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

COUSINS PROPERTIES INCORPORATED

QUARTERLY INFORMATION PACKAGE

For the Quarter Ended December 31, 2011

TABLE OF CONTENTS

Press Release	1
Consolidated Statements of Operations	5
Funds From Operations	6
Consolidated Balance Sheets	7
Key Performance Indicators	8
Funds From Operations – Summary	9
Funds From Operations – Supplemental Detail	10
Portfolio Listing	14
Same Property Performance – Leasing and Occupancy	15
Same Property Performance – Net Operating Income	16
Square Feet Expiring	17
Top 20 Tenants	18
Development Pipeline	19
Inventory of Commercial Land Held	20
Inventory of Lots and Tracts in Residential Projects	21
Debt Outstanding	22
Impairment Losses	24
Calculations and Reconciliations of Non-GAAP Financial Measures	25
Discussion of Non-GAAP Financial Measures	31

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, 2011. 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.

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

QUARTER AND YEAR ENDED DECEMBER 31, 2011

Highlights

• Funds From Operations (FFO), before non-cash impairment charges, were $0.16 per share.

• Purchased Promenade, a 775,000-square-foot Class A office building in midtown Atlanta.

• Sold remaining operating industrial properties.

• Implemented an aggressive strategy to monetize the land portfolio.

ATLANTA (February 21, 2012) –Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended December 31, 2011.

“Cousins had a very strong finish to the year with solid operating results, significant leasing momentum, the sale of our remaining industrial buildings, and an attractive value creation opportunity in Promenade,” said Larry Gellerstedt, CEO of Cousins. “Consistent with our strategy to simplify our platform, we have made the decision to more aggressively monetize our land portfolio. We intend to recycle this capital into our core businesses of office, retail and opportunistic development.”

Portfolio Activity

• Leased or renewed 266,000 square feet of office space and 122,000 square feet of retail space.

Transaction Activity

• Purchased Promenade for $134.7 million.

• Sold King Mill Distribution Park—Building 3 for $28.2 million.

• Sold Lakeside Ranch Business Park—Building 20 and related undeveloped land for $44.0 million.

• Sold 3.8 acres at North Point for $2.8 million.

• Sold 187 residential lots, including all remaining lots at Tillman Hall and 79 of the remaining 109 lots at Creekside Oaks.

• Subsequent to year end, entered into a contract to sell its interests in 18 residential projects held by its CL Realty and Temco joint ventures to affiliates of Forestar Group Inc., its partner in the ventures, for $23.5 million.

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

1

CUZ Reports Fourth Quarter Results

Page 2

February 21, 2012

Financial Results

FFO was ($110.2) million, or ($1.06) per share, for the fourth quarter of 2011 compared with $10.0 million, or $0.10 per share, for the fourth quarter of 2010. FFO was ($76.9) million, or ($0.74) per share, for the year ended December 31, 2011, compared with $32.8 million, or $0.32 per share, for the same period in 2010.

FFO before non-cash impairment charges (reconciled to FFO below) was $16.1 million, or $0.16 per share, for the fourth quarter of 2011. FFO before non-cash impairment charges (reconciled to FFO below) was $53.2 million, or $0.51 per share, for the year ended December 31, 2011.

Net loss available to common stockholders was ($129.0) million, or ($1.24) per share, for the fourth quarter of 2011 compared with net loss available of ($8.9) million, or ($0.09) per share, for the fourth quarter of 2010. Net loss available was ($141.3) million, or ($1.36) per share, for the year ended December 31, 2011, compared with ($27.5) million, or ($0.27) per share, for the same period in 2010.

Impairment Charges

The Company recently made the decision to more aggressively liquidate most of its commercial and residential land holdings, as well as certain non-core operating assets. The capital generated from these sales will be re-deployed into high-quality income producing assets. The accelerated sales, when completed, will eliminate approximately $5 million in annual carry costs, over $100 million in remaining capital commitments, and leave the Company with a more focused platform. Furthermore, the assets to be monetized are encumbered by only $2.1 million of debt, enabling the Company to recycle the vast majority of the proceeds into new investments.

As a result of this change, the Company recorded non-cash impairment charges of $126.3 million, or $1.22 per share, on certain commercial and residential land holdings and pre-development assets, and $7.6 million, or $0.07 per share, on operating properties in the fourth quarter of 2011. For the year ended December 31, 2011, the Company incurred $130.1 million in impairment charges, or $1.25 per share, on commercial and residential land holdings, pre-development assets and other investments and $7.6 million of such charges, or $0.07 per share, on operating properties.

With respect to the non-cash impairment charges discussed above, the Company recorded $104.3 million and $107.8 million for the quarter and year ended December 31, 2011, respectively, in the caption “Impairment Losses” on its statements of operations. The Company recorded $937,000 in the caption “Other Expenses” on its statements of operations. The Company recorded $28.1 million and $28.4 million, for the quarter and year ended December 31, 2011, respectively, within its unconsolidated joint ventures in the caption “Equity in Net Income from Unconsolidated Joint Ventures” on its statements of operations. The Company recorded $608,000 in the caption “Impairment Loss on Investment in Unconsolidated Joint Ventures” on its statements of operations.

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2

CUZ Reports Fourth Quarter Results

Page 3

February 21, 2012

	Three Months Ended December 31, 2011						Year Ended December 31, 2011
	($000)			Per Share			($000)			Per Share
FFO Before Non-Cash Impairment Charges	$	16,111		$	0.16		$	53,196		$	0.51
Commercial and Residential Land Impairment Losses		(125,376	)		(1.21	)		(125,626	)		(1.21	)
Predevelopment Asset Write-off		(937	)		(0.01	)		(937	)		(0.01	)
Investment in Verde Realty, LLC Impairment Loss		—			—			(3,508	)		(0.03	)
FFO	$	(110,202	)	$	(1.06	)	$	(76,875	)	$	(0.74	)

Investor Conference Call and Webcast

The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Wednesday, February 22, 2012, to discuss the results of the quarter ended December 31, 2011. The number to call for this interactive teleconference is (212) 271-4651.

A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21575231. The replay can be accessed on the Company’s website,www.cousinsproperties.com, through the “Q4 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 Consolidated Statements of Operations, 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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3

CUZ Reports Fourth Quarter Results

Page 4

February 21, 2012

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 real estate development and acquisitions; the availability of buyers and adequate pricing if the Company intends to liquidate certain assets; 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, 2011. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

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4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

	Three Months  Ended December 31,						Years Ended December 31,
	2011			2010			2011			2010
REVENUES:
Rental property revenues	$	35,136		$	32,917		$	135,573		$	130,522
Fee income		3,092			3,206			13,821			14,444
Third party management and leasing revenues		5,268			4,973			19,359			18,976
Multi-family residential unit sales		—			9,716			4,664			34,442
Residential lot and outparcel sales		2,605			1,178			3,015			15,943
Other		515			689			2,032			1,229
		46,616			52,679			178,464			215,556
COSTS AND EXPENSES:
Rental property operating expenses		14,143			12,649			55,918			53,750
Third party management and leasing expenses		4,171			4,099			16,585			17,393
Multi-family residential unit cost of sales		—			7,749			2,487			27,017
Residential lot and outparcel cost of sales		2,588			779			2,891			10,699
General and administrative expenses		6,338			7,565			24,166			28,517
Interest expense		6,281			8,411			27,784			37,180
Reimbursed expenses		1,459			1,648			6,208			6,297
Depreciation and amortization		13,559			16,000			50,174			53,313
Impairment losses		104,255			1,968			107,763			2,554
Separation expenses		4			742			197			1,045
Other		2,112			(357	)		4,436			4,416
		154,910			61,253			298,609			242,181
LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS		—			—			(74	)		(9,827	)
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(108,294	)		(8,574	)		(120,219	)		(36,452	)
(PROVISION) BENEFIT FOR INCOME TAXES FROM OPERATIONS		(31	)		(28	)		186			1,079
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		(25,159	)		2,000			(17,691	)		9,493
Impairment loss on investment in unconsolidated joint ventures		(608	)		—			(608	)		—
		(25,767	)		2,000			(18,299	)		9,493
LOSS FROM CONTINUING OPERATIONS BEFORE GAINON SALE OF INVESTMENT PROPERTIES		(134,092	)		(6,602	)		(138,332	)		(25,880	)
GAIN ON SALE OF INVESTMENT PROPERTIES		3,317			63			3,494			1,938
LOSS FROM CONTINUING OPERATIONS		(130,775	)		(6,539	)		(134,838	)		(23,942	)
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		467			916			2,852			4,683
Gain on sale of investment properties		6,082			654			8,519			7,226
		6,549			1,570			11,371			11,909
NET LOSS		(124,226	)		(4,969	)		(123,467	)		(12,033	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(1,504	)		(734	)		(4,958	)		(2,540	)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST		(125,730	)		(5,703	)		(128,425	)		(14,573	)
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,227	)		(12,907	)		(12,907	)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$	(128,957	)	$	(8,930	)	$	(141,332	)	$	(27,480	)
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Loss from continuing operations attributable to controlling interest	$	(1.31	)	$	(0.10	)	$	(1.47	)	$	(0.39	)
Income from discontinued operations		0.06			0.02			0.11			0.12
Net loss available to common stockholders	$	(1.24	)	$	(0.09	)	$	(1.36	)	$	(0.27	)
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED		103,712			102,761			103,651			101,440

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2011			2010			2011			2010
Net Loss Available to Common Stockholders	$	(128,957	)	$	(8,930	)	$	(141,332	)	$	(27,480	)
Depreciation and amortization:
Consolidated properties		13,559			16,000			50,174			53,313
Discontinued properties		219			1,501			3,887			6,643
Share of unconsolidated joint ventures		2,566			2,586			10,356			9,683
Depreciation of non-real estate assets:
Consolidated properties		(365	)		(414	)		(1,688	)		(1,884	)
Discontinued properties		—			—			—			(5	)
Share of unconsolidated joint ventures		(5	)		(5	)		(20	)		(22	)
Impairment loss on depreciable investment property		7,632			—			7,632			—
Gain on sale of investment properties:
Consolidated properties		(3,317	)		(63	)		(3,494	)		(1,938	)
Discontinued properties, net of noncontrolling interests		(4,792	)		(654	)		(5,648	)		(7,226	)
Share of unconsolidated joint ventures					—						—
Gain (loss) on sale of undepreciated investment properties		3,258			(1	)		3,258			1,697
Funds From Operations Available to Common Stockholders	$	(110,202	)	$	10,020		$	(76,875	)	$	32,781
Per Common Share - Basic and Diluted:
Net Loss Available	$	(1.24	)	$	(.09	)	$	(1.36	)	$	(.27	)
Funds From Operations	$	(1.06	)	$	.10		$	(.74	)	$	.32
Weighted Average Shares - Basic		103,712			102,761			103,651			101,440
Weighted Average Shares - Diluted		103,712			102,761			103,655			101,440

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, impairment losses on depreciable investment property 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.

6

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	December 31,
	2011			2010
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciationof $289,473 and $274,925 in 2011 and 2010, respectively	$	884,652		$	898,119
Projects under development		11,325			—
Land held for investment		54,132			123,879
Residential lots		13,195			63,403
Other		637			2,994
Total properties		963,941			1,088,395
CASH AND CASH EQUIVALENTS		4,858			7,599
RESTRICTED CASH		4,929			15,521
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $5,100 and $6,287 in 2011 and 2010, respectively		48,500			48,395
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		160,587			167,108
OTHER ASSETS		52,720			44,264
TOTAL ASSETS	$	1,235,535		$	1,371,282
LIABILITIES AND EQUITY
NOTES PAYABLE	$	539,442		$	509,509
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		36,075			32,388
DEFERRED GAIN		3,980			4,216
DEPOSITS AND DEFERRED INCOME		15,880			18,029
TOTAL LIABILITIES		595,377			564,142
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		2,763			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 liquidationpreference; 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, 107,272,078and 106,961,959 shares issued in 2011 and 2010, respectively		107,272			106,962
Additional paid-in capital		687,835			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		(274,177	)		(114,196	)
TOTAL STOCKHOLDERS’ INVESTMENT		603,692			760,079
Nonredeemable noncontrolling interests		33,703			32,772
TOTAL EQUITY		637,395			792,851
TOTAL LIABILITIES AND EQUITY	$	1,235,535		$	1,371,282

7

COUSINS PROPERTIES INCORPORATED

KEY PERFORMANCE INDICATORS

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011
Property Statistics
Number of Operating Properties		38			38			38			38			41			41			40			40			39			38			38
Rentable Square Feet (in thousands)		14,113			14,078			14,078			13,869			14,156			14,156			13,747			13,749			13,342			12,572			12,572
Acres of Commercial Land (Company share)		569			539			479			482			510			510			510			510			506			418			418
Acres of Residential Land (Company share)		4,962			4,962			4,959			4,959			4,829			4,829			4,831			4,228			4,228			4,596			4,596
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			2,687			2,687
Leverage Ratios (1)
Debt/Total Market Capitalization		46	%		44	%		46	%		42	%		40	%		40	%		39	%		39	%		45	%		46	%		46	%
Debt/Total Undepreciated Assets		38	%		38	%		36	%		34	%		35	%		35	%		34	%		34	%		33	%		37	%		37	%
Debt + Preferred/Total Market Capitalization		56	%		53	%		57	%		53	%		50	%		50	%		49	%		48	%		57	%		57	%		57	%
Debt + Preferred/Total Undepreciated Assets		47	%		46	%		45	%		43	%		43	%		43	%		43	%		43	%		42	%		46	%		46	%
Coverage Ratios (1)
Interest Coverage		1.92			2.61			2.26			2.40			2.89			2.53			2.76			2.74			3.28			3.65			3.08
Fixed Charges Coverage		1.40			1.89			1.66			1.63			1.97			1.78			1.76			1.71			2.02			2.14			1.90
Debt/Annualized EBITDA		9.03			6.95			7.28			7.03			6.13			6.13			6.88			7.11			6.09			6.45			6.45
Dividend Ratios (1)
FFO Payout Ratio		-46	%		64	%		115	%		1034	%		92	%		111	%		57	%		43	%		33	%		-4	%		-24	%
FFO Before Certain Charges Payout Ratio		105	%		61	%		87	%		89	%		61	%		72	%		40	%		42	%		32	%		29	%		35	%
FAD Payout Ratio		-40	%		80	%		215	%		-201	%		176	%		226	%		133	%		297	%		94	%		-4	%		-17	%
FAD Before Certain Charges Payout Ratio		159	%		76	%		134	%		187	%		88	%		107	%		66	%		246	%		92	%		51	%		80	%
Operations Ratios (1)
General and Administrative Expenses/Revenues Including Discontinued Operations		11.6	%		11.5	%		12.3	%		11.7	%		13.9	%		12.3	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%
Annualized General and Administrative Expenses/Total Undepreciated Assets		1.3	%		1.6	%		1.3	%		1.3	%		1.6	%		1.6	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%

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

8

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUMMARY (1)

($ in thousands, except per share)

	2009			2010 1st			2010 2nd			2010 3rd			2010 4th			2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011
NET OPERATING INCOME
OFFICE		69,279			17,676			17,920			17,764			19,432			72,792			18,608			18,780			18,848			19,151			75,387
RETAIL		31,909			8,727			8,714			7,234			7,054			31,729			8,430			7,443			7,672			8,038			31,583
INDUSTRIAL		1,568			533			615			1,092			1,385			3,625			1,050			911			907			714			3,582
OTHER		26			18			59			15			4			96			1			—			—			—			1
TOTAL NET OPERATING INCOME		102,782			26,954			27,308			26,105			27,875			108,242			28,089			27,134			27,427			27,903			110,553
SALES LESS COST OF SALES
MULTI-FAMILY RESIDENTIAL		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53			(2	)		25			2,250
RESIDENTIAL LOTS		1,012			650			499			478			819			2,446			226			398			519			504			1,647
TRACTS AND OUTPARCEL		3,366			5,422			1,104			(3	)		3,533			10,056			70			27			167			3,325			3,589
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			3,854			7,486
FEE INCOME		11,840			3,544			3,728			3,966			3,205			14,443			3,385			3,435			3,909			3,092			13,821
THIRD PARTY MANAGEMENT AND LEASING REVENUES		21,966			4,794			4,485			4,724			4,974			18,977			4,088			4,605			5,398			5,268			19,359
OTHER INCOME		3,100			151			190			277			694			1,312			571			644			448			541			2,204
TOTAL FEE AND OTHER INCOME		36,906			8,489			8,403			8,967			8,873			34,732			8,044			8,684			9,755			8,901			35,384
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,878	)		(4,958	)		(4,214	)		(4,122	)		(4,099	)		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)
REIMBURSED EXPENSES		(5,378	)		(1,859	)		(1,398	)		(1,392	)		(1,648	)		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)
SEPARATION EXPENSES		(3,257	)		(68	)		(33	)		(202	)		(742	)		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)
GENERAL AND ADMINISTRATIVE EXPENSES		(26,198	)		(8,017	)		(6,763	)		(6,172	)		(7,565	)		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)
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	)		(7,461	)		(32,515	)
IMPAIRMENT LOSSES		(115,752	)		—			(586	)		—			(5,714	)		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)
OTHER EXPENSES		(16,674	)		(996	)		(3,363	)		(1,563	)		(121	)		(6,043	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)
INCOME TAX (PROVISION) BENEFIT		(4,341	)		1,146			(14	)		(25	)		(28	)		1,079			64			(27	)		180			(31	)		186
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(3,428	)		(577	)		(468	)		(447	)		(419	)		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
WEIGHTED AVERAGE SHARES - BASIC		65,495			100,069			101,001			101,893			102,761			101,440			103,515			103,659			103,715			103,712			103,651
WEIGHTED AVERAGE SHARES - DILUTED		65,495			100,069			101,001			101,893			102,761			101,440			103,530			103,684			103,718			103,712			103,655
FFO PER SHARE- BASIC AND DILUTED		(1.40	)		0.14			0.08			0.01			0.10			0.32			0.08			0.11			0.14			(1.06	)		(0.74	)

(1) Amounts may differ slightly from actual results due to rounding.

9

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(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 4th			2011
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			3,956			15,537
191 PEACHTREE TOWER		7,190			2,945			2,895			2,982			4,295			13,117			3,228			3,238			3,641			3,937			14,044
THE AMERICAN CANCER SOCIETY CENTER		13,062			2,675			2,736			2,796			2,611			10,818			2,771			2,995			2,927			2,878			11,571
MERIDIAN MARK PLAZA		3,822			917			924			910			935			3,686			895			946			1,021			1,001			3,863
LAKESHORE PARK PLAZA		2,186			561			521			527			594			2,203			546			505			490			558			2,099
THE POINTS AT WATERVIEW		2,050			460			540			447			480			1,927			415			423			523			463			1,824
555 NORTH POINT CENTER EAST		2,063			482			539			505			512			2,038			506			448			406			418			1,778
333 NORTH POINT CENTER EAST		1,606			417			415			422			419			1,673			419			456			375			389			1,639
200 NORTH POINT CENTER EAST		1,685			406			422			352			395			1,575			438			420			374			359			1,591
100 NORTH POINT CENTER EAST		1,391			319			459			373			373			1,524			307			373			346			329			1,355
600 UNIVERSITY PARK PLACE		1,553			418			349			322			437			1,526			182			300			352			355			1,189
INHIBITEX		896			224			222			225			225			896			225			224			224			224			897
PROMENADE		—			—			—			—			—			—			—			—			—			693			693
GALLERIA 75		261			55			87			63			114			319			132			127			107			147			513
COSMOPOLITAN CENTER		554			115			126			110			164			515			106			95			(76	)		(24	)		101
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			15,683			58,687
JOINT VENTURE PROPERTIES :
PALISADES WEST		4,968			1,215			1,240			1,223			1,334			5,012			1,511			1,512			1,511			1,536			6,070
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,615			894			904			963			918			3,679			933			992			960			937			3,822
TEN PEACHTREE PLACE		2,185			571			583			582			578			2,314			602			448			495			486			2,031
GATEWAY VILLAGE(2)		1,208			302			302			302			302			1,208			302			302			302			302			1,208
TERMINUS 200		68			16			12			19			15			62			14			67			140			242			463
PRESBYTERIAN MEDICAL PLAZA		58			—			(60	)		50			29			19			14			15			18			14			61
OTHER		(53	)		(22	)		6			(18	)		(18	)		(52	)		(19	)		(14	)		(20	)		(10	)		(63	)
SUBTOTAL - OFFICE JOINT VENTURE		12,050			2,976			2,987			3,121			3,158			12,242			3,357			3,322			3,406			3,507			13,592
DISCONTINUED OPERATIONS :
ONE GEORGIA CENTER		4,305			1,029			1,025			1,027			1,020			4,101			1,067			1,009			1,071			(39	)		3,108
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			(39	)		3,108
TOTAL - OFFICE NET OPERATING INCOME		69,279			17,676			17,920			17,764			19,432			72,792			18,608			18,780			18,848			19,151			75,387

10

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(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 4th		2011
RETAIL:
CONSOLIDATED PROPERTIES :
THE AVENUE FORSYTH		3,697			1,588			1,458			1,638		1,551		6,235		2,166			1,684			1,907			2,019		7,776
THE AVENUE WEBB GIN		5,583			1,484			1,214			1,307		1,290		5,295		1,463			1,322			1,239			1,251		5,275
THE AVENUE COLLIERVILLE		4,800			1,082			1,503			1,396		1,257		5,238		1,254			1,023			970			1,163		4,410
TIFFANY SPRINGS MARKETCENTER		3,329			741			817			835		918		3,311		856			875			901			875		3,507
OTHER		—			—			—			—		—		—		—			(3	)		(1	)		1		(3	)
SUBTOTAL - RETAIL CONSOLIDATED		17,409			4,895			4,992			5,176		5,016		20,079		5,739			4,901			5,016			5,309		20,965
JOINT VENTURE PROPERTIES :
THE AVENUE MURFREESBORO		3,995			1,071			1,117			1,082		1,135		4,405		1,175			1,153			1,140			1,224		4,692
CW INVESTMENTS(3)		—			—			—			—		—		—		594			594			612			610		2,410
THE AVENUE EAST COBB		626			154			161			167		152		634		144			163			150			112		569
THE AVENUE WEST COBB		497			130			105			125		133		493		135			134			142			148		559
GREENBRIER MARKETCENTER		543			142			136			138		135		551		142			141			132			135		550
NORTH POINT MARKETCENTER		409			85			133			129		146		493		138			121			132			141		532
THE AVENUE VIERA		578			146			131			110		116		503		128			129			128			134		519
THE AVENUE PEACHTREE CITY		454			117			106			118		96		437		106			99			103			102		410
LOS ALTOS MARKETCENTER		205			56			40			52		72		220		84			10			60			67		221
VIERA MARKETCENTER		205			48			50			51		52		201		49			53			49			55		206
OTHER		—			—			—			—		—		—		—			(1	)		(1	)		—		(2	)
SUBTOTAL - RETAIL JOINT VENTURE		7,512			1,949			1,979			1,972		2,037		7,937		2,695			2,596			2,647			2,728		10,666
DISCONTINUED OPERATIONS :
SAN JOSE MARKETCENTER		6,988			1,883			1,743			86		1		3,713		(4	)		(54	)		9			1		(48	)
SUBTOTAL - RETAIL DISCONTINUED		6,988			1,883			1,743			86		1		3,713		(4	)		(54	)		9			1		(48	)
TOTAL - RETAIL NET OPERATING INCOME		31,909			8,727			8,714			7,234		7,054		31,729		8,430			7,443			7,672			8,038		31,583
INDUSTRIAL DISCONTINUED OPERATIONS:
KING MILL DISTRIBUTION PARK - BUILDING 3		1,047			339			418			470		558		1,785		537			529			534			429		2,029
LAKESIDE RANCH BUSINESS PARK - BUILDING 20		727			247			263			360		395		1,265		372			382			373			285		1,412
JEFFERSON MILL BUSINESS PARK - BUILDING A		(206	)		(53	)		(66	)		262		432		575		141			—			—			—		141
SUBTOTAL - INDUSTRIAL DISCONTINUED		1,568			533			615			1,092		1,385		3,625		1,050			911			907			714		3,582
TOTAL - INDUSTRIAL NET OPERATING INCOME		1,568			533			615			1,092		1,385		3,625		1,050			911			907			714		3,582
OTHER DISCONTINUED OPERATIONS NET OPERATING INCOME		(4	)		—			—			—		—		—		—			—			—			—		—
OTHER CONSOLIDATED NET OPERATING INCOME		30			18			59			15		4		96		1			—			—			—		1
TOTAL NET OPERATING INCOME		102,782			26,954			27,308			26,105		27,875		108,242		28,089			27,134			27,427			27,903		110,553

11

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(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 4th			2011
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	)		25			73
SUBTOTAL - MULTI-FAMILY SALES LESS COST OF SALES		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53			(2	)		25			2,250
LOT SALES LESS COST OF SALES - CONSOLIDATED		481			130			41			81			322			574			46			4			7			17			74
LOT SALES LESS COST OF SALES - JOINT VENTURES		531			520			458			397			497			1,872			180			394			512			487			1,573
SUBTOTAL - LOT SALES LESS COST OF SALES		1,012			650			499			478			819			2,446			226			398			519			504			1,647
TRACT SALES LESS COST OF SALES - CONSOLIDATED		1,185			697			1,002			(1	)		(1	)		1,697			—			—			—			3,258			3,258
TRACT SALES LESS COST OF SALES - JOINT VENTURES		264			46			102			2			3,457			3,607			20			27			167			67			281
OUTPARCEL SALES LESS COST OF SALES - CONSOLIDATED		1,917			4,593			—			—			77			4,670			50			—			—			—			50
OUTPARCEL SALES LESS COST OF SALES - JOINT VENTURES		—			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			3,325			3,589
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			3,854			7,486
FEE INCOME
DEVELOPMENT FEES		2,317			356			493			663			501			2,013			532			612			994			712			2,850
MANAGEMENT FEES(4)		8,729			2,748			2,199			2,230			2,485			9,662			2,377			2,176			2,198			2,106			8,857
LEASING & OTHER FEES		794			440			1,036			1,073			219			2,768			476			647			717			274			2,114
TOTAL - FEE INCOME		11,840			3,544			3,728			3,966			3,205			14,443			3,385			3,435			3,909			3,092			13,821
THIRD PARTY MANAGEMENT AND LEASING REVENUES
DEVELOPMENT FEES		1,042			249			285			293			412			1,239			249			271			266			588			1,374
MANAGEMENT FEES(4)		15,914			3,690			3,437			3,239			3,173			13,539			3,359			3,341			3,136			3,226			13,062
LEASING & OTHER FEES		5,010			855			763			1,192			1,389			4,199			480			993			1,996			1,454			4,923
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			5,268			19,359
OTHER INCOME
TERMINATION FEES		1,792			35			33			47			447			562			452			369			368			437			1,626
INTEREST AND OTHER INCOME - CONTINUING OPERATIONS		1,255			116			138			219			242			715			119			187			80			94			480
INTEREST AND OTHER INCOME - DISCONTINUED OPERATIONS		53			—			19			11			5			35			—			88			—			10			98
TOTAL INTEREST INCOME & OTHER		3,100			151			190			277			694			1,312			571			644			448			541			2,204
TOTAL FEE AND OTHER INCOME		36,906			8,489			8,403			8,967			8,873			34,732			8,044			8,684			9,755			8,901			35,384
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,878	)		(4,958	)		(4,214	)		(4,122	)		(4,099	)		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)
REIMBURSED EXPENSES		(5,378	)		(1,859	)		(1,398	)		(1,392	)		(1,648	)		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)
SEPARATION EXPENSES		(3,257	)		(68	)		(33	)		(202	)		(742	)		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)
GENERAL AND ADMINISTRATIVE EXPENSES		(26,198	)		(8,017	)		(6,763	)		(6,172	)		(7,565	)		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)
GAIN (LOSS) ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,732			(592	)		—			(9,235	)		—			(9,827	)		—			—			(74	)		—			(74	)

12

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(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 4th			2011
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	)		(2,260	)		(8,979	)
TERMINUS 100		(11,208	)		(2,802	)		(2,802	)		(2,802	)		(2,729	)		(11,135	)		(1,842	)		(1,835	)		(1,829	)		(1,822	)		(7,328	)
CREDIT FACILITY, UNSECURED (LIBOR + 1.75% to 2.25%)		(8,599	)		(1,037	)		(1,277	)		(1,528	)		(1,393	)		(5,235	)		(1,475	)		(1,480	)		(1,665	)		(1,585	)		(6,205	)
MERIDIAN MARK PLAZA		(1,886	)		(465	)		(462	)		(425	)		(411	)		(1,763	)		(409	)		(408	)		(407	)		(406	)		(1,630	)
THE POINTS AT WATERVIEW		(1,007	)		(248	)		(247	)		(245	)		(243	)		(983	)		(242	)		(240	)		(239	)		(237	)		(958	)
333 & 555 NORTH POINT CENTER EAST		(1,966	)		(482	)		(479	)		(475	)		(470	)		(1,906	)		(471	)		(317	)		—			—			(788	)
100 NORTH POINT CENTER EAST		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)
200 NORTH POINT CENTER EAST		(681	)		(170	)		(170	)		(170	)		(169	)		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)
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	)
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			363			600
SUBTOTAL - CONSOLIDATED		(41,393	)		(9,781	)		(10,286	)		(8,702	)		(8,411	)		(37,180	)		(7,544	)		(7,358	)		(6,601	)		(6,281	)		(27,784	)
JOINT VENTURE DEBT :
THE AVENUE MURFREESBORO		(861	)		(197	)		(251	)		(489	)		(472	)		(1,409	)		(458	)		(417	)		(484	)		(453	)		(1,812	)
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		(1,501	)		(371	)		(369	)		(367	)		(365	)		(1,472	)		(364	)		(361	)		(359	)		(357	)		(1,441	)
TEN PEACHTREE PLACE		(766	)		(189	)		(189	)		(188	)		(186	)		(752	)		(184	)		(183	)		(182	)		(181	)		(730	)
TERMINUS 200		—			—			(3	)		(34	)		(118	)		(155	)		(89	)		(93	)		(98	)		(113	)		(393	)
THE AVENUE EAST COBB		(339	)		(84	)		(83	)		(57	)		(22	)		(246	)		(49	)		(49	)		(49	)		(49	)		(196	)
TEMCO ASSOCIATES		(122	)		(26	)		(27	)		(27	)		(29	)		(109	)		(26	)		(26	)		(25	)		(21	)		(98	)
CL REALTY		(215	)		(32	)		(25	)		(25	)		(27	)		(109	)		(22	)		(18	)		(15	)		(6	)		(61	)
OTHER		(130	)		—			—			—			—			—			—			—			—			—			—
SUBTOTAL - JOINT VENTURE		(3,934	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)
TOTAL INTEREST EXPENSE		(45,328	)		(10,680	)		(11,233	)		(9,889	)		(9,630	)		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(7,461	)		(32,515	)
IMPAIRMENT LOSSES
IMPAIRMENT LOSS - CONSOLIDATED		(40,512	)		—			(586	)		—			(1,968	)		(2,554	)		(3,508	)		—			—			(96,623	)		(100,131	)
IMPAIRMENT LOSS - OTHER		(24,182	)		—			—			—			(3,746	)		(3,746	)		—			—			—			—			—
IMPAIRMENT LOSS - JOINT VENTURE INVESTMENTS		(51,058	)		—			—			—			—			—			—			(250	)		—			(28,753	)		(29,003	)
TOTAL - IMPAIRMENT LOSSES		(115,752	)		—			(586	)		—			(5,714	)		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)
OTHER EXPENSES
PROPERTY TAXES & OTHER HOLDING COSTS		(4,830	)		(825	)		(834	)		(805	)		(694	)		(3,158	)		(803	)		(555	)		(522	)		(514	)		(2,394	)
PREDEVELOPMENT & OTHER		(8,313	)		(37	)		(2,168	)		(104	)		1,051			(1,258	)		(59	)		(117	)		(266	)		(1,600	)		(2,042	)
NONCONTROLLING INTERESTS		(2,252	)		(526	)		(584	)		(696	)		(734	)		(2,540	)		(581	)		(681	)		(613	)		(212	)		(2,087	)
OTHER - JOINT VENTURE		(1,279	)		393			223			42			256			914			43			—			(413	)		(97	)		(467	)
TOTAL - OTHER EXPENSES		(16,674	)		(995	)		(3,363	)		(1,563	)		(121	)		(6,042	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)
INCOME TAX (PROVISION) BENEFIT		(4,341	)		1,146			(14	)		(25	)		(28	)		1,079			64			(27	)		180			(31	)		186
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS
CONSOLIDATED		(3,366	)		(567	)		(462	)		(441	)		(414	)		(1,884	)		(563	)		(372	)		(388	)		(365	)		(1,688	)
DISCONTINUED OPERATIONS		(16	)		(4	)		(1	)		—			—			(5	)		—			—			—			—			—
SHARE OF UNCONSOLIDATED JOINT VENTURES		(46	)		(6	)		(6	)		(5	)		(5	)		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)
TOTAL - NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		(3,428	)		(577	)		(469	)		(446	)		(419	)		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
WEIGHTED AVERAGE SHARES - BASIC		65,495			100,069			101,001			101,893			102,761			101,440			103,515			103,659			103,715			103,712			103,651
WEIGHTED AVERAGE SHARES - DILUTED		65,495			100,069			101,001			101,893			102,761			101,440			103,530			103,684			103,718			103,712			103,655
FFO PER SHARE - BASIC AND DILUTED		(1.40	)		0.14			0.08			0.01			0.10			0.32			0.08			0.11			0.14			(1.06	)		(0.74	)

(1) Amounts may differ slightly from actual results due to rounding.

(2) The Company receives an 11.46% current return on its $10.4 million investment in Gateway Village. Upon liquidation of the venture, the Company will receive up to an 17% internal rate of return on its investment.

(3) The Company receives a 16.00% current return on its $13.9 million investment in CW Investments. CW Investments has an investment in four retail properties: Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village and Highland City Town Center.

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

13

COUSINS PROPERTIES INCORPORATED

PORTFOLIO LISTING

OPERATING PROPERTIES

As of and For the Three Months ended December 31, 2011

									Company Share
Property Description	Metropolitan Area		Rentable Square Feet			Company’s Ownership Interest			Percent Leased			% of Total Net Operating Income			Property Level Debt ($000)
I.OFFICE PROPERTIES
Terminus 100		Atlanta		655,000			100.00	%		97	%		14	%		138,194
191 Peachtree Tower		Atlanta		1,221,000			100.00	%		82	%		14	%		—
The American Cancer Society Center		Atlanta		996,000			100.00	%		83	%		11	%		135,650
Meridian Mark Plaza		Atlanta		160,000			100.00	%		97	%		4	%		26,554
Promenade		Atlanta		775,000			100.00	%		63	%		3	%		—
Emory University Hospital Midtown Medical Office Tower		Atlanta		358,000			50.00	%		100	%		3	%		23,816
555 North Point Center East		Atlanta		152,000			100.00	%		93	%		2	%		—
Ten Peachtree Place (1)		Atlanta		260,000			50.00	%		100	%		2	%		13,096
333 North Point Center East		Atlanta		130,000			100.00	%		98	%		1	%		—
200 North Point Center East		Atlanta		130,000			100.00	%		88	%		1	%		12,239
100 North Point Center East		Atlanta		128,000			100.00	%		84	%		1	%		12,239
Inhibitex		Atlanta		51,000			100.00	%		100	%		1	%		—
Terminus 200 (1)		Atlanta		566,000			20.00	%		87	%		1	%		13,712
Galleria 75		Atlanta		111,000			100.00	%		91	%		1	%		—
Cosmopolitan Center		Atlanta		51,000			100.00	%		94	%		0	%		—
GEORGIA				5,744,000						84	%		59	%		375,500
Palisades West		Austin		373,000			50.00	%		99	%		5	%		—
The Points at Waterview		Dallas		203,000			100.00	%		88	%		2	%		16,135
TEXAS				576,000						93	%		7	%		16,135
Lakeshore Park Plaza (2)		Birmingham		197,000			100.00	%		95	%		2	%		—
600 University Park Place (2)		Birmingham		123,000			100.00	%		93	%		1	%		—
ALABAMA				320,000						94	%		3	%		—
Gateway Village (1)		Charlotte		1,065,000			50.00	%		100	%		1	%		41,548
Presbyterian Medical Plaza		Charlotte		69,000			11.50	%		84	%		0	%		—
NORTH CAROLINA				1,134,000						100	%		1	%		41,548
TOTAL OFFICE PROPERTIES				7,774,000						87	%		70	%		433,183
II.RETAIL PROPERTIES
The Avenue Forsyth (2)		Atlanta		524,000			100.00	%		89	%		7	%		—
The Avenue Webb Gin		Atlanta		322,000			100.00	%		91	%		5	%		—
The Avenue West Cobb		Atlanta		256,000			11.50	%		96	%		1	%		—
North Point MarketCenter		Atlanta		401,000			10.32	%		100	%		1	%		—
The Avenue East Cobb		Atlanta		230,000			11.50	%		86	%		0	%		4,144
The Avenue Peachtree City		Atlanta		183,000			11.50	%		89	%		0	%		—
GEORGIA				1,916,000						90	%		14	%		4,144
The Avenue Murfreesboro		Nashville		751,000			50.00	%		88	%		5	%		49,461
The Avenue Collierville (2)		Memphis		511,000			100.00	%		88	%		4	%		—
Mt. Juliet Village (1)		Nashville		91,000			50.50	%		80	%		1	%		3,106
The Shops of Lee Village (1)		Nashville		74,000			50.50	%		83	%		1	%		2,803
Creek Plantation Village (1)		Chattanooga		78,000			50.50	%		93	%		0	%		3,129
TENNESSEE				1,505,000						87	%		11	%		58,499
Tiffany Springs MarketCenter (2)		Kansas City		238,000			100.00	%		83	%		3	%		—
MISSOURI				238,000						83	%		3	%		—
Highland City Town Center (1)		Lakeland		96,000			50.50	%		87	%		1	%		5,389
The Avenue Viera		Viera		332,000			11.50	%		97	%		0	%		—
Viera MarketCenter		Viera		178,000			11.50	%		94	%		0	%		—
FLORIDA				606,000						92	%		1	%		5,389
Greenbrier MarketCenter		Chesapeake		376,000			10.32	%		100	%		1	%		—
VIRGINIA				376,000						100	%		1	%		—
Los Altos MarketCenter		Long Beach		157,000			10.32	%		100	%		0	%		—
CALIFORNIA				157,000						100	%		0	%		—
TOTAL RETAIL PROPERTIES				4,798,000						89	%		30	%		68,032
TOTAL PORTFOLIO				12,572,000	��					87	%		100	%		501,215

(1) 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.

(2) 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

LEASING AND OCCUPANCY

	Company Share
Property Description	Percent Leased 4Q10			Percent Leased 3Q 11			Percent Leased 4Q11			Weighted Average Occupancy 4Q 10 (1)			Weighted Average Occupancy 3Q 11 (1)			Weighted Average Occupancy 4Q 11 (1)
I.OFFICE PROPERTIES
Terminus 100		95	%		97	%		97	%		93	%		97	%		97	%
191 Peachtree Tower		79	%		80	%		82	%		75	%		79	%		79	%
The American Cancer Society Center		95	%		91	%		83	%		86	%		91	%		86	%
Meridian Mark Plaza		97	%		97	%		97	%		91	%		97	%		97	%
Emory University Hospital Midtown Medical Office Tower		100	%		100	%		100	%		97	%		100	%		100	%
555 North Point Center East		98	%		98	%		93	%		97	%		98	%		99	%
Ten Peachtree Place (2)		94	%		100	%		100	%		94	%		99	%		99	%
333 North Point Center East		98	%		98	%		98	%		95	%		98	%		98	%
200 North Point Center East		100	%		88	%		88	%		100	%		96	%		88	%
100 North Point Center East		94	%		89	%		84	%		96	%		93	%		89	%
Inhibitex		100	%		100	%		100	%		100	%		100	%		100	%
Galleria 75		67	%		71	%		91	%		67	%		68	%		77	%
Cosmopolitan Center		93	%		94	%		94	%		92	%		89	%		94	%
GEORGIA		90	%		89	%		88	%		86	%		89	%		88	%
Palisades West		97	%		99	%		99	%		79	%		97	%		99	%
The Points at Waterview		88	%		84	%		88	%		87	%		84	%		86	%
TEXAS		92	%		91	%		93	%		83	%		90	%		92	%
Lakeshore Park Plaza (3)		94	%		95	%		95	%		95	%		90	%		96	%
600 University Park Place (3)		86	%		89	%		93	%		90	%		80	%		92	%
ALABAMA		91	%		93	%		94	%		93	%		86	%		94	%
Gateway Village (2)		100	%		100	%		100	%		100	%		100	%		100	%
Presbyterian Medical Plaza		78	%		84	%		84	%		78	%		78	%		78	%
NORTH CAROLINA		100	%		100	%		100	%		100	%		100	%		100	%
TOTAL OFFICE PROPERTIES		91	%		91	%		90	%		87	%		90	%		90	%
II.RETAIL PROPERTIES
The Avenue Forsyth (3)		81	%		91	%		89	%		75	%		72	%		84	%
The Avenue Webb Gin		88	%		91	%		91	%		84	%		89	%		89	%
The Avenue West Cobb		95	%		97	%		96	%		97	%		97	%		98	%
North Point MarketCenter		99	%		100	%		100	%		98	%		91	%		91	%
The Avenue East Cobb		98	%		85	%		86	%		96	%		89	%		78	%
The Avenue Peachtree City		89	%		93	%		89	%		91	%		91	%		90	%
GEORGIA		85	%		91	%		90	%		85	%		85	%		92	%
The Avenue Murfreesboro		86	%		87	%		88	%		84	%		86	%		86	%
The Avenue Collierville (3)		88	%		88	%		88	%		90	%		88	%		88	%
TENNESSEE		87	%		88	%		88	%		88	%		87	%		87	%
Tiffany Springs MarketCenter (3)		82	%		83	%		83	%		80	%		83	%		83	%
MISSOURI		82	%		83	%		83	%		80	%		83	%		83	%
The Avenue Viera		93	%		96	%		97	%		90	%		96	%		97	%
Viera MarketCenter		96	%		99	%		94	%		98	%		96	%		96	%
FLORIDA		94	%		97	%		96	%		93	%		96	%		97	%
Greenbrier MarketCenter		100	%		100	%		100	%		100	%		100	%		100	%
VIRGINIA		100	%		100	%		100	%		100	%		100	%		100	%
Los Altos MarketCenter		100	%		100	%		100	%		89	%		87	%		98	%
CALIFORNIA		100	%		100	%		100	%		89	%		87	%		98	%
TOTAL RETAIL PROPERTIES		86	%		89	%		89	%		86	%		86	%		89	%
TOTAL PORTFOLIO		90	%		90	%		90	%		87	%		89	%		90	%

(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) 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.

15

COUSINS PROPERTIES INCORPORATED

SAME PROPERTY PERFORMANCE (1)

NET OPERATING INCOME

($ in thousands)

	Three Months Ended						Q4 ’11 vs Q4 ’10 % Change			Q4 ’11 vs Q3 ’11 % Change
	December 31, 2011		December 31, 2010		September 30, 2011
Rental Property Revenues (2)
Office		29,642		28,770		30,598		3.0	%		-3.1	%
Retail		11,131		11,151		10,912		-0.2	%		2.0	%
Total Rental Property Revenues		40,774		39,921		41,510		2.1	%		-1.8	%
Rental Property Operating Expenses (2)
Office		11,353		10,541		12,854		7.7	%		-11.7	%
Retail		3,704		4,097		3,859		-9.6	%		-4.0	%
Total Rental Property Operating Expenses		15,056		14,638		16,714		2.9	%		-9.9	%
Same Property Net Operating Income
Office		18,290		18,229		17,744		0.3	%		3.1	%
Retail		7,427		7,053		7,053		5.3	%		5.3	%
Total Same Property Net Operating Income		25,717		25,283		24,796		1.7	%		3.7	%
	Three Months Ended						Q4 ’11 vs Q4 ’10 % Change			Q4 ’11 vs Q3 ’11 % Change
	December 31, 2011		December 31, 2010		September 30, 2011
Cash Basis Same Property Net Operating Income (3)
Office		16,264		16,878		14,910		-3.6	%		9.1	%
Retail		7,261		6,703		6,882		8.3	%		5.5	%
Total Cash Basis Same Property Net Operating Income		23,525		23,581		21,792		-0.2	%		8.0	%

	Year Ended
	December 31,
	2011		2010		% Change
Rental Property Revenues (2)
Office		119,088		115,418		3.2	%
Retail		43,806		42,659		2.7	%
Total Rental Property Revenues		162,894		158,077		3.0	%
Rental Property Operating Expenses
Office		47,991		47,075		1.9	%
Retail		14,979		14,642		2.3	%
Total Rental Property Operating Expenses		62,970		61,717		2.0	%
Same Property Net Operating Income
Office		71,097		68,343		4.0	%
Retail		28,827		28,017		2.9	%
Total Same Property Net Operating Income		99,924		96,360		3.7	%
	Year Ended
	December 31,
	2011		2010		% Change
Cash Basis Same Property Net Operating Income (3)
Office		62,069		63,164		-1.7	%
Retail		27,944		26,831		4.1	%
Total Cash Basis Same Property Net Operating Income		90,013		89,995		0.0	%

(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 results for 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.

16

COUSINS PROPERTIES INCORPORATED

SQUARE FEET EXPIRING

As of December 31, 2011

OFFICE

As of December 31, 2011, the Company’s office portfolio included 21 commercial office buildings. The weighted average remaining lease term of these office buildings was approximately seven years as of December 31, 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:

	2012			2013			2014			2015			2016			2017			2018			2019			2020			2021 & Thereafter			Total
Company Share
Square Feet Expiring		217,735			346,284			234,657			498,898			815,404			530,964			340,448			295,599			236,122			1,888,600			5,404,711
% of Leased Space		4	%		6	%		4	%		9	%		15	%		10	%		6	%		6	%		5	%		35	%		100	%
Annual Contractual Rent ($000’s) (1)	$	3,495		$	7,603		$	4,839		$	10,993		$	16,918		$	13,618		$	9,478		$	7,236		$	6,197		$	47,319		$	127,696
Annual Contractual Rent/Sq. Ft. (1)	$	16.05		$	21.96		$	20.62		$	22.04		$	20.75		$	25.65		$	27.84		$	24.48		$	26.25		$	25.06		$	23.63

RETAIL

As of December 31, 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 December 31, 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:

	2012			2013			2014			2015			2016			2017			2018			2019			2020			2021 & Thereafter			Total
Company Share
Square Feet Expiring (2)		127,262			71,185			96,825			99,422			278,960			145,676			328,597			325,956			92,130			536,430			2,102,443
% of Leased Space		6	%		3	%		5	%		5	%		13	%		7	%		16	%		15	%		4	%		26	%		100	%
Annual Contractual Rent ($000’s) (1)	$	2,084		$	1,721		$	2,013		$	2,236		$	6,376		$	3,402		$	7,367		$	6,943		$	1,364		$	6,398		$	39,904
Annual Contractual Rent/Sq. Ft. (1)	$	16.37		$	24.18		$	20.79		$	22.49		$	22.86		$	23.36		$	22.42		$	21.30		$	14.81		$	11.93		$	18.98

(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.

17

COUSINS PROPERTIES INCORPORATED

TOP 20 TENANTS

As of December 31, 2011

Tenant (1)	Product Type	Company Share of Annualized Base Rent (2)			Average Remaining Lease Term (Years)
1.   Deloitte & Touche	Office		4.3	%		12.4
2.   Smith, Gambrell & Russell, LLP	Office		3.4	%		9.5
3.   American Cancer Society	Office		3.2	%		10.5
4.   Internap Network Services	Office		2.3	%		8.3
5.   US South Communications	Office		2.3	%		10.0
6.   tvsdesign	Office		2.0	%		4.3
7.   AGL Services Company	Office		2.0	%		14.6
8.   Dimensional Fund Advisors	Office		1.9	%		11.8
9.   MedAssets Net Revenue Systems, LLC	Office		1.9	%		3.2
10.   Morgan Stanley	Office		1.7	%		6.8
11.   CB Richard Ellis, Inc.	Office		1.5	%		7.5
12.   Bank of America (3)	Office		1.4	%		4.9
13.   Emory University	Office		1.4	%		5.2
14.   Northside Hospital	Office		1.3	%		3.0
15.   Bombardier Aerospace Corporation	Office		1.2	%		11.2
16.   Georgia Lottery Corporation	Office		1.2	%		11.5
17.   Wells Fargo Bank, N.A.	Office		1.2	%		4.3
18.   Cumulus Media, Inc.	Office		1.2	%		5.9
19.   Premiere Global Services, Inc.	Office		1.2	%		6.7
20.   Barnes & Noble	Retail		1.1	%		5.3
			37.6	%		8.5

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

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.

18

COUSINS PROPERTIES INCORPORATED

DEVELOPMENT PIPELINE (1)

As of December 31, 2011

($ in thousands)

Project	Metropolitan Area	Company’s Ownership Interest			Estimated Project Cost (2)		Project Cost Incurred to Date		Number of Apartment Units/Square Feet		Percent Leased			Estimated Opening (3)		Estimated Stabilization (4)
Emory Point (Phase I)	Atlanta, GA		75	%	$	102,300	$	33,789
Apartments										443		N/A			3Q 12		2Q 14
Retail										80,000		38	%		4Q 12		2Q 13
Mahan Village	Tallahassee, FL		100	% (5)	$	25,800	$	11,325
Retail										147,000		79	%		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 December 31, 2011, $1,000 was outstanding under each construction loan.

(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 the first apartment unit 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 cashflows after the Company’s capital is recovered.

19

COUSINS PROPERTIES INCORPORATED

INVENTORY OF COMMERCIAL LAND HELD

As of December 31, 2011

Property Description	Metropolitan Area	Company’s Ownership Interest			Developable Land Area (Acres)
Jefferson Mill Business Park	Atlanta		100.00	%		117
King Mill Distribution Park	Atlanta		100.00	%		86
Wildwood Office Park	Atlanta		50.00	%		36
North Point	Atlanta		100.00	%		29
Wildwood Office Park	Atlanta		100.00	%		23
The Avenue Forsyth-Adjacent Land (1)	Atlanta		100.00	%		11
North Point	Atlanta		100.00	%		9
The Avenue Forsyth-Outparcels (2)	Atlanta		100.00	%		6
Terminus	Atlanta		100.00	%		4
615 Peachtree Street	Atlanta		100.00	%		2
The Avenue Webb Gin -Outparcels (2)	Atlanta		100.00	%		2
549 / 555 / 557 Peachtree Street	Atlanta		100.00	%		1
Georgia						326
Round Rock Land	Austin		100.00	%		60
Research Park V	Austin		100.00	%		6
Texas						66
The Shops of Lee Village-Outparcels (2) (3)	Nashville		50.50	%		6
The Avenue Murfreesboro-Outparcels (2) (3)	Nashville		50.00	%		5
The Avenue Collierville-Outparcels (2) (3)	Memphis		100.00	%		4
Tennessee						15
Tiffany Springs MarketCenter-Outparcels (2)	Kansas City		100.00	%		12
Missouri						12
Highland City Town Center -Outparcels (2) (3)	Lakeland		50.50	%		56
Florida						56
TOTAL COMMERCIAL LAND HELD						475
COMPANY’S SHARE OF TOTAL						424
COST BASIS OF COMMERCIAL LAND HELD					$	91,982
COMPANY’S SHARE OF COST BASIS OFCOMMERCIAL LAND HELD					$	65,692

(1) Land is adjacent to an existing retail center and is anticipated to either be sold to a third party or developed as an additional phase of the retail center.

(2) Land relates to outparcels available for sale or ground lease, which are included in the basis of the related operating property.

(3) 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.

20

COUSINS PROPERTIES INCORPORATED

INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS

As of December 31, 2011

	Metropolitan Area	Company’s Ownership Interest			Lots						Tracts (2)
Description					Estimated to be Developed  (1)		Total Sold		Remaining to be Sold		Sold since Inception		Remaining
The Georgian (4)	Atlanta		37.50	%		1,341		289		1,052		—		—
Callaway Gardens (3) (5)	Pine Mountain		100.00	%		559		31		528		—		—
Seven Hills (4)	Atlanta		50.00	%		1,093		644		449		1,070		65
The Lakes at Cedar Grove	Atlanta		100.00	%		906		727		179		—		—
Blalock Lakes (5)	Atlanta		100.00	%		154		21		133		—		1,205
West Park (4)	Atlanta		50.00	%		84		21		63		—		—
Longleaf at Callaway (5)	Pine Mountain		100.00	%		138		125		13		—		—
River’s Call	Atlanta		100.00	%		107		95		12		—		—
Harris Place (4)	Atlanta		50.00	%		27		18		9		—		—
Bentwater (4)	Atlanta		50.00	%		1,676		1,673		3		—		—
Paulding County	Atlanta		50.00	%		—		—		—		783		5,712
Georgia						6,085		3,644		2,441		1,853		6,982
Long Meadow Farms (4)	Houston		18.75	%		1,795		858		937		133		192
Summer Lakes (4)	Houston		50.00	%		1,130		405		725		56		—
Southern Trails (4)	Houston		40.00	%		1,036		497		539		114		—
Waterford Park (4)	Houston		50.00	%		210		—		210		—		90
Summer Creek Ranch (4)	Dallas/Fort Worth		50.00	%		983		806		177		624		149
Village Park North (4)	Dallas/Fort Worth		50.00	%		189		73		116		23		—
Stonewall Estates (4)	San Antonio		25.00	%		388		280		108		—		—
Bar C Ranch (4)	Dallas/Fort Worth		50.00	%		332		279		53		—		171
Village Park (4)	Dallas/Fort Worth		50.00	%		421		373		48		3		35
Stillwater Canyon (4)	Dallas/Fort Worth		50.00	%		231		225		6		—		33
Padre Island	Corpus Christi		50.00	%		—		—		—		—		15
Texas						6,715		3,796		2,919		953		685
Manatee River Plantation (4)	Tampa/St. Petersburg		50.00	%		457		348		109		—		—
Creekside Oaks (4)	Tampa/St. Petersburg		50.00	%		301		251		50		—		—
Bridle Path Estates (4)	Tampa/St. Petersburg		50.00	%		—		—		—		—		439
Florida						758		599		159		—		439
TOTAL LOTS AND TRACTS IN RESIDENTIAL PROJECTS						13,558		8,039		5,519		2,806		8,106
COMPANY’S SHARE OF TOTAL						6,782		4,095		2,687		1,350		4,596
COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS						—		—		—		—	$	94,746
COMPANY’S SHARE OF COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS						—		—		—		—	$	50,241

(1) This estimate represents the total projected development capacity for a development on owned land currently anticipated to be developed as lots if a development project progresses. The lot numbers shown include lots currently developed or which may 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 or commercial development.

(3) 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.

(4) These projects are under contract to be sold by CL Realty or Temco to the Company’s partner in CL Realty and Temco.

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

21

COUSINS PROPERTIES INCORPORATED

DEBT OUTSTANDING

As of December 31, 2011

($ in thousands)

	Company’s Ownership Interest			Rate End of Quarter			Maturity Date																								Company’s Share Recourse (1)
										Company’s Share of Debt Maturities and Principal  Payments
Description (Interest Rate Base, if not fixed)										2012			2013			2014			2015			2016			Thereafter			Total
CONSOLIDATED DEBT
Floating Rate Debt
Credit Facility, Unsecured (LIBOR + 1.75%-2.25%; $350mm facility) (2)		100.00	%		2.30	%		8/29/2012			198,250			—			—			—			—			—			198,250			198,250
Mahan Village (LIBOR + 1.65%; $15mm facility)		100.00	%(3)		3.25	%(4)		9/12/2014	(5)		—			—			1			—			—			—			1			1
Total Floating Rate Debt											198,250			—			1			—			—			—			198,251			198,251
Fixed Rate Debt
100/200 North Point Center East		100.00	%		5.39	%		6/1/2012			24,478			—			—			—			—			—			24,478			—
Callaway Gardens		100.00	%		4.13	%		11/18/2013			—			180			—			—			—			—			180			—
The Points at Waterview		100.00	%		5.66	%		1/1/2016			484			512			541			573			14,025			—			16,135			—
The American Cancer Society Center (6)		100.00	%		6.45	%		9/1/2017			1,408			1,528			1,631			1,741			1,834			127,508			135,650			—
Meridian Mark Plaza		100.00	%		6.00	%		8/1/2020			359			381			405			430			456			24,523			26,554			—
Terminus 100		100.00	%		5.25	%		1/1/2023			2,071			2,182			2,300			2,424			2,554			126,663			138,194			—
Total Fixed Rate Debt											28,800			4,783			4,877			5,168			18,869			278,694			341,191			—
TOTAL CONSOLIDATED DEBT											227,050			4,783			4,878			5,168			18,869			278,694			539,442			198,251
UNCONSOLIDATED DEBT
Floating Rate Debt
Bentwater Links (LIBOR + 6.5%)		50.00	%		6.80	%		5/23/2012			1,394			—			—			—			—			—			1,394			—
Waterford Park (Prime + 1.5%)		50.00	%		4.75	%		11/8/2012			528			—			—			—			—			—			528			—
CF Murfreesboro Associates (LIBOR + 3.0%; $113.2mm facility)		50.00	%		3.30	%		7/20/2013			—			49,461			—			—			—			—			49,461			26,220
Terminus 200 (LIBOR + 2.5%; $92mm facility)		20.00	%		2.80	%		12/31/2013			—			13,712			—			—			—			—			13,712			—
Emory Point (LIBOR + 1.85%, $61.1mm facility)		75.00	%		2.15	%		6/28/2014	(5)		—			—			1			—			—			—			1			—
Highland City Town Center (LIBOR + 2.65%)		50.50	%(3)		2.95	%		1/1/2016	(5)		103			109			116			123			4,938			—			5,389			—
Creek Plantation Village (LIBOR + 2.65%)		50.50	%(3)		2.95	%		1/1/2016	(5)		60			64			67			71			2,867			—			3,129			—
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility)		50.50	%(3)		3.15	%		1/1/2016	(5)		—			51			58			62			2,935			—			3,106			1,538
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility)		50.50	%(3)		3.15	%		1/1/2016	(5)		—			46			53			56			2,648			—			2,803			1,388
Total Floating Rate Debt											2,085			63,443			295			312			13,388			—			79,523			29,146
Fixed Rate Debt
Emory University Hospital Midtown Medical Office Tower		50.00	%		5.90	%		6/1/2013			568			23,248			—			—			—			—			23,816			—
Ten Peachtree Place		50.00	%		5.39	%		4/1/2015			311			329			347			12,109			—			—			13,096			—
Gateway Village (7)		50.00	%		6.41	%		12/1/2016			7,427			7,917			8,439			8,997			8,768			—			41,548			—
The Avenue East Cobb		11.50	%		4.52	%		12/1/2017			71			74			78			81			85			3,755			4,144			—	��
Total Fixed Rate Debt											8,377			31,568			8,864			21,187			8,853			3,755			82,604			—
TOTAL UNCONSOLIDATED DEBT										$	10,462		$	95,011		$	9,159		$	21,499		$	22,241		$	3,755		$	162,127		$	29,146
TOTAL DEBT										$	237,512		$	99,794		$	14,037		$	26,667		$	41,110		$	282,449		$	701,569		$	227,397
TOTAL MATURITIES (8)										$	224,649		$	86,602		$	2		$	12,109		$	27,413		$	262,423		$	613,198
% OF MATURITIES											37	%		14	%		0	%		2	%		4	%		43	%		100	%

22

COUSINS PROPERTIES INCORPORATED

DEBT OUTSTANDING

As of December 31, 2011

($ in thousands)

Floating and Fixed Rate Debt Analysis
			% of Total Debt			Stated Weighted Average Rate			Weighted Average Maturity (Years)
Floating Rate Debt	$	277,774		40	%		2.56	%		1.1
Fixed Rate Debt		423,795		60	%		5.85	%		6.8
Total Debt	$	701,569		100	%		4.55	%		4.6

Unsecured and Secured Debt Analysis
			% of Total Debt			Stated Weighted Average Rate			Weighted Average Maturity (Years)
Unsecured Debt	$	198,250		28	%		2.30	%		0.7
Secured Debt		503,319		72	%		5.44	%		6.1
Total Debt	$	701,569		100	%		4.55	%		4.6

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

(2) Total borrowing capacity of the Credit Facility at December 31, 2011 was $350 million based on certain covenant calculations. The spread over LIBOR at December 31, 2011 was 2% based on covenant calculations. The Company is currently in negotiations with a bank group and intends to close a new credit facility prior to August 2012.

(3) The ownership percentage of the venture holding these loans and the allocation of results of operations and/or gain or loss on property sales may be disproportionate.

(4) 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.

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

(6) 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.

(7) Gateway Village debt is non-recourse to the Company and the Company receives an 11.46% current return on its $10.4 million investment in Gateway Village. Upon liquidation of the venture, the Company can 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.

23

COUSINS PROPERTIES INCORPORATED

IMPAIRMENT LOSSES

($ in thousands)

	Company Share
	Three Months Ended December 31, 2011		Year Ended December 31, 2011
Impairment Losses on Consolidated Undepreciated Property (1)	$	96,623	$	100,131
Impairment Losses on Consolidated Depreciated Property (2)		7,632		7,632
TOTAL CONSOLIDATED IMPAIRMENT LOSSES		104,255		107,763
Impairment Loss on Investment in Unconsolidated Joint Venture (3)		608		608
Impairment Losses on Unconsolidated Undepreciated Property (4)		28,145		28,395
TOTAL IMPAIRMENT LOSSES	$	133,008	$	136,766

(1) Included in this category were impairment losses on: Blalock Lakes, Callaway Gardens, King Mill Distribution Park Land, Round Rock Land, Jefferson Mill Distribution Park Land, 549/555/557 Peachtree Street, North Point Land, The lakes at Cedar Grove, 615 Peachtree Street, Terminus Land, Tiffany Springs MarketCenter outparcels, The Avenue Forsyth adjacent Land, 60 N. Market Condominium and Investment in Verde.

(2) Included in this category were impairment losses on: Cosmopolitan Center and Galleria 75. FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) excludes impairment losses on depreciable property.

(3) Included in this category was an impairment on the Company’s Investment in Temco.

(4) Included in this category were impairment losses on: The Georgian, Paulding Land, Seven Hills, Southern Trails, Waterford Park, Summer Lakes, Bar C Ranch, Still Water Canyon, Westpark, Summer Creek Ranch, Creekside Oaks, Bridle Path Estates, Long Meadow Farms, Manatee River Plantation, Village Park North, Padre Island, Stonewall Estates and Harris Place.

24

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(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 4th			2011
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			2,528			16,602
SECOND GENERATION BUILDING IMPROVEMENTS		1,339			81			270			192			81			624			25			24			35			380			464
		4,084			415			1,224			2,570			1,778			5,987			1,921			6,381			5,856			2,908			17,067
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		2,415			594			500			767			752			2,613			51			44			372			1,607			2,074
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			4,515			19,140
NET OPERATING INCOME:
OFFICE CONSOLIDATED PROPERTIES		52,810			13,714			13,966			13,669			15,248			56,597			14,185			14,443			14,376			15,683			58,687
RETAIL CONSOLIDATED PROPERTIES		17,409			4,895			4,992			5,176			5,016			20,079			5,739			4,901			5,016			5,309			20,965
OTHER RENTAL OPERATIONS - CONSOLIDATED		30			18			59			15			4			96			1			—			—			—			1
NET OPERATING INCOME - CONSOLIDATED		70,249			18,627			19,017			18,860			20,268			76,772			19,925			19,344			19,393			20,993			79,655
RENTAL PROPERTY REVENUES		128,245			31,981			32,937			32,687			32,917			130,522			32,904			33,503			34,030			35,136			135,573
RENTAL PROPERTY OPERATING EXPENSES		(57,996	)		(13,354	)		(13,920	)		(13,827	)		(12,649	)		(53,750	)		(12,979	)		(14,159	)		(14,637	)		(14,143	)		(55,918	)
NET OPERATING INCOME - CONSOLIDATED		70,249			18,627			19,017			18,860			20,268			76,772			19,925			19,344			19,393			20,993			79,655
INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		21,543			5,230			5,327			3,690			3,559			17,806			3,389			3,185			3,511			1,030			11,115
RENTAL PROPERTY OPERATING EXPENSES		(8,571	)		(1,830	)		(1,999	)		(1,539	)		(1,147	)		(6,515	)		(1,278	)		(1,313	)		(1,529	)		(354	)		(4,474	)
NET OPERATING INCOME		12,972			3,400			3,328			2,151			2,412			11,291			2,111			1,872			1,982			676			6,641
INTEREST AND OTHER INCOME		53			—			19			11			5			35			—			88			—			10			98
INTEREST EXPENSE		(1,634	)		—			—			—			—			—			—			—			—			—			—
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(4	)		(1	)		—			—			(5	)		—			—			—			—			—
FFO FROM DISCONTINUED OPERATIONS		11,375			3,396			3,346			2,162			2,417			11,321			2,111			1,960			1,982			686			6,739
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(8,036	)		(1,986	)		(1,651	)		(1,500	)		(1,501	)		(6,638	)		(1,336	)		(1,280	)		(1,052	)		(219	)		(3,887	)
INCOME FROM DISCONTINUED OPERATIONS		3,339			1,410			1,695			662			916			4,683			775			680			930			467			2,852

25

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(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 4th		2011
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	)		25		77
MULTI-FAMILY SALES LESS COST OF SALES - SHARE OF JOINT VENTURES		115			117			45			165			146			473			17			33		(2	)		25		72
TOTAL MULTI-FAMILY FFO		5,327			2,293			1,880			1,612			2,113			7,898			2,174			53		(2	)		25		2,249
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			2,605		3,015
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			2,605		3,015
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED:
RESIDENTIAL LOT COST OF SALES		1,265			260			275			549			856			1,940			119			76		158			2,588		2,941
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			2,588		2,891
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		1,185			697			1,002			(1	)		(1	)		1,697			—			—		—			3,258		3,258
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			3,275		3,382
SUMMARY - CONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES		481			130			41			81			322			574			46			4		7			17		74
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			—			—		—			3,258		3,258
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			3,275		3,382

26

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(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 4th			2011
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			2,053			7,343
OUTPARCEL SALES		—			516			—			—			—			516			—			—			—			—			—
TRACT SALES		658			61			167			—			10,405			10,633			572			29			152			41			794
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			2,093			8,137
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			1,566			5,770
OUTPARCEL COST OF SALES		—			430			—			4			—			434			—			—			—			—			—
TRACT COST OF SALES		394			15			65			(2	)		6,948			7,026			552			2			(15	)		(26	)		513
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			1,540			6,283
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES -JOINT VENTURES		795			652			560			395			3,954			5,561			200			421			679			554			1,854
SUMMARY - JOINT VENTURES:
RESIDENTIAL LOT SALES LESS COST OF SALES		531			520			458			397			497			1,872			180			394			512			487			1,573
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			67			281
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			554			1,854
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			3,829			5,236
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
NET OPERATING INCOME:
OFFICE PROPERTIES		12,050			2,976			2,987			3,121			3,158			12,242			3,357			3,322			3,406			3,507			13,592
RETAIL PROPERTIES		7,512			1,949			1,979			1,972			2,037			7,937			2,695			2,596			2,647			2,728			10,666
NET OPERATING INCOME		19,562			4,925			4,966			5,093			5,195			20,179			6,052			5,918			6,053			6,235			24,258
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES		795			652			560			395			3,954			5,561			200			421			679			554			1,854
MULTI-FAMILY SALES LESS COST OF SALES		115			117			45			165			146			473			17			33			(2	)		25			73
TERMINATION FEES		75			27			—			21			—			48			58			—			—			15			73
INTEREST EXPENSE		(3,934	)		(899	)		(947	)		(1,187	)		(1,219	)		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)
OTHER EXPENSE		(1,279	)		392			223			42			256			913			43			—			(413	)		(97	)		(467	)
IMPAIRMENT LOSSES		(24,182	)		—			—			—			(3,746	)		(3,746	)		—			(250	)		—			(28,753	)		(29,003	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(46	)		(6	)		(5	)		(6	)		(5	)		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES		(8,894	)		5,208			4,842			4,523			4,581			19,154			5,173			4,970			5,100			(23,206	)		(7,963	)
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	)		(2,561	)		(10,337	)
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		(17,636	)		2,920			2,394			2,179			2,000			9,493			2,496			2,312			2,660			(25,767	)		(18,299	)

27

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(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 4th			2011
MARKET CAPITALIZATION
COMMON STOCK PRICE AT PERIOD END		7.63			8.31			6.74			7.14			8.34			8.34			8.35			8.54			5.85			6.41			6.41
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			103,702			103,702
COMMON STOCK CAPITALIZATION		761,337			838,196			685,910			732,814			862,289			862,289			865,319			885,718			606,727			664,730			664,730
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			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			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			169,602
DEBT		590,208			580,979			580,378			514,363			509,509			509,509			496,823			498,034			462,135			539,442			539,442
SHARE OF UNCONSOLIDATED DEBT		197,055			195,250			158,290			152,391			172,325			172,325			166,726			163,931			162,022			162,127			162,127
DEBT(2)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			701,569			701,569
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			1,400,486			1,535,901			1,535,901
LEVERAGE RATIOS
DEBT(2)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			701,569			701,569
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			1,400,486			1,535,901			1,535,901
DEBT (2) /TOTAL MARKET CAPITALIZATION		46	%		44	%		46	%		42	%		40	%		40	%		39	%		39	%		45	%		46	%		46	%
TOTAL ASSETS-CONSOLIDATED		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			1,235,535			1,235,535
ACCUMULATED DEPRECIATION-CONSOLIDATED		233,091			246,129			251,250			258,897			274,925			274,925			286,547			298,085			286,399			289,473			289,473
UNDEPRECIATED ASSETS-UNCONSOLIDATED(2)		475,407			477,745			467,863			472,561			485,993			485,993			485,029			499,381			507,201			516,686			516,686
LESS: INVESTMENT IN JOINT VENTURES		(146,150	)		(145,352	)		(158,955	)		(163,231	)		(167,108	)		(167,108	)		(165,119	)		(179,149	)		(181,947	)		(160,587	)		(160,587	)
TOTAL UNDEPRECIATED ASSETS (2)		2,053,900			2,063,999			2,029,180			1,959,279			1,965,092			1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107
DEBT(2)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			701,569			701,569
TOTAL UNDEPRECIATED ASSETS(2)		2,053,900			2,063,999			2,029,180			1,959,279			1,965,092			1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107
DEBT (2)/TOTAL UNDEPRECIATED ASSETS (2)		38	%		38	%		36	%		34	%		35	%		35	%		34	%		34	%		33	%		37	%		37	%
DEBT(2)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			701,569			701,569
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			169,602
DEBT(2) + PREFERRED		956,865			945,831			908,270			836,356			851,436			851,436			833,151			831,567			793,759			871,171			871,171
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			1,400,486			1,535,901			1,535,901
DEBT (2) + PREFERRED/ TOTAL MARKET CAPITALIZATION		56	%		53	%		57	%		53	%		50	%		50	%		49	%		48	%		57	%		57	%		57	%
DEBT(2) + PREFERRED		956,865			945,831			908,270			836,356			851,436			851,436			833,151			831,567			793,759			871,171			871,171
TOTAL UNDEPRECIATED ASSETS(2)		2,053,900			2,063,999			2,029,180			1,959,279			1,965,092			1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107
DEBT (2) + PREFERRED/TOTAL UNDEPRECIATED ASSETS (2)		47	%		46	%		45	%		43	%		43	%		43	%		43	%		43	%		42	%		46	%		46	%
EBITDA (2)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			7,461			32,515
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		3,428			577			469			446			419			1,911			568			377			393			370			1,708
INCOME TAX PROVISION (BENEFIT)		4,341			(1,146	)		14			25			28			(1,079	)		(64	)		27			(180	)		31			(186	)
IMPAIRMENT LOSSES		115,752			—			586			—			5,714			6,300			3,508			250			—			125,376			129,134
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			937			937
(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			3,227			12,907
EBITDA (2)		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			27,200			100,214
COVERAGE RATIOS (2)
EBITDA		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			27,200			100,214
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			7,461			32,515
INTEREST COVERAGE RATIO (2)		1.92			2.61			2.26			2.40			2.89			2.53			2.76			2.74			3.28			3.65			3.08
INTEREST EXPENSE		45,328			10,680			11,233			9,889			9,630			41,432			8,736			8,505			7,813			7,461			32,515
SCHEDULED PRINCIPAL PAYMENTS		3,955			842			853			1,459			1,245			4,399			1,755			1,894			1,650			1,997			7,296
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227			3,227			3,226			3,227			12,907
FIXED CHARGES		62,190			14,749			15,313			14,574			14,102			58,738			13,718			13,626			12,689			12,685			52,718
EBITDA		87,181			27,910			25,373			23,707			27,821			104,811			24,097			23,282			25,635			27,200			100,214
FIXED CHARGES COVERAGE RATIO (2)		1.40			1.89			1.66			1.63			1.97			1.78			1.76			1.71			2.02			2.14			1.90
DEBT (2)		787,263			776,229			738,668			666,754			681,834			681,834			663,549			661,965			624,157			701,569			701,569
ANNUALIZED EBITDA(3)		87,181			111,638			101,492			94,828			111,284			111,284			96,388			93,128			102,540			108,800			108,800
DEBT (2) /ANNUALIZED EBITDA (3)		9.03			6.95			7.28			7.03			6.13			6.13			6.88			7.11			6.09			6.45			6.45

28

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(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 4th			2011
DIVIDEND RATIOS
REGULAR COMMON DIVIDENDS:
CASH		22,710			2,997			3,034			3,060			3,085			12,176			4,653			4,663			4,667			4,667			18,651
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			4,667			18,651
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
FFO PAYOUT RATIO		-46	%		64	%		115	%		1034	%		92	%		111	%		57	%		43	%		33	%		-4	%		-24	%
FFO BEFORE CERTAIN CHARGES
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
IMPAIRMENT LOSSES(2)		115,752			—			586			—			5,714			6,300			3,508			250			—			125,376			129,134
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			937			937
(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			4			197
FFO BEFORE CERTAIN CHARGES		40,341			14,640			10,463			10,323			15,259			50,685			11,731			11,223			14,398			16,115			53,467
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO		105	%		61	%		87	%		89	%		61	%		72	%		40	%		42	%		32	%		29	%		35	%
FAD (2)
FFO		(91,960	)		13,980			7,895			886			10,020			32,781			8,122			10,896			14,309			(110,202	)		(76,875	)
FAS 13		(7,277	)		(1,733	)		(1,918	)		(2,074	)		(2,211	)		(7,936	)		(2,637	)		(2,885	)		(3,095	)		(2,459	)		(11,076	)
ABOVE AND BELOW MARKET RENTS		51			(20	)		(20	)		(24	)		(26	)		(90	)		(23	)		(15	)		(15	)		27			(26	)
SECOND GENERATION CAPEX		(6,499	)		(1,009	)		(1,724	)		(3,337	)		(2,530	)		(8,600	)		(1,972	)		(6,425	)		(6,228	)		(4,515	)		(19,140	)
FAD (2)		(105,685	)		11,217			4,233			(4,549	)		5,253			16,154			3,490			1,571			4,970			(117,149	)		(107,117	)
COMMON DIVIDENDS		42,421			8,981			9,080			9,160			9,237			36,458			4,653			4,663			4,667			4,667			18,651
FAD PAYOUT RATIO (2)		-40	%		80	%		215	%		-201	%		176	%		226	%		133	%		297	%		94	%		-4	%		-17	%
FAD BEFORE CERTAIN CHARGES
FAD(2)		(105,685	)		11,217			4,233			(4,549	)		5,253			16,154			3,490			1,571			4,970			(117,149	)		(107,117	)
IMPAIRMENT LOSSES(2)		115,752			—			586			—			5,714			6,300			3,508			250			—			125,376			129,134
PREDEVELOPMENT CHARGES		7,117			—			1,949			—			(1,217	)		732			—			—			—			937			937
(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			4			197
FAD BEFORE CERTAIN CHARGES		26,616			11,877			6,801			4,888			10,492			34,058			7,099			1,898			5,059			9,168			23,225
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO		159	%		76	%		134	%		187	%		88	%		107	%		66	%		246	%		92	%		51	%		80	%
OPERATIONS RATIOS
REVENUES		203,284			64,410			49,577			48,890			52,679			215,556			45,712			42,186			43,950			46,616			178,464
RENTAL REVENUES FROM DISCONTINUED OPERATIONS		21,596			5,230			5,346			3,701			3,564			17,841			3,389			3,273			3,511			1,040			11,213
REVENUES INCLUDING DISCONTINUED OPERATIONS		224,880			69,640			54,923			52,591			56,243			233,397			49,101			45,459			47,461			47,656			189,677
GENERAL AND ADMINISTRATIVE EXPENSES		26,198			8,017			6,763			6,172			7,803			28,755			7,400			6,133			4,295			6,338			24,166
REVENUES INCLUDING DISCONTINUED OPERATIONS		224,880			69,640			54,923			52,591			56,243			233,397			49,101			45,459			47,461			47,656			189,677
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS		11.6	%		11.5	%		12.3	%		11.7	%		13.9	%		12.3	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%
TOTAL UNDEPRECIATED ASSETS(2)		2,053,900			2,063,999			2,029,180			1,959,279			1,965,092			1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES (3) /TOTAL UNDEPRECIATED ASSETS		1.3	%		1.6	%		1.3	%		1.3	%		1.6	%		1.6	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%

(1) AMOUNTS MAY DIFFER SLIGHTLY FROM ACTUAL RESULTS DUE TO ROUNDING.

(2) INCLUDES COMPANY SHARE OF UNCONSOLIDATED JOINT VENTURES.

(3) ANNUALIZED REPRESENTS QUARTER AMOUNT ANNUALIZED.

29

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

	Three Months Ended						Year Ended
	December 31,		December 31,		September 30,		December 31,
	2011		2010		2011		2011		2010
Net Operating Income
Same Property		25,717		25,283		24,796		99,924		96,360
Non-Same Property		2,187		2,592		2,630		10,630		11,882
Consolidated Property Net Operating Income		27,904		27,875		27,427		110,554		108,242
										��
Less: Non-Cash Items
Straight line rent		2,458		2,372		3,088		11,054		8,067
Other		91		146		116		497		650
Non-Cash Items		2,549		2,519		3,203		11,552		8,716
Cash Basis Property Net Operating Income		25,355		25,356		24,224		99,002		99,525
Net Operating Income (1)
Operating Properties		20,992		20,269		19,392		79,653		76,773
Discountinued Operations		677		2,411		1,982		6,643		11,290
Share of Unconcolidated Joint Ventures		6,235		5,195		6,053		24,258		20,179
Total Net Operating Income		27,904		27,875		27,427		110,554		108,242

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

30

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, impairment losses on depreciable investment property 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.

31

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.

32