8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2015

Cousins Properties Incorporated

(Exact name of registrant as specified in its charter)

Georgia

(State or other jurisdiction of incorporation)

001-11312

(Commission File Number)

58-0869052

(IRS Employer Identification Number)

191 Peachtree Street NE, Suite 500, Atlanta, Georgia 30303-1740

(Address of principal executive offices)

Registrant’s telephone number, including area code: (404) 407-1000

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On October 27, 2015, Cousins Properties Incorporated (the “Company”) issued a Press Release and a Quarterly Information Package containing information about the Company’s financial condition and results of operations for the quarter ended September 30, 2015. A copy of the Company’s Press Release and the Quarterly Information Package are attached hereto as Exhibits 99.1 and 99.2, respectively. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(c)    Exhibits

Exhibit NumberExhibit Description

99.1            Press Release for the Quarter and Year Ended September 30, 2015.

99.2            Quarterly Information Package for the Quarter Ended September 30, 2015.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 27, 2015

COUSINS PROPERTIES INCORPORATED

By: /s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

EX-99.1

News Release

CONTACT:

Gregg D. Adzema	Marli Quesinberry
Executive Vice President and	Director, Investor Relations and
Chief Financial Officer	Corporate Communications
(404) 407-1116	(404) 407-1898
greggadzema@cousinsproperties.com	marliquesinberry@cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR

QUARTER ENDED SEPTEMBER 30, 2015

Highlights

• Funds From Operations were $0.24 per share.

• Leased or renewed 770,009 square feet of office space.

• Same property net operating income on a cash basis was up 1.2% over the prior year.

• Second generation net rent per square foot on a cash basis increased 14.1%.

• Opened Emory Point Phase II, a mixed-used development in Atlanta, Georgia. The project contains 307 apartments and 45,000 square feet of retail space.

• Signed a 15-year lease with NCR Corporation to develop an approximately 485,000 square foot headquarters building in Midtown Atlanta.

• Entered into a pre-formation agreement with a third party to form a 50-50 joint venture to develop a 259,000 square foot office building in Charlotte, North Carolina that will be 100% leased by the joint venture partner.

• Sold 2100 Ross, an 844,000 square foot office tower in Dallas, Texas, for $131.0 million and recognized a gain of $36.2 million.

• Initiated a $100 million share repurchase plan and through September 30, 2015, repurchased approximately 2.0 million shares of common stock for $18.7 million.

ATLANTA (October 27, 2015) - Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2015.

"During the third quarter we continued to execute our capital allocation strategy by selling our 2100 Ross office tower in Dallas, a very successful investment for Cousins, as well as announcing two new build-to-suit opportunities and initiating a share repurchase plan," said Larry Gellerstedt, Cousins' Chief Executive Officer.

Financial Results

Funds from Operations ("FFO") was $52.5 million, or $0.24 per share, for the third quarter of 2015, compared with $41.7 million, or $0.20 per share, for the third quarter of 2014. FFO was $143.6 million, or $0.66 per share, for the nine months ended September 30, 2015, compared with $113.6 million, or $0.57 per share, for the same period in 2014.

Net income available to common stockholders was $53.6 million, or $0.25 per share, for the third quarter of 2015, compared with $19.3 million, or $0.09 per share, for the third quarter of 2014. Net income available to common stockholders was $68.8 million, or $0.32 per share, for the nine months ended September 30, 2015, compared with $22.3 million, or $0.11 per share, for the same period in 2014.

2015 FFO Guidance

For the year ending December 31, 2015, the Company expects to report FFO in the range of $0.85 to $0.87 per share. This guidance reflects management’s view of current and future market conditions, as well as the earnings impact of events referenced in this release and during our scheduled conference call. This guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity. This guidance also excludes the operational or capital impact of any development activity other than Research Park V, Carolina Square, and the NCR project.

The Company leaves unchanged previously provided components of its 2015 FFO guidance, except for the following:

• General and administrative expenses of $19 million to $21 million, net of capitalized salaries.

The Company's guidance is provided for information purposes based on current plans and assumptions and is subject to change.

Investor Conference Call and Webcast

The Company will conduct a conference call at 10:00 a.m. (Eastern Daylight Time) on Wednesday, October 28, 2015, to discuss the results of the quarter ended September 30, 2015. The number to call for this interactive teleconference is (877) 247-1056. A replay of the conference call will be available for 14 days by dialing(877) 344-7529 and entering the passcode 10073456. The replay can be accessed on the Company's website, www.cousinsproperties.com, through the “Q3 2015 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page. A copy of Cousins Properties third quarter 2015 "Supplement Information" can be found in the Investor Relations section of the Company's website at www.cousinsproperties.com. The information in this update is for informational purposes based on current plans and assumptions and is subject to change. The Company undertakes no obligation to update this information.

Cousins Properties Incorporated is a leading fully-integrated real estate investment trust (REIT) with extensive experience in development, acquisition, financing, management, and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use properties in Sunbelt markets.

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 cash basis same property net operating income to rental property revenues and rental property expenses, are attached to this press release. The change in second generation net rent per square foot on a cash basis represents the aggregate net rent (base rent less operating expense reimbursements and leasing costs) paid by prior tenants compared to the aggregate net rent paid by current tenants for spaces that have been re-leased in the office portfolio.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 at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1898.

Certain matters discussed in this news release are “forward-looking statements” within the meaning of the federal securities laws. Examples of such statements in this news release include the Company's estimated ranges of FFO per share and the assumptions related thereto. Such statements are subject to uncertainties and risk including, but 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 and investments or from dispositions; the potential dilutive effect of common stock offerings; the failure to achieve benefits from any repurchase of the Company's common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks related to the geographic concentration of our portfolio, including, but not limited to, metropolitan Houston and Atlanta; risk related to the industry concentration of our portfolio, including, but not limited to, the energy industy; 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 (such as zoning approval, receipt 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 SEC, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K/A 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 AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2015		2014			2015			2014
Revenues:
Rental property revenues	$	96,016	$	86,857		$	282,226		$	244,375
Fee income	1,686		1,802			5,206			6,165
Other	444		439			593			4,786
	98,146		89,098			288,025			255,326
Costs and expenses:
Rental property operating expenses	41,331		38,685			120,672			109,501
Reimbursed expenses	686		783			2,514			2,703
General and administrative expenses	2,971		5,021			12,502			16,388
Interest expense	7,673		6,817			23,219			20,954
Depreciation and amortization	32,538		32,704			103,564			101,979
Acquisition and related costs	19		644			104			815
Other	175		481			873			1,936
	85,393		85,135			263,448			254,276
Income from continuing operations before taxes, unconsolidated joint ventures, and gain on sale of investment properties	12,753		3,963			24,577			1,050
Benefit (provision) for income taxes from operations	—		(1		)	—			20
Income from unconsolidated joint ventures	3,716		2,030			7,088			5,343
Income from continuing operations before gain on sale of investment properties	16,469		5,992			31,665			6,413
Gain on sale of investment properties	37,145		81			37,674			1,569
Income from continuing operations	53,614		6,073			69,339			7,982
Income (loss) from discontinued operations:
Income (loss) from discontinued operations	6		348			(14		)	1,806
Gain (loss) on sale from discontinued operations	—		12,993			(551		)	19,372
	6		13,341			(565		)	21,178
Net income	53,620		19,414			68,774			29,160
Net income attributable to noncontrolling interests	—		(92		)	—			(376		)
Net income attributable to controlling interests	53,620		19,322			68,774			28,784
Dividends to preferred stockholders	—		—			—			(2,955		)
Preferred share original issuance costs	—		—			—			(3,530		)
Net income available to common stockholders	$	53,620	$	19,322		$	68,774		$	22,299
Per common share information — basic and diluted:
Income from continuing operations attributable to controlling interest	$	0.25	$	0.03		$	0.32		$	—
Income from discontinued operations	—		0.06			—			0.11
Net income available to common stockholders	$	0.25	$	0.09		$	0.32		$	0.11
Weighted average shares — basic	216,261		209,839			216,485			200,073
Weighted average shares — diluted	216,374		$	210,111		216,625			200,325
Dividends declared per common share	$	0.080	$	0.075		$	0.240		$	0.225

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net Income Available to Common Stockholders	$	53,620		$	19,322		$	68,774		$	22,299
Depreciation and amortization of real estate assets:
Consolidated properties	32,123			32,473			102,353			101,361
Share of unconsolidated joint ventures	2,891			2,874			8,406			8,958
(Gain) loss on sale of depreciated properties:
Consolidated properties	(36,167		)	—			(35,893		)	—
Discontinued properties	—			(12,993		)	—			(19,362		)
Share of unconsolidated joint ventures	—			—			—			387
Funds From Operations Available to Common Stockholders	$	52,467		$	41,676		$	143,640		$	113,643
Per Common Share — Basic and Diluted:
Net Income Available	$	0.25		$	0.09		$	0.32		$	0.11
Funds From Operations	$	0.24		$	0.20		$	0.66		$	0.57
Weighted Average Shares — Basic	216,261			209,839			216,485			200,073
Weighted Average Shares — Diluted	216,374			210,111			216,625			200,325

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

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

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2015			December 31, 2014
	(unaudited)
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $385,657 and $324,543 in 2015 and 2014, respectively	$	2,160,655		$	2,181,684
Projects under development	53,118			91,615
Land	17,829			21,646
	2,231,602			2,294,945
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $60,078 in 2015	50,491			—
Cash and cash equivalents	5,331			—
Restricted cash	4,486			5,042
Notes and accounts receivable, net of allowance for doubtful accounts of $1,736 and $1,643 in 2015 and 2014, respectively	9,513			10,732
Deferred rents receivable	63,738			57,939
Investment in unconsolidated joint ventures	103,470			100,498
Intangible assets, net of accumulated amortization of $96,349 and $76,050 in 2015 and 2014, respectively	131,858			163,244
Other assets	37,118			34,930
Total assets	$	2,637,607		$	2,667,330
Liabilities:
Notes payable	$	779,570		$	792,344
Accounts payable and accrued expenses	66,049			76,240
Deferred income	24,132			23,277
Intangible liabilities, net of accumulated amortization of $24,464 and $16,897 in 2015 and 2014, respectively	62,019			70,020
Other liabilities	30,407			31,991
Liabilities of real estate assets held for sale	2,843			—
Total liabilities	965,020			993,872
Commitments and contingencies	—			—
Equity:
Stockholders' investment:
Common stock, $1 par value, 350,000,000 shares authorized, 220,255,502 and 220,082,610 shares issued in 2015 and 2014, respectively	220,256			220,083
Additional paid-in capital	1,721,856			1,720,972
Treasury stock at cost, 5,584,743 and 3,570,082 shares in 2015 and 2014, respectively	(105,531		)	(86,840		)
Distributions in excess of cumulative net income	(163,994		)	(180,757		)
Total equity	1,672,587			1,673,458
Total liabilities and equity	$	2,637,607		$	2,667,330

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

SAME PROPERTY INFORMATION

(unaudited; in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
	2015				2014			2015				2014
Net Operating Income - Consolidated Properties
Rental property revenues	$	96,016			$	86,857		$	282,226			$	244,375
Rental property expenses	(41,331		)		(38,685		)	(120,672		)		(109,501		)
	54,685				48,172			161,554				134,874
Net Operating Income - Discontinued Operations
Rental property revenues	—				601			4				2,923
Rental property expenses	—				(262		)	(18		)		(1,126		)
	—				339			(14		)		1,797
Net Operating Income - Unconsolidated Joint Ventures	6,131				6,601			18,103			—	19,747
Total Net Operating Income	$	60,816			$	55,112		$	179,643			$	156,418
Net Operating Income
Same Property	$	44,647			$	44,165		$	131,841			$	128,476
Non-Same Property	16,169				10,947			47,802				27,942
	$	60,816			$	55,112		$	179,643			$	156,418
Non-Cash Items
Straight-line rent	$	4,623			$	4,169		$	16,694			$	16,818
Other	1,526				1,554			4,460				4,763
	6,149				5,723			21,154				21,581
Cash Basis Property Net Operating Income
Same Property	41,088			—	40,583			119,838			—	112,031
Non-Same Property	13,579			—	8,806			38,651			—	22,806
	$	54,667			$	49,389		$	158,489			$	134,837

This schedule shows Same Property Net Operating Income and the related reconciliation to rental property revenues and rental property expenses. 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. Same Property Net Operating Income includes those office properties that have been fully operational in each of the comparable reporting periods. A fully operational property is one that has 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 allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.

Cash Basis Same Property Net Operating Income represents Net Operating Income excluding straight-line rents, amortization of lease inducements, and amortization of acquired above and below market rents.

EX-99..2

Q3 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	12
Office Leasing Activity	13
Office Lease Expirations	14
Top 20 Office Tenants	16
Tenant Industry Diversification	17
Investment Activity	18
Development Pipeline	20
Land Inventory	21
Debt Schedule	22
Joint Venture Information	24
Non-GAAP Financial Measures - Calculations and Reconciliations	25
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 any common stock offerings; the failure to achieve benefits from any repurchase of the Company's common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks related to the geographic concentration of our portfolio, including (but not limited to) metropolitan Houston and Atlanta; risk related to the industry concentration of our portfolio, including (but not limited to) the energy industry; 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/A 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 Q3 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
Property Statistics
Consolidated Operating Properties	14		13		13		13		12		12		13		13		12		12
Consolidated Rentable Square Feet (in thousands)	12,255		12,132		12,132		12,633		13,034		13,034		13,407		13,407		12,563		12,563
Unconsolidated Operating Properties	9		9		9		9		5		5		5		5		6		6
Unconsolidated Rentable Square Feet (in thousands)	3,468		3,468		3,468		3,468		3,129		3,129		3,129		3,129		3,431		3,431
Total Operating Properties	23		22		22		22		17		17		18		18		18		18
Total Rentable Square Feet (in thousands)	15,723		15,600		15,600		16,101		16,163		16,163		16,536		16,536		15,994		15,994
Office Leasing Activity (1)
Net Leased during the period (square feet in thousands)	1,256		369		317		550		637		1,874		441		521		770		1,732
Net Rent (per square foot)	$18.54		$21.05		$22.39		$22.99		$24.10		$22.88		$18.93		$23.23		$23.42		$21.44
Total Leasing Costs (per square foot)	(5.25)		(5.91)		(5.02)		(6.18)		(5.54)		(5.71)		(4.62)		(6.27)		(5.83)		(5.64)
Net Effective Rent (per square foot)	$13.29		$15.14		$17.37		$16.81		$18.56		$17.17		$14.31		$16.96		$17.59		$15.80
Change in Second Generation Net Rent	12.9	%	12.7	%	48.4	%	36.3	%	43.8	%	38.0	%	33.6	%	43.8	%	28.1	%	36.2	%
Change in Cash-Basis Second Generation Net Rent	(3.6	)%	(0.4	)%	33.3	%	7.6	%	27.7	%	19.7	%	8.0	%	32.8	%	14.1	%	18.9	%
Same Property Information (2)
Percent Leased (period end)	90.7	%	90.7	%	91.0	%	91.6	%	91.2	%	91.2	%	91.7	%	91.7	%	91.8	%	91.8	%
Weighted Average Occupancy	90.1	%	89.9	%	89.8	%	89.9	%	89.3	%	89.7	%	91.5	%	90.4	%	90.6	%	90.6	%
Change in Net Operating Income (over prior year period)	4.6	%	2.2	%	7.7	%	3.6	%	0.6	%	3.6	%	5.2	%	1.6	%	1.1	%	2.6	%
Change in Cash-Basis Net Operating Income (over prior year period)	3.9	%	10.2	%	15.0	%	12.8	%	11.1	%	12.3	%	15.9	%	5.2	%	1.2	%	7.0	%
Development Pipeline
Estimated Project Costs (in thousands) (3)	$283,600		$181,075		$181,075		$182,575		$226,575		$226,575		$100,475		$161,975		$306,500		$306,500
Estimated Project Costs (3) / Total Undepreciated Assets	9.8	%	6.1	%	6.0	%	5.6	%	6.6	%	6.6	%	2.9	%	4.6	%	8.6	%	8.6	%
Market Capitalization (4)
Common Stock Price (period end)	$10.30		$11.47		$12.45		$11.95		$11.42		$11.42		$10.60		$10.38		$9.22		$9.22
Common Shares Outstanding (period end in thousands)	189,666		198,423		198,474		216,509		216,513		216,513		216,470		216,686		214,671		214,671
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		$2,249,201		$1,979,267		$1,979,267
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		1,075,013		1,006,764		1,006,764
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		$3,324,214		$2,986,031		$2,986,031

Cousins Properties Incorporated 3 Q3 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
Credit Ratios (4)
Debt/Total Market Capitalization	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%	31.7	%	32.3	%	33.7	%	33.7	%
Debt/Total Undepreciated Assets	30.0	%	27.6	%	29.5	%	27.5	%	29.5	%	29.5	%	30.7	%	30.5	%	28.3	%	28.3	%
Fixed Charges Coverage	2.64		3.56		4.00		4.61		4.98		4.27		4.67		4.54		5.19		4.80
Debt/Annualized EBITDA	4.72		4.31		4.48		4.37		4.05		4.05		4.77		4.86		4.02		4.34
Dividend Information (4)
Common Dividend per Share	$0.18		$0.075		$0.075		$0.075		$0.075		$0.30		$0.08		$0.08		$0.08		$0.24
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%	38.3	%	33.0	%	36.2	%
FAD Payout Ratio	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%	71.5	%	54.8	%	63.9	%
Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.76	%	0.76	%	0.76	%	0.62	%	0.40	%	0.58	%	0.40	%	0.67	%	0.33	%	0.47	%
Additional Information (4)
Straight Line Rental Revenue	$12,826		$7,648		$5,001		$4,169		$5,275		$22,093		$6,285		$5,786		$4,623		$16,694
Above and Below Market Rents Amortization	$3,785		$1,952		$2,027		$1,933		$2,135		$8,047		$2,030		$1,973		$2,030		$6,033
Second Generation Capital Expenditures	$16,414		$3,295		$7,317		$12,023		$12,419		$35,054		$12,020		$13,259		$14,208		$39,487

(1) See Office Leasing Activity on page 13 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 12 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 25 for additional information.

(3) Cousins' share of development expenditures.

(4) See Non-GAAP Financial Measures - Calculations and Reconciliations.

Cousins Properties Incorporated 4 Q3 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 Q3 2015 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
	(in thousands, except per share amounts)
Net Operating Income
Office	122,503		47,598		48,821		52,691		57,441		206,551		56,734		59,269		59,328		175,331
Other	15,577		2,420		2,467		2,421		1,812		9,122		1,319		1,505		1,488		4,312
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053		60,774		60,816		179,643
Sales Less Cost of Sales	1,464		160		1,373		82		2,295		3,910		810		(324	)	3,016		3,502
Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816		1,704		1,686		5,206
Other Income	8,693		1,943		2,484		559		415		5,401		407		238		845		1,490
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)	(717	)	(686	)	(2,514	)
General and Administrative Expenses	(21,940	)	(5,695	)	(5,756	)	(5,022	)	(3,499	)	(19,972	)	(3,595	)	(5,936	)	(2,971	)	(12,502	)
Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)	(9,696	)	(9,518	)	(28,712	)
Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)	(431	)	(307	)	(1,214	)
Income Tax Benefit (Provision)	23		12		9		(1	)	—		20		—		—		—		—
Depreciation and Amortization of Non-Real Estate Assets	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)	(471	)	(374	)	(414	)	(1,259	)
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		45,238		52,467		143,640
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568		216,630		216,261		216,485
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754		216,766		216,374		216,625
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21		0.21		0.24		0.66

Cousins Properties Incorporated 6 Q3 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
	(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		18,916		19,544		56,863
Post Oak Central	15,593		5,564		5,886		6,032		5,955		23,437		6,675		6,516		6,495		19,686
Northpark Town Center	—		—		—		—		5,794		5,794		5,825		5,651		5,127		16,603
191 Peachtree Tower	16,040		4,198		4,650		4,115		4,046		17,009		4,082		4,060		4,173		12,315
Fifth Third Center	—		—		—		2,196		3,435		5,631		3,641		3,709		3,770		11,120
Promenade	9,568		2,772		2,792		3,030		2,841		11,435		3,542		3,581		3,623		10,746
The American Cancer Society Center	11,539		2,992		3,022		3,329		3,030		12,373		3,114		3,206		3,039		9,359
Colorado Tower	—		—		—		—		—		—		328		1,797		2,268		4,393
816 Congress Avenue	4,029		1,536		1,740		1,862		1,854		6,992		1,858		2,117		2,156		6,131
North Point Center East	5,909		1,606		1,564		1,471		1,435		6,076		1,537		1,633		1,691		4,861
Meridian Mark Plaza	4,111		908		1,008		898		914		3,728		918		954		946		2,818
The Points at Waterview	1,876		415		329		348		356		1,448		410		507		486		1,403
Other (2)	9,353		4,032		3,380		4,139		3,740		15,291		1,770		2,133		1,366		5,269
Subtotal - Office Consolidated	102,624		42,225		43,666		47,776		52,926		186,593		52,103		54,780		54,684		161,567
Office Unconsolidated Properties
Terminus 100	6,892		1,973		1,875		1,831		1,876		7,555		1,922		1,754		1,780		5,456
Terminus 200	4,278		1,235		1,466		1,449		1,354		5,504		1,436		1,442		1,575		4,453
Emory University Hospital Midtown Medical Office Tower	3,874		998		962		1,008		992		3,960		987		996		992		2,975
Gateway Village (1)	1,208		302		302		302		302		1,208		302		302		302		906
Other	(61	)	(15	)	(12	)	(15	)	(9	)	(51	)	(5	)	(5	)	(5	)	(15	)
Subtotal - Office Unconsolidated	16,191		4,493		4,593		4,575		4,515		18,176		4,642		4,489		4,644		13,775
Discontinued Operations	3,688		880		562		340		—		1,782		(11	)	—		—		(11	)
Total Office Net Operating Income	122,503		47,598		48,821		52,691		57,441		206,551		56,734		59,269		59,328		175,331
Other
Consolidated Properties (2)	1,293		402		407		396		178		1,383		(24	)	12		—		(12	)
Unconsolidated Properties
Emory Point Apartments (Phase 1)	2,300		1,118		1,181		1,200		1,148		4,647		1,071		1,244		1,213		3,528
Emory Point Retail (Phase 1)	1,211		321		312		257		190		1,080		281		255		222		758
Emory Point Retail (Phase 2)	—		—		—		—		—		—		—		—		56		56
Emory Point Apartments (Phase 2) (3)	—		—		—		—		—		—		—		—		1		1
Other (2)	8,061		567		562		569		295		1,993		(6	)	(6	)	(4	)	(16	)
Subtotal - Other	11,572		2,006		2,055		2,026		1,633		7,720		1,346		1,493		1,488		4,327
Discontinued Operations	2,712		12		5		(1	)	1		19		(3	)	—		—		(3	)
Total Other Net Operating Income	15,577		2,420		2,467		2,421		1,812		9,122		1,319		1,505		1,488		4,312
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053		60,774		60,816		179,643

Cousins Properties Incorporated 7 Q3 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
	(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		(566	)	978		1,222
Land Sales Less Cost of Sales - Unconsolidated	111		—		47		—		2,160		2,207		—		242		2,038		2,280
Total Sales Less Cost of Sales	1,464		160		1,373		82		2,295		3,910		810		(324	)	3,016		3,502
Fee Income
Management Fees (3)	7,223		1,315		1,446		1,203		1,118		5,082		1,503		1,184		1,128		3,815
Development Fees	3,102		937		541		571		5,216		7,265		308		461		531		1,300
Leasing & Other Fees	565		87		38		29		19		173		5		59		27		91
Total Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816		1,704		1,686		5,206
Other Income
Termination Fees	2,952		1,843		2,210		280		240		4,573		193		28		499		720
Termination Fees - Discontinued Operations	—		—		2		—		—		2		—		—				—
Interest and Other Income	5,213		72		44		116		29		261		55		22		222		299
Interest and Other Income - Discontinued Operations	15		—		—		8		(4	)	4		—		—		—		—
Other - Unconsolidated	513		28		228		155		150		561		159		188		124		471
Total Other Income	8,693		1,943		2,484		559		415		5,401		407		238		845		1,490
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)	(717	)	(686	)	(2,514	)
General and Administrative Expenses	(22,460	)	(5,695	)	(5,756	)	(5,022	)	(3,499	)	(19,972	)	(3,595	)	(5,936	)	(2,971	)	(12,502	)
Interest Expense
Consolidated Debt
The American Cancer Society Center	(8,813	)	(2,158	)	(2,175	)	(2,192	)	(2,185	)	(8,710	)	(2,131	)	(2,147	)	(2,164	)	(6,442	)
Post Oak Central	(2,618	)	(2,044	)	(2,036	)	(2,028	)	(2,019	)	(8,127	)	(2,010	)	(2,001	)	(1,992	)	(6,003	)
Promenade	(1,568	)	(1,223	)	(1,216	)	(1,209	)	(1,202	)	(4,850	)	(1,194	)	(1,187	)	(1,180	)	(3,561	)
Unsecured Credit Facility	(2,260	)	(575	)	(616	)	(705	)	(1,458	)	(3,354	)	(966	)	(1,072	)	(1,089	)	(3,127	)
191 Peachtree Tower	(3,483	)	(861	)	(861	)	(861	)	(861	)	(3,444	)	(861	)	(861	)	(861	)	(2,583	)
816 Congress Avenue	—		—		—		—		(709	)	(709	)	(817	)	(818	)	(817	)	(2,452	)
Meridian Mark Plaza	(1,587	)	(393	)	(391	)	(390	)	(388	)	(1,562	)	(387	)	(385	)	(384	)	(1,156	)
The Points at Waterview	(903	)	(221	)	(219	)	(217	)	(215	)	(872	)	(213	)	(211	)	(209	)	(633	)
Other	(995	)	(65	)	(66	)	(65	)	(38	)	(234	)	—		—		—		—
Capitalized	518		373		610		850		919		2,752		903		813		1,023		2,739
Subtotal - Consolidated	(21,709	)	(7,167	)	(6,970	)	(6,817	)	(8,156	)	(29,110	)	(7,676	)	(7,869	)	(7,673	)	(23,218	)
Unconsolidated Debt
Terminus 100	(3,193	)	(879	)	(875	)	(872	)	(868	)	(3,494	)	(865	)	(861	)	(857	)	(2,583	)
Terminus 200	(1,369	)	(390	)	(390	)	(390	)	(390	)	(1,560	)	(390	)	(390	)	(390	)	(1,170	)
Emory University Hospital Midtown Medical Office Tower	(1,358	)	(334	)	(334	)	(334	)	(334	)	(1,336	)	(334	)	(334	)	(333	)	(1,001	)
Emory Point	(867	)	(242	)	(244	)	(247	)	(241	)	(974	)	(233	)	(242	)	(265	)	(740	)
Other	(1,176	)	—		—		—		—		—		—		—		—		—
Subtotal - Unconsolidated	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)	(1,822	)	(1,827	)	(1,845	)	(5,494	)
Total Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)	(9,696	)	(9,518	)	(28,712	)

Cousins Properties Incorporated 8 Q3 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
	(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	)	(242	)	(141	)	(670	)
Predevelopment & Other	(492	)	(229	)	(363	)	(146	)	(1,309	)	(2,047	)	(106	)	(187	)	(147	)	(440	)
Acquisition and Related Costs	(7,484	)	(22	)	(149	)	(644	)	(315	)	(1,130	)	(83	)	(2	)	(19	)	(104	)
Total Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)	(431	)	(307	)	(1,214	)
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	)	(374	)	(414	)	(1,211	)
Unconsolidated	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	(48	)	—		—		(48	)
Total Non-Real Estate Depreciation and Amoritization	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)	(471	)	(374	)	(414	)	(1,259	)
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		45,238		52,467		143,640
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568		216,630		216,261		216,485
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754		216,766		216,374		216,625
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21		0.21		0.24		0.66

Note: Amounts may differ slightly from other schedules contained herein due to rounding.

(1) 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.

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

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

Cousins Properties Incorporated 9 Q3 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 3Q15		End of Period Leased 2Q15		Weighted Average Occupancy 3Q15		Weighted Average Occupancy 2Q15		% of Total Net Operating Income (1)		Property Level Debt ($000)
	Office
	Greenway Plaza (2)	Houston	4,348,000	Consolidated	100	%	89.3	%	89.6	%	88.8	%	89.4	%	33	%	$	—
	Post Oak Central (2)	Houston	1,280,000	Consolidated	100	%	96.0	%	95.2	%	95.1	%	95.2	%	11	%	182,618
	Colorado Tower	Austin	373,000	Consolidated	100	%	100.0	%	98.4	%	73.4	%	59.7	%	4	%	—
	816 Congress	Austin	435,000	Consolidated	100	%	95.2	%	94.4	%	85.1	%	85.7	%	3	%	85,000
	The Points at Waterview (3)	Dallas	203,000	Consolidated	100	%	92.0	%	92.0	%	92.0	%	92.0	%	1	%	14,171
	Texas		6,639,000												52	%	281,789
	Northpark Town Center (2)	Atlanta	1,528,000	Consolidated	100	%	85.2	%	88.0	%	86.0	%	91.1	%	9	%	—
	191 Peachtree Tower	Atlanta	1,225,000	Consolidated	100	%	93.9	%	93.8	%	88.7	%	86.2	%	7	%	100,000
	Promenade	Atlanta	777,000	Consolidated	100	%	94.2	%	93.5	%	90.6	%	89.9	%	6	%	108,899
	The American Cancer Society Center	Atlanta	996,000	Consolidated	100	%	86.5	%	84.0	%	86.5	%	84.4	%	5	%	129,794
	Terminus 100	Atlanta	656,000	Unconsolidated	50	%	90.9	%	90.0	%	90.3	%	90.0	%	3	%	64,917
	North Point Center East (2)	Atlanta	540,000	Consolidated	100	%	92.1	%	95.8	%	92.6	%	93.3	%	3	%	—
	Terminus 200	Atlanta	566,000	Unconsolidated	50	%	92.2	%	92.2	%	87.8	%	87.8	%	3	%	41,000
	Meridian Mark Plaza	Atlanta	160,000	Consolidated	100	%	97.7	%	97.8	%	97.9	%	98.2	%	2	%	25,088
	Emory University Hospital Midtown Medical Office Tower	Atlanta	358,000	Unconsolidated	50	%	98.8	%	100.0	%	100.0	%	100.0	%	2	%	37,322
	Georgia		6,806,000												40	%	507,020
	Fifth Third Center	Charlotte	698,000	Consolidated	100	%	93.9	%	85.1	%	83.6	%	82.7	%	6	%	—
	Gateway Village	Charlotte	1,065,000	Unconsolidated	50	%	100.0	%	100.0	%	100.0	%	100.0	%	—	%	11,071
	North Carolina		1,763,000												6	%	11,071
	Total Office Properties		15,208,000												98	%	$	799,880
	Other
	Emory Point Apartments (Phase 1) (4)	Atlanta	404,000	Unconsolidated	75	%	96.2	%	92.6	%	94.9	%	91.9	%	2	%	$	36,123
	Emory Point Retail (Phase 1)	Atlanta	80,000	Unconsolidated	75	%	76.8	%	82.0	%	80.9	%	82.0	%	—	%	7,399
	Emory Point Retail (Phase 2)	Atlanta	45,000	Unconsolidated	75	%	69.1	%	—	%	51.3	%	—	%	—	%	4,404
	Emory Point Apartments (Phase 2) (4)	Atlanta	257,000	Unconsolidated	75	%	34.2	%	—	%	24.2	%	—	%	—	%	24,958
	Total Other		786,000												2	%	72,884
	Total Portfolio		15,994,000												100	%	$	872,764
(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 September 30, 2015.
(2)	Contains multiple buildings that are grouped together for reporting purposes.
(3)	On October 1, 2015, The Points at Waterview mortgage note was repaid in full without penalty.
(4)	Phase 1 consists of 443 units and Phase 2 consists of 307 units.

Cousins Properties Incorporated 10 Q3 2015 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties Incorporated 11 Q3 2015 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	Net Operating Income ($ in thousands)
	Three Months Ended
	September 30, 2015			September 30, 2014			June 30, 2015			3Q15 vs. 3Q14 % Change		3Q15 vs. 2Q15 % Change
Property Revenues (2)	$	77,753		$	76,899		$	76,692		1.1	%	1.4	%
Property Operating Expenses (2)	33,106			32,734			32,825			1.1	%	0.9	%
Property Net Operating Income	$	44,647		$	44,165		$	43,867		1.1	%	1.8	%
% of Total Property Net Operating Income	73.4		%	80.1		%	72.2		%
Cash Basis Property Revenues (3)	$	74,181		$	73,319		$	72,772		1.2	%	1.9	%
Cash Basis Property Operating Expenses (4)	33,093			32,736			32,831			1.1	%	0.8	%
Cash Basis Property Net Operating Income	$	41,088		$	40,583		$	39,941		1.2	%	2.9	%
% of Total Property Cash Basis Net Operating Income	75.2		%	81.7		%	74.6		%
End of Period Leased	91.8		%	93.4		%	91.7		%
Weighted Average Occupancy	90.6		%	90.9		%	90.4		%

	Nine Months Ended
	September 30, 2015		September 30, 2014		% Change
Property Revenues (2)	$	228,009	$	222,370	2.5	%
Property Operating Expenses (2)	96,168		93,894		2.4	%
Property Net Operating Income	$	131,841	$	128,476	2.6	%
Cash Basis Property Revenues (3)	$	216,003	$	205,932	4.9	%
Cash Basis Property Operating Expenses (4)	96,165		93,901		2.4	%
Cash Basis Property Net Operating Income	$	119,838	$	112,031	7.0	%

(1)	Same Properties include 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 include 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 12 Q3 2015 Supplemental Information

OFFICE LEASING ACTIVITY(1)

	Three Months Ended September 30, 2015												Nine Months Ended September 30, 2015
	New			Renewal			Expansion			Total			New			Renewal			Expansion			Total
Gross leased (square feet)										827,275												1,879,717
Less: Leases less than one year, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(57,266		)										(147,521)
Net leased (square feet)	617,469			129,531			23,009			770,009			918,097			743,631			70,468			1,732,196
Number of transactions	18			12			5			35			46			49			14			109
Lease term (years) (2)(3)	5.88			9.13			7.42			7.48			7.71			6.43			5.80			6.84
Net rent (per square foot) (2)(3)(4)	$	22.56		$	24.58		$	21.85		$	23.42		$	21.98		$	21.04		$	22.39		$	21.44
Total leasing costs (per square foot) (2)(3)(5)	(6.21		)	(5.28		)	(6.75		)	(5.83		)	(6.44		)	(5.13		)	(6.09		)	(5.64		)
Net effective rent (per square foot) (2)(3)	$	16.35		$	19.30		$	15.10		$	17.59		$	15.54		$	15.91		$	16.30		$	15.80
Second generation leased square feet (3)(6)										182,124												894,621
Increase in second generation net rent (3)(4)(6)										28.1		%										36.2		%
Increase in cash basis second generation net rent(3)(6)(7)										14.1		%										18.9		%
(1) Excludes apartment and retail leasing.
(2) Excludes NCR lease of 485,000 square feet due to final financial terms not being determined until construction completion.
(3) Weighted average.
(4) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(5) Includes tenant improvements, external leasing commissions, and free rent.
(6) 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.
(7) 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 13 Q3 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	226,648	1.8	%	$	3,508	1.1	%	$	15.48
2016	1,211,065	9.5	%	23,475		7.7	%	19.38
2017	896,752	7.1	%	19,251		6.3	%	21.47
2018	1,147,662	9.0	%	24,245		8.0	%	21.13
2019	1,094,785	8.6	%	27,304		9.0	%	24.94
2020	866,941	6.8	%	20,056		6.6	%	23.13
2021	1,157,918	9.1	%	29,122		9.5	%	25.15
2022	1,311,347	10.3	%	30,620		10.0	%	23.35
2023	1,568,191	12.4	%	35,423		11.6	%	22.59
2024 &Thereafter	3,226,786	25.4	%	92,101		30.2	%	28.54
Total	12,708,095	100.0	%	$	305,105	100.0	%	$	24.01

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		514,396
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 14 Q3 2015 Supplemental Information

OFFICE LEASE EXPIRATIONS

Note: Company's share

Cousins Properties Incorporated 15 Q3 2015 Supplemental Information

TOP 20 OFFICE TENANTS

	Tenant (1)	Company's Share of Square Footage	Company's Share of Annualized Base Rent		Percentage of Total Company's Share of Annualized Base Rent (2)	Average Remaining Lease Term (Years) (3)
1	Occidental Oil & Gas Corp.	961,491	$	18,366,458	7%	11
2	Apache Corporation	524,342	9,092,950		4%	3
3	Invesco Management Group, Inc.	400,332	6,626,873		3%	8
4	Bank of America (4)	865,872	6,253,505		3%	3
5	McGuire Woods, LLP	198,648	5,617,946		2%	11
6	Deloitte LLP	259,998	5,397,558		2%	9
7	Transocean Offshore Deepwater	264,002	5,241,160		2%	7
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	235,290	4,068,203		2%	4
11	US South Communications	219,659	3,977,498		2%	6
12	Internap Network Services	120,298	3,521,033		1%	5
13	Direct Energy	197,422	2,996,984		1%	8
14	National Union Fire Insurance	105,362	2,891,242		1%	3
15	Northside Hospital	99,185	2,855,822		1%	7
16	MedAssets Supply Chain Systems, LLC	120,660	2,717,827		1%	15
17	Wells Fargo Bank, N.A.	94,215	2,438,183		1%	5
18	Gulf South Pipeline Company LP	98,616	2,366,784		1%	9
19	Parsley Energy, L.P.	73,843	2,141,447		1%	9
20	Emory University	86,496	2,116,824		1%	13
	Total Top 20	5,360,065	$	98,285,387	40%	7
(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 16 Q3 2015 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Based on total portfolio holdings.

Cousins Properties Incorporated 17 Q3 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
Emory Point - Phase 2	Mixed	Atlanta	75.0%	3Q	302,000	75,400
2013
Emory Point - Phase 1	Mixed	Atlanta	75.0%	4Q	484,000	102,300
2012
Mahan Village	Retail	Tallahassee	50.5%	4Q	147,000	25,800
					1,306,000	$	329,600

Cousins Properties Incorporated 18 Q3 2015 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Dispositions

Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands)
2015
2100 Ross	Office	Dallas	100.0%	3Q	844,000	$	131,000
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
					11,041,000	$	1,900,700

Cousins Properties Incorporated 19 Q3 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	$	45,000	$	26,797	—	%	—	%	1Q16	(3	)	1Q17
Carolina Square	Mixed	Chapel Hill, NC	50	%	2Q15		123,000		8,643
Office						159,000					39	%	—	%	2Q17	(3	)	2Q18
Apartments						246					—	%	—	%	2Q17	(4	)	2Q18
Retail						43,000					—	%	—	%	2Q17	(4	)	2Q18
NCR	Office	Atlanta, GA	100	%	3Q15	485,000	200,000		26,030		100	%	—	%	1Q18	(3	)	1Q18
Total							$	368,000	$	61,470

(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. Carolina Square will be funded with a combination of equity from the partners and up to $80 million from a construction loan, which has no outstanding balance as of September 30, 2015.

(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 20 Q3 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
NCR Phase II (3)	Atlanta	100.0%	1
Georgia			65
Victory Center	Dallas	75.0%	3
Texas			3
Commercial Land Held (Acres)			68		57
Cost Basis of Commercial Land Held			$	39,364	$	20,577
Residential (1)
Paulding County	Atlanta	50.0%	478
Callaway Gardens (2)	Atlanta	100.0%	218
Georgia			696
Padre Island	Corpus Christi	50.0%	15
Texas			15
Residential Land Held (Acres)			711		465
Cost Basis of Residential Land Held			$	11,899	$	8,363
Grand Total Land Held (Acres)			779		522
Grand Total Cost Basis of Land Held			$	51,263	$	28,940

(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.

(3) Represents land adjacent to the NCR development project. Upon completion of the NCR development project, NCR is required to pay rent on this land.

Cousins Properties Incorporated 21 Q3 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	%	1.29	%	5/28/19	$	—	$	—	$	—	$	—	$134,000		$	—	$134,000		$134,000
Total Floating Rate Debt						—		—		—		—		134,000		—		134,000		134,000
Fixed Rate Debt
The Points at Waterview (3)	100.0	%	5.66	%	1/1/16	146		14,025		—		—		—		—		14,171		—
The American Cancer Society Center (4)	100.0	%	6.45	%	9/1/17	452		1,834		127,508		—		—		—		129,794		—
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	110		456		484		514		546		22,978		25,088		—
Post Oak Central	100.0	%	4.26	%	10/1/20	848		3,485		3,636		3,794		3,959		166,896		182,618		—
Promenade	100.0	%	4.27	%	10/1/22	695		2,862		2,986		3,116		3,252		95,988		108,899		—
816 Congress	100.0	%	3.75	%	11/1/24	—		128		1,568		1,628		1,690		79,986		85,000		—
Total Fixed Rate Debt						2,251		24,095		138,195		105,734		9,447		365,848		645,570		—
Total Consolidated Debt						2,251		24,095		138,195		105,734		143,447		365,848		779,570		134,000
Unconsolidated Debt
Floating Rate Debt
Emory Point (LIBOR + 1.75%)	75.0	%	1.94	%	10/9/16	—		43,522		—		—		—		—		43,522		—
Emory Point II (LIBOR + 1.85%, $46mm facility)	75.0	%	2.04	%	10/9/16	—		29,362		—		—		—		—		29,362		2,936
Carolina Square (LIBOR + 1.90%, $79.8mm facility) (5)	50.0	%	2.09	%	5/1/18	—		—		—		—		—		—		—		—
Total Floating Rate Debt						—		72,884		—		—		—		—		72,884		2,936
Fixed Rate Debt
Gateway Village (6)	50.0	%	6.41	%	12/1/16	2,303		8,768		—		—		—		—		11,071		—
Terminus 100	50.0	%	5.25	%	1/1/23	309		1,277		1,346		1,418		1,494		59,073		64,917		—
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	179		732		758		785		813		34,055		37,322		—
Total Fixed Rate Debt						2,791		11,336		2,874		3,003		3,138		131,168		154,310		—
Total Unconsolidated Debt						2,791		84,220		2,874		3,003		3,138		131,168		227,194		2,936
Total Debt						$	5,042	$	108,315	$	141,069	$	108,737	$	146,585	$	497,016	$	1,006,764	$	136,936
Total Maturities (7)						$	—	$	86,909	$	127,508	$	96,682	$	134,000	$	472,361	$	917,460
% of Maturities						—%		9%		14%		11%		15%		51%		100%

Floating and Fixed Rate Debt Analysis

	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	206,884	21	%	1.53	%	2.7
Fixed Rate Debt	799,880		79	%	4.58	%	5.2
Total Debt	$	1,006,764	100	%	3.95	%	4.7

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

(2) Total borrowing capacity of the Credit Facility at September 30, 2015 was $500 million. The spread over LIBOR at September 30, 2015 was 1.10%.

(3) On October 1, 2015, this note was prepaid in full without penalty.

(4) 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.

(5) The Company and Northwood Ravin will each guarantee 12.5% of the outstanding loan amount. See Joint Venture information for further details on the Carolina Square venture structure.

(6) 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.

(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.

Cousins Properties Incorporated 22 Q3 2015 Supplemental Information

DEBT SCHEDULE

Cousins Properties Incorporated 23 Q3 2015 Supplemental Information

JOINT VENTURE INFORMATION (1)

		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
Carolina Square Holdings LP	Carolina Square	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.	Unconsolidated
HICO Victory Center LP (2)	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 (2)
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) This schedule includes information on joint venture investments of the Company that have properties under active development, active operations, or have significant assets.

(2) 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 24 Q3 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
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		12,294		10,941		34,748
Second Generation Building Improvements	3,814		550		1,929		—		1,388		3,867		507		965		3,267		4,739
	15,954		3,295		7,317		12,023		12,419		35,054		12,020		13,259		14,208		39,487
Net Operating Income
Office Consolidated Properties	102,624		42,225		43,666		47,776		52,926		186,593		52,103		54,780		54,685		161,568
Other Consolidated Properties	1,299		402		409		396		178		1,385		(24	)	10		—		(14	)
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,104		187,978		52,079		54,790		54,685		161,554
Rental Property Revenues	194,420		77,484		80,034		86,857		99,535		343,910		90,033		96,177		96,016		282,226
Rental Property Operating Expenses	(90,497	)	(34,857	)	(35,959	)	(38,685	)	(46,434	)	(155,934	)	(37,954	)	(41,387	)	(41,331	)	(120,672	)
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,101		187,976		52,079		54,790		54,685		161,554
Income from Discontinued Operations
Rental Property Revenues	10,552		1,356		967		601		4		2,927		4		—		—		4
Rental Property Operating Expenses	(4,163	)	(464	)	(402	)	(262	)	(2	)	(1,128	)	(18	)	—		—		(18	)
Net Operating Income	6,389		892		565		339		2		1,799		(14	)	—		—		(14	)
Termination Fees	—		—		2		—		—		2		—		—		—		—
Interest and Other Income (Expense)	15		—		—		8		(4	)	3		—		(6	)	6		—
FFO from Discontinued Operations	6,404		892		567		349		(2	)	1,804		(14	)	(6	)	6		(14	)
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		(14	)	(6	)	6		(14	)
Depreciation and Amortization of Real Estate	(3,086	)	—		—		—		—		—		—		—				—
Income from Discontinued Operations	3,297		892		567		348		(3	)	1,804		(14	)	(6	)	6		(14	)
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		4,489		4,644		13,775
Other Properties	11,572		2,006		2,055		2,026		1,633		7,720		1,346		1,495		1,487		4,328
Net Operating Income	27,767		6,499		6,648		6,601		6,148		25,896		5,988		5,984		6,131		18,103
Residential Lot, Outparcel and Tract Sales Less Cost of Sales	115		—		5		—		2,160		2,165		—		242		2,038		2,280
Other Sales Less Cost of Sales	(4	)	—		42		—		—		42		—		—		—		—
Termination Fees	19		—		72		—		113		185		120		28		271		419
Interest Expense	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)	(1,822	)	(1,827	)	(1,845	)	(5,494	)
Other Expense	513		28		203		155		150		536		68		106		12		186
Depreciation and Amortization of Non-Real Estate Assets	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	—		—		—		—

Cousins Properties Incorporated 25 Q3 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
Funds from Operations - Unconsolidated Joint Ventures	20,413		4,671		5,115		4,901		6,727		21,414		4,354		4,533		6,607		15,494
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	)	(2,772	)	(2,891	)	(8,406	)
Net Income from Unconsolidated Joint Ventures	67,322		1,286		2,027		2,031		5,924		11,268		1,611		1,761		3,716		7,088
Market Capitalization
Common Stock price at Period End	10.30		11.47		12.45		11.95		11.42		11.42		10.60		10.38		9.22		9.22
Number of Common Shares Outstanding at Period End	189,666		198,423		198,474		216,509		216,513		216,513		216,470		216,686		214,671		214,671
Common Stock Capitalization	1,953,560		2,275,912		2,471,001		2,587,283		2,472,578		2,472,578		2,294,582		2,249,201		1,979,267		1,979,267
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		849,772		779,570		779,570
Share of Unconsolidated Debt	228,489		226,574		224,241		224,544		215,158		215,158		219,428		225,241		227,194		227,194
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376		1,075,013		1,006,764		1,006,764
Total Market Capitalization	2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080		3,361,958		3,324,214		2,986,031		2,986,031
EBITDA (2)
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		143,640
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498		9,696		9,518		28,712
Non-Real Estate Depreciation and Amortization	787		196		213		244		260		913		423		374		414		1,211
Income Tax Provision (Benefit)	(23	)	(12	)	(9	)	1		—		(20	)	—		—		—		—
Gain on Sale of Third Party Management & Leasing Business	787		(7	)	—		(5	)	15		3		—		—		—		—
Acquisition and Related Costs	77,134		22		149		644		315		1,130		83		2		19		104
Preferred Stock Dividends and Original Issuance Costs	29,672		1,777		4,708		—		—		6,485		—		—		—		—
EBITDA (2)	787		47,170		49,658		51,220		62,139		210,189		55,939		55,310		62,418		173,667
Credit Ratios
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376		1,075,013		1,006,764		1,006,764
Total Market Capitalization	2,906,918		3,184,703		3,361,094		3,482,901		3,480,080		3,480,080		3,361,958		3,324,214		2,986,031		2,986,031
Debt (2) / Total Market Capitalization	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%	31.7	%	32.3	%	33.7	%	33.7	%
Total Assets - Consolidated	2,273,206		2,294,038		2,280,243		2,533,660		2,667,330		2,667,330		2,684,661		2,637,607		2,635,397		2,635,397
Accumulated Depreciation - Consolidated	257,151		319,865		355,711		376,832		400,593		400,593		435,939		470,360		542,084		542,084
Undepreciated Assets - Unconsolidated (2)	441,928		446,890		492,640		459,931		450,535		450,535		454,835		466,438		482,606		482,606
Less: Investment in Unconsolidated Joint Ventures	(107,082	)	(107,106	)	(111,164	)	(111,353	)	(100,498	)	(100,498	)	(100,821	)	(103,665	)	(103,470	)	(103,470	)
Total Undepreciated Assets (2)	2,865,203		2,953,687		3,017,430		3,259,070		3,417,960		3,417,960		3,474,614		3,523,306		3,556,617		3,556,617
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376		1,075,013		1,006,764		1,006,764
Debt (2) / Total Undepreciated Assets (2)	30.0	%	27.6	%	29.5	%	27.5	%	29.5	%	29.5	%	30.7	%	30.5	%	28.3	%	28.3	%

Cousins Properties Incorporated 26 Q3 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 YTD
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498		9,696		9,518		28,712
Scheduled Principal Payments	7,032		2,445		2,430		2,460		2,501		9,836		2,493		2,477		2,507		7,477
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		12,173		12,025		36,189
EBITDA	123,142		47,170		49,658		51,220		62,139		210,189		55,939		55,310		62,418		173,667
Fixed Charges Coverage Ratio (2)	2.64		3.56		4.00		4.61		4.98		4.27		4.67		4.54		5.19		4.80
Debt (2)	858,583		814,016		890,093		895,618		1,007,502		1,007,502		1,067,376		1,075,013		1,006,764		1,006,764
Annualized EBITDA (3)	181,728		188,680		198,632		204,880		248,556		248,556		223,756		221,240		250,260		231,752
Debt (2) / Annualized EBITDA (3)	4.72		4.31		4.48		4.37		4.05		4.05		4.77		4.86		4.02		4.34
Dividend Information
Cash Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349		17,328		17,334		52,011
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		143,640
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%	38.3	%	33.0	%	36.2	%
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		143,640
Straight Line Rental Revenue	(12,826	)	(7,648	)	(5,001	)	(4,169	)	(5,275	)	(22,093	)	(6,285	)	(5,786	)	(4,623	)	(16,694	)
Above and Below Market Rents	(3,785	)	(1,952	)	(2,027	)	(1,933	)	(2,135	)	(8,047	)	(2,030	)	(1,973	)	(2,030	)	(6,033	)
Second Generation CAPEX	(16,414	)	(3,295	)	(7,317	)	(12,023	)	(12,419	)	(35,054	)	(12,020	)	(13,259	)	(14,208	)	(39,487	)
FAD (2)	44,109		23,286		21,439		23,551		31,731		100,010		25,600		24,220		31,606		81,426
Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349		17,328		17,334		52,011
FAD Payout Ratio (2)	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%	71.5	%	54.8	%	63.9	%
Operations Ratios
Total Undepreciated Assets (2)	2,865,203		2,953,687		3,017,430		3,259,070		3,417,960		3,417,960		3,474,614		3,523,306		3,556,617		3,556,617
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets	0.76	%	0.76	%	0.76	%	0.62	%	0.40	%	0.58	%	0.40	%	0.67	%	0.33	%	0.47	%

Cousins Properties Incorporated 27 Q3 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended ($ in thousands)						Nine Months Ended
	September 30, 2015		September 30, 2014		June 30, 2015		September 30, 2015			September 30, 2014
Rental Property Revenues
Same Property	$	77,753	$	76,899	$	76,692	$	228,009		$	222,370
Non-Same Property	28,001		20,227		28,529		81,975			53,372
	$	105,754	$	97,126	$	105,221	$	309,984		$	275,742
Rental Property Operating Expenses
Same Property	$	33,106	$	32,734	$	32,825	$	96,168		$	93,894
Non-Same Property	11,834		9,280		11,623		34,175			25,432
	$	44,940	$	42,014	$	44,448	$	130,343		$	119,326
Rental Property Revenues
Consolidated Properties	$	96,016	$	86,857	$	96,177	$	282,226		$	244,375
Discontinued Operations	—		601		—		4			2,923
Share of Unconsolidated Joint Ventures	9,738		9,668		9,044		27,754			28,444
	$	105,754	$	97,126	$	105,221	$	309,984		$	275,742
Rental Property Operating Expenses
Consolidated Properties	$	41,331	$	38,685	$	41,387	$	120,672		$	109,501
Discontinued Operations	—		260		—		18			1,126
Share of Unconsolidated Joint Ventures	3,609		3,069		3,061		9,653			8,700
	$	44,940	$	42,014	$	44,448	$	130,343		$	119,327
Cash Basis Rental Property Revenues
Rental Property Revenues	$	105,754	$	97,126	$	105,221	$	309,984		$	275,742
Less: Straight Line Rent	4,623		4,169		5,786		16,694			16,818
Less: Other	1,526		1,551		1,456		4,517			4,753
	$	99,605	$	91,406	$	97,979	$	288,773		$	254,171
Cash Basis Rental Property Revenues
Same Property	$	74,181	$	73,319	$	72,772	$	216,003		$	205,932
Non-Same Property	25,424		18,087		25,207		72,770			48,239
	$	99,605	$	91,406	$	97,979	$	288,773		$	254,171
Cash Basis Rental Property Operating Expenses
Rental Property Operating Expenses	$	44,940	$	42,014	$	44,448	$	130,343		$	119,327
Non-Cash Ground Rent Expense	—		3		19		(58		)	9
	$	44,940	$	42,017	$	44,467	$	130,285		$	119,336
Cash Basis Rental Property Operating Expenses
Same Property	$	33,093	$	32,736	$	32,831	$	96,165		$	93,901
Non-Same Property	11,847		9,281		11,636		34,120			25,435
	$	44,940	$	42,017	$	44,467	$	130,285		$	119,336
(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) Quarter figures annualized represent quarter amount annualized, year-to-date represents year-to-date annualized.

Cousins Properties Incorporated 28 Q3 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 Q3 2015 Supplemental Information