74			3.28			2.91
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			25,054
SCHEDULED PRINCIPAL PAYMENTS		3,955			842			853			1,459			1,245			4,399			1,755			1,894			1,650			5,299
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227			3,227			3,226			9,680
FIXED CHARGES		62,190			14,749			15,313			14,574			14,102			58,738			13,718			13,626			12,689			40,033
EBITDA		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			73,014
FIXED CHARGES COVERAGE RATIO (A)		1.40			1.89			1.66			1.63			1.97			1.78			1.76			1.71			2.02			1.82
DEBT		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			624,157
ANNUALIZED EBITDA		87,181			111,638			101,492			94,828			111,284			104,811			96,388			93,128			102,540			146,028
DEBT/ANNUALIZED EBITDA (A)		9.03			6.95			7.28			7.03			6.13			6.51			6.88			7.11			6.09			4.27

26

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 YTD
DIVIDEND RATIOS
REGULAR COMMON DIVIDENDS:
CASH		22,710			2,997			3,034			3,060			3,085			12,176			4,653			4,663			4,667			13,984
COMMON STOCK		19,711			5,984			6,046			6,100			6,152			24,282			—			—			—			—
COMMON DIVIDENDS		42,421			8,981			9,080			9,160			9,237			36,458			4,653			4,663			4,667			13,984
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
FFO PAYOUT RATIO		-46	%		64	%		115	%		1034	%		92	%		111	%		57	%		43	%		33	%		42	%
FFO BEFORE CERTAIN CHARGES
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
IMPAIRMENT LOSSES (A)		115,752			—			586			—			5,714			6,300			3,508			250			—			3,758
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			—
(GAIN) LOSS ON DEBT EXTINGUISHMENT AND SWAP TERMINATION FEE		(9,732	)		592			—			9,235			—			9,827			—			—			74			74
VALUATION ALLOWANCES ON DEFERRED TAX ASSETS		15,907			—			—			—			—			—			—			—			—			—
SEPARATION CHARGES		3,257			68			33			202			742			1,045			101			77			15			193
FFO BEFORE CERTAIN CHARGES		40,341			14,640			10,463			10,323			15,259			50,685			11,731			11,223			14,398			37,352
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO		105	%		61	%		87	%		89	%		61	%		72	%		40	%		42	%		32	%		37	%
FAD
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			33,327
FAS 13 (A)		(7,277	)		(1,733	)		(1,918	)		(2,074	)		(2,211	)		(7,936	)		(2,637	)		(2,885	)		(3,095	)		(8,617	)
SECOND GENERATION CAPEX (A)		(6,499	)		(1,009	)		(1,724	)		(3,337	)		(2,530	)		(8,600	)		(1,972	)		(6,425	)		(6,228	)		(14,625	)
FAD		(105,736	)		11,238			4,253			(4,525	)		5,279			16,245			3,513			1,586			4,986			10,085
COMMON DIVIDENDS		42,421			8,981			9,080			9,160			9,237			36,458			4,653			4,663			4,667			13,984
FAD PAYOUT RATIO		-40	%		80	%		213	%		-202	%		175	%		224	%		132	%		294	%		94	%		139	%
FAD BEFORE CERTAIN CHARGES
FAD		(105,736	)		11,238			4,253			(4,525	)		5,279			16,245			3,513			1,586			4,986			10,085
IMPAIRMENT LOSSES (A)		115,752			—			586			—			5,714			6,300			3,508			250			—			3,758
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			—
(GAIN) LOSS ON DEBT EXTINGUISHMENT AND SWAP TERMINATION FEE		(9,732	)		592			—			9,235			—			9,827			—			—			74			74
VALUATION ALLOWANCES ON DEFERRED TAX ASSETS		15,907			—			—			—			—			—			—			—			—			—
SEPARATION CHARGES		3,257			68			33			202			742			1,045			101			77			15			193
FAD BEFORE CERTAIN CHARGES		26,565			11,898			6,821			4,912			10,518			34,149			7,122			1,913			5,075			14,110
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO		160	%		75	%		133	%		186	%		88	%		107	%		65	%		244	%		92	%		99	%
OPERATIONS RATIOS
REVENUES		214,544			65,250			50,610			50,042			53,795			219,697			46,921			43,396			45,188			135,505
RENTAL REVENUES FROM DISCONTINUED OPERATIONS		18,443			4,390			4,294			2,538			2,443			13,665			2,180			1,975			2,273			6,428
REVENUES INCLUDING DISCONTINUED OPERATIONS		232,987			69,640			54,904			52,580			56,238			233,362			49,101			45,371			47,461			141,933
GENERAL AND ADMINISTRATIVE EXPENSES		26,198			8,017			6,763			6,172			7,803			28,755			7,400			6,133			4,295			17,828
REVENUES INCLUDING DISCONTINUED OPERATIONS		232,987			69,640			54,904			52,580			56,238			233,362			49,101			45,371			47,461			141,933
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS		11.2	%		11.5	%		12.3	%		11.7	%		13.9	%		12.3	%		15.1	%		13.5	%		9.0	%		12.6	%
TOTAL UNDEPRECIATED ASSETS (A)		2,053,900			2,063,999			2,029,180			1,958,884			1,964,697			1,964,697			1,941,515			1,955,054			1,905,634			1,905,634
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES/TOTAL UNDEPRECIATED ASSETS		1.3	%		1.6	%		1.3	%		1.3	%		1.6	%		1.5	%		1.5	%		1.3	%		0.9	%		1.2	%

(A) INCLUDES COMPANY SHARE OF UNCONSOLIDATED JOINT VENTURES.

27

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

	Three Months Ended									Nine Months Ended
	September 30,			September 30,			June 30,			September 30,			September 30,
	2011			2010			2011			2011			2010
Net Operating Income
Same Property		24,796			23,814			24,530			74,266			71,126
Non-Same Property		2,631			2,314			2,604			8,442			9,293
Consolidated Property Net Operating Income		27,428			26,127			27,134			82,708			80,419
Less: Non-Cash Items
Straight line rent		2,856			1,869			2,685			7,982			5,004
Other		(327	)		(299	)		(303	)		(921	)		(806	)
Non-Cash Items		2,529			1,569			2,382			7,061			4,197
Cash Basis Property Net Operating Income		24,898			24,558			24,752			75,647			76,222
Net Operating Income (1)
Operating Properties		20,300			19,690			20,256			61,389			58,604
Discountinued Operations		1,075			1,323			960			3,238			6,783
Share of Unconcolidated Joint Ventures		6,053			5,114			5,918			18,081			15,032
Total Net Operating Income		27,428			26,127			27,134			82,708			80,419

(1) See reconciliation above within previous pages of the calculations and reconciliations of Non-GAAP financial measures.

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COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

“EBITDA” represents FFO plus consolidated and Company share of unconsolidated interest expense, non-real estate depreciation and amortization, income taxes, impairment losses, gain/loss on debt extinguishment and interest rate swap, and preferred stock dividends. Management believes that EBITDA provides analysts and investors with appropriate information to use in various ratios that evaluate the Company’s level of debt.

“Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude the effect of straight line rent and above and below market lease amortization less 2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures. Management believes that FAD provides analysts and investors with information that assists in the comparability of the Company’s dividend policy with other real estate companies.

“FAD Before Certain Charges” represents FAD before impairment losses, write off of predevelopment expenses, gain/loss on debt extinguishment and interest rate swap, valuation allowances on deferred tax assets and separation charges. Management believes that FFO Before

Certain Charges provides analysts and investors with appropriate information related to the Company’s core operations and for comparability of the results of its operations with other real estate companies.

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

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

“FFO Before Certain Charges” represents FFO before impairment losses, write off of predevelopment expenses, gain/loss on debt extinguishment and interest rate swap, valuation allowances on deferred tax assets and separation charges. Management believes that FFO Before Certain Charges provides analysts and investors with appropriate information related to the Company’s core operations and for comparability of the results of its operations with other real estate companies.

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COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

“Net Operating Income” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Net Operating Income which is rental property revenues less rental property operating expenses, like FFO, excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from Net Operating Income 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 Net Operating Income” represents the Net Operating Income and Cash Basis Same Properties. Cash Basis Net Operating Income excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. Same Properties include those office and retail properties that have been fully operational in each of the comparable reporting periods. Same-Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

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