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): February 10, 2016

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 February 10, 2016, 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 December 31, 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 December 31, 2015.

99.2            Quarterly Information Package for the Quarter Ended December 31, 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: February 10, 2016

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 AND YEAR ENDED DECEMBER 31, 2015

Highlights

• Funds From Operations for the fourth quarter were $0.23 per share and $0.89 per share for the year.

• Same property net operating income on a cash basis increased 8.2% during the fourth quarter and increased 7.3% for the year.

• Second generation net rent per square foot on a cash basis increased 23.8% during the fourth quarter and increased 19.8% for the year.

• Leased or renewed 1,240,017 square feet of office space during the fourth quarter and 2,972,213 square feet for the year.

• Sold The Points at Waterview, a 203,000 square foot office building in Dallas, Texas, for $26.8 million.

• Sold three North Point Center East office buildings in Atlanta, Georgia that totaled 411,000 square feet for $70.3 million. Subsequent to year end, sold the remaining North Point Center East office building that totaled 129,000 square feet for $22.0 million.

• Commenced operations at Research Park V, a 173,000 square foot office building in Austin, Texas.

• Repurchased 3.2 million shares of common stock for $29.1 million during the fourth quarter, bringing the total amount purchased in 2015 to 5.2 million shares for $47.8 million since the initiation of this program in September 2015.

ATLANTA (February 10, 2016) - Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter and year ended December 31, 2015.

"We had an outstanding fourth quarter highlighted by strong same property net operating income growth and over 1.2 million square feet of leasing,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “Looking to 2016, we are keenly focused on our Houston portfolio as office market fundamentals have weakened in reaction to depressed energy prices. However, as a result of our aggressive action of executing several large leases in Houston very early in this cycle, we now own a stable portfolio in the most protected submarkets with minimal lease expiration exposure over the next few years. Meanwhile, office fundamentals in our other Sun Belt markets are outstanding as they continue to benefit from strong employment growth and limited new office supply."

Financial Results

Funds From Operations ("FFO") was $49.1 million, or $0.23 per share, for the fourth quarter of 2015, compared with $51.6 million, or $0.24 per share, for the fourth quarter of 2014. FFO was $192.7 million, or $0.89 per share, for the year ended December 31, 2015, compared with $165.2 million, or $0.81 per share, for the same period in 2014.

Net income available to common stockholders was $56.7 million, or $0.27 per share, for the fourth quarter of 2015, compared with $23.2 million, or $0.11 per share, for the fourth quarter of 2014. Net income available to common stockholders was $125.5 million, or $0.58 per share, for the year ended December 31, 2015, compared with $45.5 million, or $0.22 per share, for the same period in 2014.

2016 FFO Guidance

For the year ending December 31, 2016, the Company expects to report FFO in the range of $0.86 to $0.92 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 Carolina Square and the NCR project.

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 Time) on Thursday, February 11, 2016, to discuss the results of the quarter and year ended December 31, 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 10078591. The replay can be accessed on the Company's website, www.cousinsproperties.com, through the “Q4 2015 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page.

A copy of Cousins Properties fourth 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 Available to Common Stockholders 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. Second generation leases exclude 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. More detailed information on Net Income (Loss) Available to Common Stockholders 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, same property NOI growth, fee and other income, general and administrative expense, interest and other expenses, GAAP straight-lined rental income, and above and below market rental income, and the assumptions related thereto. Such statements 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 and investments or from dispositions; the potential dilutive effect of common stock offerings; the failure to achieve benefits from the repurchase of its common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks related to the geographic concentration of its portfolio, including, but not limited to, metropolitan Houston and metropolitan Atlanta; risks related to industry concentration of the Company's 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 (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, 2015. The words “believes,” “expects,”

“anticipates,” “estimates,” ”plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although the the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, it 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						Year Ended
	December 31,						December 31,
	2015			2014			2015			2014
Revenues:
Rental property revenues	$	90,842		$	99,535		$	373,068		$	343,910
Fee income	2,091			6,353			7,297			12,519
Other	685			167			1,278			4,954
	93,618			106,055			381,643			361,383
Costs and expenses:
Rental property operating expenses	35,485			46,434			156,157			155,934
Reimbursed expenses	916			949			3,430			3,652
General and administrative expenses	4,597			3,498			17,099			19,969
Interest expense	7,504			8,156			30,723			29,110
Depreciation and amortization	31,852			38,039			135,416			140,018
Acquisition and related costs	195			314			299			1,130
Other	127			1,692			1,000			3,544
	80,676			99,082			344,124			353,357
Income from continuing operations before taxes, unconsolidated joint ventures, and sale of investment properties	12,942			6,973			37,519			8,026
Benefit for income taxes from operations	—			—			—			20
Income from unconsolidated joint ventures	1,214			5,924			8,302			11,268
Income from continuing operations before gain on sale of investment properties	14,156			12,897			45,821			19,314
Gain on sale of investment properties	42,720			10,967			80,394			12,536
Income from continuing operations	56,876			23,864			126,215			31,850
Income (loss) from discontinued operations:
Income (loss) from discontinued operations	(21		)	(4		)	(35		)	1,800
Gain (loss) on sale from discontinued operations	—			(14		)	(551		)	19,358
	(21		)	(18		)	(586		)	21,158
Net income	56,855			23,846			125,629			53,008
Net income attributable to noncontrolling interests	(111		)	(628		)	(111		)	(1,004		)
Net income attributable to controlling interests	56,744			23,218			125,518			52,004
Dividends to preferred stockholders	—			—			—			(2,955		)
Preferred share original issuance costs	—			—			—			(3,530		)
Net income available to common stockholders	$	56,744		$	23,218		$	125,518		$	45,519
Per common share information — basic and diluted:
Income from continuing operations attributable to controlling interest	$	0.27		$	0.11		$	0.58		$	0.12
Income from discontinued operations	—			—			—			0.10
Net income available to common stockholders	$	0.27		$	0.11		$	0.58		$	0.22
Weighted average shares — basic	213,872			216,511			215,827			204,216
Weighted average shares — diluted	213,978			216,733			215,979			204,460
Dividends declared per common share	$	0.080		$	0.075		$	0.320		$	0.300

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2015			2014			2015				2014
Net Income Available to Common Stockholders	$	56,744		$	23,218		$	125,518			$	45,519
Depreciation and amortization of real estate assets:
Consolidated properties	31,442			37,790			133,796			—	139,151
Share of unconsolidated joint ventures	3,239			2,957			11,645				11,915
(Gain) loss on sale of depreciated properties:
Consolidated properties	(42,316		)	(10,825		)	(78,210		)		(30,188		)
Share of unconsolidated joint ventures	—			(2,154		)	—				(1,767		)
Non-controlling interest related to the sale of depreciated properties	—			574			—				574
Funds From Operations Available to Common Stockholders	$	49,109		$	51,560		$	192,749			$	165,204
Per Common Share — Basic and Diluted:
Net Income Available	$	0.27		$	0.11		$	0.58			$	0.22
Funds From Operations	$	0.23		$	0.24		$	0.89			$	0.81
Weighted Average Shares — Basic	213,872			216,511			215,827				204,216
Weighted Average Shares — Diluted	213,978			216,733			215,979				204,460

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)

	December 31, 2015			December 31, 2014
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $352,350 and $324,543 in 2015 and 2014, respectively	$	2,194,781		$	2,181,684
Projects under development	27,890			91,615
Land	17,829			21,646
	2,240,500			2,294,945
Real estate assets and other assets held for sale, net of accumulated depreciation and amortization of $7,200 in 2015	7,246			—
Cash and cash equivalents	2,003			—
Restricted cash	4,304			5,042
Notes and accounts receivable, net of allowance for doubtful accounts of $1,353 and $1,643 in 2015 and 2014, respectively	10,828			10,732
Deferred rents receivable	67,258			57,939
Investment in unconsolidated joint ventures	102,577			100,498
Intangible assets, net of accumulated amortization of $103,458 and $76,050 in 2015 and 2014, respectively	124,615			163,244
Other assets	38,472			34,930
Total assets	$	2,597,803		$	2,667,330
Liabilities:
Notes payable	$	721,293		$	792,344
Accounts payable and accrued expenses	71,739			76,240
Deferred income	29,788			23,277
Intangible liabilities, net of accumulated amortization of $26,890 and $16,897 in 2015 and 2014, respectively	59,592			70,020
Other liabilities	30,629			31,991
Liabilities of real estate assets held for sale	1,347			—
Total liabilities	914,388			993,872
Commitments and contingencies	—			—
Equity:
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, -0- shares issued and outstanding in 2015 and 2014	—			—
Common stock, $1 par value, 350,000,000 shares authorized, 220,255,676 and 220,082,610 shares issued in 2015 and 2014, respectively	220,256			220,083
Additional paid-in capital	1,722,224			1,720,972
Treasury stock at cost, 8,742,181 and 3,570,082 shares in 2015 and 2014, respectively	(134,630		)	(86,840		)
Distributions in excess of cumulative net income	(124,435		)	(180,757		)
Total equity	1,683,415			1,673,458
Total liabilities and equity	$	2,597,803		$	2,667,330

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

SAME PROPERTY INFORMATION

(unaudited; in thousands)

	Three Months Ended December 31,							Year Ended December 31,
	2015				2014			2015				2014
Net Operating Income - Consolidated Properties
Rental property revenues	$	90,842			$	99,535		$	373,068			$	343,910
Rental property expenses	(35,485		)		(46,434		)	(156,157		)		(155,934		)
	55,357				53,101			216,911				187,976
Net Operating Income - Discontinued Operations
Rental property revenues	—				4			4				2,927
Rental property expenses	—				(2		)	(18		)		(1,128		)
	—				2			(14		)		1,799
Net Operating Income - Unconsolidated Joint Ventures	6,232			—	6,150			24,335			—	25,898
Total Net Operating Income	$	61,589			$	59,253		$	241,232			$	215,673
Net Operating Income
Same Property	$	43,367		—	$	40,831		$	168,944		—	$	163,590
Non-Same Property	18,222			—	18,422			72,288			—	52,083
	$	61,589			$	59,253		$	241,232			$	215,673
Non-Cash Items
Straight-line rent	$	3,315			$	5,275		$	20,008			$	22,093
Other	1,526				1,740			6,043				6,493
Non-cash ground rent expense	19				3			(40		)		13
	$	4,860			$	7,018		$	26,011			$	28,599
Cash Basis Property Net Operating Income
Same Property	40,580				37,517			154,388			—	143,913
Non-Same Property	16,149				14,718			60,833			—	43,161
	$	56,729			$	52,235		$	215,221			$	187,074

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

Q4 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 and investments or from dispositions; the potential dilutive effect of common stock offerings; the failure to achieve benefits from the repurchase of our 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 metropolitan Atlanta; risks related to 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 our 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 our 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, 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, 2015. The words “believes,” “expects,” “anticipates,” “estimates,” ”plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although the we believe that our plans, intentions and expectations reflected in any forward-looking statement are reasonable, we 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. We undertake 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 Q4 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
Property Statistics
Consolidated Operating Properties	14		13		13		13		12		12		13		13		12		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		12,122		12,122
Unconsolidated Operating Properties	9		9		9		9		5		5		5		5		6		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		3,434		3,434
Total Operating Properties	23		22		22		22		17		17		18		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		15,556		15,556
Office Leasing Activity (1)
Net Leased during the period (square feet in thousands)	1,256		369		317		550		637		1,874		441		521		770		1,240		2,972
Net Rent (per square foot)	$18.54		$21.05		$22.39		$22.99		$24.10		$22.88		$18.93		$23.23		$23.42		$15.13		$18.30
Total Leasing Costs (per square foot)	(5.25)		(5.91)		(5.02)		(6.18)		(5.54)		(5.71)		(4.62)		(6.27)		(5.83)		(1.66)		(3.64)
Net Effective Rent (per square foot)	$13.29		$15.14		$17.37		$16.81		$18.56		$17.17		$14.31		$16.96		$17.59		$13.47		$14.66
Change in Second Generation Net Rent	12.9	%	12.7	%	48.4	%	36.3	%	43.8	%	38.0	%	33.6	%	43.8	%	28.1	%	38.5	%	36.7	%
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	%	23.8	%	19.8	%
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	%	91.6	%	91.6	%
Weighted Average Occupancy	90.1	%	89.9	%	89.8	%	89.9	%	89.3	%	89.7	%	91.5	%	90.4	%	90.6	%	90.7	%	90.8	%
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	%	6.2	%	3.3	%
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	%	8.2	%	7.3	%
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		$261,500		$261,500
Estimated Project Costs (3) / Total Undepreciated Assets	9.9	%	6.2	%	6.1	%	5.7	%	7.0	%	7.0	%	3.0	%	4.7	%	8.6	%	7.6	%	7.6	%
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		$9.43		$9.43
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		211,513		211,513
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		$1,994,568		$1,994,568
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		947,017		947,017
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		$2,941,585		$2,941,585

Cousins Properties Incorporated 3 Q4 2015 Supplemental Information

KEY PERFORMANCE METRICS

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
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	%	32.2	%	32.2	%
Debt/Total Undepreciated Assets	30.0	%	27.6	%	29.5	%	27.5	%	29.5	%	29.5	%	30.7	%	30.6	%	28.3	%	27.5	%	27.5	%
Fixed Charges Coverage	2.64		3.56		4.00		4.61		4.98		4.27		4.67		4.54		5.19		4.98		4.84
Debt/Annualized EBITDA	4.72		4.31		4.48		4.37		4.05		4.05		4.77		4.86		4.02		4.00		4.00
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		$0.08		$0.32
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%	38.3	%	33.0	%	35.0	%	35.9	%
FAD Payout Ratio	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%	71.5	%	54.8	%	58.8	%	62.6	%
Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.77	%	0.76	%	0.78	%	0.62	%	0.40	%	0.58	%	0.41	%	0.67	%	0.33	%	0.53	%	0.50	%
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		$3,315		$20,009
Above and Below Market Rents Amortization	$3,785		$1,952		$2,027		$1,933		$2,135		$8,047		$2,030		$1,973		$2,030		$1,948		$7,981
Second Generation Capital Expenditures	$16,414		$3,295		$7,317		$12,023		$12,419		$35,054		$12,139		$13,259		$14,208		$14,608		$54,214

(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 Q4 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 Q4 2015 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
	(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		59,329		59,878		235,210
Other	15,577		2,420		2,467		2,421		1,812		9,122		1,319		1,505		1,487		1,711		6,022
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053		60,774		60,816		61,589		241,232
Sales Less Cost of Sales	1,464		160		1,373		82		2,295		3,910		810		(324	)	3,016		403		3,905
Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816		1,704		1,686		2,091		7,297
Other Income	8,693		1,943		2,484		559		415		5,401		407		238		845		961		2,451
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)	(717	)	(686	)	(916	)	(3,430	)
General and Administrative Expenses	(21,940	)	(5,695	)	(5,756	)	(5,022	)	(3,499	)	(19,972	)	(3,595	)	(5,936	)	(2,971	)	(4,597	)	(17,099	)
Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)	(9,696	)	(9,518	)	(9,466	)	(38,178	)
Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)	(431	)	(307	)	(546	)	(1,760	)
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	)	(410	)	(1,669	)
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		49,109		192,749
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568		216,630		216,261		213,872		215,827
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754		216,766		216,374		213,978		215,979
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21		0.21		0.24		0.23		0.89

Cousins Properties Incorporated 6 Q4 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
	(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		19,688		76,551
Post Oak Central	15,593		5,564		5,886		6,032		5,955		23,437		6,675		6,516		6,495		6,973		26,659
Northpark Town Center	—		—		—		—		5,794		5,794		5,825		5,651		5,127		5,797		22,400
191 Peachtree Tower	16,040		4,198		4,650		4,115		4,046		17,009		4,082		4,060		4,173		4,706		17,021
Fifth Third Center	—		—		—		2,196		3,435		5,631		3,641		3,709		3,770		3,836		14,956
Promenade	9,568		2,772		2,792		3,030		2,841		11,435		3,542		3,581		3,623		3,239		13,985
The American Cancer Society Center	11,539		2,992		3,022		3,329		3,030		12,373		3,114		3,206		3,039		3,073		12,432
Colorado Tower	—		—		—		—		—		—		328		1,797		2,156		2,487		6,768
816 Congress Avenue	4,029		1,536		1,740		1,862		1,854		6,992		1,858		2,117		2,268		2,283		8,526
Meridian Mark Plaza	4,111		908		1,008		898		914		3,728		918		954		946		959		3,777
100 North Point Center East	1,104		320		350		380		396		1,444		409		419		459		433		1,720
Other (2)	16,034		5,733		4,923		5,578		5,135		21,369		3,308		3,854		3,085		1,678		11,925
Subtotal - Office Consolidated	102,624		42,225		43,666		47,776		52,926		186,591		52,103		54,780		54,685		55,152		216,720
Office Unconsolidated Properties
Terminus 100	6,892		1,973		1,875		1,831		1,876		7,555		1,922		1,754		1,780		1,812		7,268
Terminus 200	4,278		1,235		1,466		1,449		1,354		5,504		1,436		1,442		1,575		1,616		6,069
Emory University Hospital Midtown Medical Office Tower	3,874		998		962		1,008		992		3,960		987		996		992		999		3,974
Gateway Village (1)	1,208		302		302		302		302		1,208		302		302		302		302		1,208
Other	(61	)	(15	)	(12	)	(15	)	(9	)	(51	)	(5	)	(5	)	(5	)	(3	)	(18	)
Subtotal - Office Unconsolidated	16,191		4,493		4,593		4,575		4,515		18,176		4,642		4,489		4,644		4,726		18,501
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		59,329		59,878		235,210
Other
Consolidated Properties (2)	1,293		402		407		396		178		1,383		(24	)	10		—		205		191
Unconsolidated Properties
Emory Point Apartments (Phase I)	2,300		1,118		1,181		1,200		1,148		4,647		1,071		1,244		1,213		1,171		4,699
Emory Point Retail (Phase I)	1,211		321		312		257		190		1,080		281		255		222		136		894
Emory Point Apartments (Phase II)	—		—		—		—		—		—		—		—		1		180		181
Emory Point Retail (Phase II)	—		—		—		—		—		—		—		—		56		24		80
Other (2)	8,061		567		562		569		295		1,993		(6	)	(4	)	(5	)	(5	)	(20	)
Subtotal - Other	11,572		2,006		2,055		2,026		1,633		7,720		1,346		1,495		1,487		1,506		5,834
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		1,487		1,711		6,022
Total Net Operating Income	138,080		50,018		51,288		55,112		59,253		215,673		58,053		60,774		60,816		61,589		241,232

Cousins Properties Incorporated 7 Q4 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (continued)

FROM OPERATIONS - DETAIL

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
	(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		403		1,625
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		403		3,905
Fee Income
Development Fees	3,102		937		541		571		5,216		7,265		308		461		531		478		1,778
Management Fees (3)	7,223		1,315		1,446		1,203		1,118		5,082		1,503		1,184		1,128		1,373		5,188
Leasing & Other Fees	565		87		38		29		19		173		5		59		27		240		331
Total Fee Income	10,890		2,339		2,025		1,803		6,353		12,520		1,816		1,704		1,686		2,091		7,297
Other Income
Termination Fees	2,952		1,843		2,210		280		240		4,573		193		28		499		547		1,267
Termination Fees - Discontinued Operations	—		—		2		—		—		2		—		—		—				—
Interest and Other Income	5,213		72		44		116		29		261		55		22		222		138		437
Interest and Other Income - Discontinued Operations	15		—		—		8		(4	)	4		—		—		—		—		—
Other - Unconsolidated	513		28		228		155		150		561		159		188		124		276		747
Total Other Income	8,693		1,943		2,484		559		415		5,401		407		238		845		961		2,451
Reimbursed Expenses	(5,216	)	(932	)	(988	)	(783	)	(949	)	(3,652	)	(1,111	)	(717	)	(686	)	(916	)	(3,430	)
General and Administrative Expenses	(22,460	)	(5,695	)	(5,756	)	(5,022	)	(3,499	)	(19,972	)	(3,595	)	(5,936	)	(2,971	)	(4,597	)	(17,099	)
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	)	(2,157	)	(8,599	)
Post Oak Central	(2,618	)	(2,044	)	(2,036	)	(2,028	)	(2,019	)	(8,127	)	(2,010	)	(2,001	)	(1,992	)	(1,983	)	(7,986	)
Promenade	(1,568	)	(1,223	)	(1,216	)	(1,209	)	(1,202	)	(4,850	)	(1,194	)	(1,187	)	(1,180	)	(1,173	)	(4,734	)
Unsecured Credit Facility	(2,260	)	(575	)	(616	)	(705	)	(1,458	)	(3,354	)	(966	)	(1,072	)	(1,089	)	(962	)	(4,089	)
191 Peachtree Tower	(3,483	)	(861	)	(861	)	(861	)	(861	)	(3,444	)	(861	)	(861	)	(861	)	(861	)	(3,444	)
816 Congress Avenue	—		—		—		—		(709	)	(709	)	(817	)	(818	)	(817	)	(817	)	(3,269	)
Meridian Mark Plaza	(1,587	)	(393	)	(391	)	(390	)	(388	)	(1,562	)	(387	)	(385	)	(384	)	(382	)	(1,538	)
The Points at Waterview	(903	)	(221	)	(219	)	(217	)	(215	)	(872	)	(213	)	(211	)	(209	)	(8	)	(641	)
Other	(995	)	(65	)	(66	)	(65	)	(38	)	(234	)	—		—		—		—		—
Capitalized	518		373		610		850		919		2,752		902		813		1,023		839		3,577
Subtotal - Consolidated	(21,709	)	(7,167	)	(6,970	)	(6,817	)	(8,156	)	(29,110	)	(7,677	)	(7,869	)	(7,673	)	(7,504	)	(30,723	)
Unconsolidated Debt
Terminus 100	(3,193	)	(879	)	(875	)	(872	)	(868	)	(3,494	)	(865	)	(861	)	(857	)	(853	)	(3,436	)
Terminus 200	(1,369	)	(390	)	(390	)	(390	)	(390	)	(1,560	)	(390	)	(390	)	(390	)	(390	)	(1,560	)
Emory University Hospital Midtown Medical Office Tower	(1,358	)	(334	)	(334	)	(334	)	(334	)	(1,336	)	(334	)	(334	)	(333	)	(332	)	(1,333	)
Emory Point	(867	)	(242	)	(244	)	(247	)	(241	)	(974	)	(232	)	(242	)	(265	)	(387	)	(1,126	)
Other	(1,176	)	—		—		—		—		—		—		—		—		—		—
Subtotal - Unconsolidated	(7,963	)	(1,845	)	(1,843	)	(1,843	)	(1,833	)	(7,364	)	(1,821	)	(1,827	)	(1,845	)	(1,962	)	(7,455	)
Total Interest Expense	(29,672	)	(9,012	)	(8,813	)	(8,660	)	(9,989	)	(36,474	)	(9,498	)	(9,696	)	(9,518	)	(9,466	)	(38,178	)

Cousins Properties Incorporated 8 Q4 2015 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL (continued)

FROM OPERATIONS - DETAIL

FUNDS FROM OPERATIONS - DETAIL

	2013		2014 1st		2014 2nd		2014 3rd		2014 4th		2014		2015 1st		2015 2nd		2015 3rd		2015 4th		2015
	(in thousands, except per share amounts)
Other Expenses
Noncontrolling Interests	(1,671	)	(156	)	(129	)	(92	)	(47	)	(424	)	—		—		—		(111	)	(111	)
Property Taxes and Other Holding Costs	(1,570	)	(271	)	(276	)	(288	)	(388	)	(1,223	)	(287	)	(242	)	(141	)	(158	)	(828	)
Predevelopment & Other	(492	)	(229	)	(363	)	(146	)	(1,309	)	(2,047	)	(106	)	(187	)	(147	)	(82	)	(522	)
Acquisition and Related Costs	(7,484	)	(22	)	(149	)	(644	)	(315	)	(1,130	)	(83	)	(2	)	(19	)	(195	)	(299	)
Total Other Expenses	(11,217	)	(678	)	(917	)	(1,170	)	(2,059	)	(4,824	)	(476	)	(431	)	(307	)	(546	)	(1,760	)
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	)	(410	)	(1,621	)
Unconsolidated	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	(48	)	—		—		—		(48	)
Total Non-Real Estate Depreciation and Amortization	(787	)	(196	)	(213	)	(244	)	(260	)	(913	)	(471	)	(374	)	(414	)	(410	)	(1,669	)
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		49,109		192,749
Weighted Average Shares - Basic	144,255		191,739		198,440		209,839		216,511		204,216		216,568		216,630		216,261		213,872		215,827
Weighted Average Shares - Diluted	144,420		191,952		198,702		210,111		216,733		204,460		216,754		216,766		216,374		213,978		215,979
FFO per Share - Basic and Diluted	0.53		0.19		0.18		0.20		0.24		0.81		0.21		0.21		0.24		0.23		0.89

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

(1) The Company receives an 11.46% current return on its $11.1 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 prior to December 31, 2015.

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

Cousins Properties Incorporated 9 Q4 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 4Q15		End of Period Leased 3Q15		Weighted Average Occupancy 4Q15		Weighted Average Occupancy 3Q15		% of Total Net Operating Income (1)		Property Level Debt ($000)
	Office
	Greenway Plaza (2)	Houston	4,348,000	Consolidated	100	%	89.8	%	89.3	%	88.7	%	88.8	%	33	%	$	—
	Post Oak Central (2)	Houston	1,280,000	Consolidated	100	%	95.4	%	96.0	%	95.7	%	95.1	%	12	%	181,770
	Colorado Tower	Austin	373,000	Consolidated	100	%	100.0	%	100.0	%	76.8	%	73.4	%	4	%	—
	816 Congress	Austin	435,000	Consolidated	100	%	93.4	%	95.2	%	91.6	%	85.1	%	4	%	85,000
	Research Park V (3)	Austin	173,000	Consolidated	100	%	29.9	%	—	%	—	%	—	%	—	%	—
	Texas		6,609,000												53	%	266,770
	Northpark Town Center (2)	Atlanta	1,528,000	Consolidated	100	%	84.5	%	85.2	%	85.2	%	86.0	%	10	%	—
	191 Peachtree Tower	Atlanta	1,225,000	Consolidated	100	%	91.5	%	93.9	%	89.4	%	88.7	%	8	%	100,000
	Promenade	Atlanta	777,000	Consolidated	100	%	93.0	%	94.2	%	91.0	%	90.6	%	5	%	108,203
	The American Cancer Society Center	Atlanta	996,000	Consolidated	100	%	86.6	%	86.5	%	86.6	%	86.5	%	5	%	129,342
	Terminus 100	Atlanta	659,000	Unconsolidated	50	%	92.3	%	90.9	%	90.5	%	90.3	%	3	%	64,608
	Terminus 200	Atlanta	566,000	Unconsolidated	50	%	92.2	%	92.2	%	90.4	%	87.8	%	3	%	41,000
	Meridian Mark Plaza	Atlanta	160,000	Consolidated	100	%	98.2	%	97.7	%	97.7	%	97.9	%	2	%	24,978
	Emory University Hospital Midtown Medical Office Tower	Atlanta	358,000	Unconsolidated	50	%	98.8	%	98.8	%	99.7	%	100.0	%	2	%	37,143
	100 North Point Center East (4)	Atlanta	129,000	Consolidated	100	%	99.9	%	99.9	%	99.9	%	99.9	%	1	%	—
	Georgia		6,398,000												39	%	505,274
	Fifth Third Center	Charlotte	698,000	Consolidated	100	%	94.6	%	93.9	%	84.5	%	83.6	%	6	%	—
	Gateway Village	Charlotte	1,065,000	Unconsolidated	50	%	100.0	%	100.0	%	100.0	%	100.0	%	—	%	8,768
	North Carolina		1,763,000												6	%	8,768
	Total Office Properties		14,770,000												98	%	$	780,812
	Other
	Emory Point Apartments (Phase I) (5)	Atlanta	404,000	Unconsolidated	75	%	95.7	%	96.2	%	96.0	%	94.9	%	2	%	36,123
	Emory Point Retail (Phase I)	Atlanta	80,000	Unconsolidated	75	%	84.7	%	76.8	%	76.8	%	80.9	%	—	%	7,399
	Emory Point Retail (Phase II)	Atlanta	45,000	Unconsolidated	75	%	69.1	%	69.1	%	64.7	%	51.3	%	—	%	4,602
	Emory Point Apartments (Phase II) (5)	Atlanta	257,000	Unconsolidated	75	%	42.7	%	34.2	%	36.4	%	24.2	%	—	%	26,081
	Total Other		786,000												2	%	$	74,205
	Total Portfolio		15,556,000												100	%	$	855,017
(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 December 31, 2015.
(2)	Contains multiple buildings that are grouped together for reporting purposes.
(3)	Research Park V became operational on December 1, 2015.
(4)	100 North Point Center East was sold in January 2016.
(5)	Phase I consists of 443 units and Phase II consists of 307 units.

Cousins Properties Incorporated 10 Q4 2015 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties Incorporated 11 Q4 2015 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	Net Operating Income ($ in thousands)
	Three Months Ended
	December 31, 2015			December 31, 2014			September 30, 2015			4Q15 vs. 4Q14 % Change		4Q15 vs. 3Q15% Change
Property Revenues (2)	$	71,233		$	74,958		$	73,859		(5.0	)%	(3.6	)%
Property Operating Expenses (2)	27,866			34,127			31,390			(18.3	)%	(11.2	)%
Property Net Operating Income	$	43,367		$	40,831		$	42,469		6.2	%	2.1	%
Cash Basis Property Revenues (3)	$	68,451		$	71,646		$	70,273		(4.5	)%	(2.6	)%
Cash Basis Property Operating Expenses (4)	27,871			34,129			31,376			(18.3	)%	(11.2	)%
Cash Basis Property Net Operating Income	$	40,580		$	37,517		$	38,897		8.2	%	4.3	%
End of Period Leased	91.6		%	93.6		%	91.8		%
Weighted Average Occupancy	90.7		%	91.1		%	90.5		%

	Year Ended
	December 31, 2015		December 31, 2014		% Change
Property Revenues (2)	$	288,092	$	286,828	0.4	%
Property Operating Expenses (2)	119,148		123,238		(3.3	)%
Property Net Operating Income	$	168,944	$	163,590	3.3	%
Cash Basis Property Revenues (3)	$	273,538	$	267,160	2.4	%
Cash Basis Property Operating Expenses (4)	119,150		123,247		(3.3	)%
Cash Basis Property Net Operating Income	$	154,388	$	143,913	7.3	%

(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 Promenade
	Post Oak Central Terminus 100 Meridian Mark Plaza
	191 Peachtree Tower Terminus 200 Emory University Hospital Midtown Medical Office Tower
	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 12 Q4 2015 Supplemental Information

OFFICE LEASING ACTIVITY(1)

	Three Months Ended December 31, 2015												Year Ended December 31, 2015
	New			Renewal			Expansion			Total			New			Renewal			Expansion			Total
Gross leased (square feet)										1,904,265												3,783,982
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(664,248		)										(811,769)
Net leased (square feet)	113,735			1,079,901			46,381			1,240,017			1,031,832			1,823,532			116,849			2,972,213
Number of transactions	9			20			6			35			55			69			20			144
Lease term (years) (2)(3)	10.0			9.3			8.3			9.3			8.2			8.1			6.8			8.1
Net rent (per square foot) (2)(3)(4)	$	24.42		$	13.74		$	24.70		$	15.13		$	22.49		$	16.72		$	23.31		$	18.30
Total leasing costs (per square foot) (2)(3)(5)	(8.14		)	(0.73		)	(7.46		)	(1.66		)	(6.78		)	(2.51		)	(6.65		)	(3.64		)
Net effective rent (per square foot) (2)(3)	$	16.28		$	13.01		$	17.24		$	13.47		$	15.71		$	14.21		$	16.66		$	14.66
Second generation leased square feet (3)(6)(8)										201,839												1,096,460
Increase in second generation net rent (3)(4)(6)(8)										38.5		%										36.7		%
Increase in cash basis second generation net rent (3)(6)(7)(8)										23.8		%										19.8		%
(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 development properties, 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.
(8) Excludes the renewal of the Bank of America lease at Gateway Village of 922,684 square feet.

Cousins Properties Incorporated 13 Q4 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)
2016	657,081	5.3	%	$	12,454	4.2	%	$	18.95
2017	877,583	7.2	%	18,904		6.5	%	21.54
2018	602,005	4.9	%	13,882		4.8	%	23.06
2019	1,576,714	13.0	%	35,505		12.2	%	22.52
2020	761,835	6.3	%	17,501		6.0	%	22.97
2021	1,204,654	9.9	%	30,115		10.3	%	25.00
2022	1,309,819	10.8	%	31,009		10.6	%	23.67
2023	1,497,307	12.3	%	34,083		11.7	%	22.76
2024	731,773	6.0	%	20,878		7.2	%	28.53
2025 &Thereafter	2,954,394	24.3	%	77,377		26.5	%	26.19
Total	12,173,165	100.0	%	$	291,708	100.0	%	$	23.96

Lease Expirations Greater than 100,000 Square Feet Through Year End 2019

Expiration Date	Tenant	Market	Building	Square Feet Expiring (1)
January 2019	National Union Fire Insurance Company	Atlanta	Northpark Town Center	105,362
September 2019	Stewart Information Services	Houston	Post Oak Central	215,553
December 2019	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 Q4 2015 Supplemental Information

OFFICE LEASE EXPIRATIONS

Note: Company's share

Cousins Properties Incorporated 15 Q4 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	$	18,410,471	8%	11
2	Apache Corporation	524,342	9,096,820		4%	4
3	Invesco Management Group, Inc.	400,332	6,626,873		3%	8
4	Bank of America (4)	829,923	5,831,104		2%	9
5	McGuireWoods LLP	198,648	5,617,946		2%	11
6	Deloitte, LLP	259,998	5,397,558		2%	8
7	Transocean Offshore Deepwater	250,450	5,247,936		2%	7
8	Smith, Gambrell & Russell, LLP	159,136	4,863,347		2%	6
9	American Cancer Society, Inc.	275,160	4,790,538		2%	7
10	Stewart Information Services Corporation	219,131	4,227,886		2%	4
11	US South Communications	221,197	4,008,058		2%	5
12	CO Space Properties, LLC	120,298	3,522,607		2%	4
13	Direct Energy	197,422	3,300,530		1%	7
14	National Union Fire Insurance Company	120,830	3,252,818		1%	3
15	Northside Hospital	101,326	2,930,314		1%	7
16	Parsley Energy, L.P.	86,739	2,515,431		1%	9
17	Gulf South Pipeline Company LP	98,616	2,366,784		1%	8
18	Emory University	90,093	2,202,049		1%	12
19	Thompson, Ventulett, Stainback & Assoc	67,418	2,104,790		1%	8
20	GDF SUEZ Energy North America	134,602	2,092,596		1%	4
	Total Top 20	5,317,152	$	98,406,456	41%	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 16 Q4 2015 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Based on total portfolio holdings.

Cousins Properties Incorporated 17 Q4 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	777,000	134,700
						11,456,000	$	2,364,200

Completed Property Developments

Project	Type	Metropolitan Area	Company's Ownership Interest		Timing	Square Feet	Total Project Cost ($ in thousands)
2015
Colorado Tower	Office	Austin	100.0	%	1Q	373,000	$	126,100
Emory Point - Phase II	Mixed	Atlanta	75.0	%	3Q	302,000	75,400
Research Park V	Office	Austin	100.0	%	4Q	173,000	45,000
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
						1,479,000	$	374,600

Cousins Properties Incorporated 18 Q4 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
200, 333, and 555 North Point Center East	Office	Atlanta	100.0	%	4Q	411,000	70,300
The Points at Waterview	Office	Dallas	100.0	%	4Q	203,000	26,800
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
Jefferson Mill	Industrial	Atlanta	75.0	%	1Q	459,000	22,000
One Georgia Center	Office	Atlanta	88.5	%	3Q	376,000	48,600
King Mill	Industrial	Atlanta	75.0	%	4Q	796,000	28,300
Lakeside Ranch	Industrial	Dallas	100.0	%	4Q	749,000	28,400
						11,655,000	$	1,997,800

Cousins Properties Incorporated 19 Q4 2015 Supplemental Information

DEVELOPMENT PIPELINE (1)

Project	Type	Metropolitan Area	Company's Ownership Interest		Project Start Date	Number of Square Feet /Apartment Units	Estimated Project Cost (2) ($ in thousands)		Project Cost Incurred to Date (2) ($ in thousands)		Percent Leased		Initial Occupancy (3)	Estimated Stabilization (4)
Carolina Square	Mixed	Chapel Hill, NC	50	%	2Q15		$	123,000	$	14,698
Office						159,000					67	%	2Q17	2Q18
Retail						43,000					—	%	2Q17	2Q18
Apartments						246					—	%	2Q17	2Q18
NCR Phase I	Office	Atlanta, GA	100	%	3Q15	485,000	200,000		27,890		100	%	1Q18	1Q18
Total							$	323,000	$	42,588

(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. Carolina Square is expected to be funded with a combination of equity from the partners and up to $80.0 million from a construction loan, which has no outstanding balance as of December 31, 2015.
(3)	Represents the quarter which the Company estimates the first tenant occupies space.
(4)	Stabilization represents the earlier of the quarter in which the Company estimates it will achieve 90% economic occupancy or one year from initial occupancy.

Cousins Properties Incorporated 20 Q4 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 (1)	Atlanta	100.0%	1
Georgia			65
Victory Center	Dallas	75.0%	3
Texas			3
Commercial Land Held (Acres)			68		56
Cost Basis of Commercial Land Held			$	39,364	$	20,577
Residential (2)
Paulding County	Atlanta	50.0%	478
Callaway Gardens (3)	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		521
Grand Total Cost Basis of Land Held			$	51,263	$	28,940

(1)	Represents land adjacent to NCR Development project. Upon completion of the NCR development project, NCR is required to pay rent on this land.
(2)	Residential represents land that may be sold to third parties as lots or in large tracts for residential development.
(3)	Company's ownership interest is shown at 100% as Callaway Gardens is owned in a joint venture which is consolidated with the Company. See Joint Venture Information included herein for further details.

Cousins Properties Incorporated 21 Q4 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	2016		2017		2018		2019		2020		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	%	1.53	%	5/28/19	$	—	$	—	$	—	$	92,000	$	—	$	—	$92,000		$92,000
Total Floating Rate Debt						—		—		—		92,000		—		—		92,000		92,000
Fixed Rate Debt
The American Cancer Society Center (3)	100.0	%	6.45	%	9/1/17	1,834		127,508		—		—		—		—		129,342		—
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	456		484		514		546		22,978		—		24,978		—
Post Oak Central	100.0	%	4.26	%	10/1/20	3,485		3,636		3,794		3,959		166,896		—		181,770		—
Promenade	100.0	%	4.27	%	10/1/22	2,862		2,986		3,116		3,252		3,394		92,593		108,203		—
816 Congress	100.0	%	3.75	%	11/1/24	128		1,568		1,628		1,690		1,754		78,232		85,000		—
Total Fixed Rate Debt						10,070		138,195		105,734		9,447		195,022		170,825		629,293		—
Total Consolidated Debt						10,070		138,195		105,734		101,447		195,022		170,825		721,293		92,000
Unconsolidated Debt
Floating Rate Debt
Emory Point I (LIBOR + 1.75%) (4)	75.0	%	2.18	%	10/9/16	43,522		—		—		—		—		—		43,522		—
Emory Point II (LIBOR + 1.85%, $46mm facility) (4)	75.0	%	2.28	%	10/9/16	30,683		—		—		—		—		—		30,683		3,068
Carolina Square (LIBOR + 1.90%, $79.755mm facility) (5)	50.0	%	2.33	%	5/1/18	—		—		—		—		—		—		—		—
Total Floating Rate Debt						74,205		—		—		—		—		—		74,205		3,068
Fixed Rate Debt
Gateway Village (6)	50.0	%	6.41	%	12/1/16	8,768		—		—		—		—		—		8,768		—
Terminus 100	50.0	%	5.25	%	1/1/23	1,277		1,346		1,418		1,494		1,575		57,498		64,608		—
Terminus 200	50.0	%	3.79	%	1/1/23	559		770		800		831		863		37,177		41,000		—
Emory University Hospital Midtown Medical Office Tower	50.0	%	3.50	%	6/1/23	732		758		785		813		842		33,213		37,143		—
Total Fixed Rate Debt						11,336		2,874		3,003		3,138		3,280		127,888		151,519		—
Total Unconsolidated Debt						85,541		2,874		3,003		3,138		3,280		127,888		225,724		3,068
Total Debt						$	95,611	$	141,069	$	108,737	$	104,585	$	198,302	$	298,713	$	947,017	$	95,068
Total Maturities (7)						$	74,205	$	127,508	$	96,682	$	92,000	$	189,874	$	282,487	$	862,756
% of Maturities						15%		21%		16%		15%		1%		32%		100%

Floating and Fixed Rate Debt Analysis

	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	166,205	18	%	1.84	%	2.2
Fixed Rate Debt	780,812		82	%	4.55	%	5.1
Total Debt	$	947,017	100	%	4.08	%	4.6

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

(2) Total borrowing capacity of the Credit Facility at December 31, 2015 was $500 million. The spread over LIBOR at December 31, 2015 was 1.10%.

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

(4) The Emory Point I and II loans have two one-year extension options, if certain conditions are met.

(5) The Company and Northwood Ravin 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 Q4 2015 Supplemental Information

DEBT SCHEDULE

Cousins Properties Incorporated 23 Q4 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% through 12/1/16. Thereafter, 50% of operating cash flows.	50% of proceeds after partner receives up to $80.9 million until a 17% leveraged IRR. Thereafter, 20% of remaining proceeds.	Recognize 11.46% of invested capital through 12/1/16. Thereafter, recognize 50% of net income from joint venture.	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)
HICO Avalon LLC (2)	Future Office Development	Cousins funds 75% of expenses in predevelopment stage.	Same as operating cash flow.	Recognize 75% 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 proceed with construction, 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 Q4 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 4th		2015
2nd Generation TI & Leasing Costs & Building CAPEX
Second Generation Leasing Related Costs	12,139		2,745		5,388		12,023		11,031		31,187		11,632		12,294		10,941		11,954		46,821
Second Generation Building Improvements	3,814		550		1,929		—		1,388		3,867		507		965		3,267		2,654		7,393
	15,954		3,295		7,317		12,023		12,419		35,054		12,139		13,259		14,208		14,608		54,214
Net Operating Income
Office Consolidated Properties	102,624		42,225		43,666		47,776		52,926		186,593		52,103		54,780		54,685		55,152		216,720
Other Consolidated Properties	1,299		402		409		396		178		1,385		(24	)	10		—		205		191
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,104		187,978		52,079		54,790		54,685		55,357		216,911
Rental Property Revenues	194,420		77,484		80,034		86,857		99,535		343,910		90,033		96,177		96,016		90,842		373,068
Rental Property Operating Expenses	(90,497	)	(34,857	)	(35,959	)	(38,685	)	(46,434	)	(155,934	)	(37,954	)	(41,387	)	(41,331	)	(35,485	)	(156,157	)
Net Operating Income - Consolidated	103,923		42,627		44,075		48,172		53,101		187,976		52,079		54,790		54,685		55,357		216,911
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	)	(260	)	(2	)	(1,128	)	(18	)	—		—		—		(18	)
Net Operating Income	6,389		892		565		341		2		1,799		(14	)	—		—		—		(14	)
Termination Fees	—		—		2		—		—		2		—		—		—		—		—
Interest and Other Income (Expense)	15		—		—		8		(4	)	3		—		(6	)	6		(21	)	(21	)
FFO from Discontinued Operations	6,404		892		567		349		(2	)	1,804		(14	)	(6	)	6		(21	)	(35	)
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		(21	)	(35	)
Depreciation and Amortization of Real Estate	(3,086	)	—		—		—		—		—		—		—		—		—		—
Income from Discontinued Operations	3,297		892		567		348		(3	)	1,802		(14	)	(6	)	6		(21	)	(35	)
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		4,726		18,501
Other Properties	11,568		2,006		2,055		2,026		1,633		7,720		1,346		1,495		1,487		1,506		5,834
Net Operating Income	27,763		6,499		6,648		6,601		6,148		25,896		5,988		5,984		6,131		6,232		24,335
Sales Less Cost of Sales	115		—		47		—		2,160		2,207		—		242		2,038		—		2,280
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	)	(1,961	)	(7,455	)
Other Expense	516		28		203		155		150		536		68		106		12		182		368
Depreciation and Amortization of Non-Real Estate Assets	(34	)	(11	)	(12	)	(12	)	(11	)	(46	)	—		—		—		—		—
Funds from Operations - Unconsolidated Joint Ventures	20,416		4,671		5,115		4,901		6,727		21,414		4,354		4,533		6,607		4,453		19,947
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	)	(3,239	)	(11,645	)
Net Income from Unconsolidated Joint Ventures	67,325		1,286		2,027		2,031		5,924		11,268		1,611		1,761		3,716		1,214		8,302

Cousins Properties Incorporated 25 Q4 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 4th		2015
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		9.43		9.43
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		211,513		211,513
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		1,994,568		1,994,568
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		721,293		721,293		779,570		721,293		721,293
Share of Unconsolidated Debt	228,489		226,574		224,241		224,544		215,158		215,158		219,428		225,241		227,194		225,724		225,724
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		947,017		947,017
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		2,941,585		2,941,585
EBITDA (2)
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		49,109		192,749
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498		9,696		9,518		9,466		38,178
Non-Real Estate Depreciation and Amortization	787		196		213		244		260		913		423		374		414		410		1,621
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		2		19		195		299
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		55,310		62,418		59,180		232,847
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		947,017		947,017
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		2,941,585		2,941,585
Debt (2) / Total Market Capitalization	29.5	%	25.6	%	26.5	%	25.7	%	29.0	%	29.0	%	31.7	%	32.3	%	33.7	%	32.2	%	32.2	%
Total Assets - Consolidated	2,273,206		2,294,038		2,280,243		2,533,660		2,667,330		2,667,330		2,684,661		2,597,803		2,635,397		2,597,803		2,597,803
Accumulated Depreciation - Consolidated	257,151		319,865		355,711		376,832		400,593		400,593		435,939		470,360		542,084		463,008		463,008
Undepreciated Assets - Unconsolidated (2)	441,928		446,890		492,640		459,931		450,535		450,535		454,835		466,438		482,606		486,941		486,941
Less: Investment in Unconsolidated Joint Ventures	(107,082	)	(107,106	)	(111,164	)	(111,353	)	(100,498	)	(100,498	)	(100,821	)	(103,665	)	(103,470	)	(102,577	)	(102,577	)
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		3,518,599		3,556,617		3,445,175		3,445,175
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		947,017		947,017
Undepreciated Assets (2)	2,865,203		2,953,687		3,017,430		3,259,070		3,417,960		3,417,960		3,474,614		3,518,599		3,556,617		3,445,175		3,445,175
Debt (2) / Total Undepreciated Assets (2)	30.0	%	27.6	%	29.5	%	27.5	%	29.5	%	29.5	%	30.7	%	30.6	%	28.3	%	27.5	%	27.5	%

Cousins Properties Incorporated 26 Q4 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 4th		2015
Interest Expense	29,672		9,012		8,813		8,660		9,989		36,474		9,498		9,696		9,518		9,466		38,178
Scheduled Principal Payments	7,032		2,445		2,430		2,460		2,501		9,836		2,493		2,477		2,507		2,415		9,892
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		11,881		48,070
EBITDA	123,142		47,170		49,658		51,220		62,139		210,189		55,939		55,310		62,418		59,180		232,847
Fixed Charges Coverage Ratio (2)	2.64		3.56		4.00		4.61		4.98		4.27		4.67		4.54		5.19		4.98		4.84
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		947,017		947,017
Annualized EBITDA (3)	181,728		188,680		198,632		204,880		248,556		248,556		223,756		221,240		250,260		236,720		236,720
Debt (2) / Annualized EBITDA (3)	4.72		4.31		4.48		4.37		4.05		4.05		4.77		4.86		4.02		4.00		4.00
Dividend Information
Cash Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349		17,328		17,334		17,185		69,196
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		49,109		192,749
FFO Payout Ratio	35.3	%	39.3	%	41.6	%	39.0	%	31.4	%	37.3	%	37.8	%	38.3	%	33.0	%	35.0	%	35.9	%
FFO	77,134		36,182		35,784		41,676		51,560		165,204		45,935		45,238		52,467		49,109		192,749
Straight Line Rental Revenue	(12,826	)	(7,648	)	(5,001	)	(4,169	)	(5,275	)	(22,093	)	(6,285	)	(5,786	)	(4,623	)	(3,315	)	(20,009	)
Above and Below Market Rents	(3,785	)	(1,952	)	(2,027	)	(1,933	)	(2,135	)	(8,047	)	(2,030	)	(1,973	)	(2,030	)	(1,948	)	(7,981	)
Second Generation CAPEX	(16,414	)	(3,295	)	(7,317	)	(12,023	)	(12,419	)	(35,054	)	(12,139	)	(13,259	)	(14,208	)	(14,608	)	(54,214	)
FAD (2)	44,109		23,286		21,439		23,551		31,731		100,010		25,481		24,220		31,606		29,238		110,545
Common Dividends	27,192		14,232		14,882		16,236		16,213		61,563		17,349		17,328		17,334		17,185		69,196
FAD Payout Ratio (2)	61.6	%	61.1	%	69.4	%	68.9	%	51.1	%	61.6	%	67.8	%	71.5	%	54.8	%	58.8	%	62.6	%
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		3,518,599		3,556,617		3,445,175		3,445,175
General and Administrative Expenses	21,940		5,611		5,756		5,022		3,398		19,787		3,595		5,936		2,971		4,597		17,099
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets	0.77	%	0.76	%	0.78	%	0.62	%	0.40	%	0.58	%	0.41	%	0.67	%	0.33	%	0.53	%	0.50	%

Cousins Properties Incorporated 27 Q4 2015 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended ($ in thousands)						Year Ended
	December 31, 2015		December 31, 2014		September 30, 2015		December 31, 2015			December 31, 2014
Rental Property Revenues
Same Property	$	71,233	$	74,958	$	73,859	$	288,092		$	286,828
Non-Same Property	29,289		33,937		31,897		122,415			97,813
	$	100,522	$	108,895	$	105,756	$	410,507		$	384,641
Rental Property Operating Expenses
Same Property	$	27,866	$	34,127	$	31,390	$	119,148		$	123,238
Non-Same Property	11,067		15,515		13,550		50,127			45,730
	$	38,933	$	49,642	$	44,940	$	169,275		$	168,968
Rental Property Revenues
Consolidated Properties	$	90,842	$	99,535	$	96,016	$	373,068		$	343,910
Discontinued Operations	—		4		—		4			2,927
Share of Unconsolidated Joint Ventures	9,680		9,356		9,740		37,435			37,804
	$	100,522	$	108,895	$	105,756	$	410,507		$	384,641
Rental Property Operating Expenses
Consolidated Properties	$	35,485	$	46,434	$	41,331	$	156,157		$	155,934
Discontinued Operations	—		2		—		18			1,128
Share of Unconsolidated Joint Ventures	3,448		3,206		3,609		13,100			11,906
	$	38,933	$	49,642	$	44,940	$	169,275		$	168,968
Cash Basis Rental Property Revenues
Rental Property Revenues	$	100,522	$	108,895	$	105,756	$	410,507		$	384,641
Less: Straight Line Rent	3,315		5,275		4,623		20,008			22,093
Less: Other	1,526		1,740		1,526		6,043			6,493
	$	95,681	$	101,880	$	99,607	$	384,456		$	356,055
Cash Basis Rental Property Revenues
Same Property	$	68,451	$	71,646	$	70,273	$	273,538		$	267,160
Non-Same Property	27,230		30,234		29,334		110,918			88,895
	$	95,681	$	101,880	$	99,607	$	384,456		$	356,055
Cash Basis Rental Property Operating Expenses
Rental Property Operating Expenses	$	38,933	$	49,642	$	44,940	$	169,275		$	168,968
Non-Cash Ground Rent Expense	19		3		—		(40		)	13
	$	38,952	$	49,645	$	44,940	$	169,235		$	168,981
Cash Basis Rental Property Operating Expenses
Same Property	$	27,871	$	34,129	$	31,376	$	119,150		$	123,247
Non-Same Property	11,081		15,516		13,564		50,085			45,734
	$	38,952	$	49,645	$	44,940	$	169,235		$	168,981
(1) Amounts may differ slightly from other schedules contained herein due to rounding.
(2) Includes Company share of unconsolidated joint ventures.
(3) Annualized equals quarter amount annualized.
(4) Quarter amount represents quarter annualized, year-to-date represents year-to-date actual.

Cousins Properties Incorporated 28 Q4 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 Q4 2015 Supplemental Information