Q1 2015SUPPLEMENTAL INFORMATION

1

TABLE OF CONTENTS

Key Performance Metrics	3
Funds From Operations - Summary	6
Funds From Operations - Detail	7
Portfolio Statistics	10
Same Property Performance	11
Office Leasing Activity	12
Office Lease Expirations	13
Top 20 Office Tenants	15
Tenant Industry Diversification	16
Investment Activity	17
Development Pipeline	19
Land Inventory	20
Debt Schedule	21
Joint Venture Information	23
Non-GAAP Financial Measures - Calculations and Reconciliations	24
Non-GAAP Financial Measures - Discussion	29

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, the availability and terms of capital and financing; the ability to refinance indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions or dispositions; the potential dilutive effect of common stock offerings; the availability of buyers and adequate pricing with respect to the disposition of assets; risks related to the geographic concentration of our portfolio; risks and uncertainties related to national and local economic conditions, the real estate industry in general, and the commercial real estate markets in particular; changes to the Company's strategy with regard to land and other non-core holdings that require impairment losses to be recognized; leasing risks, including the ability to obtain new tenants or renew expiring tenants, and the ability to lease newly developed and/or recently acquired space; the adverse change in the financial condition of one or more of its major tenants; volatility in interest rates and insurance rates; the availability of sufficient investment opportunities; competition from other developers or investors; the risks associated with real estate developments and acquisitions (such as zoning approval, receipts of required permits, construction delays, cost overruns, and leasing risk); the loss of key personnel; the potential liability for uninsured losses, condemnation, or environmental issues; the potential liability for a failure to meet regulatory requirements; 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, 2014. 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.

Cousins Properties Incorporated Q1 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
Property Statistics
Consolidated Operating Properties	14		13		13		13		12		12		13
Consolidated Rentable Square Feet (in thousands)	12,255		12,132		12,132		12,633		13,034		13,034		13,407
Unconsolidated Operating Properties	9		9		9		9		5		5		5
Unconsolidated Rentable Square Feet (in thousands)	3,468		3,468		3,468		3,468		3,129		3,129		3,129
Total Operating Properties	23		22		22		22		17		17		18
Total Rentable Square Feet (in thousands)	15,723		15,600		15,600		16,101		16,163		16,163		16,536
Office Leasing Activity (1)
Net Leased during the period (square feet)(in thousands)	1,256		369		317		550		637		1,874		441
Net Rent (per square foot)	$18.54		$21.05		$22.39		$22.99		$24.10		$22.88		$18.93
Total Leasing Costs (per square foot)	(5.25)		(5.91)		(5.02)		(6.18)		(5.54)		(5.71)		(4.62)
Net Effective Rent (per square foot)	$13.29		$15.14		$17.37		$16.81		$18.56		$17.17		$14.31
Increase in Second Generation Net Rent	12.9	%	12.7	%	48.4	%	36.3	%	43.8	%	38.0	%	33.6	%
Increase (decrease) in Cash-Basis Second Generation Net Rent	(3.6	)%	(0.4	)%	33.3	%	7.6	%	27.7	%	19.7	%	8.0	%
Same Property Information (2)
Leased (period end)	90.7	%	90.7	%	91.0	%	91.6	%	91.2	%	91.2	%	91.7	%
Weighted Average Occupancy	90.1	%	89.9	%	89.8	%	89.9	%	89.3	%	89.7	%	91.5	%
Net Operating Income Change (over prior year period)	4.6	%	2.2	%	7.7	%	3.6	%	0.6	%	3.6	%	5.2	%
Cash-Basis Net Operating Income Change (over prior year period)	3.9	%	10.2	%	15.0	%	12.8	%	11.1	%	12.3	%	15.9	%
Development Pipeline (3)
Estimated Project Costs (in thousands)	$283,600		$181,075		$181,075		$182,575		$226,575		$226,575		$100,475
Estimated Project Costs / Total Undepreciated Assets	9.9	%	6.2	%	6.1	%	5.7	%	7.0	%	7.0	%	3.0	%
Market Capitalization (4)
Common Stock Price (period end)	$10.30		$11.47		$12.45		$11.95		$11.42		$11.42		$10.60
Common Shares Outstanding (period end)(in thousands)	189,666		198,423		198,474		216,509		216,513		216,513		216,470
Equity Market Capitalization (in thousands)	$1,953,560		$2,275,912		$2,471,001		$2,587,283		$2,472,578		$2,472,578		$2,294,582
Preferred Stock (in thousands)	94,775		94,775		—		—		—		—		—
Debt (in thousands)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376
Total Market Capitalization (in thousands)	$2,906,918		$3,184,703		$3,361,094		$3,482,901		$3,480,080		$3,480,080		$3,361,958

Cousins Properties Incorporated 3 Q1 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
Credit Ratios (4)
Debt/Total Market Capitalization	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%	31.7	%
Debt/Total Undepreciated Assets	30.0	%	28.0	%	30.1	%	28.1	%	30.1	%	30.1	%	31.5	%
Fixed Charges Coverage	2.64		3.56		4.00		4.61		4.98		4.27		4.67
Debt/Annualized EBITDA	4.72		4.31		4.48		4.37		4.05		4.05		4.77
Dividend Information (4)
Common Dividend per Share	$0.18		$0.075		$0.075		$0.075		$0.075		$0.30		$0.08
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%
FAD Payout Ratio	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%
Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.65	%	0.77	%	0.78	%	0.63	%	0.42	%	0.42	%	0.41	%
Additional Information (4)
Straight Line Rental Revenue	$12,826		$7,648		$5,001		$4,169		$5,275		$22,093		$6,285
Above and Below Market Rents	$3,785		$1,952		$2,027		$1,933		$2,135		$8,047		$2,030
Second Generation Capital Expenditures	$16,414		$3,295		$7,317		$12,023		$12,419		$35,054		$12,020

(1) See Office Leasing Activity on page 12 herein for additional detail and explanations.

(2) Same Property Information is derived from the pool of office properties, as defined, in the period originally reported. See Same Property Performance on page 11 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 24 for additional information.

(3) Cousins' share of development expenditures.

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

Cousins Properties Incorporated 4 Q1 2015 Supplemental Information

KEY PERFORMANCE METRICS

(1) Total rentable square feet is based on the total portfolio.

(2) Office properties only.

Note: See additional information included herein for calculations, definitions, and reconciliations to GAAP financial measures.

Cousins Properties Incorporated 5 Q1 2015 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	(in thousands, except per share amounts)
Net Operating Income
Office	122,503		47,598		48,821		52,691		57,441		206,551		56,734
Other	15,577		2,420		2,467		2,421		1,812		9,122		1,319
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053
Sales Less Cost of Sales	1,464		160		1,373		82		2,295		3,910		810
Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816
Other Income	4,117		1,936		2,484		554		430		5,404		407
Gain on Sale of Third Party Management and Leasing Business	4,576		7		—		5		(15	)	(3	)	—
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)
General and Administrative Expenses	(21,940	)	(5,611	)	(5,756	)	(5,022	)	(3,398	)	(19,787	)	(3,493	)
Separation Expenses	(520	)	(84	)	—		—		(101	)	(185	)	(102	)
Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)
Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)
Income Tax Benefit (Provision)	23		12		9		(1	)	—		20		—
Depreciation and Amortization of Non-Real Estate Assets	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)	(471	)
Preferred Stock Dividends and Original Issuance Costs	(12,664	)	(1,777	)	(4,708	)	—		—		(6,485	)	—
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21

Cousins Properties Incorporated 6 Q1 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	(in thousands, except per share amounts)
Net Operating Income
Office Consolidated Properties
Greenway Plaza	24,606		18,202		19,295		20,356		19,526		77,379		18,403
Post Oak Central	15,593		5,564		5,886		6,032		5,955		23,437		6,675
Northpark Town Center	—		—		—		—		5,794		5,794		5,825
191 Peachtree Tower	16,040		4,198		4,650		4,115		4,046		17,009		4,082
Fifth Third Center	—		—		—		2,196		3,435		5,631		3,641
Promenade	9,568		2,772		2,792		3,030		2,841		11,435		3,542
The American Cancer Society Center	11,539		2,992		3,022		3,329		3,030		12,373		3,114
2100 Ross Avenue	4,620		1,474		936		1,497		1,566		5,473		1,881
816 Congress Avenue	4,029		1,536		1,740		1,862		1,854		6,992		1,858
North Point Center East	5,909		1,606		1,564		1,471		1,435		6,076		1,537
Meridian Mark Plaza	4,111		908		1,008		898		914		3,728		918
The Points at Waterview	1,876		415		329		348		356		1,448		410
Colorado Tower	—		—		—		—		—		—		328
Other (4)	4,733		2,558		2,444		2,642		2,174		9,818		(111	)
Subtotal - Office Consolidated	102,624		42,225		43,666		47,776		52,926		186,593		52,103
Office Unconsolidated Properties
Terminus 100 (2)	6,892		1,973		1,875		1,831		1,876		7,555		1,922
Terminus 200	4,278		1,235		1,466		1,449		1,354		5,504		1,436
Emory University Hospital Midtown Medical Office Tower	3,874		998		962		1,008		992		3,960		987
Gateway Village (3)	1,208		302		302		302		302		1,208		302
Other	(61	)	(15	)	(12	)	(15	)	(9	)	(51	)	(5	)
Subtotal - Office Unconsolidated	16,191		4,493		4,593		4,575		4,515		18,176		4,642
Discontinued Operations	3,688		880		562		340		—		1,782		(11	)
Total Office Net Operating Income	122,503		47,598		48,821		52,691		57,441		206,551		56,734
Other
Consolidated Properties (4)	1,293		402		407		396		178		1,383		(24	)
Unconsolidated Properties
Emory Point Apartments	2,300		1,118		1,181		1,200		1,148		4,647		1,071
Emory Point Retail	1,211		321		312		257		190		1,080		281
Other (4)	8,061		567		562		569		295		1,993		(6	)
Subtotal - Other	11,572		2,006		2,055		2,026		1,633		7,720		1,346
Discontinued Operations	2,712		12		5		(1	)	1		19		(3	)
Total Other Net Operating Income	15,577		2,420		2,467		2,421		1,812		9,122		1,319
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053

Cousins Properties Incorporated 7 Q1 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	(in thousands, except per share amounts)
Sales Less Cost of Sales
Land Sales Less Cost of Sales - Consolidated	1,353		160		1,326		82		135		1,703		810
Land Sales Less Cost of Sales - Unconsolidated	111		—		47		—		2,160		2,207		—
Total Sales Less Cost of Sales	1,464		160		1,373		82		2,295		3,910		810
Fee Income
Development Fees	3,102		937		541		571		5,216		7,265		308
Management Fees (5)	7,223		1,315		1,446		1,203		1,118		5,082		1,503
Leasing & Other Fees	565		87		38		29		19		173		5
Total Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816
Other Income
Termination Fees	2,952		1,843		2,210		280		240		4,573		193
Termination Fees - Discontinued Operations	—		—		2		—		—		2		—
Interest and Other Income	637		65		44		111		44		264		55
Interest and Other Income - Discontinued Operations	15		—		—		8		(4	)	4		—
Other - Unconsolidated	513		28		228		155		150		561		159
Total Other Income	4,117		1,936		2,484		554		430		5,404		407
Gain on Sale of Third Party Management and Leasing Business	4,576		7		—		5		(15	)	(3	)	—
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)
General and Administrative Expenses	(21,940	)	(5,611	)	(5,756	)	(5,022	)	(3,398	)	(19,787	)	(3,493	)
Separation Expenses	(520	)	(84	)	—		—		(101	)	(185	)	(102	)
Interest Expense
Consolidated Debt
The American Cancer Society Center	(8,813	)	(2,158	)	(2,175	)	(2,192	)	(2,185	)	(8,710	)	(2,131	)
Post Oak Central	(2,618	)	(2,044	)	(2,036	)	(2,028	)	(2,019	)	(8,127	)	(2,010	)
Promenade	(1,568	)	(1,223	)	(1,216	)	(1,209	)	(1,202	)	(4,850	)	(1,194	)
Unsecured Credit Facility	(2,260	)	(575	)	(616	)	(705	)	(1,458	)	(3,354	)	(966	)
191 Peachtree Tower	(3,483	)	(861	)	(861	)	(861	)	(861	)	(3,444	)	(861	)
816 Congress Avenue	—		—		—		—		(709	)	(709	)	(817	)
Meridian Mark Plaza	(1,587	)	(393	)	(391	)	(390	)	(388	)	(1,562	)	(387	)
The Points at Waterview	(903	)	(221	)	(219	)	(217	)	(215	)	(872	)	(213	)
Terminus 100 (2)	(725	)	—		—		—		—		—		—
Other	(270	)	(65	)	(66	)	(65	)	(38	)	(234	)	—
Capitalized	518		373		610		850		919		2,752		903
Subtotal - Consolidated	(21,709	)	(7,167	)	(6,970	)	(6,817	)	(8,156	)	(29,110	)	(7,676	)
Unconsolidated Debt
Terminus 100 (2)	(3,193	)	(879	)	(875	)	(872	)	(868	)	(3,494	)	(865	)
Terminus 200	(1,369	)	(390	)	(390	)	(390	)	(390	)	(1,560	)	(390	)
Emory University Hospital Midtown Medical Office Tower	(1,358	)	(334	)	(334	)	(334	)	(334	)	(1,336	)	(334	)
Emory Point	(867	)	(242	)	(244	)	(247	)	(241	)	(974	)	(233	)
Other	(1,176	)	—		—		—		—		—		—
Subtotal - Unconsolidated	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)	(1,822	)
Total Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)

Cousins Properties Incorporated 8 Q1 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (1)

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	(in thousands, except per share amounts)
Other Expenses
Noncontrolling Interests	(1,671	)	(156	)	(129	)	(92	)	(47	)	(424	)	—
Property Taxes and Other Holding Costs	(1,570	)	(271	)	(276	)	(288	)	(388	)	(1,223	)	(287	)
Predevelopment & Other	(492	)	(229	)	(363	)	(146	)	(1,309	)	(2,047	)	(106	)
Acquisition and Related Costs	(7,484	)	(22	)	(149	)	(644	)	(315	)	(1,130	)	(83	)
Total Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)
Income Tax Provision (Benefit)	23		12		9		(1	)	—		20		—
Depreciation and Amortization of Non-Real Estate Assets
Consolidated	(753	)	(185	)	(201	)	(232	)	(249	)	(867	)	(423	)
Unconsolidated	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	(48	)
Total Non-Real Estate Depreciation and Amoritization	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)	(471	)
Preferred Stock Dividends and Original Issuance Costs	(12,664	)	(1,777	)	(4,708	)	—		—		(6,485	)	—
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21

(1) Amounts may differ slightly from other schedules contained herein due to rounding.

(2) In the first quarter of 2013, the Company formed a 50/50 joint venture for both Terminus 100 and Terminus 200. The Terminus 100 Consolidated line represents the Company's share for the period prior to the joint venture formation, the Terminus 100 Unconsolidated line represents the Company's share for the period subsequent to the joint venture formation.

(3) The Company receives an 11.46% current return on its $10.4 million investment in Gateway Village and recognizes this amount as NOI from this venture. See Joint Venture Information included herein for further details.

(4) Represents NOI for properties sold in prior periods.

(5) Management Fees include reimbursement of expenses that are included in the "Reimbursed Expenses" line item.

Cousins Properties Incorporated 9 Q1 2015 Supplemental Information

PORTFOLIO STATISTICS

							Company's Share
	Property Description	Metropolitan Area	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest		End of Period Leased 1Q15		End of Period Leased 4Q14		Weighted Average Occupancy 1Q15		Weighted Average Occupancy 4Q14		% of Total Net Operating Income (1)		Property Level Debt ($000)
	Office
	Greenway Plaza (2)	Houston	4,348,000	Consolidated	100	%	89.7	%	95.6	%	92.3	%	92.8	%	32	%	$	—
	Post Oak Central (2)	Houston	1,280,000	Consolidated	100	%	95.2	%	95.6	%	95.5	%	95.7	%	11	%	184,288
	2100 Ross Avenue	Dallas	844,000	Consolidated	100	%	86.0	%	86.3	%	82.8	%	81.3	%	3	%	—
	816 Congress	Austin	435,000	Consolidated	100	%	91.2	%	90.4	%	85.8	%	87.6	%	3	%	85,000
	Colorado Tower	Austin	373,000	Consolidated	100	%	94.7	%	94.7	%	18.1	%	—	%	1	%	—
	The Points at Waterview	Dallas	203,000	Consolidated	100	%	92.0	%	83.5	%	83.5	%	81.6	%	1	%	14,457
	Texas		7,483,000												51	%	283,745
	Northpark Town Center (2)	Atlanta	1,528,000	Consolidated	100	%	93.5	%	92.6	%	88.9	%	87.6	%	10	%	—
	191 Peachtree Tower	Atlanta	1,225,000	Consolidated	100	%	91.0	%	89.4	%	87.2	%	85.8	%	7	%	100,000
	The American Cancer Society Center	Atlanta	996,000	Consolidated	100	%	84.4	%	84.4	%	84.4	%	84.5	%	5	%	130,630
	Promenade	Atlanta	777,000	Consolidated	100	%	94.2	%	92.8	%	87.8	%	82.2	%	6	%	110,270
	Terminus 100	Atlanta	656,000	Unconsolidated	50	%	93.6	%	95.6	%	95.5	%	94.3	%	3	%	65,523
	North Point Center East (2)	Atlanta	540,000	Consolidated	100	%	97.2	%	96.5	%	93.8	%	92.6	%	3	%	—
	Terminus 200	Atlanta	566,000	Unconsolidated	50	%	92.2	%	87.8	%	87.8	%	84.3	%	2	%	41,000
	Meridian Mark Plaza	Atlanta	160,000	Consolidated	100	%	99.0	%	98.3	%	98.3	%	96.2	%	2	%	25,303
	Emory University Hospital Midtown Medical Office Tower	Atlanta	358,000	Unconsolidated	50	%	100.0	%	100.0	%	99.2	%	99.2	%	2	%	37,500
	Georgia		6,806,000												40	%	510,226
	Fifth Third Center	Charlotte	698,000	Consolidated	100	%	85.1	%	83.4	%	80.5	%	79.8	%	6	%	—
	Gateway Village	Charlotte	1,065,000	Unconsolidated	50	%	100.0	%	100.0	%	100.0	%	100.0	%	1	%	15,569
	North Carolina		1,763,000												7	%	15,569
	Total Office Properties		16,052,000												98	%	$	809,540
	Other
	Emory Point Apartments (Phase I) (3)	Atlanta	404,000	Unconsolidated	75	%	93.9	%	91.6	%	92.1	%	92.0	%	2	%	36,328
	Emory Point Retail (Phase I)	Atlanta	80,000	Unconsolidated	75	%	84.5	%	90.0	%	87.3	%	90.0	%	—	%	7,194
	Total Other		484,000												2	%	$	43,522
	Total Portfolio		16,536,000												100	%	$	853,062
(1)	Net Operating Income represents the Company's share of rental property revenues less rental property operating expenses. Calculation is based on amounts for the three months ended March 31, 2015.
(2)	Contains multiple buildings that are grouped together for reporting purposes.
(3)	This property consists of 443 units.

Cousins Properties Incorporated 10 Q1 2015 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	Net Operating Income ($ in thousands)
	Three Months Ended
	March 31, 2015			March 31, 2014			December 31, 2014			1Q15 vs. 1Q14 % Change		1Q15 vs. 4Q14 % Change
Property Revenues (2)	$	73,549		$	71,560		$	78,353		2.8	%	(6.1	)%
Property Operating Expenses (2)	30,222			30,394			35,735			(0.6	)%	(15.4	)%
Property Net Operating Income	$	43,327		$	41,166		$	42,618		5.2	%	1.7	%
% of Total Property Net Operating Income	74.6		%	82.3		%	71.9		%
Cash Basis Property Revenues (3)	$	69,035		$	63,886		$	74,946		8.1	%	(7.9	)%
Cash Basis Property Operating Expenses (4)	30,227			30,397			35,737			(0.6	)%	(15.4	)%
Cash Basis Property Net Operating Income	$	38,808		$	33,489		$	39,209		15.9	%	(1.0	)%
% of Total Property Cash Basis Net Operating Income	77.1		%	82.1		%	75.1		%
End of Period Leased	91.7		%	93.1		%	93.6		%
Weighted Average Occupancy	91.5		%	91.0		%	91.0		%
(1) Same Properties include those office properties that were operational and stabilized on January 1, 2014, excluding properties subsequently sold. Properties included in this reporting period are as follows:
Greenway Plaza	The American Cancer Society Center						Terminus 200
Post Oak Central	Promenade						Meridian Mark Plaza
The Points at Waterview	Terminus 100						Emory University Hospital Midtown Medical Office Tower
191 Peachtree Tower	North Point Center East						Gateway Village
(2) Property Revenues and Expenses includes results for the Company and its share of unconsolidated joint ventures.
(3) Cash Basis Same Property Revenues include that of the Company and its share of unconsolidated joint ventures. It represents Property Revenues, excluding straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.
(4) Cash Basis Same Property Operating Expenses include that of the Company and its share of unconsolidated joint ventures. It represents Property Operating Expenses, excluding straight-line ground rent expense and amortization of above and below market ground rent expense.

Cousins Properties Incorporated 11 Q1 2015 Supplemental Information

OFFICE LEASING ACTIVITY(1)

	Three Months Ended March 31, 2015
	New			Renewal			Expansion			Total
Gross leased (square feet)										467,070
Less: Leases less than one year, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(26,231		)
Net leased (square feet)	126,547			290,473			23,819			440,839
Number of transactions	13			20			6			39
Lease term (years) (2)	8.23			5.53			5.57			6.31
Net rent (per square foot) (2)(3)	$	17.53		$	19.27		$	22.26		$	18.93
Total leasing costs (per square foot) (2)(4)	(6.45		)	(3.81		)	(4.73		)	(4.62		)
Net effective rent (per square foot) (2)	$	11.08		$	15.46		$	17.53		$	14.31
Second generation leased square feet (2)(5)										335,416
Increase in second generation net rent (2)(3)(5)										33.6		%
Increase in cash basis second generation net rent(2)(5)(6)										8.0		%
(1) Excludes apartment and retail leasing.
(2) Weighted average.
(3) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) Includes tenant improvements, external leasing commissions, and free rent.
(5) Excludes leases executed for spaces that were vacant upon acquisition, new leases in a development property, and leases for spaces that have been vacant for one year or more.
(6) Represents increase in net rent at the end of term paid by the prior tenant compared to net rent at beginning of term paid by the current tenant. For early renewals, represents increase in net rent at the end of the term of the original lease compared to net rent at the beginning of the extended term of the lease.

Cousins Properties Incorporated 12 Q1 2015 Supplemental Information

OFFICE LEASE EXPIRATIONS

Lease Expirations by Year

Year of Expiration	Square Feet Expiring (1)	% of Leased Space		Annual Contractual Rents ($000's) (1)(2)		% of Total Annual Contractual Rents		Annual Contractual Rent/Sq. Ft. (2)
2015	580,136	4.3	%	$	11,140	3.5	%	$	19.20
2016	1,258,720	9.4	%	25,607		8.0	%	20.34
2017	1,383,304	10.3	%	29,303		9.2	%	21.18
2018	1,119,314	8.3	%	23,202		7.3	%	20.73
2019	1,177,608	8.8	%	29,069		9.1	%	24.69
2020	854,249	6.3	%	19,635		6.2	%	22.99
2021	1,126,863	8.4	%	27,823		8.7	%	24.69
2022	1,390,752	10.3	%	31,745		10.0	%	22.83
2023	1,315,879	9.8	%	29,647		9.3	%	22.53
2024 &Thereafter	3,246,970	24.1	%	91,681		28.7	%	28.24
Total	13,453,795	100.0	%	$	318,852	100.0	%	$	23.70

Lease Expirations Greater than 100,000 Square Feet Through Year End 2018

Expiration Date	Tenant	Market	Building	Square Feet Expiring (1)
December 2016	Bank of America	Charlotte	Gateway Village		515,552
January 2017	Transocean Offshore Deepwater	Houston	Greenway Plaza		268,965
December 2018	Apache Corporation	Houston	Post Oak Central		524,342

(1) Company's share.

(2) Annual Contractual Rent shown is the rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which may or may not include a base year of operating expenses depending upon the terms of the lease.

Cousins Properties Incorporated 13 Q1 2015 Supplemental Information

OFFICE LEASE EXPIRATIONS

Cousins Properties Incorporated 14 Q1 2015 Supplemental Information

TOP 20 OFFICE TENANTS

	Tenant (1)	Company's Share of Square Footage	Company's Share of Annualized Base Rent		Company's Share of Annualized Base Rent (2)	Average Remaining Lease Term (Years) (3)
1	Occidental Oil & Gas Corp.	951,906	$	18,102,485	7%	12
2	Apache Corporation	524,342	9,085,677		4%	4
3	Bank of America (4)	913,134	6,962,625		3%	4
4	Invesco Management Group, Inc.	400,310	6,626,257		3%	9
5	Deloitte LLP	273,863	5,592,838		2%	9
6	Transocean Offshore Deepwater	268,965	5,284,686		2%	2
7	McGuire Woods, LLP	181,025	4,993,317		2%	11
8	American Cancer Society, Inc.	275,198	4,829,991		2%	7
9	Smith Gambrell & Russell	159,136	4,767,099		2%	6
10	Stewart Information Services	244,751	4,238,963		2%	4
11	US South Communications	194,685	3,717,156		1%	7
12	Internap Network Services	120,298	3,436,394		1%	5
13	Direct Energy	210,026	2,910,104		1%	8
14	National Union Fire Insurance	105,362	2,891,242		1%	4
15	CB Richard Ellis, Inc.	142,361	2,880,354		1%	6
16	Northside Hospital	99,185	2,855,822		1%	8
17	MedAssets Net Revenue Systems, LLC	120,660	2,753,766		1%	16
18	Gulf South Pipeline Company LP	103,597	2,453,852		1%	9
19	Wells Fargo Bank, N.A.	94,215	2,381,441		1%	6
20	Emory University	88,349	2,153,858		1%	16
	Total Top 20	5,471,368	$	98,917,927	39%	8
(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 which may or may not include a base year of operating expenses depending upon the terms of the lease.
(3)	Weighted average.
(4)	A portion of 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.

Cousins Properties Incorporated 15 Q1 2015 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Based on total portfolio holdings.

Cousins Properties Incorporated 16 Q1 2015 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Gross Purchase Price ($ in thousands)
2014
Fifth Third Center	Office	Charlotte	100.0%	3Q	698,000	$	215,000
Northpark Town Center	Office	Atlanta	100.0%	4Q	1,528,000	348,000
2013
Post Oak Central	Office	Houston	100.0%	1Q	1,280,000	230,900
Terminus 200	Office	Atlanta	50.0%	1Q	566,000	164,000
816 Congress	Office	Austin	100.0%	2Q	435,000	102,400
Greenway Plaza	Office	Houston	100.0%	3Q	4,348,000	950,000
777 Main	Office	Fort Worth	100.0%	3Q	980,000	160,000
2012
2100 Ross	Office	Dallas	100.0%	3Q	844,000	59,200
2011
Promenade	Office	Atlanta	100.0%	4Q	775,000	134,700
					11,454,000	$	2,364,200

Completed Property Developments

Project	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Project Cost ($ in thousands)
2015
Colorado Tower	Office	Austin	100.0%	1Q	373,000	$	126,100
2013
Emory Point - Phase I	Mixed	Atlanta	75.0%	4Q	484,000	102,300
2012
Mahan Village	Retail	Tallahassee	50.5%	4Q	147,000	25,800
					1,004,000	$	254,200

Cousins Properties Incorporated 17 Q1 2015 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Dispositions

Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands)
2014
600 University Park Place	Office	Birmingham	100.0%	1Q	123,000	$	19,700
Lakeshore Park Plaza	Office	Birmingham	100.0%	3Q	197,000	25,000
Mahan Village	Retail	Florida	50.5%	4Q	147,000	29,500
Cousins Watkins LLC	Retail	Other	50.5%	4Q	339,000	79,500
777 Main	Office	Fort Worth	100.0%	4Q	980,000	167,000
2013
Terminus 100	Office	Atlanta	100.0%	1Q	656,000	209,200
Tiffany Springs MarketCenter	Retail	Kansas City	88.5%	3Q	238,000	53,500
The Avenue Murfreesboro	Retail	Nashville	50.0%	3Q	752,000	164,000
CP Venture Two LLC	Retail	Other	10.3%	3Q	934,000	226,100
CP Venture Five LLC	Retail	Other	11.5%	3Q	1,179,000	296,200
Inhibitex	Office	Atlanta	100.0%	4Q	51,000	8,300
2012
The Avenue Collierville	Retail	Memphis	100.0%	2Q	511,000	55,000
Galleria 75	Office	Atlanta	100.0%	2Q	111,000	9,200
Ten Peachtree Place	Office	Atlanta	50.0%	2Q	260,000	45,300
The Avenue Web Gin	Retail	Atlanta	100.0%	4Q	322,000	59,600
The Avenue Forsyth	Retail	Atlanta	88.5%	4Q	524,000	119,000
Cosmopolitan Center	Office	Atlanta	100.0%	4Q	51,000	7,000
Palisades West	Office	Austin	50.0%	4Q	373,000	64,800
Presbyterian Medical Plaza	Office	Charlotte	11.5%	4Q	69,000	4,500
2011
King Mill	Industrial	Atlanta	75.0%	4Q	796,000	28,300
Lakeside Ranch	Industrial	Dallas	100.0%	4Q	749,000	28,400
One Georgia Center	Office	Atlanta	88.5%	3Q	376,000	48,600
Jefferson Mill	Industrial	Atlanta	75.0%	1Q	459,000	22,000
					10,197,000	$	1,769,700

Cousins Properties Incorporated 18 Q1 2015 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project	Type	Metropolitan Area	Company's Ownership Interest		Project Start Date	Number of Apartment Units/Square Feet	Estimated Project Cost (2) ($ in thousands)		Project Cost Incurred to Date (2) ($ in thousands)		Percent Leased		Percent Occupied		Initial Occupancy			Estimated Stabilization (5)
Research Park V	Office	Austin, TX	100	%	4Q14	173,000	$	44,000	$	10,101	—	%	—	%	4Q15	(3	)	4Q16
Emory Point (Phase II)	Mixed	Atlanta, GA	75	%	4Q13		75,300		55,608
Apartments						307					—	%	—	%	2Q15	(4	)	2Q16
Retail						45,000					66	%	—	%	3Q15	(4	)	2Q16
Total							$	119,300	$	65,709

(1) This schedule shows projects currently under active development through the substantial completion of construction. 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 stabilization dates 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 Research Park V project is being funded 100% by the Company; Emory Point Phase II is being funded with a combination of equity from the partners and a $46 million construction loan. As of March 31, 2015, $21.8 million was outstanding on the Emory Point Phase II construction loan.

(3) Represents the quarter which the Company estimates the first office square feet to be occupied.

(4) Represents the quarter which the Company estimates the first apartment/retail space to be occupied.

(5) Stabilization represents the earlier of the quarter within which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy.

Cousins Properties Incorporated 19 Q1 2015 Supplemental Information

LAND INVENTORY

	Metropolitan Area	Company's Ownership Interest	Total Developable Land (Acres)		Company's Share
Commercial
North Point	Atlanta	100.0%	32
Wildwood Office Park	Atlanta	50.0%	22
The Avenue Forsyth-Adjacent Land	Atlanta	100.0%	10
549 / 555 / 557 Peachtree Street	Atlanta	100.0%	1
Georgia			65
Victory Center	Dallas	75.0%	3
Texas			3
Commercial Land Held			68		57
Cost Basis of Commercial Land Held			$	33,907	$	15,103
Residential (1)
Paulding County	Atlanta	50.0%	4,706
Blalock Lakes	Atlanta	100.0%	2,657
Callaway Gardens (2)	Atlanta	100.0%	218
Georgia			7,581
Padre Island	Corpus Christi	50.0%	15
Texas			15
Residential Land Held			7,596		5,235
Cost Basis of Residential Land Held			$	24,600	$	19,022
Grand Total Land Held			7,664		5,292
Grand Total Cost Basis of Land Held			$	58,507	$	34,125

(1) Residential represents land that may be sold to third parties as lots or in large tracts for residential or commercial development.

(2) Company's ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. See Joint Venture Information included herein for further details.

Cousins Properties Incorporated 20 Q1 2015 Supplemental Information

DEBT SCHEDULE

						Company's Share of Debt Maturities and Principal Payments
Description (Interest Rate Base, if not fixed)	Company's Ownership Interest		Rate at End of Quarter		Maturity Date	2015		2016		2017		2018		2019		Thereafter		Total		Company's Share Recourse (1)
Consolidated Debt
Floating Rate Debt
Credit Facility, Unsecured (LIBOR + 1.10%-1.45%; $500mm facility)(2)	100.0	%	1.28	%	5/28/19	$	—	$	—	$	—	$	—	$198,000		$	—	$198,000		$198,000
Total Floating Rate Debt						—		—		—		—		198,000		—		198,000		198,000
Fixed Rate Debt
The Points at Waterview	100.0	%	5.66	%	1/1/16	432		14,025		—		—		—		—		14,457		—
The American Cancer Society Center (3)	100.0	%	6.45	%	9/1/17	1,288		1,834		127,508		—		—		—		130,630		—
191 Peachtree Tower	100.0	%	3.35	%	10/1/18	—		1,305		2,013		96,682		—		—		100,000		—
Meridian Mark Plaza	100.0	%	6.00	%	8/1/20	325		456		484		514		546		22,978		25,303		—
Post Oak Central	100.0	%	4.26	%	10/1/20	2,518		3,485		3,636		3,794		3,959		166,896		184,288		—
Promenade	100.0	%	4.27	%	10/1/22	2,066		2,862		2,986		3,116		3,252		95,988		110,270		—
816 Congress	100.0	%	3.75	%	11/1/24	—		128		1,568		1,628		1,690		79,986		85,000		—
Total Fixed Rate Debt						6,629		24,095		138,195		105,734		9,447		365,848		649,948		—
Total Consolidated Debt						6,629		24,095		138,195		105,734		207,447		365,848		847,948		198,000
Unconsolidated Debt
Floating Rate Debt
Emory Point (LIBOR + 1.75%)	75.0	%	1.93	%	10/9/15	43,522		—		—		—		—		—		43,522		—
Emory Point II (LIBOR + 1.85%; $46mm facility)	75.0	%	2.03	%	10/9/16	—		16,314		—		—		—		—		16,314		1,631
Total Floating Rate Debt						43,522		16,314		—		—		—		—		59,836		1,631
Fixed Rate Debt
Gateway Village (4)	50.0	%	6.41	%	12/1/16	6,801		8,768		—		—		—		—		15,569		—
Terminus 100	50.0	%	5.25	%	1/1/23	915		1,277		1,346		1,418		1,494		59,073		65,523		—
Terminus 200	50.0	%	3.79	%	1/1/23	—		559		770		800		831		38,040		41,000		—
Emory University Hospital Midtown Medical Office Tower	50.0	%	3.50	%	6/1/23	357		732		758		785		813		34,055		37,500		—
Total Fixed Rate Debt						8,073		11,336		2,874		3,003		3,138		131,168		159,592		—
Total Unconsolidated Debt						51,595		27,650		2,874		3,003		3,138		131,168		219,428		1,631
Total Debt						$	58,224	$	51,745	$	141,069	$	108,737	$	210,585	$	497,016	$	1,067,376	$	199,631
Total Maturities (5)						$	43,522	$	30,339	$	127,508	$	96,682	$	198,000	$	472,361	$	968,411
% of Maturities						5%		3%		13%		10%		20%		49%		100%

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

(2) Total borrowing capacity of the Credit Facility at March 31, 2015 was $500 million. The spread over LIBOR at March 31, 2015 was 1.1%.

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

(4) See Joint Venture Information for further details on the Gateway Village venture structure. Based on the structure of the venture and the nature of the related debt, the Company excludes the Gateway Village debt in certain of its leverage calculations.

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

Floating and Fixed Rate Debt Analysis

	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	257,836	24	%	1.44	%	3.4
Fixed Rate Debt	809,540		76	%	4.59	%	5.7
Total Debt	$	1,067,376	100	%	3.83	%	5.2

Cousins Properties Incorporated 21 Q1 2015 Supplemental Information

DEBT SCHEDULE

Cousins Properties Incorporated 22 Q1 2015 Supplemental Information

JOINT VENTURE INFORMATION

		Cash Flows to Cousins			Financial Statement Presentation
Joint Ventures	Properties	Operating	Capital Transactions/Other	GAAP Accounting
EP I LLC	Emory Point (Phase I)	75% of operating cash flows.	75% of proceeds.	Recognize 75% of net income from venture.	Unconsolidated
EP II LLC	Emory Point (Phase II)	75% of operating cash flows.	75% of proceeds.	Recognize 75% of net income from venture.	Unconsolidated
Crawford Long-CPI, LLC	Emory University Hospital Midtown Medical Office Tower	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Charlotte Gateway Village LLC	Gateway Village	Preferred return on investment of 11.46%.	50% of proceeds after partner receives $66.8 million until a 17% leveraged IRR. Thereafter, 20% of remaining proceeds.	Recognize 11.46% of invested capital each period.	Unconsolidated
Terminus Office Holdings LLC	Terminus 100, Terminus 200	50% of operating cash flows until partner receives an agreed upon return. Thereafter, receive an additional promoted interest if certain return thresholds are met.	Same as operating cash flow.	Recognize 50% of net income from venture.	Unconsolidated
HICO Victory Center LP (1)	Land/ Future Office Development	Cousins funds 75% of land and 50% of other expenses in predevelopment stage.	Same as operating cash flow.	Recognize 50% of net income from joint venture.	Unconsolidated (1)
CL Realty, L.L.C.	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Temco Associates, LLC	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Wildwood Associates	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
Cousins/Callaway LLC	Land	The first $2.0 million of cash flows; 77% of the next $17.7 million of cash flows; 50% of remaining cash flows until a 20% IRR; 40% of remaining cash flows until a 25% IRR; 25% of remainder.	Same as operating cash flow.	Recognize revenues and expenses as if a wholly-owned property. Recognize noncontrolling interest based on amounts earned by partner.	Consolidated

(1) If the partners decide to construct an office building, the economics of the venture will adjust such that Cousins owns at least 90% of the venture. At that time, the Company expects the venture to be consolidated.

Cousins Properties Incorporated 23 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	($ in thousands, except per share amounts)
2nd Generation TI & Leasing Costs & Building CAPEX:
Office
Second Generation Leasing Related Costs	12,139		2,745		5,388		12,023		11,031		31,187		11,513
Second Generation Building Improvements	3,814		550		1,929		—		1,388		3,867		507
	15,954		3,295		7,317		12,023		12,419		35,054		12,020
Other
Second Generation Leasing Related Costs	460		—		—		—		—		—		—
Total 2nd Generation TI & Leasing Costs	16,414		3,295		7,317		12,023		12,419		35,054		12,020
Net Operating Income
Office Consolidated Properties	102,624		42,225		43,666		47,776		52,926		186,593		52,103
Other Consolidated Properties	1,299		402		409		396		178		1,385		(24	)
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,104		187,978		52,079
Rental Property Revenues	194,420		77,484		80,034		86,857		99,535		343,910		90,033
Rental Property Operating Expenses	(90,497	)	(34,857	)	(35,959	)	(38,685	)	(46,434	)	(155,934	)	(37,954	)
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,101		187,976		52,079
Income from Discontinued Operations
Rental Property Revenues	10,552		1,356		967		601		4		2,927		4
Rental Property Operating Expenses	(4,163	)	(464	)	(402	)	(260	)	(2	)	(1,128	)	(18	)
Net Operating Income	6,389		892		565		341		2		1,799		(14	)
Termination Fees	—		—		2		—		—		2		—
Interest and Other Income (Expense)	15		—		—		8		(4	)	3		(210	)
FFO from Discontinued Operations	6,404		892		567		349		(2	)	1,804		(224	)
Third Party Management and Leasing Revenues	76		—		—		—		—		—		—
Third Party Management and Leasing Expenses	(97	)	—		—		(1	)	(1	)	(2	)	—
FFO from Third Party Management and Leasing	(21	)	—		—		(1	)	(1	)	(2	)	—
FFO from Discontinued Operations	6,383		892		567		348		(3	)	1,802		(224	)
Depreciation and Amortization of Real Estate	(3,086	)	—		—		—		—		—		—
Income from Discontinued Operations	3,297		892		567		348		(3	)	1,804		(224	)
Income (Loss) from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	16,195		4,493		4,593		4,575		4,515		18,176		4,642
Other Properties	11,572		2,006		2,055		2,026		1,633		7,720		1,346
Net Operating Income	27,767		6,499		6,648		6,601		6,148		25,896		5,988
Residential Lot, Outparcel and Tract Sales Less Cost of Sales	115		—		5		—		2,160		2,165		—

Cousins Properties Incorporated 24 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	($ in thousands, except per share amounts)
Other Sales Less Cost of Sales	(4	)	—		42		—		—		42		—
Termination Fees	19		—		72		—		113		185		120
Interest Expense	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)	(1,822	)
Other Expense	513		28		203		155		150		536		68
Depreciation and Amortization of Non-Real Estate Assets	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	—
Funds from Operations - Unconsolidated Joint Ventures	20,413		4,671		5,115		4,901		6,727		21,414		4,354
Gain on Sale of Depreciated Investment Properties, net	60,344		(387	)	—		—		2,154		1,767		—
Depreciation and Amortization of Real Estate	(13,435	)	(2,998	)	(3,088	)	(2,870	)	(2,957	)	(11,913	)	(2,743	)
Net Income from Unconsolidated Joint Ventures	67,322		1,286		2,027		2,031		5,924		11,268		1,611
Market Capitalization
Common Stock price at Period End	10.30		11.47		12.45		11.95		11.42		11.42		10.60
Number of Common Shares Outstanding at Period End	189,666		198,423		198,474		216,509		216,513		216,513		216,470
Common Stock Capitalization	1,953,560		2,275,912		2,471,001		2,587,283		2,472,578		2,472,578		2,294,582
Preferred Stock-Series-B-Price at Liquidation Value	94,775		94,775		—		—		—		—		—
Preferred Stock at Liquidation Value	94,775		94,775		—		—		—		—		—
Debt	630,094		587,442		665,852		671,074		792,344		792,344		847,948
Share of Unconsolidated Debt	228,489		226,574		224,241		224,544		215,158		215,158		219,428
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376
Total Market Capitalization	2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080		3,361,958
Leverage Ratios
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376
Total Market Capitalization	2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080		3,361,958
Debt (2) / Total Market Capitalization	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%	31.7	%
Total Assets - Consolidated	2,273,206		2,294,038		2,280,243		2,533,660		2,667,330		2,667,330		2,684,661
Accumulated Depreciation - Consolidated	257,151		270,753		295,120		307,023		324,543		324,543		348,344
Undepreciated Assets - Unconsolidated (2)	441,928		446,890		492,640		459,931		450,535		450,535		454,835
Less: Investment in Unconsolidated Joint Ventures	(107,082	)	(107,106	)	(111,164	)	(111,353	)	(100,498	)	(100,498	)	(100,821	)
Total Undepreciated Assets (2)	2,865,203		2,904,575		2,956,839		3,189,261		3,341,910		3,341,910		3,387,019
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376
Undepreciated Assets (2)	2,865,203		2,904,575		2,956,839		3,189,261		3,341,910		3,341,910		3,387,019
Debt (2) / Total Undepreciated Assets (2)	30.0	%	28.0	%	30.1	%	28.1	%	30.1	%	30.1	%	31.5	%

Cousins Properties Incorporated 25 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	($ in thousands, except per share amounts)
EBITDA (2)
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498
Non-Real Estate Depreciation and Amortization	787		196		213		244		260		913		423
Income Tax Provision (Benefit)	(23	)	(12	)	(9	)	1		—		(20	)	—
Gain on Sale of Third Party Management & Leasing Business	(4,576	)	(7	)	—		(5	)	15		3		—
Acquisition and Related Costs	7,484		22		149		644		315		1,130		83
Preferred Stock Dividends and Original Issuance Costs	12,664		1,777		4,708		—		—		6,485		—
EBITDA (2)	123,142		47,170		49,658		51,220		62,139		210,189		55,939
Coverage Ratios (2)
EBITDA	123,142		47,170		49,658		51,220		62,139		210,189		55,939
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498
Interest Coverage Ratio (2)	4.15		5.23		5.63		5.91		6.22		5.76		5.89
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498
Scheduled Principal Payments	7,032		2,445		2,430		2,460		2,501		9,836		2,493
Preferred Stock Dividends	10,008		1,777		1,178		—		—		2,955		—
Fixed Charges	46,712		13,234		12,421		11,120		12,490		49,265		11,991
EBITDA	123,142		47,170		49,658		51,220		62,139		210,189		55,939
Fixed Charges Coverage Ratio (2)	2.64		3.56		4.00		4.61		4.98		4.27		4.67
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376
Annualized EBITDA (3)	181,728		188,680		198,632		204,880		248,556		248,556		223,756
Debt (2) / Annualized EBITDA (3)	4.72		4.31		4.48		4.37		4.05		4.05		4.77
Dividend Information
Cash Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%
FFO Before Certain Charges
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
Preferred Stock Original Issuance Costs	2,656		—		3,530		—		—		3,530		—
Acquisition and Related Costs	7,484		22		149		644		315		1,130		83
Gain on Sale of Third Party Management & Leasing Business	(4,576	)	(7	)	—		(5	)	15		3		—
Separation Charges	520		84		—		—		101		185		102
FFO Before Certain Charges	83,218		36,281		39,463		42,315		51,991		170,052		46,120
FFO Before Certain Charges Payout Ratio	32.7	%	39.2	%	37.7	%	38.4	%	31.2	%	36.2	%	37.6	%

Cousins Properties Incorporated 26 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st
	($ in thousands, except per share amounts)
FAD (2)
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935
Straight Line Rental Revenue	(12,826	)	(7,648	)	(5,001	)	(4,169	)	(5,275	)	(22,093	)	(6,285	)
Above and Below Market Rents	(3,785	)	(1,952	)	(2,027	)	(1,933	)	(2,135	)	(8,047	)	(2,030	)
Second Generation CAPEX	(16,414	)	(3,295	)	(7,317	)	(12,023	)	(12,419	)	(35,054	)	(12,020	)
FAD (2)	44,109		23,286		21,440		23,551		31,731		100,010		25,600
Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349
FAD Payout Ratio (2)	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%
FAD Before Certain Charges
FAD (2)	44,109		23,286		21,440		23,551		31,731		100,010		25,600
Preferred Stock Original Issuance Costs	2,656		—		3,530		—		—		3,530		—
Acquisition and Related Costs	7,484		22		149		644		315		1,130		83
Gain on Sale of Third Party Business	(4,576	)	(7	)	—		(5	)	15		3		—
Separation Changes	520		84		—		—		101		185		102
FAD Before Certain Charges	50,193		23,385		25,119		24,190		32,162		104,858		25,785
FAD Before Certain Charges Payout Ratio	54.2	%	60.9	%	59.2	%	67.1	%	50.4	%	58.7	%	67.3	%
Operations Ratios
Revenues	210,737		81,723		84,505		89,098		106,055		361,383		91,976
Revenues from Discontinued Operations	10,671		1,363		975		615		4		2,956		4
Revenues including Discontinued Operations	221,408		83,086		85,480		89,713		106,059		364,339		91,980
General and Administrative Expenses	21,940		5,611		5,756		5,022		3,398		19,787		3,493
Revenues Including Discontinued Operations	221,408		83,086		85,480		89,713		106,059		364,339		91,980
General and Administrative Expenses/ Revenues including Discontinued Operations	9.9	%	6.8	%	6.7	%	5.6	%	3.2	%	5.4	%	3.8	%
Total Undepreciated Assets (2)	2,865,203		2,904,575		2,956,839		3,189,261		3,341,910		3,341,910		3,387,019
Annualized General and Administrative Expenses (3) / Total Undepreciated Assets	0.65	%	0.77	%	0.78	%	0.63	%	0.42	%	0.42	%	0.41	%

Cousins Properties Incorporated 27 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended ($ in thousands)
	March 31, 2015			March 31, 2014		December 31, 2014
Rental Property Revenues
Same Property	$	73,549		$	71,560	$	78,353
Non-Same Property	25,388			16,734		30,618
	$	98,937		$	88,294	$	108,971
Rental Property Operating Expenses
Same Property	$	30,222		$	30,394	$	35,735
Non-Same Property	10,663			7,880		13,980
	$	40,885		$	38,274	$	49,715
Rental Property Revenues
Consolidated Properties	$	90,033		$	77,484	$	99,535
Discontinued Operations	4			1,356		4
Share of Unconsolidated Joint Ventures	8,900			9,454		9,432
	$	98,937		$	88,294	$	108,971
Rental Property Operating Expenses
Consolidated Properties	$	37,954		$	34,857	$	46,434
Discontinued Operations	18			464		2
Share of Unconsolidated Joint Ventures	2,913			2,953		3,279
	$	40,885		$	38,274	$	49,715
Cash Basis Rental Property Revenues
Rental Property Revenues	$	98,937		$	88,294	$	108,971
Less: Straight Line Rent	6,285			7,649		5,276
Less: Other	1,536			1,583		1,740
	$	91,116		$	79,062	$	101,955
Cash Basis Rental Property Revenues
Same Property	$	69,035		$	63,886	$	74,946
Non-Same Property	22,081			15,176		27,009
	$	91,116		$	79,062	$	101,955
Cash Basis Rental Property Expenses
Rental Property Operating Expenses	$	40,884		$	38,274	$	49,715
Non-Cash Ground Rent Expense	(77		)	3		3
	$	40,807		$	38,277	$	49,718
Cash Basis Rental Property Operating Expenses
Same Property	$	30,227		$	30,397	$	35,737
Non-Same Property	10,580			7,880		13,981
	$	40,807		$	38,277	$	49,718
(1) Amounts may differ slightly from other schedules contained herein due to rounding.
(2) Includes Company share of unconsolidated joint ventures.
(3) Annualized represents quarter amount annualized.
(4) See reconciliation above within previous pages of the Calculations and Reconciliations of Non-GAAP Financial Measures.

Cousins Properties Incorporated 28 Q1 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - DISCUSSION

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. “Cash Basis Net Operating Income” represents Net Operating Income excluding straight-line rents, amortization of lease inducements, amortization of acquired above and below market rents, and non-cash ground lease expense. “EBITDA” represents FFO plus consolidated and Company share of unconsolidated interest expense, non-real estate depreciation and amortization, income taxes, impairment losses, predevelopment charges, loss on debt extinguishment, gain on sale of third party business, participation interest income, acquisition and related costs, and preferred stock dividends and original issuance costs. 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 preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and related costs, gain on sale of third party business, participation interest income and separation charges. Management believes that FAD 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 and dividend policy 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 preferred share issuance costs write off, non-depreciable impairment losses, predevelopment and other charges, loss on debt extinguishment, acquisition and related costs, gain on sale of third party business, participation interest income 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. “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, 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.     “Same Property Net Operating Income” represents Net Operating Income or Cash Basis Net Operating Income for those office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that achieved 90% economic occupancy for each of the two periods presented or has been substantially complete and owned by the Company for each of the two periods presented and the preceding year. Same-Property Net Operating Income or Cash Basis Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.

Cousins Properties Incorporated 29 Q1 2015 Supplemental Information