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

COUSINS PROPERTIES INCORPORATED

Quarterly Information Package

For the Quarter Ended March 31, 2012

TABLE OF CONTENTS

Press Release	1
Consolidated Statements of Operations	5
Funds From Operations	4
Consolidated Balance Sheets	6
Same Property Information	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
Calculations and Reconciliations of Non-GAAP Financial Measures	23
Discussion of Non-GAAP Financial Measures	29

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust, risks associated with development projects and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 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

FIRST QUARTER OF 2012

Highlights

• Funds From Operations was $0.13 per share.

• Same property net operating income increased 5.4% from the first quarter of 2011.

• Eighteen residential projects in the CL Realty and Temco joint ventures were sold for $23.5 million.

ATLANTA (May 9, 2012) –Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2012.

“This was another solid quarter with strong operating results,” said Larry Gellerstedt, CEO of Cousins. “We continue to successfully exit our non-core holdings and are working diligently to recycle this capital into attractive investment opportunities.”

Portfolio Activity

• Leased or renewed 179,000 square feet of office space and 136,000 square feet of retail space.

Transaction Activity

• Sold interests in 18 residential projects held by the CL Realty and Temco joint ventures to affiliates of Forestar Group Inc., the partner in the ventures, for $23.5 million.

• Subsequent to quarter end, sold The Avenue Collierville for $55 million.

• Executed contracts to sell Galleria 75 and Ten Peachtree Place, which are expected to close during the second quarter of 2012.

Financing Activity

• Amended the $350.0 million unsecured credit facility by, among other things, extending the maturity date to February 28, 2016 and decreasing the interest rate spread over LIBOR.

• Closed a $100.0 million non-recourse, fixed-rate mortgage on 191 Peachtree Tower with a 3.35% interest rate and an October 1, 2018 maturity date.

Financial Results

FFO was $13.5 million, or $0.13 per share, for the first quarter of 2012 compared with $8.1 million, or $0.08 per share, for the first quarter of 2011.

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

1

CUZ Reports First Quarter Results

Page 2

May 9, 2012

Net loss available to common stockholders was ($13.1) million, or ($0.13) per share, for the first quarter of 2012 compared with net loss available of ($7.9) million, or ($0.08) per share, for the first quarter of 2011.

Investor Conference Call and Webcast

The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Thursday, May 10, 2012, to discuss the results of the quarter ended March 31, 2012. The number to call for this interactive teleconference is (212) 231-2901.

A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21587257. The replay can be accessed on the Company’s website,www.cousinsproperties.com, through the “Q1 2012 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. 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, a schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, and a schedule entitled Same Property Information, which reconciles Rental Property Revenues and Expenses to Same Property Net Operating Income, are attached to this press release. More detailed information on Net Income (Loss) Available and FFO results is included in the “Net Income and Funds From Operations – Supplemental Detail” schedule, which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and, which can be viewed through the “Supplemental Information” and “SEC Filings” links on the “Investor Information & Filings” link of the Investor Relations page of the Company’s website atwww.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1984.

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2

CUZ Reports First Quarter Results

Page 3

May 9, 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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3

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)

	Three Months Ended March 31,
	2012			2011
REVENUES:
Rental property revenues	$	37,183		$	32,679
Fee income		2,856			3,385
Third party management and leasing revenues		4,711			4,088
Multi-family residential unit sales		—			4,657
Residential lot and outparcel sales		949			165
Other		1,465			513
		47,164			45,487
COSTS AND EXPENSES:
Rental property operating expenses		14,419			12,886
Third party management and leasing expenses		4,300			4,093
Multi-family residential unit cost of sales		—			2,500
Residential lot and outparcel cost of sales		564			69
General and administrative expenses		6,623			7,400
Interest expense		6,268			7,544
Reimbursed expenses		1,376			1,512
Depreciation and amortization		14,136			12,113
Impairment loss		12,233			3,508
Separation expenses		213			101
Other		698			862
		60,830			52,588
LOSS ON EXTINGUISHMENT OF DEBT		(94	)		—
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(13,760	)		(7,101	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		(27	)		64
INCOME FROM UNCONSOLIDATED JOINT VENTURES		2,186			2,496
LOSS FROM CONTINUING OPERATIONS BEFORE GAINON SALE OF INVESTMENT PROPERTIES		(11,601	)		(4,541	)
GAIN ON SALE OF INVESTMENT PROPERTIES		57			59
LOSS FROM CONTINUING OPERATIONS		(11,544	)		(4,482	)
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		104			817
Gain (loss) on sale of discontinued investment properties		86			(384	)
		190			433
NET LOSS		(11,354	)		(4,049	)
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,469			(581	)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST		(9,885	)		(4,630	)
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,227	)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$	(13,112	)	$	(7,857	)
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Loss from continuing operations attributable to controlling interest	$	(0.13	)	$	(0.08	)
Income from discontinued operations		—			—
Net loss available to common stockholders	$	(0.13	)	$	(0.08	)
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED		104,000			103,515
DIVIDENDS PER COMMON SHARE	$	0.045		$	0.045

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2012			2011
Net Loss Available to Common Stockholders	$	(13,112	)	$	(7,857	)
Depreciation and amortization:
Consolidated properties		14,136			12,113
Discontinued properties		120			1,426
Share of unconsolidated joint ventures		2,666			2,683
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(364	)		(563	)
Share of unconsolidated joint ventures		(5	)		(5	)
Impairment loss on depreciable investment property net of amounts attributable to noncontrolling interests		10,190			—
(Gain) loss on sale of investment properties:
Consolidated		(57	)		(59	)
Discontinued properties		(86	)		384
Funds From Operations Available to Common Stockholders	$	13,488		$	8,122
Per Common Share - Basic and Diluted:
Net Loss Available	$	(.13	)	$	(.08	)
Funds From Operations	$	.13		$	.08
Weighted Average Shares-Basic		104,000			103,515
Weighted Average Shares-Diluted		104,000			103,530

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, as a performance measure for incentive compensation to its officers and other key employees.

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	March 31, 2012			December 31, 2011
	(unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciationof $300,260 and $289,473 in 2012 and 2011, respectively	$	854,179		$	884,652
Operating property held for sale, net of accumulated depreciationof $2,522 in 2012		7,743			—
Projects under development		15,008			11,325
Land held		54,132			54,132
Residential lots		12,657			13,195
Other		637			637
Total properties		944,356			963,941
CASH AND CASH EQUIVALENTS		4,002			4,858
RESTRICTED CASH		4,122			4,929
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $2,738 and $5,100 in 2012 and 2011, respectively		48,864			48,500
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		141,180			160,587
OTHER ASSETS		57,110			52,720
TOTAL ASSETS	$	1,199,634		$	1,235,535
LIABILITIES AND EQUITY
NOTES PAYABLE	$	529,168		$	539,442
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		30,936			36,075
DEFERRED GAIN		3,921			3,980
DEPOSITS AND DEFERRED INCOME		15,263			15,880
TOTAL LIABILITIES		579,288			595,377
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		295			2,763
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2012 and 2011		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2012 and 2011		94,775			94,775
Common stock, $1 par value, 250,000,000 shares authorized, 107,709,513 and 107,272,078 shares issued in 2012 and 2011, respectively		107,710			107,272
Additional paid-in capital		687,809			687,835
Treasury stock at cost, 3,570,082 shares in 2012 and 2011		(86,840	)		(86,840	)
Distributions in excess of cumulative net income		(291,976	)		(274,177	)
TOTAL STOCKHOLDERS’ INVESTMENT		586,305			603,692
Nonredeemable noncontrolling interests		33,746			33,703
TOTAL EQUITY		620,051			637,395
TOTAL LIABILITIES AND EQUITY	$	1,199,634		$	1,235,535

6

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

SAME PROPERTY INFORMATION

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited, in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2012		2011
Net Operating Income - Consolidated Properties
Rental property revenues	$	37,183	$	32,679
Rental property expenses		14,419		12,886
Net Operating Income - Consolidated Properties		22,764		19,793
Net Operating Income - Discontinued Operations
Rental property revenues		309		3,614
Rental property expenses		85		1,371
Net Operating Income - Discontinued Operations		224		2,243
Net Operating Income - Unconsolidated Joint Ventures		6,322		6,052
Total Net Operating Income	$	29,310	$	28,088
Net Operating Income
Same property		26,858		25,488
Non-same property		2,452		2,600
Net Operating Income	$	29,310	$	28,088

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 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.

7

COUSINS PROPERTIES INCORPORATED

KEY PERFORMANCE INDICATORS

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
Property Statistics
Number of Operating Properties		41			40			40			39			38			38			38
Rentable Square Feet (in thousands)		14,156			13,747			13,749			13,342			12,572			12,572			12,573
Acres of Commercial Land (Company share)		510			510			510			506			424			424			424
Acres of Residential Land (Company share)		4,829			4,831			4,228			4,228			4,596			4,596			4,026
Number of Residential Lots Remaining to be Sold (Company Share)		3,684			3,667			3,632			3,600			2,687			2,687			817
Leverage Ratios (1)
Debt/Total Market Capitalization		40	%		39	%		39	%		45	%		46	%		46	%		42	%
Debt/Total Undepreciated Assets		35	%		34	%		34	%		33	%		37	%		37	%		38	%
Debt + Preferred/Total Market Capitalization		50	%		49	%		48	%		57	%		57	%		57	%		52	%
Debt + Preferred/Total Undepreciated Assets		43	%		43	%		43	%		42	%		46	%		46	%		47	%
Coverage Ratios (1)
Interest Coverage		2.53			2.76			2.74			3.28			3.65			3.08			3.31
Fixed Charges Coverage		1.78			1.76			1.71			2.02			2.15			1.90			1.93
Debt/Annualized EBITDA		6.13			6.88			7.11			6.09			6.45			6.45			7.03
Dividend Ratios (1)
FFO Payout Ratio		111	%		57	%		43	%		33	%		-4	%		-24	%		35	%
FFO Before Certain Charges Payout Ratio		72	%		40	%		42	%		32	%		29	%		35	%		37	%
FAD Payout Ratio		226	%		133	%		297	%		94	%		-4	%		-17	%		55	%
FAD Before Certain Charges Payout Ratio		107	%		66	%		246	%		92	%		51	%		80	%		61	%
Operations Ratios (1)
General and Administrative Expenses/Revenues Including Discontinued Operations		12.2	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%		14.0	%
Annualized General and Administrative Expenses/Total Undepreciated Assets		1.5	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%		1.4	%

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

8

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUMMARY (1)

($ in thousands, except per share)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
NET OPERATING INCOME
OFFICE		72,792			18,608			18,780			18,848			19,151			75,387			20,651
RETAIL		31,729			8,430			7,443			7,672			8,038			31,583			8,658
INDUSTRIAL		3,625			1,050			911			907			714			3,582			1
OTHER		96			1			—			—			—			1			—
TOTAL NET OPERATING INCOME		108,242			28,089			27,134			27,427			27,903			110,553			29,310
SALES LESS COST OF SALES
MULTI-FAMILY RESIDENTIAL		7,898			2,174			53			(2	)		25			2,250			(1	)
RESIDENTIAL LOTS		2,446			226			398			519			504			1,647			385
TRACTS AND OUTPARCEL		10,056			70			27			167			3,325			3,589			—
OTHER INVESTMENT PROPERTY		—			—			—			—			—			—			—
TOTAL SALES LESS COST OF SALES		20,400			2,470			478			684			3,854			7,486			384
FEE INCOME		14,443			3,385			3,435			3,909			3,092			13,821			2,856
THIRD PARTY MANAGEMENT AND LEASING REVENUES		18,977			4,088			4,605			5,398			5,268			19,359			4,711
OTHER INCOME		1,312			571			644			448			541			2,204			1,507
TOTAL FEE AND OTHER INCOME		34,732			8,044			8,684			9,755			8,901			35,384			9,074
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)		(4,300	)
REIMBURSED EXPENSES		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)		(1,376	)
SEPARATION EXPENSES		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)		(213	)
GENERAL AND ADMINISTRATIVE EXPENSES		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)		(6,623	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		(9,827	)		—			—			(74	)		—			(74	)		(94	)
INTEREST EXPENSE		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(7,461	)		(32,515	)		(7,447	)
IMPAIRMENT LOSSES		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)		—
OTHER EXPENSES		(6,043	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)		(1,604	)
INCOME TAX (PROVISION) BENEFIT		1,079			64			(27	)		180			(31	)		186			(27	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)		(369	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
WEIGHTED AVERAGE SHARES - BASIC		101,440			103,515			103,659			103,715			103,712			103,651			104,000
WEIGHTED AVERAGE SHARES - DILUTED		101,440			103,530			103,684			103,718			103,712			103,655			104,000
FFO PER SHARE- BASIC AND DILUTED		0.32			0.08			0.11			0.14			(1.06	)		(0.74	)		0.13

(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)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
NET OPERATING INCOME
OFFICE:
CONSOLIDATED PROPERTIES:
TERMINUS 100		14,781			4,015			3,897			3,669			3,956			15,537			4,063
191 PEACHTREE TOWER		13,117			3,228			3,238			3,641			3,937			14,044			3,789
THE AMERICAN CANCER SOCIETY CENTER		10,818			2,771			2,995			2,927			2,878			11,571			2,872
PROMENADE		—			—			—			—			693			693			2,014
MERIDIAN MARK PLAZA		3,686			895			946			1,021			1,001			3,863			1,015
LAKESHORE PARK PLAZA		2,203			546			505			490			558			2,099			559
THE POINTS AT WATERVIEW		1,927			415			423			523			463			1,824			504
333 NORTH POINT CENTER EAST		1,673			419			456			375			389			1,639			424
600 UNIVERSITY PARK PLACE		1,526			182			300			352			355			1,189			384
200 NORTH POINT CENTER EAST		1,575			438			420			374			359			1,591			356
100 NORTH POINT CENTER EAST		1,524			307			373			346			329			1,355			279
INHIBITEX		896			225			224			224			224			897			225
555 NORTH POINT CENTER EAST		2,038			506			448			406			418			1,778			195
COSMOPOLITAN CENTER		515			106			95			(76	)		(24	)		101			41
OTHER		—			—			(4	)		(3	)		—			(7	)		(5	)
SUBTOTAL - OFFICE CONSOLIDATED		56,279			14,053			14,316			14,269			15,536			58,174			16,715
JOINT VENTURE PROPERTIES:
PALISADES WEST		5,012			1,511			1,512			1,511			1,536			6,070			1,528
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,679			933			992			960			937			3,822			970
TEN PEACHTREE PLACE		2,314			602			448			495			486			2,031			501
TERMINUS 200		62			14			67			140			242			463			358
GATEWAY VILLAGE (2)		1,208			302			302			302			302			1,208			302
PRESBYTERIAN MEDICAL PLAZA		19			14			15			18			14			61			16
OTHER		(52	)		(19	)		(14	)		(20	)		(10	)		(63	)		39
SUBTOTAL - OFFICE JOINT VENTURE		12,242			3,357			3,322			3,406			3,507			13,592			3,714
DISCONTINUED OPERATIONS:
GALLERIA 75		319			132			127			107			147			513			206
ONE GEORGIA CENTER		4,101			1,067			1,009			1,071			(39	)		3,108			15
8995 WESTSIDE PARKWAY		(149	)		(1	)		—			(5	)		—			(6	)		—
OTHER		—			—			6			—			—			6			1
SUBTOTAL - OFFICE DISCONTINUED		4,271			1,198			1,142			1,173			108			3,621			222
TOTAL - OFFICE NET OPERATING INCOME		72,792			18,608			18,780			18,848			19,151			75,387			20,651

10

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010		2011 1st			2011 2nd			2011 3rd			2011 4th		2011			2012 1st
RETAIL:
CONSOLIDATED PROPERTIES:
THE AVENUE FORSYTH		6,235		2,166			1,684			1,907			2,019		7,776			2,704
THE AVENUE WEBB GIN		5,295		1,463			1,322			1,239			1,251		5,275			1,258
THE AVENUE COLLIERVILLE		5,238		1,254			1,023			970			1,163		4,410			1,190
TIFFANY SPRINGS MARKETCENTER		3,311		856			875			901			875		3,507			897
OTHER		—		—			(3	)		(1	)		1		(3	)		—
SUBTOTAL - RETAIL CONSOLIDATED		20,079		5,739			4,901			5,016			5,309		20,965			6,049
JOINT VENTURE PROPERTIES:
THE AVENUE MURFREESBORO		4,405		1,175			1,153			1,140			1,224		4,692			1,075
CW INVESTMENTS(3)		—		594			594			612			610		2,410			610
THE AVENUE EAST COBB		634		144			163			150			112		569			122
THE AVENUE WEST COBB		493		135			134			142			148		559			134
GREENBRIER MARKETCENTER		551		142			141			132			135		550			152
NORTH POINT MARKETCENTER		493		138			121			132			141		532			144
THE AVENUE VIERA		503		128			129			128			134		519			137
THE AVENUE PEACHTREE CITY		437		106			99			103			102		410			112
LOS ALTOS MARKETCENTER		220		84			10			60			67		221			71
VIERA MARKETCENTER		201		49			53			49			55		206			51
OTHER		—		—			(1	)		(1	)		—		(2	)		—
SUBTOTAL - RETAIL JOINT VENTURE		7,937		2,695			2,596			2,647			2,728		10,666			2,608
DISCONTINUED OPERATIONS:
SAN JOSE MARKETCENTER		3,713		(4	)		(54	)		9			1		(48	)		1
SUBTOTAL - RETAIL DISCONTINUED		3,713		(4	)		(54	)		9			1		(48	)		1
TOTAL - RETAIL NET OPERATING INCOME		31,729		8,430			7,443			7,672			8,038		31,583			8,658
INDUSTRIAL DISCONTINUED OPERATIONS:
KING MILL DISTRIBUTION PARK - BUILDING 3		1,785		537			529			534			429		2,029			2
LAKESIDE RANCH BUSINESS PARK - BUILDING 20		1,265		372			382			373			285		1,412			(1	)
JEFFERSON MILL BUSINESS PARK - BUILDING A		575		141			—			—			—		141			—
SUBTOTAL - INDUSTRIAL DISCONTINUED		3,625		1,050			911			907			714		3,582			1
TOTAL - INDUSTRIAL NET OPERATING INCOME		3,625		1,050			911			907			714		3,582			1
OTHER CONSOLIDATED NET OPERATING INCOME		96		1			—			—			—		1			—
TOTAL NET OPERATING INCOME		108,242		28,089			27,134			27,427			27,903		110,553			29,310

11

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
SALES LESS COST OF SALES
MULTI-FAMILY SALES LESS COST OF SALES - CONSOLIDATED		7,425			2,157			20			—			—			2,177			—
MULTI-FAMILY SALES LESS COST OF SALES - JOINT VENTURES		473			17			33			(2	)		25			73			(1	)
SUBTOTAL - MULTI-FAMILY SALES LESS COST OF SALES		7,898			2,174			53			(2	)		25			2,250			(1	)
LOT SALES LESS COST OF SALES - CONSOLIDATED		574			46			4			7			17			74			385
LOT SALES LESS COST OF SALES - JOINT VENTURES		1,872			180			394			512			487			1,573			—
SUBTOTAL - LOT SALES LESS COST OF SALES		2,446			226			398			519			504			1,647			385
TRACT SALES LESS COST OF SALES - CONSOLIDATED		1,697			—			—			—			3,258			3,258			—
TRACT SALES LESS COST OF SALES - JOINT VENTURES		3,607			20			27			167			67			281			—
OUTPARCEL SALES LESS COST OF SALES - CONSOLIDATED		4,670			50			—			—			—			50			—
OUTPARCEL SALES LESS COST OF SALES - JOINT VENTURES		82			—			—			—			—			—			—
SUBTOTAL - TRACT AND OUTPARCEL SALES LESS COST OF SALES		10,056			70			27			167			3,325			3,589			—
TOTAL SALES LESS COST OF SALES		20,400			2,470			478			684			3,854			7,486			384
FEE INCOME
DEVELOPMENT FEES		2,013			532			612			994			712			2,850			525
MANAGEMENT FEES(4)		9,662			2,377			2,176			2,198			2,106			8,857			2,099
LEASING & OTHER FEES		2,768			476			647			717			274			2,114			232
TOTAL - FEE INCOME		14,443			3,385			3,435			3,909			3,092			13,821			2,856
THIRD PARTY MANAGEMENT AND LEASING REVENUES
DEVELOPMENT FEES		1,239			249			271			266			588			1,374			314
MANAGEMENT FEES(5)		13,539			3,359			3,341			3,136			3,226			13,062			3,396
LEASING & OTHER FEES		4,199			480			993			1,996			1,454			4,923			1,001
TOTAL - THIRD PARTY MANAGEMENT AND LEASING REVENUES		18,977			4,088			4,605			5,398			5,268			19,359			4,711
OTHER INCOME
TERMINATION FEES		562			452			369			368			437			1,626			234
INTEREST AND OTHER INCOME - CONTINUING OPERATIONS		715			119			187			80			94			480			1,273
INTEREST AND OTHER INCOME - DISCONTINUED OPERATIONS		35			—			88			—			10			98			—
TOTAL INTEREST INCOME & OTHER		1,312			571			644			448			541			2,204			1,507
TOTAL FEE AND OTHER INCOME		34,732			8,044			8,684			9,755			8,901			35,384			9,074
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)		(4,300	)
REIMBURSED EXPENSES		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)		(1,376	)
SEPARATION EXPENSES		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)		(213	)
GENERAL AND ADMINISTRATIVE EXPENSES		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)		(6,623	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		(9,827	)		—			—			(74	)		—			(74	)		(94	)

12

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS - SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
INTEREST EXPENSE
CONSOLIDATED DEBT:
THE AMERICAN CANCER SOCIETY CENTER		(8,982	)		(2,215	)		(2,240	)		(2,264	)		(2,260	)		(8,979	)		(2,230	)
TERMINUS 100		(11,135	)		(1,842	)		(1,835	)		(1,829	)		(1,822	)		(7,328	)		(1,816	)
UNSECURED CREDIT FACILITY		(5,235	)		(1,475	)		(1,480	)		(1,665	)		(1,585	)		(6,205	)		(1,648	)
MERIDIAN MARK PLAZA		(1,763	)		(409	)		(408	)		(407	)		(406	)		(1,630	)		(404	)
THE POINTS AT WATERVIEW		(983	)		(242	)		(240	)		(239	)		(237	)		(958	)		(235	)
333 & 555 NORTH POINT CENTER EAST		(1,906	)		(471	)		(317	)		—			—			(788	)		—
100 NORTH POINT CENTER EAST(6)		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)		(166	)
200 NORTH POINT CENTER EAST(6)		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)		(166	)
600 UNIVERSITY PARK PLACE		(933	)		(230	)		(229	)		(100	)		—			(559	)		—
LAKESHORE PARK PLAZA		(1,112	)		(275	)		(273	)		—			—			(548	)		—
OTHER		(235	)		(47	)		—			—			—			(47	)		(29	)
UNSECURED TERM LOAN		(3,538	)		—			—			—			—			—			—
CAPITALIZED		—			—			—			237			363			600			426
SUBTOTAL - CONSOLIDATED		(37,180	)		(7,544	)		(7,358	)		(6,601	)		(6,281	)		(27,784	)		(6,268	)
JOINT VENTURE DEBT:
THE AVENUE MURFREESBORO		(1,409	)		(458	)		(417	)		(484	)		(453	)		(1,812	)		(444	)
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		(1,472	)		(364	)		(361	)		(359	)		(357	)		(1,441	)		(355	)
TEN PEACHTREE PLACE		(752	)		(184	)		(183	)		(182	)		(181	)		(730	)		(180	)
TERMINUS 200		(155	)		(89	)		(93	)		(98	)		(113	)		(393	)		(126	)
THE AVENUE EAST COBB		(246	)		(49	)		(49	)		(49	)		(49	)		(196	)		(49	)
TEMCO ASSOCIATES		(109	)		(26	)		(26	)		(25	)		(21	)		(98	)		(25	)
CL REALTY		(109	)		(22	)		(18	)		(15	)		(6	)		(61	)		—
SUBTOTAL - JOINT VENTURE		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)		(1,179	)
TOTAL INTEREST EXPENSE		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(7,461	)		(32,515	)		(7,447	)
IMPAIRMENT LOSSES
IMPAIRMENT LOSS - CONSOLIDATED		(2,554	)		(3,508	)		—			—			(96,623	)		(100,131	)		—
IMPAIRMENT LOSS - OTHER		(3,746	)		—			—			—			—			—			—
IMPAIRMENT LOSS - JOINT VENTURE INVESTMENTS		—			—			(250	)		—			(28,753	)		(29,003	)		—
TOTAL - IMPAIRMENT LOSSES		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)		—
OTHER EXPENSES
NONCONTROLLING INTERESTS		(2,540	)		(581	)		(681	)		(613	)		(212	)		(2,087	)		(574	)
PROPERTY TAXES & OTHER HOLDING COSTS		(3,158	)		(803	)		(555	)		(522	)		(514	)		(2,394	)		(456	)
PREDEVELOPMENT & OTHER		(1,258	)		(59	)		(117	)		(266	)		(1,600	)		(2,042	)		(242	)
OTHER - JOINT VENTURE		914			43			—			(413	)		(97	)		(467	)		(332	)
TOTAL - OTHER EXPENSES		(6,042	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)		(1,604	)
INCOME TAX (PROVISION) BENEFIT		1,079			64			(27	)		180			(31	)		186			(27	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS
CONSOLIDATED		(1,884	)		(563	)		(372	)		(388	)		(365	)		(1,688	)		(364	)
DISCONTINUED OPERATIONS		(5	)		—			—			—			—			—			—
SHARE OF UNCONSOLIDATED JOINT VENTURES		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)
TOTAL - NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)		(369	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
WEIGHTED AVERAGE SHARES - BASIC		101,440			103,515			103,659			103,715			103,712			103,651			104,000
WEIGHTED AVERAGE SHARES - DILUTED		101,440			103,530			103,684			103,718			103,712			103,655			104,000
FFO PER SHARE - BASIC AND DILUTED		0.32			0.08			0.11			0.14			(1.06	)		(0.74	)		0.13

(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%

(3) The Company receives a 16.00% current return on its $14.9 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 reimbursed expenses that are included in the “Reimbursed Expenses” line item below.

(5) Management Fees related to third party management fee revenues include reimbursed expenses that are included in the “Third Party Management and Leasing Expenses” line item below.

(6) Debt paid off subsequent to quarter end.

13

COUSINS PROPERTIES INCORPORATED

PORTFOLIO LISTING

OPERATING PROPERTIES

As of and For the Three Months ended March 31, 2012

							Company Share
Property Description	Metropolitan Area	Rentable Square Feet		Company’s Ownership Interest			Percent Leased			% of Total Net  Operating Income (4)			Property Level Debt ($000)
I.OFFICE PROPERTIES
Terminus 100	Atlanta		655,000		100.00	%		96	%		14	%		137,687
191 Peachtree Tower	Atlanta		1,222,000		100.00	%		82	%		13	%		100,000
The American Cancer Society Center	Atlanta		996,000		100.00	%		83	%		10	%		135,295
Promenade (3)	Atlanta		775,000		100.00	%		68	%		7	%		—
Meridian Mark Plaza	Atlanta		160,000		100.00	%		98	%		3	%		26,466
Emory University Hospital Midtown Medical Office Tower	Atlanta		358,000		50.00	%		99	%		3	%		23,631
Ten Peachtree Place (1)	Atlanta		260,000		50.00	%		100	%		2	%		12,994
555 North Point Center East	Atlanta		152,000		100.00	%		96	%		1	%		—
333 North Point Center East	Atlanta		130,000		100.00	%		98	%		1	%		—
200 North Point Center East (2)	Atlanta		130,000		100.00	%		88	%		1	%		12,193
100 North Point Center East (2)	Atlanta		128,000		100.00	%		84	%		1	%		12,193
Inhibitex	Atlanta		51,000		100.00	%		100	%		1	%		—
Terminus 200 (1)	Atlanta		566,000		20.00	%		88	%		1	%		14,926
Galleria 75	Atlanta		111,000		100.00	%		94	%		1	%		—
Cosmopolitan Center	Atlanta		51,000		100.00	%		94	%		0	%		—
GEORGIA			5,745,000					85	%		59	%		475,385
Palisades West	Austin		373,000		50.00	%		99	%		5	%		—
The Points at Waterview	Dallas		203,000		100.00	%		90	%		2	%		15,977
TEXAS			576,000					94	%		7	%		15,977
Lakeshore Park Plaza (3)	Birmingham		197,000		100.00	%		96	%		2	%		—
600 University Park Place (3)	Birmingham		123,000		100.00	%		93	%		1	%		—
ALABAMA			320,000					95	%		3	%		—
Gateway Village (1)	Charlotte		1,065,000		50.00	%		100	%		1	%		39,735
Presbyterian Medical Plaza	Charlotte		69,000		11.50	%		84	%		0	%		—
NORTH CAROLINA			1,134,000					100	%		1	%		39,735
TOTAL OFFICE PROPERTIES			7,775,000					88	%		70	%		531,097
II.RETAIL PROPERTIES
The Avenue Forsyth (3)	Atlanta		524,000		100.00	%		89	%		9	%		—
The Avenue Webb Gin	Atlanta		322,000		100.00	%		81	%		4	%		—
The Avenue West Cobb	Atlanta		256,000		11.50	%		95	%		1	%		—
North Point MarketCenter	Atlanta		401,000		10.32	%		100	%		1	%		—
The Avenue East Cobb	Atlanta		230,000		11.50	%		86	%		0	%		4,126
The Avenue Peachtree City	Atlanta		183,000		11.50	%		89	%		0	%		—
GEORGIA			1,916,000					87	%		15	%		4,126
The Avenue Murfreesboro	Nashville		751,000		50.00	%		87	%		4	%		48,965
The Avenue Collierville (3)	Memphis		511,000		100.00	%		87	%		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	%		0	%		2,803
Creek Plantation Village (1)	Chattanooga		78,000		50.50	%		93	%		0	%		3,114
TENNESSEE			1,505,000					87	%		9	%		57,988
Tiffany Springs MarketCenter (3)	Kansas City		238,000		100.00	%		85	%		3	%		—
MISSOURI			238,000					85	%		3	%		—
Highland City Town Center (1)	Lakeland		96,000		50.50	%		87	%		1	%		5,364
The Avenue Viera	Viera		332,000		11.50	%		95	%		1	%		—
Viera MarketCenter	Viera		178,000		11.50	%		94	%		0	%		—
FLORIDA			606,000					91	%		2	%		5,364
Greenbrier MarketCenter	Chesapeake		376,000		10.32	%		100	%		1	%		—
VIRGINIA			376,000					100	%		1	%		—
Los Altos MarketCenter	Long Beach		157,000		10.32	%		99	%		0	%		—
CALIFORNIA			157,000					99	%		0	%		—
TOTAL RETAIL PROPERTIES			4,798,000					87	%		30	%		67,478
TOTAL PORTFOLIO			12,573,000					87	%		100	%		598,575

(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) The Company repaid this note in full on April 02, 2012 with proceeds from the credit facility.

(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.

(4) Calculation is based on amounts for the three months ended March 31, 2012.

14

COUSINS PROPERTIES INCORPORATED

SAME PROPERTY PERFORMANCE

LEASING AND OCCUPANCY

	Company Share
Property Description	Percent Leased 1Q11			Percent Leased 4Q 11			Percent Leased 1Q12			Weighted Average Occupancy 1Q 11 (1)			Weighted Average Occupancy 4Q 11 (1)			Weighted Average Occupancy 1Q 12 (1)
I.OFFICE PROPERTIES
Terminus 100		97	%		97	%		96	%		95	%		97	%		96	%
191 Peachtree Tower		80	%		82	%		82	%		73	%		79	%		78	%
The American Cancer Society Center		95	%		83	%		83	%		86	%		86	%		83	%
Meridian Mark Plaza		97	%		97	%		98	%		91	%		97	%		97	%
Emory University Hospital Midtown Medical Office Tower		100	%		100	%		99	%		98	%		100	%		99	%
555 North Point Center East		98	%		93	%		96	%		98	%		99	%		58	%
Ten Peachtree Place (2)		94	%		100	%		100	%		94	%		99	%		99	%
333 North Point Center East		98	%		98	%		98	%		97	%		98	%		98	%
200 North Point Center East		100	%		88	%		88	%		100	%		88	%		88	%
100 North Point Center East		94	%		84	%		84	%		94	%		89	%		84	%
Inhibitex		100	%		100	%		100	%		100	%		100	%		100	%
Terminus 200		72	%		87	%		88	%		23	%		63	%		87	%
Galleria 75		67	%		91	%		94	%		65	%		77	%		91	%
Cosmopolitan Center		93	%		94	%		94	%		93	%		94	%		94	%
GEORGIA		90	%		88	%		88	%		84	%		87	%		86	%
Palisades West		97	%		99	%		99	%		97	%		99	%		99	%
The Points at Waterview		84	%		88	%		90	%		86	%		86	%		89	%
TEXAS		90	%		93	%		94	%		91	%		92	%		93	%
Lakeshore Park Plaza (3)		95	%		95	%		96	%		95	%		96	%		93	%
600 University Park Place (3)		89	%		93	%		93	%		61	%		92	%		93	%
ALABAMA		92	%		94	%		95	%		82	%		94	%		93	%
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	%		90	%		90	%		86	%		89	%		88	%
II.RETAIL PROPERTIES
The Avenue Forsyth (3)		86	%		89	%		89	%		67	%		84	%		89	%
The Avenue Webb Gin		88	%		91	%		81	%		86	%		89	%		82	%
The Avenue West Cobb		97	%		96	%		95	%		95	%		98	%		95	%
North Point MarketCenter		99	%		100	%		100	%		97	%		91	%		91	%
The Avenue East Cobb		94	%		86	%		86	%		93	%		78	%		82	%
The Avenue Peachtree City		91	%		89	%		89	%		88	%		90	%		90	%
GEORGIA		88	%		90	%		87	%		77	%		87	%		87	%
The Avenue Murfreesboro		85	%		88	%		87	%		85	%		86	%		86	%
The Avenue Collierville (3)		88	%		88	%		87	%		88	%		88	%		88	%
Mt. Juliet Village (2)		77	%		80	%		80	%		75	%		77	%		80	%
The Shops of Lee Village (2)		77	%		83	%		83	%		83	%		79	%		81	%
Creek Plantation Village (2)		91	%		93	%		93	%		91	%		92	%		93	%
TENNESSEE		86	%		87	%		87	%		87	%		87	%		87	%
Tiffany Springs MarketCenter (3)		82	%		83	%		85	%		80	%		83	%		83	%
MISSOURI		82	%		83	%		85	%		80	%		83	%		83	%
Highland City Town Center (2)		87	%		87	%		87	%		87	%		87	%		87	%
The Avenue Viera		95	%		97	%		95	%		92	%		97	%		95	%
Viera MarketCenter		94	%		94	%		94	%		94	%		96	%		94	%
FLORIDA		91	%		92	%		91	%		90	%		92	%		91	%
Greenbrier MarketCenter		100	%		100	%		100	%		100	%		100	%		100	%
VIRGINIA		100	%		100	%		100	%		100	%		100	%		100	%
Los Altos MarketCenter		100	%		100	%		99	%		100	%		98	%		98	%
CALIFORNIA		100	%		100	%		99	%		100	%		98	%		98	%
TOTAL RETAIL PROPERTIES		87	%		89	%		87	%		82	%		87	%		87	%
TOTAL PORTFOLIO		90	%		90	%		89	%		85	%		89	%		88	%

(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						Q1 ’ 12 vs. Q1 ’ 11 % Change			Q1 ’ 12 vs. Q4 ’ 11 % Change
	March 31, 2012		March 31, 2011		December 31, 2011
Rental Property Revenues (2)
Office		29,999		29,214		30,086		2.7	%		-0.3	%
Retail		11,703		11,432		11,742		2.4	%		-0.3	%
Total Rental Property Revenues		41,702		40,647		41,828		2.6	%		-0.3	%
Rental Property Operating Expenses (2)
Office		11,450		11,759		11,555		-2.6	%		-0.9	%
Retail		3,394		3,400		3,704		-0.2	%		-8.4	%
Total Rental Property Operating Expenses		14,844		15,158		15,259		-2.1	%		-2.7	%
Same Property Net Operating Income
Office		18,548		17,456		18,531		6.3	%		0.1	%
Retail		8,310		8,033		8,038		3.4	%		3.4	%
Total Same Property Net Operating Income		26,858		25,488		26,569		5.4	%		1.1	%
	Three Months Ended						Q1 ’ 12 vs. Q1 ’ 11 % Change			Q1 ’ 12 vs. Q4 ’ 11 % Change
	March 31, 2012		March 31, 2011		December 31, 2011
Cash Basis Same Property Net Operating Income (3)
Office		16,487		15,592		16,327		5.7	%		1.0	%
Retail		8,121		7,716		7,871		5.3	%		3.2	%
Total Cash Basis Same Property Net Operating Income		24,608		23,307		24,198		5.6	%		1.7	%

(1) Same Properties include those office and retail properties that were operational on January 1, 2011, 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 March 31, 2012

OFFICE

As of March 31, 2012, 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 March 31, 2012. 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		218,417			336,600			276,555			506,587			723,330			549,648			343,866			295,599			247,532			1,960,466			5,458,600
% of Leased Space		4	%		6	%		5	%		9	%		13	%		10	%		6	%		6	%		5	%		36	%		100	%
Annual Contractual Rent ($000’s) (1)	$	3,639		$	7,378		$	5,517		$	11,114		$	13,940		$	13,981		$	9,558		$	7,236		$	6,490		$	50,094		$	128,947
Annual Contractual Rent/Sq. Ft. (1)	$	16.66		$	21.92		$	19.95		$	21.94		$	19.27		$	25.44		$	27.80		$	24.48		$	26.22		$	25.55		$	23.62

RETAIL

As of March 31, 2012, 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 March 31, 2012. 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)		69,769			85,227			107,218			100,131			276,809			145,514			327,534			325,956			92,130			539,566			2,069,854
% of Leased Space		3	%		4	%		5	%		5	%		13	%		7	%		16	%		16	%		5	%		26	%		100	%
Annual Contractual Rent ($000’s) (1)	$	1,024		$	1,955		$	2,135		$	2,263		$	6,234		$	3,317		$	7,325		$	6,943		$	1,364		$	6,512		$	39,072
Annual Contractual Rent/Sq. Ft. (1)	$	14.68		$	22.94		$	19.91		$	22.61		$	22.52		$	22.80		$	22.36		$	21.30		$	14.81		$	12.07		$	18.88

(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 March 31, 2012

Tenant (1)	Product Type	Company Share of Annualized Base Rent (2)			Average Remaining Lease  Term (Years)
1.   Deloitte & Touche	Office		4.3	%		12.2
2.   Smith, Gambrell & Russell, LLP	Office		3.4	%		9.3
3.  American Cancer Society	Office		3.2	%		10.3
4.  Internap Network Services	Office		2.3	%		8.1
5.  US South Communications	Office		2.3	%		9.8
6.  tvsdesign	Office		2.1	%		9.5
7.  AGL Services Company	Office		2.0	%		14.3
8.  Dimensional Fund Advisors	Office		1.9	%		11.5
9.  MedAssets Net Revenue Systems, LLC	Office		1.9	%		3.0
10.  Morgan Stanley	Office		1.7	%		6.5
11.  CB Richard Ellis, Inc.	Office		1.5	%		7.3
12.  Bombardier Aerospace Corporation	Office		1.4	%		10.9
13.  Emory University	Office		1.4	%		4.9
14.  Bank of America (3)	Office		1.4	%		4.7
15.  Northside Hospital	Office		1.3	%		2.7
16.  Georgia Lottery Corporation	Office		1.2	%		11.2
17.  Wells Fargo Bank, N.A.	Office		1.2	%		4.0
18.  Cumulus Media, Inc.	Office		1.2	%		5.7
19.  Premiere Global Services, Inc.	Office		1.2	%		6.4
20.  Barnes & Noble	Retail		1.1	%		5.0
			37.8	%		8.6

(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 March 31, 2012

($ 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		$	44,605
Apartments												443		N/A			3Q 12		2Q 14
Retail												80,000		50	%		4Q 12		2Q 13
Mahan Village	Tallahassee, FL		100	%(5)	$	25,800	(5)	$	13,708	(5)
Retail												147,000		82	%		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 March 31, 2012, $5.4 million and $2.2 million were outstanding under the Emory Point and Mahan Village loans, respectively.

(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 Company receives a preferred return on cash flows from the venture and receives its contributed capital and an IRR look-back prior to any distributions to the partner related to its capital.

19

COUSINS PROPERTIES INCORPORATED

INVENTORY OF COMMERCIAL LAND HELD

As of March 31, 2012

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	%		38
Wildwood Office Park		Atlanta		100.00	%		23
The Avenue Forsyth-Adjacent Land (1)		Atlanta		100.00	%		11
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
Highland City Town Center -Outparcels, Adjacent Land (1) (2) (3)		Lakeland		50.50	%		56
Florida							56
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
TOTAL COMMERCIAL LAND HELD							475
COMPANY’S SHARE OF TOTAL							424
COST BASIS OF COMMERCIAL LAND HELD						$	91,935
COMPANY’S SHARE OF COST BASIS OF COMMERCIAL LAND HELD (2)						$	65,673

(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 March 31, 2012

	Metropolitan Area	Company’s Ownership Interest			Lots						Tracts (2)
Description					Estimated Lot Capacity  (1)		Total Sold		Remaining to be Sold		Sold since Inception		Remaining
Callaway Gardens (3) (4)	Atlanta		100.00	%		559		31		528		—		—
The Lakes at Cedar Grove	Atlanta		100.00	%		774		771		3		—		25
Blalock Lakes (4)	Atlanta		100.00	%		154		21		133		—		1,205
Longleaf at Callaway (4)	Atlanta		100.00	%		138		126		12		—		—
River’s Call	Atlanta		100.00	%		107		98		9		—		—
Paulding County	Atlanta		50.00	%		—		—		—		918		5,577
Georgia						1,732		1,047		685		918		6,807
Padre Island	Corpus Christi		50.00	%		—		—		—		—		15
Texas						—		—		—		—		15
TOTAL LOTS AND TRACTS IN RESIDENTIAL PROJECTS						1,732		1,047		685		918		6,822
COMPANY’S SHARE OF TOTAL						1,732		1,047		685		459		4,026
COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS													$	28,201
COMPANY’S SHARE OF COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS													$	22,102

(1) This estimate represents management’s current projection of the total lot capacity for the related residential project, which includes lots sold since inception, current lot inventory and projected future development capacity.

(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) 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 March 31, 2012

($ 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
Mahan Village (LIBOR + 1.65%; $15mm facility)		100.00	%(3)		1.89	%		9/12/2014			—			—			2,192			—			—			—			2,192			548
Credit Facility, Unsecured (LIBOR + 1.50%-2.10%; $350mm facility) (2)		100.00	%		1.84	%		2/28/2016			—			—			—			—			87,000			—			87,000			87,000
Total Floating Rate Debt											—			—			2,192			—			87,000			—			89,192			87,548
Fixed Rate Debt
100/200 North Point Center East		100.00	%		5.39	%		6/1/2012	(4)		24,386			—			—			—			—			—			24,386			—
Callaway Gardens		100.00	%		4.13	%		11/18/2013			—			165			—			—			—			—			165			—
The Points at Waterview		100.00	%		5.66	%		1/1/2016			326			512			541			573			14,025			—			15,977			—
The American Cancer Society Center (5)		100.00	%		6.45	%		9/1/2017			1,052			1,528			1,632			1,741			1,834			127,508			135,295			—
191 Peachtree Tower		100.00	%		3.35	%		10/1/2018			—			—			—			—			1,305			98,695			100,000			—
Meridian Mark Plaza		100.00	%		6.00	%		8/1/2020			271			381			405			430			456			24,523			26,466			—
Terminus 100		100.00	%		5.25	%		1/1/2023			1,564			2,182			2,300			2,424			2,554			126,663			137,687			—
Total Fixed Rate Debt											27,599			4,768			4,878			5,168			20,174			377,389			439,976			—
TOTAL CONSOLIDATED DEBT											27,599			4,768			7,070			5,168			107,174			377,389			529,168			87,548
UNCONSOLIDATED DEBT
Floating Rate Debt
Bentwater Links (LIBOR + 6.5%)		50.00	%		6.74	%		5/23/2012			1,375			—			—			—			—			—			1,375			1,375
CF Murfreesboro Associates (LIBOR + 3.0%; $113.2mm facility)		50.00	%		3.24	%		7/20/2013			—			48,965			—			—			—			—			48,965			26,220
Terminus 200 (LIBOR + 2.5%; $92mm facility)		20.00	%		2.74	%		12/31/2013			—			14,926			—			—			—			—			14,926			—
Emory Point (LIBOR + 1.85%, $61.1mm facility)		75.00	%		2.09	%		6/28/2014			—			—			4,078			—			—			—			4,078			1,020
Highland City Town Center (LIBOR + 2.65%)		50.50	%(3)		2.89	%		1/1/2016			78			109			116			123			4,938			—			5,364			—
Creek Plantation Village (LIBOR + 2.65%)		50.50	%(3)		2.89	%		1/1/2016			45			64			67			71			2,867			—			3,114			—
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility)		50.50	%(3)		3.09	%		1/1/2016			—			51			58			62			2,935			—			3,106			1,538
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility)		50.50	%(3)		3.09	%		1/1/2016			—			46			53			56			2,648			—			2,803			1,388
Total Floating Rate Debt											1,498			64,161			4,372			312			13,388			—			83,731			31,541
Fixed Rate Debt
Emory University Hospital Midtown Medical Office Tower		50.00	%		5.90	%		6/1/2013			383			23,248			—			—			—			—			23,631			—
Ten Peachtree Place		50.00	%		5.39	%		4/1/2015			209			329			347			12,109			—			—			12,994			—
Gateway Village (6)		50.00	%		6.41	%		12/1/2016			5,614			7,917			8,439			8,997			8,768			—			39,735			—
The Avenue East Cobb		11.50	%		4.52	%		12/1/2017			53			74			78			81			85			3,755			4,126			—
Total Fixed Rate Debt											6,259			31,568			8,864			21,187			8,853			3,755			80,486			—
TOTAL UNCONSOLIDATED DEBT										$	7,757		$	95,729		$	13,236		$	21,499		$	22,241		$	3,755		$	164,217		$	31,541
TOTAL DEBT										$	35,356		$	100,497		$	20,306		$	26,667		$	129,415		$	381,144		$	693,385		$	119,089
TOTAL MATURITIES (7)										$	25,761		$	87,305		$	6,270		$	12,109		$	114,413		$	359,104		$	604,963
% OF MATURITIES											4	%		14	%		1	%		2	%		19	%		60	%		100	%

Floating and Fixed Rate Debt Analysis
	Total Debt ($)		Total Debt (%)			Weighted Average Interest Rate			Weighted Average Maturity (Yrs)
Floating Rate Debt	$	172,923		25	%		2.46	%		2.9
Fixed Rate Debt		520,462		75	%		5.37	%		6.6
Total Debt	$	693,385		100	%		4.64	%		5.7

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

(2) Total borrowing capacity of the Credit Facility at March 31, 2012 was $319.4 million based on certain covenant calculations. The spread over LIBOR at March 31, 2012 was 1.6% based on covenant calculations.

(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 repaid this note in full on April 2, 2012 with proceeds from the Credit Facility.

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

(6) 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 may 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.

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

22

COUSINS PROPERTIES INCORPORATED

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

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

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		5,363			1,896			6,357			5,821			2,528			16,602			1,933
SECOND GENERATION BUILDING IMPROVEMENTS		624			25			24			35			380			464			155
		5,987			1,921			6,381			5,856			2,908			17,067			2,087
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		2,613			51			44			372			1,607			2,074			246
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		8,600			1,972			6,425			6,228			4,515			19,140			2,333
NET OPERATING INCOME:
OFFICE CONSOLIDATED PROPERTIES		56,278			14,053			14,316			14,269			15,536			58,174			16,715
RETAIL CONSOLIDATED PROPERTIES		20,079			5,739			4,901			5,016			5,309			20,965			6,049
OTHER RENTAL OPERATIONS - CONSOLIDATED		96			1			—			—			—			1			—
NET OPERATING INCOME - CONSOLIDATED		76,453			19,793			19,217			19,286			20,846			79,142			22,764
RENTAL PROPERTY REVENUES		129,687			32,679			33,284			33,801			34,879			134,643			37,183
RENTAL PROPERTY OPERATING EXPENSES		(53,234	)		(12,886	)		(14,066	)		(14,515	)		(14,033	)		(55,500	)		(14,419	)
NET OPERATING INCOME - CONSOLIDATED		76,453			19,793			19,218			19,286			20,846			79,143			22,764
INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		18,640			3,614			3,404			3,740			1,287			12,045			309
RENTAL PROPERTY OPERATING EXPENSES		(7,031	)		(1,371	)		(1,406	)		(1,651	)		(464	)		(4,892	)		(85	)
NET OPERATING INCOME		11,609			2,243			1,998			2,089			823			7,153			224
INTEREST AND OTHER INCOME		35			—			88			—			10			98			—
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(5	)		—			—			—			—			—			—
FFO FROM DISCONTINUED OPERATIONS		11,639			2,243			2,086			2,089			833			7,251			224
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(7,052	)		(1,426	)		(1,372	)		(1,149	)		(329	)		(4,276	)		(120	)
INCOME FROM DISCONTINUED OPERATIONS		4,587			817			714			940			504			2,975			104

23

COUSINS PROPERTIES INCORPORATED

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

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

	2010			2011 1st			2011 2nd		2011 3rd			2011 4th			2011			2012 1st
MULTI-FAMILY SALES AND COST OF SALES:
CONSOLIDATED:
MULTI-FAMILY SALES - CONSOLIDATED:
MULTI-FAMILY SALES		34,442			4,657			7		—			—			4,664			—
MULTI-FAMILY COST OF SALES		(27,017	)		(2,500	)		13		—			—			(2,487	)		—
MULTI-FAMILY SALES LESS COST OF SALES - CONSOLIDATED		7,425			2,157			20		—			—			2,177			—
JOINT VENTURES:
MULTI-FAMILY SALES - JOINT VENTURES:
MULTI-FAMILY SALES		389			—			—		—			—			—			—
MULTI-FAMILY COST OF SALES		(266	)		(5	)		—		—			—	��		(5	)		—
OTHER, NET		350			22			33		(2	)		25			77			(1	)
MULTI-FAMILY SALES LESS COST OF SALES - SHARE OF JOINT VENTURES		473			17			33		(2	)		25			72			(1	)
TOTAL MULTI-FAMILY FFO		7,898			2,174			53		(2	)		25			2,249			(1	)
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT
PROPERTY SALES AND COST OF SALES:
CONSOLIDATED:
RESIDENTIAL LOT AND OUTPARCEL SALES - CONSOLIDATED:
RESIDENTIAL LOT SALES		2,514			165			80		165			2,605			3,015			949
OUTPARCEL SALES		13,429			—			—		—			—			—			—
TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES		15,943			165			80		165			2,605			3,015			949
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED:
RESIDENTIAL LOT COST OF SALES		1,940			119			76		158			2,588			2,941			564
OUTPARCEL COST OF SALES		8,759			(50	)		—		—			—			(50	)		—
TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES-CONSOLIDATED		10,699			69			76		158			2,588			2,891			564
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		1,697			—			—		—			3,258			3,258			—
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY
SALES LESS COST OF SALES - CONSOLIDATED		6,941			96			4		7			3,275			3,382			385
SUMMARY - CONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES		574			46			4		7			17			74			385
OUTPARCEL SALES LESS COST OF SALES		4,670			50			—		—			—			50			—
TRACT SALES LESS COST OF SALES		1,697			—			—		—			3,258			3,258			—
TOTAL CONSOLIDATED SALES LESS COST OF SALES		6,941			96			4		7			3,275			3,382			385

24

COUSINS PROPERTIES INCORPORATED

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

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

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
JOINT VENTURES:
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES - JOINT VENTURES:
RESIDENTIAL LOT SALES		7,768			1,186			2,229			1,875			2,053			7,343			—
OUTPARCEL SALES		516			—			—			—			—			—			—
TRACT SALES		10,633			572			29			152			41			794			176
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		18,917			1,758			2,258			2,027			2,093			8,137			176
RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES - JOINT VENTURES:
RESIDENTIAL LOT COST OF SALES		5,896			1,006			1,835			1,363			1,566			5,770			—
OUTPARCEL COST OF SALES		434			—			—			—			—			—			—
TRACT COST OF SALES		7,026			552			2			(15	)		(26	)		513			176
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES		13,356			1,558			1,837			1,348			1,540			6,283			176
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES -JOINT VENTURES		5,561			200			421			679			554			1,854			—
SUMMARY - JOINT VENTURES:
RESIDENTIAL LOT SALES LESS COST OF SALES		1,872			180			394			512			487			1,573			—
OUTPARCEL SALES LESS COST OF SALES		82			—			—			—			—			—			—
TRACT SALES LESS COST OF SALES		3,607			20			27			167			67			281			—
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES - SHARE OF JOINT VENTURES		5,561			200			421			679			554			1,854			—
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT
PROPERTY SALES LESS COST OF SALES		12,502			296			425			686			3,829			5,236			385
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
NET OPERATING INCOME:
OFFICE PROPERTIES		12,242			3,357			3,322			3,406			3,507			13,592			3,714
RETAIL PROPERTIES		7,937			2,695			2,596			2,647			2,728			10,666			2,608
NET OPERATING INCOME		20,179			6,052			5,918			6,053			6,235			24,258			6,322
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES		5,561			200			421			679			554			1,854			—
MULTI-FAMILY SALES LESS COST OF SALES		473			17			33			(2	)		25			73			(1	)
TERMINATION FEES		48			58			—			—			15			73			42
INTEREST EXPENSE		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)		(1,179	)
OTHER EXPENSE		913			43			—			(413	)		(97	)		(467	)		(332	)
IMPAIRMENT LOSSES		(3,746	)		—			(250	)		—			(28,753	)		(29,003	)		—
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES		19,154			5,173			4,970			5,100			(23,206	)		(7,963	)		4,847
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		—			—			—			—			—			—			—
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(9,661	)		(2,678	)		(2,658	)		(2,440	)		(2,561	)		(10,337	)		(2,661	)
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		9,493			2,496			2,312			2,660			(25,767	)		(18,299	)		2,186

25

COUSINS PROPERTIES INCORPORATED

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

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

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
MARKET CAPITALIZATION
COMMON STOCK PRICE AT PERIOD END		8.34			8.35			8.54			5.85			6.41			6.41			7.58
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		103,392			103,631			103,714			103,714			103,702			103,702			104,139
COMMON STOCK CAPITALIZATION		862,289			865,319			885,718			606,727			664,730			664,730			789,374
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE		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
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT		509,509			496,823			498,034			462,135			539,442			539,442			529,168
SHARE OF UNCONSOLIDATED DEBT		172,325			166,726			163,931			162,022			162,127			162,127			164,217
DEBT(2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361
LEVERAGE RATIOS
DEBT(2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361
DEBT (2) / TOTAL MARKET CAPITALIZATION		40	%		39	%		39	%		45	%		46	%		46	%		42	%
TOTAL ASSETS-CONSOLIDATED		1,371,282			1,335,453			1,337,132			1,294,376			1,235,535			1,235,535			1,199,634
ACCUMULATED DEPRECIATION-CONSOLIDATED		274,925			286,547			298,085			286,399			289,473			289,473			302,782
UNDEPRECIATED ASSETS-UNCONSOLIDATED(2)		485,993			485,029			499,381			507,201			516,686			516,686			467,303
LESS: INVESTMENT IN JOINT VENTURES		(167,108	)		(165,119	)		(179,149	)		(181,947	)		(160,587	)		(160,587	)		(141,180	)
TOTAL UNDEPRECIATED ASSETS (2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539
DEBT(2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385
UNDEPRECIATED ASSETS(2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539
DEBT (2) / TOTAL UNDEPRECIATED ASSETS (2)		35	%		34	%		34	%		33	%		37	%		37	%		38	%
DEBT(2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT(2) + PREFERRED		851,436			833,151			831,567			793,759			871,171			871,171			862,987
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361
DEBT (2) + PREFERRED / TOTAL MARKET CAPITALIZATION		50	%		49	%		48	%		57	%		57	%		57	%		52	%
DEBT(2) + PREFERRED		851,436			833,151			831,567			793,759			871,171			871,171			862,987
TOTAL UNDEPRECIATED ASSETS(2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539
DEBT (2) + PREFERRED / TOTAL UNDEPRECIATED ASSETS (2)		43	%		43	%		43	%		42	%		46	%		46	%		47	%
EBITDA (2)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		1,911			568			377			393			370			1,708			369
INCOME TAX PROVISION (BENEFIT)		(1,079	)		(64	)		27			(180	)		31			(186	)		27
IMPAIRMENT LOSSES		6,300			3,508			250			—			125,376			129,134			—
PREDEVELOPMENT CHARGES		732			—			—			—			937			937			—
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227
EBITDA (2)		104,811			24,097			23,282			25,635			27,200			100,214			24,652
COVERAGE RATIOS (2)
EBITDA		104,811			24,097			23,282			25,635			27,200			100,214			24,652
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447
INTEREST COVERAGE RATIO (2)		2.53			2.76			2.74			3.28			3.65			3.08			3.31
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447
SCHEDULED PRINCIPAL PAYMENTS		4,399			1,755			1,894			1,650			1,980			7,279			2,123
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227
FIXED CHARGES		58,738			13,718			13,626			12,689			12,668			52,701			12,797
EBITDA		104,811			24,097			23,282			25,635			27,200			100,214			24,652
FIXED CHARGES COVERAGE RATIO (2)		1.78			1.76			1.71			2.02			2.15			1.90			1.93
DEBT(2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385
ANNUALIZED EBITDA(3)		111,284			96,388			93,128			102,540			108,800			108,800			98,608
DEBT (2) /ANNUALIZED EBITDA (3)		6.13			6.88			7.11			6.09			6.45			6.45			7.03

26

COUSINS PROPERTIES INCORPORATED

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

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

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st
DIVIDEND RATIOS
REGULAR COMMON DIVIDENDS:
CASH		12,176			4,653			4,663			4,667			4,667			18,651			4,687
COMMON STOCK		24,282			—			—			—			—			—			—
COMMON DIVIDENDS		36,458			4,653			4,663			4,667			4,667			18,651			4,687
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
FFO PAYOUT RATIO		111	%		57	%		43	%		33	%		-4	%		-24	%		35	%
FFO BEFORE CERTAIN CHARGES
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
IMPAIRMENT LOSSES(2)		6,300			3,508			250			—			125,376			129,134			(1,000	)
PREDEVELOPMENT CHARGES		732			—			—			—			937			937			(185	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94
SEPARATION CHARGES		1,045			101			77			15			4			197			213
FFO BEFORE CERTAIN CHARGES		50,685			11,731			11,223			14,398			16,115			53,467			12,610
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO		72	%		40	%		42	%		32	%		29	%		35	%		37	%
FAD (2)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488
FAS 13		(7,936	)		(2,637	)		(2,885	)		(3,095	)		(2,459	)		(11,076	)		(2,686	)
ABOVE AND BELOW MARKET RENTS		(90	)		(23	)		(15	)		(15	)		27			(26	)		108
SECOND GENERATION CAPEX		(8,600	)		(1,972	)		(6,425	)		(6,228	)		(4,515	)		(19,140	)		(2,333	)
FAD (2)		16,154			3,490			1,571			4,970			(117,149	)		(107,117	)		8,577
COMMON DIVIDENDS		36,458			4,653			4,663			4,667			4,667			18,651			4,687
FAD PAYOUT RATIO (2)		226	%		133	%		297	%		94	%		-4	%		-17	%		55	%
FAD BEFORE CERTAIN CHARGES
FAD(2)		16,154			3,490			1,571			4,970			(117,149	)		(107,117	)		8,577
IMPAIRMENT LOSSES(2)		6,300			3,508			250			—			125,376			129,134			(1,000	)
PREDEVELOPMENT CHARGES		732			—			—			—			937			937			(185	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94
SEPARATION CHARGES		1,045			101			77			15			4			197			213
FAD BEFORE CERTAIN CHARGES		34,058			7,099			1,898			5,059			9,168			23,225			7,699
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO		107	%		66	%		246	%		92	%		51	%		80	%		61	%
OPERATIONS RATIOS
REVENUES		214,722			45,487			41,967			43,721			46,359			177,534			47,164
RENTAL REVENUES FROM DISCONTINUED OPERATIONS		18,675			3,614			3,492			3,740			1,297			12,143			309
REVENUES INCLUDING DISCONTINUED OPERATIONS		233,397			49,101			45,459			47,461			47,656			189,677			47,473
GENERAL AND ADMINISTRATIVE EXPENSES		28,517			7,400			6,133			4,295			6,338			24,166			6,623
REVENUES INCLUDING DISCONTINUED OPERATIONS		233,397			49,101			45,459			47,461			47,656			189,677			47,473
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS		12.2	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%		14.0	%
TOTAL UNDEPRECIATED ASSETS(2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES (3) / TOTAL UNDEPRECIATED ASSETS		1.5	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%		1.4	%

(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.

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COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

	Three Months Ended
	March 31,		March 31,		December 31,
	2012		2011		2011
Net Operating Income
Same Property		26,858		25,488		26,569
Non-Same Property		2,452		2,601		1,334
Consolidated Property Net Operating Income		29,310		28,089		27,903
Less: Non-Cash Items
Straight-line rent		2,678		2,631		2,458
Other		8		151		91
Non-Cash Items		2,686		2,782		2,549
Cash Basis Property Net Operating Income		26,624		25,307		25,354
Net Operating Income (1)
Operating Properties		22,764		19,793		20,845
Discontinued Operations		224		2,244		823
Share of Unconsolidated Joint Ventures		6,322		6,052		6,235
Total Net Operating Income		29,310		28,089		27,903

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

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COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

“FAD Before Certain Charges”represents FAD before non-depreciable 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, as a performance measure for incentive compensation to its officers and other key employees.

“FFO Before Certain Charges” represents FFO before non-depreciable 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.

29

COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

“Net Operating Income” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Net Operating Income which is rental property revenues less rental property operating expenses, like FFO, excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from Net Operating Income for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

“Same-Property Net Operating Income” represents the Net Operating Income and Cash Basis Same Properties. Cash Basis Net Operating Income excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. Same Properties include those office and retail properties that have been fully operational in each of the comparable reporting periods. Same-Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

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