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): July 27, 2017

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)

3344 Peachtree Road NE, Suite 1800, Atlanta, Georgia 30326-4802

(Address of principal executive offices)

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

Former Address

(191 Peachtree Street, Suite 500, Atlanta, Georgia 30308-1740)

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))

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition

On July 27, 2017, 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 June 30, 2017. 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 Ended June 30, 2017.

99.2            Quarterly Information Package for the Quarter Ended June 30, 2017.

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: July 27, 2017

COUSINS PROPERTIES INCORPORATED

By: /s/ Gregg D. Adzema

Gregg D. Adzema

Executive Vice President and Chief Financial Officer

EX-99.1

Earnings Release

CONTACT:

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

COUSINS PROPERTIES REPORTS SECOND QUARTER 2017 RESULTS

Highlights

• Net income available to common stockholders for the second quarter was $0.40 per share.

• Funds From Operations for the second quarter was $0.16 per share.

• Same property net operating income on a cash basis increased 8.6% during the second quarter.

• Legacy Parkway same property net operating income on a cash basis increased 11.7% during the second quarter.

• Second generation net rent per square foot on a cash basis increased 13.5% during the second quarter.

• Leased or renewed 341,008 square feet of office space during the second quarter.

• Sold Emory Point I and II in May for a combined gross sales price of $199 million and The American Cancer Society Center in June for a gross sales price of $166 million.

• Commenced operations at 8000 Avalon, which was 73.1% leased as of June 30, 2017.

• Closed a $350 million private placement of senior unsecured debt, which was issued in two tranches. The first tranche of $100 million was issued in April, has a 10-year maturity and a fixed rate of 4.09%. The second tranche of $250 million was issued in July, has an 8-year maturity and a fixed rate of 3.91%.

• During the quarter and subsequent to quarter-end, repaid four mortgage notes totaling $359 million that were assumed in the Parkway merger.

ATLANTA (July 27, 2017) - Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2017.

“Our Sun Belt office markets remain healthy and our urban portfolio continues to perform well, with same-property cash NOI up 8.6% and second generation cash rents up 13.5%,” said Larry Gellerstedt, president and chief executive officer of Cousins Properties. “With the successful delivery of 8000 Avalon this quarter, our newest Atlanta Class A office building, our development efforts continue to create significant value for our shareholders.”

Financial Results

Net income available to common stockholders was $168.1 million, or $0.40 per share, for the second quarter of 2017, compared with $7.8 million, or $0.04 per share, for the second quarter of 2016. Net income available to common stockholders was $172.8 million, or $0.42 per share, for the six months ended June 30, 2017, compared with $30.6 million, or $0.15 per share, for the six months ended June 30, 2016.

Funds From Operations ("FFO") was $66.4 million, or $0.16 per share, for the second quarter of 2017, compared with $43.3 million, or $0.21 per share, for the second quarter of 2016. FFO was $133.4 million, or $0.32 per share, for the six months ended June 30, 2017, compared with $86.7 million, or $0.41 per share, for the six months ended June 30, 2016.

2017 FFO Guidance

Based on second quarter 2017 results, the Company has narrowed its full year 2017 net income guidance from $0.41 to $0.49 per share to $0.43 to $0.48 per share. The Company's full year 2017 FFO guidance of $0.58 to $0.63 remains unchanged.

The Company leaves unchanged previously provided components of its full year 2017 net income and FFO guidance, except for the following updates:

• Fee and other income of $18.5 million to $20.5 million, up from the previous range of $15 million to $17 million, due to $3 million of termination fees recorded during the second quarter, as well as an additional $500,000 anticipated during the balance of 2017.

• General and administrative costs of $26 million to $28 million, up from the previous range of $23 million to $25 million, primarily due to an increase in long-term incentive compensation expense driven by improved total stockholder return relative to the SNL US REIT Office index.

A reconciliation of projected net income per share to projected FFO per share is provided as follows:

	Full Year 2017 Range
	Low			High
Net income per share	$	0.43		$	0.48
Add: Real estate depreciation and amortization	0.51			0.51
Less: Gain on sale of real estate assets	(0.36		)	(0.36		)
Funds From Operations per share	$	0.58		$	0.63

This 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 Friday, July 28, 2017, to discuss the results of the quarter ended June 30, 2017. The number to call for this interactive teleconference is (877) 247-1056.

A replay of the conference call will be available for 7 days by dialing(877) 344-7529 and entering the passcode 10109090. The replay can be accessed on the Company's website, www.cousinsproperties.com, through the “Cousins Properties Incorporated Second Quarter 2017 Conference Call” link on the Investor Relations page.

A copy of Cousins Properties' second quarter 2017 Supplemental 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.

Acting through its operating partnership Cousins Properties, LP, Cousins Properties 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.

Certain matters contained in this press release are "non-GAAP financial measures." The condensed consolidated statements of operations, condensed consolidated balance sheets, a schedule entitled Funds From Operations, which reconciles net income to FFO, and a schedule entitled Same Property Information, which reconciles cash basis same property net operating income to net income, 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 and FFO 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 contained in this report are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2016 and in the Quarterly Report on Form 10-Q for the three months ended June 30, 2017. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future acquisitions of land; future development and redevelopment opportunities; future dispositions of land and other non-core assets; future repurchases of common stock; projected operating results; market and industry trends; future distributions; projected capital expenditures; interest rates; the impact of the transactions involving the Company, Parkway Properties Inc. ("Parkway"), and Parkway, Inc. ("New Parkway"); future financial and operating results, plans, objectives,

expectations, and intentions; all statements that address operating performance, events, or developments that management expects or anticipates will occur in the future — including statements relating to creating value for stockholders; impact of the transactions with Parkway and New Parkway on tenants, employees, stockholders, and other constituents of the combined companies; and integrating Parkway with us.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the failure to achieve benefits from the repurchase of common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Charlotte, and Austin where we have high concentrations of our annualized lease revenue; changes to our strategy with regard to land and other non-core holdings that may 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, and the risk of declining leasing rates; the adverse change in the financial condition of one or more of our major tenants; volatility in interest rates and insurance rates; 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 to meet regulatory requirements; risks associated with litigation resulting from the transactions with Parkway and from liabilities or contingent liabilities assumed in the transactions with Parkway; risks associated with any errors or omissions in financial or other information of Parkway that has been previously provided to the public; the ability to successfully integrate our operations and employees in connection with the transactions with Parkway and New Parkway; the ability to realize anticipated benefits and synergies of the transactions with Parkway and New Parkway; potential changes to state, local, or federal regulations applicable to our business; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; significant costs related to uninsured losses, condemnation, or environmental issues; and those additional risks and factors discussed in reports filed with the SEC by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. 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 AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Revenues:
Rental property revenues	$	114,007		$	46,454		$	226,524		$	91,807
Fee income	1,854			1,824			3,791			4,023
Other	3,174			27			8,600			417
	119,035			48,305			238,915			96,247
Costs and expenses:
Rental property operating expenses	41,501			19,526			83,026			37,330
Reimbursed expenses	907			798			1,772			1,668
General and administrative expenses	8,618			4,691			14,828			12,934
Interest expense	8,523			5,369			18,264			10,808
Depreciation and amortization	50,040			16,641			104,924			33,182
Acquisition and transaction costs	246			2,424			2,177			2,443
Other	236			152			612			507
	110,071			49,601			225,603			98,872
Gain on extinguishment of debt	1,829			—			1,829			—
Income (loss) from continuing operations before unconsolidated joint ventures and gain (loss) on sale of investment properties	10,793			(1,296		)	15,141			(2,625		)
Income from unconsolidated joint ventures	40,320			1,784			40,901			3,618
Income from continuing operations before gain (loss) on sale of investment properties	51,113			488			56,042			993
Gain (loss) on sale of investment properties	119,832			(246		)	119,761			13,944
Income from continuing operations	170,945			242			175,803			14,937
Income from discontinued operations	—			7,523			—			15,624
Net income	170,945			7,765			175,803			30,561
Net income attributable to noncontrolling interests	(2,856		)	—			(2,963		)	—
Net income available to common stockholders	$	168,089		$	7,765		$	172,840		$	30,561
Per common share information — basic and diluted:
Income from continuing operations for common stockholders	$	0.40		$	—		$	0.42		$	0.07
Income from discontinued operations for common stockholders	—			0.04			—			0.08
Net income available to common stockholders	$	0.40		$	0.04		$	0.42		$	0.15
Weighted average shares — basic	419,402			210,129			411,137			210,516
Weighted average shares — diluted	427,180			210,362			419,227			210,687

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017			2016
Net Income Available to Common Stockholders	$	168,089		$	7,765	$	172,840		$	30,561
Depreciation and amortization of real estate assets:
Consolidated properties	49,575			16,306		104,009			32,470
Discontinued properties	—			15,740		—			31,168
Share of unconsolidated joint ventures	3,478			3,231		7,673			6,490
(Gain) loss on sale of depreciated properties:
Consolidated properties	(119,767		)	246		(119,750		)	(13,944		)
Share of unconsolidated joint ventures	(37,871		)	—		(34,332		)	—
Non-controlling interest related to unit holders	2,856			—		2,957			—
Funds From Operations	$	66,360		$	43,288	$	133,397		$	86,745
Per Common Share — Diluted:
Funds from Operations	$	0.16		$	0.21	$	0.32		$	0.41
Weighted Average Shares — Basic	419,402			210,129		411,137			210,516
Weighted Average Shares — Diluted	427,180			210,362		419,227			210,687

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)

	June 30, 2017			December 31, 2016
	(unaudited)
Assets:
Real estate assets:
Operating properties, net of accumulated depreciation of $217,925 and $215,856 in 2017 and 2016, respectively	$	3,479,262		$	3,432,522
Projects under development	203,562			162,387
Land	4,221			4,221
	3,687,045			3,599,130
Cash and cash equivalents	16,420			35,687
Restricted cash	8,139			15,634
Notes and accounts receivable, net of allowance for doubtful accounts of $1,425 and $1,167 in 2017 and 2016, respectively	20,530			27,683
Deferred rents receivable	47,240			39,464
Investment in unconsolidated joint ventures	101,532			179,397
Intangible assets, net of accumulated amortization of $85,341 and $53,483 in 2017 and 2016, respectively	225,860			245,529
Other assets	29,280			29,083
Total assets	$	4,136,046		$	4,171,607
Liabilities:
Notes payable	$	1,019,619		$	1,380,920
Accounts payable and accrued expenses	128,772			109,278
Deferred income	34,743			33,304
Intangible liabilities, net of accumulated amortization of $21,543 and $12,227 in 2017 and 2016, respectively	80,466			89,781
Other liabilities	42,769			44,084
Total liabilities	1,306,369			1,657,367
Commitments and contingencies
Equity:
Stockholders' investment:
Preferred stock, $1 par value, 20,000,000 shares authorized, 6,867,357 shares issued and outstanding in 2017 and 2016	6,867			6,867
Common stock, $1 par value, 700,000,000 shares authorized, 430,296,523 and 403,746,938 shares issued in 2017 and 2016, respectively	430,297			403,747
Additional paid-in capital	3,604,036			3,407,430
Treasury stock at cost, 10,329,082 shares in 2017 and 2016	(148,373		)	(148,373		)
Distributions in excess of cumulative net income	(1,114,662		)	(1,214,114		)
Total stockholders' investment	2,778,165			2,455,557
Nonredeemable noncontrolling interests	51,512			58,683
Total equity	2,829,677			2,514,240
Total liabilities and equity	$	4,136,046		$	4,171,607

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

SAME PROPERTY INFORMATION

(unaudited; in thousands)

	Three Months Ended June 30,							Six Months Ended June 30,
	2017				2016			2017			2016
Net income	$	170,945			$	7,765		$	175,803		$	30,561
Net operating income from unconsolidated joint ventures	7,609				6,954			16,783			13,600
Net operating income from discontinued operations	—				25,126			—			50,444
Fee income	(1,854		)		(1,824		)	(3,791		)	(4,023		)
Other income	(3,174		)		(27		)	(8,600		)	(417		)
Reimbursed expenses	907				798			1,772			1,668
General and administrative expenses	8,618				4,691			14,828			12,934
Interest expense	8,523				5,369			18,264			10,808
Depreciation and amortization	50,040				16,641			104,924			33,182
Acquisition and transaction costs	246				2,424			2,177			2,443
Other expenses	236				152			612			507
Gain on extinguishment of debt	(1,829		)		—			(1,829		)	—
Income from unconsolidated joint ventures	(40,320		)		(1,784		)	(40,901		)	(3,618		)
(Gain) loss on sale of investment properties	(119,832		)		246			(119,761		)	(13,944		)
Income from discontinued operations	—				(7,523		)	—			(15,624		)
Net Operating Income	$	80,115			$	59,008		$	160,281		$	118,521
Net Operating Income
Same Property	$	22,459		—	$	21,025		$	45,266		$	42,504
Non-Same Property	57,656			—	37,983			115,015			76,017
	$	80,115			$	59,008		$	160,281		$	118,521
Non-Cash Items
Straight-line rent	$	7,826			$	3,434		$	17,434		$	7,029
Non-cash income	2,664				1,843			4,891			3,515
Non-cash expense	(255		)		17			(538		)	29
	$	10,235			$	5,294		$	21,787		$	10,573
Cash Basis Net Operating Income
Same Property	$	20,817			$	19,161		$	41,281		$	38,364
Non-Same Property	49,063				34,553			97,213			69,584
	$	69,880			$	53,714		$	138,494		$	107,948

LEGACY PARKWAY PROPERTIES

SAME PROPERTY INFORMATION

(unaudited; in thousands)

	Three Months Ended June 30,								Six Months Ended June 30,
	2017				2016				2017				2016
Net Operating Income	$	45,722		(1)	$	64,977		(2)	$	91,558		(1)	$	131,672		(2)
Straight line rent	(5,039		)		(8,124		)		(12,403		)		(17,820		)
Non-cash income	(1,379		)		(1,054		)		(2,434		)		(3,283		)
Non-cash expense	163				169				326				338
Other Adjustment	—				124				—				(535		)
Cash Basis Net Operating Income	$	39,467			$	56,092			$	77,047			$	110,372
Cash Basis Net Operating Income
Same Property	$	38,505			$	34,464			75,276				67,410
Non-Same Property	962				21,628				1,771				42,962
	$	39,467			$	56,092			$	77,047			$	110,372
(1) Represents Net Operating Income of the legacy Parkway Properties now included in the Company's Net Operating Income.
(2) Represents Net Operating Income of Parkway Properties included in its Quarterly Report on Form 10-Q. A reconciliation of Net income (loss) to Net Operating Income is as follows:
					Three Months Ended June 30, 2016								Six Months Ended June 30, 2016
Net income (loss)					$	(1,072	)						$	63,469
Management company income					(1,260		)						(2,696		)
Management company expense					1,189								1,863
Depreciation and amortization					38,630								80,570
General and administrative					12,264								19,263
Interest and other income					(191		)						(435		)
Equity in earnings of unconsolidated joint ventures					(269		)						(518		)
Net gains on sale of real estate					38								(62,982		)
Interest expense					15,798								32,713
Income tax expense					312								887
Other					(462		)						(462		)
Net Operating Income					$	64,977							$	131,672

This schedule shows Same Property Net Operating Income and Cash Basis Same Property Net Operating Income for the properties acquired in the merger with Parkway and the related reconciliation to net income for 2016 as reported by Parkway in its Quarterly Report on Form 10-Q. Net Operating Income and Cash Basis Net Operating Income are used by industry analysts, investors, and Company management to measure operating performance of the Company's properties. Net Operating Income, which is consolidated rental property revenues less consolidated rental property operating expenses plus the Company's share of net operating income from unconsolidated joint ventures and net operating income from discontinued operations, 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, depreciation, and amortization expenses, while included in FFO and net income, do not affect the operating performance of a real estate asset. As a result, management uses only those operating income and expense items that are incurred at the property level to evaluate a property's performance. Net operating income from unconsolidated joint ventures, which joint ventures the Company does not control, is derived from the rental property revenues and rental property operating expenses at the joint ventures multiplied by the Company's ownership percentage in the joint ventures. 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 or has been substantially complete and owned by the Company for each of the two periods presented. 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. Same Property Net Operating Income and Cash Basis Same Property Net Operating Income allow analysts, investors, and management to analyze continuing operations and evaluate the growth trend of the Company's portfolio.

EX-99.2

1

TABLE OF CONTENTS

Forward-Looking Statements	3
Key Performance Metrics	4
Funds From Operations - Summary	7
Funds From Operations - Detail	8
Portfolio Statistics	11
Same Property Performance	13
Office Leasing Activity	15
Office Lease Expirations	16
Top 20 Office Tenants	18
Tenant Industry Diversification	19
Investment Activity	20
Development Pipeline	22
Land Inventory	23
Debt Schedule	24
Non-GAAP Financial Measures - Calculations and Reconciliations	27
Non-GAAP Financial Measures - Discussion	32

Cousins Properties Incorporated Q2 2017 Supplemental Information

FORWARD-LOOKING STATEMENTS

Certain matters contained in this supplement are “forward-looking statements” within the meaning of the federal securities laws and are subject to uncertainties and risks, as itemized in Item 1A included in the Annual Report on Form 10-K for the year ended December 31, 2016 and in the Quarterly Report on Form 10-Q for the three months ended June 30, 2017. These forward-looking statements include information about possible or assumed future results of the business and our financial condition, liquidity, results of operations, plans, and objectives. They also include, among other things, statements regarding subjects that are forward-looking by their nature, such as, our business and financial strategy; our ability to obtain future financing; future acquisitions and dispositions of operating assets; future acquisitions of land; future development and redevelopment opportunities; future dispositions of land and other non-core assets; future repurchases of common stock; projected operating results; market and industry trends; future distributions; projected capital expenditures; interest rates; the impact of the transactions involving the Company, Parkway Properties Inc. ("Parkway"), and Parkway, Inc. ("New Parkway"); future financial and operating results, plans, objectives, expectations, and intentions; all statements that address operating performance, events, or developments that management expects or anticipates will occur in the future — including statements relating to creating value for stockholders; impact of the transactions with Parkway and New Parkway on tenants, employees, stockholders, and other constituents of the combined companies; and integrating Parkway with us.

Any forward-looking statements are based upon management's beliefs, assumptions, and expectations of our future performance, taking into account information currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in forward-looking statements. Actual results may vary from forward-looking statements due to, but not limited to, the following: the availability and terms of capital; the ability to refinance or repay indebtedness as it matures; the failure of purchase, sale, or other contracts to ultimately close; the failure to achieve anticipated benefits from acquisitions, investments or dispositions; the potential dilutive effect of common stock or operating partnership unit issuances; the failure to achieve benefits from the repurchase of common stock; the availability of buyers and adequate pricing with respect to the disposition of assets; risks and uncertainties related to national and local economic conditions, the real estate industry, and the commercial real estate markets in which we operate, particularly in Atlanta, Charlotte, and Austin where we have high concentrations of our annualized lease revenue; changes to our strategy with regard to land and other non-core holdings that may 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, and the risk of declining leasing rates; the adverse change in the financial condition of one or more of our major tenants; volatility in interest rates and insurance rates; 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 to meet regulatory requirements; risks associated with litigation resulting from the transactions with Parkway and from liabilities or contingent liabilities assumed in the transactions with Parkway; risks associated with any errors or omissions in financial or other information of Parkway that has been previously provided to the public; the ability to successfully integrate our operations and employees in connection with the transactions with Parkway and New Parkway; the ability to realize anticipated benefits and synergies of the transactions with Parkway and New Parkway; potential changes to state, local, or federal regulations applicable to our business; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; potential changes to the tax laws impacting REITs and real estate in general; significant costs related to uninsured losses, condemnation, or environmental issues; and those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by the Company.

The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will,” or similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. 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 3 Q2 2017 Supplemental Information

KEY PERFORMANCE METRICS

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Property Statistics
Consolidated Operating Properties	12		11		11		11		25		25		26		26		26
Consolidated Rentable Square Feet (in thousands)	12,122		11,993		11,993		11,993		13,024		13,024		13,249		12,477		12,477
Unconsolidated Operating Properties	6		6		6		6		8		8		7		5		5
Unconsolidated Rentable Square Feet (in thousands)	3,434		3,435		3,435		3,435		3,999		3,999		3,774		2,988		2,988
Total Operating Properties	18		17		17		17		33		33		33		31		31
Total Rentable Square Feet (in thousands)	15,556		15,428		15,428		15,428		17,023		17,023		17,023		15,465		15,465
Office Leasing Activity (1)
Net Leased during the period (square feet in thousands)	2,972		220		402		971		761		2,354		571		341		912
Net Rent (per square foot)	$18.30		$23.55		$22.73		$23.51		$26.32		$24.52		$26.10		$28.58		$27.03
Tenant improvements, leasing commissions, and free rent     (per square foot)	(3.64)		(6.31)		(7.08)		(6.18)		(6.08)		(6.35)		(7.44)		(7.42)		(7.43)
Net Effective Rent (per square foot)	$14.66		$17.24		$15.65		$17.33		$20.24		$18.17		$18.66		$21.16		$19.60
Change in Second Generation Net Rent	36.7	%	18.9	%	17.2	%	27.9	%	18.7	%	20.0	%	15.8	%	28.5	%	20.8	%
Change in Cash-Basis Second Generation Net Rent	19.8	%	1.8%		4.3	%	9.1	%	14.7	%	10.3	%	3.3	%	13.5	%	7.4	%
Same Property Information (2)
Percent Leased (period end)	91.6	%	90.3	%	90.7	%	91.2	%	91.8	%	91.8	%	92.1	%	93.9	%	93.9	%
Weighted Average Occupancy	90.7	%	89.4	%	89.2	%	89.5	%	89.4	%	89.4	%	89.9	%	90.9	%	90.9	%
Change in Net Operating Income (over prior year period)	3.3	%	4.3	%	1.4	%	3.6	%	4.4	%	6.1	%	5.5	%	6.8	%	6.5	%
Change in Cash-Basis Net Operating Income (over prior year period)	7.3	%	8.6	%	3.9	%	4.3	%	7.1	%	8.4	%	5.4	%	8.6	%	7.6	%
Development Pipeline
Estimated Project Costs (in thousands) (3)	$261,500		$326,300		$340,200		$506,200		$512,200		$512,200		$529,200		$463,500		$463,500
Estimated Project Costs (3) / Total Undepreciated Assets	7.6	%	9.5	%	9.6	%	13.7	%	10.5	%	10.5	%	10.6	%	9.6	%	9.6	%
Market Capitalization (4)
Common Stock Price (period end)	$9.43		$10.38		$10.40		$10.44		$8.51		$8.51		$8.27		$8.79		$8.79
Common Shares/Units Outstanding (period end in thousands)	211,513		210,107		210,171		210,170		401,596		401,596		426,823		426,942		426,942
Equity Market Capitalization (in thousands)	$1,994,568		$2,180,911		$2,185,778		$2,194,175		$3,417,582		$3,417,582		$3,529,826		$3,752,820		$3,752,820
Debt (in thousands)	947,017		992,241		999,999		1,112,322		1,632,270		1,632,270		1,498,044		1,205,632		1,205,632
Total Market Capitalization (in thousands)	$2,941,585		$3,173,152		$3,185,777		$3,306,497		$5,049,852		$5,049,852		$5,027,870		$4,958,452		$4,958,452
Credit Ratios (4)
Debt/Total Market Capitalization	32.2	%	31.3	%	31.4	%	33.6	%	32.3	%	32.3	%	29.8	%	24.3	%	24.3	%
Debt/Total Undepreciated Assets	27.5	%	28.8	%	28.3	%	30.1	%	33.5	%	33.5	%	30.1	%	25.1	%	25.1	%
Fixed Charges Coverage	4.84		4.49		4.43		4.46		5.04		4.63		5.13		5.49		5.30
Debt/Annualized EBITDA	4.00		4.66		4.51		4.76		5.33		5.33		4.60		3.98		3.98
Net Debt/Annualized EBITDA	3.99		4.63		4.51		4.34		5.22		5.22		4.49		3.93		3.93

Cousins Properties Incorporated 4 Q2 2017 Supplemental Information

KEY PERFORMANCE METRICS

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Dividend Information (4)
Common Dividend per Share (5)	$0.32		$0.08		$0.08		$0.08		$0.06		$0.30		$0.06		$0.06		$0.12
FFO Payout Ratio	35.9	%	38.9	%	38.8	%	36.2	%	85.9	%	46.1	%	37.5	%	38.0	%	37.8	%
FAD Payout Ratio	61.4	%	55.9	%	61.7	%	58.3	%	61.1	%	59.3	%	58.2	%	54.4	%	56.2	%
Operations Ratios (4)
Annualized General and Administrative Expenses/Total Undepreciated Assets	0.49	%	0.96	%	0.53	%	0.47	%	0.68	%	0.53	%	0.50	%	0.72	%	0.62	%
Additional Information (4)
Straight Line Rental Revenue	$20,009		$3,595		$3,434		$3,449		$8,489		$18,967		$9,608		$7,826		$17,434
Above and Below Market Rents Amortization	$7,981		$1,834		$1,854		$1,907		$1,502		$7,097		$1,602		$1,929		$3,531
Second Generation Capital Expenditures	$54,214		$7,904		$13,166		$13,968		$11,838		$46,876		$10,971		$7,569		$18,540

(1) See Office Leasing Activity on page 15 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 13 and Non-GAAP Financial Measures - Calculations and Reconciliations on page 30 for additional information.

(3) Cousins' share of development expenditures.

(4) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 27.

(5) The fourth quarter 2016 dividend was declared and paid a quarter in arrears. The first and second quarter 2017 dividends were paid a quarter in arrears.

Cousins Properties Incorporated 5 Q2 2017 Supplemental Information

KEY PERFORMANCE METRICS

(1) Office properties only.

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

Cousins Properties Incorporated 6 Q2 2017 Supplemental Information

FUNDS FROM OPERATIONS - SUMMARY

	2015			2016 1st			2016 2nd			2016 3rd			2016 4th			2016			2017 1st			2017 2nd			2017 YTD
Net Operating Income	$	241,232		$	59,513		$	59,008		$	61,621		$	80,139		$	260,281		$	80,167		$	80,115		$	160,282
Sales Less Cost of Sales	3,905			—			—			—			3,770			3,770			—			63			63
Fee Income	7,297			2,199			1,824			1,945			2,379			8,347			1,936			1,854			3,790
Other Income	2,451			1,121			280			287			3,837			5,525			6,889			5,304			12,193
Reimbursed Expenses	(3,430		)	(870		)	(798		)	(795		)	(796		)	(3,259		)	(865		)	(907		)	(1,772		)
General and Administrative Expenses	(16,918		)	(8,243		)	(4,691		)	(4,368		)	(8,290		)	(25,592		)	(6,182		)	(8,618		)	(14,800		)
Interest Expense	(38,178		)	(9,421		)	(9,360		)	(9,748		)	(12,566		)	(41,095		)	(12,066		)	(10,444		)	(22,510		)
Other Expenses	(1,941		)	(465		)	(2,640		)	(2,175		)	(40,704		)	(45,984		)	(2,391		)	(542		)	(2,933		)
Depreciation and Amortization of Non-Real Estate Assets	(1,669		)	(377		)	(335		)	(328		)	(325		)	(1,365		)	(451		)	(465		)	(916		)
FFO (1)	$	192,749		$	43,457		$	43,288		$	46,439		$	27,444		$	160,628		$	67,037		$	66,360		$	133,397
Weighted Average Shares - Diluted	215,979			210,974			210,362			210,326			391,413			256,023			411,186			427,180			419,227
FFO per Share (1)	$	0.89		$	0.21		$	0.21		$	0.22		$	0.07		$	0.63		$	0.16		$	0.16		$	0.32

(1) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 27.

Cousins Properties Incorporated 7 Q2 2017 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Net Operating Income
Consolidated Properties
Hearst Tower	$	—	$	—	$	—	$	—	$	5,957	$	5,957	$	6,356	$	6,370	$	12,726
Corporate Center (1)	—		—		—		—		5,005		5,005		4,761		5,374		10,135
Hayden Ferry (1)	—		—		—		—		3,881		3,881		5,209		5,307		10,516
Northpark Town Center (1)	22,400		5,607		5,097		5,599		5,841		22,144		5,410		5,130		10,540
Fifth Third Center	14,956		4,238		4,349		4,451		4,463		17,501		4,842		4,681		9,523
Promenade	13,985		3,740		3,419		3,839		3,557		14,555		4,173		4,407		8,580
San Jacinto Center	—		—		—		—		3,456		3,456		4,038		4,207		8,245
One Eleven Congress	—		—		—		—		3,256		3,256		3,713		3,735		7,448
Colorado Tower	6,768		2,724		3,064		3,221		3,399		12,408		3,383		3,352		6,735
3344 Peachtree	—		—		—		—		3,505		3,505		3,235		2,884		6,119
One Buckhead Plaza	—		—		—		—		2,817		2,817		3,097		2,806		5,903
816 Congress Avenue	8,526		2,468		2,555		2,514		2,363		9,900		2,694		2,641		5,335
NASCAR Plaza	—		—		—		—		2,507		2,507		2,477		2,394		4,871
3350 Peachtree	—		—		—		—		2,006		2,006		2,264		2,288		4,552
Tempe Gateway	—		—		—		—		1,966		1,966		2,008		2,136		4,144
3348 Peachtree	—		—		—		—		1,541		1,541		1,491		1,491		2,982
111 West Rio	—		—		—		—		—		—		—		1,396		1,396
Two Buckhead Plaza	—		—		—		—		1,369		1,369		1,321		1,337		2,658
Bank of America Center	—		—		—		—		1,451		1,451		1,507		1,324		2,831
The Pointe	—		—		—		—		1,227		1,227		1,146		1,146		2,292
Citrus Center	—		—		—		—		1,019		1,019		1,006		1,025		2,031
Meridian Mark Plaza	3,777		908		857		954		955		3,674		989		997		1,986
One Orlando Centre	—		—		—		—		795		795		1,277		968		2,245
Harborview Plaza	—		—		—		—		898		898		930		931		1,861
Research Park V	—		—		144		288		412		844		359		916		1,275
Other (2)	43,287		7,864		7,443		7,587		6,328		29,222		3,305		3,264		6,569
Subtotal - Consolidated	113,699		27,549		26,928		28,453		69,974		152,904		70,991		72,507		143,498
Unconsolidated Properties (3)
Terminus 100	7,268		1,872		1,978		1,899		1,837		7,586		1,912		1,906		3,818
Gateway Village (4)	1,208		536		451		460		1,003		2,450		1,751		1,756		3,507
Terminus 200	6,069		1,658		1,770		1,678		1,648		6,754		1,798		1,749		3,547
Emory University Hospital Midtown Medical Office Tower	3,974		987		1,000		975		1,008		3,970		989		948		1,937
Courvoisier Centre (1)	—		—		—		—		410		410		462		387		849
Other (2)	5,816		1,593		1,755		1,748		2,520		15,002		2,264		862		3,126
Subtotal - Unconsolidated	24,335		6,646		6,954		6,760		8,426		36,172		9,176		7,608		16,784
Discontinued Operations (5)	103,198		25,318		25,126		26,408		1,739		78,591		—		—		—
Total Net Operating Income	241,232		59,513		59,008		61,621		80,139		260,281		80,167		80,115		160,282
Sales Less Cost of Sales
Land Sales Less Cost of Sales - Consolidated	1,625		—		—		—		3,580		3,580		—		63		63
Land Sales Less Cost of Sales - Unconsolidated (3)	2,280		—		—		—		190		190		—		—		—
Total Sales Less Cost of Sales	3,905		—		—		—		3,770		3,770		—		63		63

Cousins Properties Incorporated 8 Q2 2017 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Fee Income
Management Fees (6)	5,188		1,325		1,263		1,253		1,317		5,158		1,402		1,492		2,894
Development Fees	1,778		608		486		549		634		2,277		432		318		750
Leasing & Other Fees	331		266		75		143		428		912		102		44		146
Total Fee Income	7,297		2,199		1,824		1,945		2,379		8,347		1,936		1,854		3,790
Other Income
Termination Fees	398		—		—		—		122		122		5,238		2,913		8,151
Gain on Extinguishment of Debt	—		—		—		—		—		—		—		1,829		1,829
Interest and Other Income	460		390		27		153		358		928		188		262		450
Termination Fees - Unconsolidated (3)	419		—		—		—		3,000		3,000		959		195		1,154
Gain on Extinguishment of Debt - Unconsolidated (3)	—		—		—		—		—		—		—		—		—
Interest and Other Income - Unconsolidated (3)	747		546		151		134		357		1,188		504		105		609
Termination Fees - Discontinued Operations (5)	450		186		102		—		—		288		—		—		—
Gain on Extinguishment of Debt - Discontinued Operations	—		—		—		—		—		—		—		—		—
Interest and Other Income - Discontinued Operations	(23	)	(1	)	—		—		—		(1	)	—		—		—
Total Other Income	2,451		1,121		280		287		3,837		5,525		6,889		5,304		12,193
Total Fee and Other Income	9,748		3,320		2,104		2,232		6,216		13,872		8,825		7,158		15,983
Reimbursed Expenses	(3,430	)	(870	)	(798	)	(795	)	(796	)	(3,259	)	(865	)	(907	)	(1,772	)
General and Administrative Expenses	(16,918	)	(8,243	)	(4,691	)	(4,368	)	(8,290	)	(25,592	)	(6,182	)	(8,618	)	(14,800	)
Interest Expense
Consolidated Debt
Term Loan, unsecured	—		—		—		—		(386	)	(386	)	(1,288	)	(1,564	)	(2,852	)
Fifth Third Center	—		—		—		(427	)	(1,275	)	(1,702	)	(1,272	)	(1,266	)	(2,538	)
Credit Facility, unsecured	(4,089	)	(832	)	(1,053	)	(870	)	(1,159	)	(3,914	)	(1,035	)	(1,153	)	(2,188	)
Promenade	(4,734	)	(1,165	)	(1,157	)	(1,150	)	(1,142	)	(4,614	)	(1,134	)	(1,127	)	(2,261	)
Colorado Tower	—		—		—		(353	)	(1,059	)	(1,412	)	(1,059	)	(1,059	)	(2,118	)
Senior Note, unsecured	—		—		—		—		—		—		—		(876	)	(876	)
816 Congress Avenue	(3,269	)	(817	)	(817	)	(817	)	(817	)	(3,268	)	(814	)	(810	)	(1,624	)
3344 Peachtree	—		—		—		—		(460	)	(460	)	(505	)	(498	)	(1,003	)
Meridian Mark Plaza	(1,538	)	(381	)	(379	)	(377	)	(375	)	(1,512	)	(373	)	(372	)	(745	)
The Pointe	—		—		—		—		(171	)	(171	)	(176	)	(178	)	(354	)
Other (2)	(12,684	)	(2,987	)	(2,979	)	(2,990	)	(4,953	)	(13,909	)	(3,675	)	(1,838	)	(5,513	)
Capitalized	3,577		742		1,016		1,230		1,709		4,697		1,590		2,218		3,808
Subtotal - Consolidated	(22,737	)	(5,440	)	(5,369	)	(5,754	)	(10,088	)	(26,651	)	(9,741	)	(8,523	)	(18,264	)

Cousins Properties Incorporated 9 Q2 2017 Supplemental Information

FUNDS FROM OPERATIONS - DETAIL

	2015			2016 1st			2016 2nd			2016 3rd			2016 4th			2016			2017 1st			2017 2nd			2017 YTD
Unconsolidated Debt (3)
Terminus 100	(3,436		)	(848		)	(844		)	(840		)	(836		)	(3,368		)	(831		)	(827		)	(1,658		)
Terminus 200	(1,560		)	(390		)	(389		)	(387		)	(385		)	(1,551		)	(383		)	(382		)	(765		)
Emory University Hospital Midtown Medical Office Tower	(1,333		)	(330		)	(329		)	(327		)	(325		)	(1,311		)	(324		)	(322		)	(646		)
Courvoisier Centre	—			—			—			—			(239		)	(239		)	(252		)	(172		)	(424		)
Other (2)	(1,126		)	(439		)	(464		)	(484		)	(567		)	(1,954		)	(535		)	(218		)	(753		)
Subtotal - Unconsolidated	(7,455		)	(2,007		)	(2,026		)	(2,038		)	(2,352		)	(8,423		)	(2,325		)	(1,921		)	(4,246		)
Discontinued Operations (5)	(7,986		)	(1,974		)	(1,965		)	(1,956		)	(126		)	(6,021		)	—			—			—
Total Interest Expense	(38,178		)	(9,421		)	(9,360		)	(9,748		)	(12,566		)	(41,095		)	(12,066		)	(10,444		)	(22,510		)
Other Expenses
Transaction Costs - Merger	—			(19		)	(2,424		)	(1,446		)	(20,633		)	(24,522		)	(1,930		)	(246		)	(2,176		)
Predevelopment & Other	(522		)	(108		)	(118		)	(140		)	(577		)	(943		)	(129		)	(156		)	(285		)
Property Taxes and Other Holding Costs	(828		)	(89		)	(98		)	(95		)	(158		)	(440		)	(304		)	(140		)	(444		)
Severance	(181		)	(249		)	—			—			—			(249		)	(28		)	—			(28		)
Transaction Costs - Spin-off	—			—			—			(494		)	(5,855		)	(6,349		)	—			—			—
Loss on Extinguishment of Debt	—			—			—			—			(5,180		)	(5,180		)	—			—			—
Impairment Losses (7)	—			—			—			—			(4,526		)	(4,526		)	—			—			—
Acquisition Costs	(299		)	—			—			—			—			—			—			—			—
Partners' share of FFO in consolidated joint ventures	(111		)	—			—			—			(3,775		)	(3,775		)	—			—			—
Total Other Expenses	(1,941		)	(465		)	(2,640		)	(2,175		)	(40,704		)	(45,984		)	(2,391		)	(542		)	(2,933		)
Depreciation and Amortization of Non-Real Estate Assets
Consolidated	(1,621		)	(377		)	(335		)	(328		)	(325		)	(1,365		)	(451		)	(465		)	(916		)
Unconsolidated (3)	(48		)	—			—			—			—			—			—			—			—
Total Depreciation and Amortization of Non-Real Estate Assets	(1,669		)	(377		)	(335		)	(328		)	(325		)	(1,365		)	(451		)	(465		)	(916		)
FFO (8)	$	192,749		$	43,457		$	43,288		$	46,439		$	27,444		$	160,628		$	67,037		$	66,360		$	133,397
Weighted Average Shares - Diluted	215,979			210,974			210,362			210,326			391,413			256,023			411,186			427,180			419,227
FFO per Share (8)	$	0.89		$	0.21		$	0.21		$	0.22		$	0.07		$	0.63		$	0.16		$	0.16		$	0.32

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

(1) Contains multiple buildings that are grouped together for reporting purposes.

(2) Represents properties sold and loans repaid prior to June 30, 2017 that are not considered discontinued operations.

(3) Unconsolidated amounts include amounts recorded in unconsolidated joint ventures for the respective category multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but

      believes including these amounts in the categories indicated is meaningful to investors and analysts.

(4) Through December 1, 2016, the Company received an 11.46% current return on its $11.1 million investment in Gateway Village and, when certain other revenue criteria were met, received additional returns. The Company recognized these amounts as

      NOI from this venture. After December 1, 2016, net income and cash flows were allocated 50% to each joint venture member.

(5) Primarily represents Greenway Plaza and Post Oak Central.

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

(7) Represents an impairment charge on Callaway Gardens land as a result of the Company withdrawing from the joint venture.

(8) See Non-GAAP Financial Measures - Calculations and Reconciliations beginning on page 27.

Cousins Properties Incorporated 10 Q2 2017 Supplemental Information

PORTFOLIO STATISTICS

	Properties	Rentable Square Feet	Financial Statement Presentation	Company's Ownership Interest	End of Period Leased 2Q17	End of Period Leased 1Q17	Weighted Average Occupancy 2Q17	Weighted Average Occupancy 1Q17	% of Total Net Operating Income (1)	Property Level Debt ($000) (2)
	Northpark Town Center (3)	1,528,000	Consolidated	100%	91.5%	90.6%	83.7%	84.5%	6.8%	$	—
	Promenade	777,000	Consolidated	100%	94.0%	94.4%	93.9%	93.4%	5.8%	103,550
	3344 Peachtree	484,000	Consolidated	100%	90.6%	90.6%	82.8%	90.1%	3.8%	78,358
	One Buckhead Plaza	461,000	Consolidated	100%	90.1%	94.3%	92.8%	92.5%	3.7%	—
	3350 Peachtree	413,000	Consolidated	100%	92.9%	92.9%	92.9%	92.9%	3.0%	—
	Terminus 100	660,000	Unconsolidated	50%	89.9%	90.6%	92.2%	88.2%	2.5%	62,597
	Terminus 200	566,000	Unconsolidated	50%	96.7%	96.4%	95.8%	95.8%	2.3%	40,030
	3348 Peachtree	258,000	Consolidated	100%	89.7%	90.6%	90.4%	91.0%	2.0%	—
	Two Buckhead Plaza	210,000	Consolidated	100%	84.8%	84.5%	84.8%	83.1%	1.8%	—
	Meridian Mark Plaza	160,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	1.3%	24,202
	Emory University Hospital Midtown Medical Office Tower	358,000	Unconsolidated	50%	100.0%	94.9%	95.9%	95.6%	1.2%	35,893
	8000 Avalon	224,000	Consolidated	90%	73.1%	—	0.8%	—	—	—
	ATLANTA	6,099,000			91.4%	91.2%	85.8%	89.1%	34.2%	344,630
	Hearst Tower	966,000	Consolidated	100%	98.7%	98.7%	98.6%	98.4%	8.4%	—
	Fifth Third Center	698,000	Consolidated	100%	96.7%	96.7%	96.7%	96.6%	6.2%	147,433
	NASCAR Plaza	394,000	Consolidated	100%	98.7%	98.2%	98.2%	98.2%	3.2%	—
	Gateway Village	1,061,000	Unconsolidated	50%	99.4%	99.4%	99.4%	99.4%	2.3%	—
	CHARLOTTE	3,119,000			98.3%	98.2%	98.2%	98.1%	20.1%	147,433
	San Jacinto Center	406,000	Consolidated	100%	99.2%	99.7%	99.7%	99.7%	5.5%	—
	One Eleven Congress	519,000	Consolidated	100%	89.5%	90.5%	86.6%	82.0%	4.9%	—
	Colorado Tower	373,000	Consolidated	100%	100.0%	100.0%	100.0%	100.0%	4.4%	119,117
	816 Congress	435,000	Consolidated	100%	94.2%	95.0%	92.3%	92.8%	3.5%	83,492
	Research Park V	173,000	Consolidated	100%	97.1%	97.1%	85.7%	56.1%	1.2%	—
	AUSTIN	1,906,000			95.4%	95.9%	93.2%	89.4%	19.5%	202,609
	Corporate Center (3)	1,224,000	Consolidated	100%	95.2%	94.2%	84.4%	84.0%	7.1%	—
	The Pointe	253,000	Consolidated	100%	92.7%	92.7%	90.5%	90.7%	1.5%	23,050
	Harborview Plaza	205,000	Consolidated	100%	98.0%	98.0%	97.6%	98.0%	1.2%	—
	TAMPA	1,682,000			95.2%	94.5%	86.9%	86.8%	9.8%	23,050
	Hayden Ferry (3)	789,000	Consolidated	100%	95.2%	93.8%	94.1%	88.4%	7.0%	—
	Tempe Gateway	264,000	Consolidated	100%	100.0%	98.4%	98.4%	98.4%	2.8%	—
	111 West Rio	225,000	Consolidated	100%	100.0%	100.0%	100.0%	—%	1.8%	—
	PHOENIX	1,278,000			97.1%	95.9%	96.0%	74.9%	11.6%	—
	Bank of America Center	421,000	Consolidated	100%	84.2%	87.2%	84.2%	86.9%	1.7%	—
	Citrus Center	261,000	Consolidated	100%	93.0%	82.6%	91.9%	80.2%	1.3%	—
	One Orlando Centre	356,000	Consolidated	100%	78.3%	92.1%	82.9%	91.5%	1.3%	—
	ORLANDO	1,038,000			84.4%	86.8%	85.7%	85.7%	4.3%	—
	Courvoisier Centre (3)	343,000	Unconsolidated	20%	84.0%	87.7%	83.6%	86.0%	0.5%	22,228
	MIAMI	343,000			84.0%	87.7%	83.6%	86.0%	0.5%	22,228
	TOTAL	15,465,000			93.2%	93.5%	90.2%	89.0%	100.0%	$	739,950
(1)	Net Operating Income represents the Company's share of rental property revenues less rental property operating expenses for the three months ended June 30, 2017. Properties sold during the second quarter are not included.
(2)	Property level debt represents the Company's share of total debt as of June 30, 2017.
(3)	Contains multiple buildings that are grouped together for reporting purposes.

Cousins Properties Incorporated 11 Q2 2017 Supplemental Information

PORTFOLIO STATISTICS

Cousins Properties Incorporated 12 Q2 2017 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	COUSINS PROPERTIES INCORPORATED
	Net Operating Income ($ in thousands)
	Three Months Ended
	June 30, 2017			June 30, 2016			2Q17 vs. 2Q16 % Change
Property Revenues (2)	$	35,535		$	33,373		6.5	%
Property Operating Expenses (2)	13,076			12,348			5.9	%
Property Net Operating Income	$	22,459		$	21,025		6.8	%
Cash Basis Property Revenues (3)	$	33,905		$	31,521		7.6	%
Cash Basis Property Operating Expenses (4)	13,088			12,360			5.9	%
Cash Basis Property Net Operating Income	$	20,817		$	19,161		8.6	%
End of Period Leased	93.9		%	91.4		%
Weighted Average Occupancy	90.9		%	89.0		%
	Six Months Ended
	June 30, 2017			June 30, 2016			% Change
Property Revenues (2)	$	71,228		$	67,203		6.0	%
Property Operating Expenses (2)	25,962			24,699			5.1	%
Property Net Operating Income	$	45,266		$	42,504		6.5	%
Cash Basis Property Revenues (3)	$	67,266		$	63,086		6.6	%
Cash Basis Property Operating Expenses (4)	25,985			24,722			5.1	%
Cash Basis Property Net Operating Income	$	41,281		$	38,364		7.6	%

(1)	Same Properties include those office properties that were operational and stabilized on January 1, 2016, excluding properties subsequently sold. See Non-GAAP Financial Measures - Calculation and Reconciliations. Properties included in this reporting period are as follows:
	Northpark Town Center	Emory University Hospital Midtown Medical Office Tower	Meridian Mark Plaza
	Promenade	Terminus 100	Terminus 200
	816 Congress	Fifth Third Center
(2)	Property Revenues and Expenses include results for the Company and its share of unconsolidated joint ventures. Net operating income for unconsolidated joint ventures is calculated as property revenue less property expenses at the joint ventures multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but believes that including these amounts with consolidated net operating income is meaningful to investors and analysts.
(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 13 Q2 2017 Supplemental Information

SAME PROPERTY PERFORMANCE (1)

	LEGACY PARKWAY PROPERTIES
	Net Operating Income ($ in thousands)
	Three Months Ended
	June 30, 2017			June 30, 2016			2Q17 vs. 2Q16 % Change
Cash Basis Property Revenues (2)	$	63,282		$	57,421		10.2	%
Cash Basis Property Operating Expenses (3)	24,777			22,957			7.9	%
Cash Basis Property Net Operating Income	$	38,505		$	34,464		11.7	%
End of Period Leased	93.3		%	90.2		%
Weighted Average Occupancy	90.9		%	90.0		%
	Six Months Ended
	June 30, 2017			June 30, 2016			2Q17 vs. 2Q16 % Change
Cash Basis Property Revenues (2)	$	124,259		$	113,374		9.6	%
Cash Basis Property Operating Expenses (3)	48,983			45,964			6.6	%
Cash Basis Property Net Operating Income	$	75,276		$	67,410		11.7	%

(1)	Same Properties include those office properties that were operational and stabilized on January 1, 2016, excluding properties subsequently sold. Properties included in this reporting period are as follows:
	3344 Peachtree	Harborview Plaza	One Orlando Centre
	3348 Peachtree	Hayden Ferry (4)	San Jacinto Center
	3350 Peachtree	Hearst Tower	Tempe Gateway
	Bank of America Center	NASCAR Plaza	The Pointe
	Citrus Center	One Buckhead Plaza	Two Buckhead Plaza
	Corporate Center	One Eleven Congress
(2)	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.
(3)	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.
(4)	Hayden Ferry Building III commenced operations in November 2015 but was not stabilized as of January 1, 2016. Therefore, it is excluded from the Same Property pool.

Cousins Properties Incorporated 14 Q2 2017 Supplemental Information

OFFICE LEASING ACTIVITY(1)

	Three Months Ended June 30, 2017												Six Months Ended June 30, 2017
	New			Renewal			Expansion			Total			New			Renewal			Expansion			Total
Gross leased (square feet)										397,594												1,030,830
Less: Leases one year or less, amenity leases, percentage rent leases, storage leases, intercompany leases, and license agreements										(56,586)												(119,078)
Net leased (square feet)	144,066			148,282			48,660			341,008			567,494			255,544			88,714			911,752
Number of transactions	17			17			4			38			38			33			7			78
Lease term (years) (2)	6.9			4.7			5.4			5.7			9.7			4.6			5.3			7.8
Net rent (per square foot) (3)	$	28.42		$	28.47		$	29.40		$	28.58		$	26.40		$	28.15		$	27.84		$	27.03
Free rent (per square foot)	(0.93		)	(0.88		)	(0.97		)	(0.91		)	(1.22		)	(1.01		)	(0.59		)	(1.10		)
Tenant Improvements and Commissions (per square foot)	(7.87		)	(5.08		)	(6.82		)	(6.51		)	(6.98		)	(4.53		)	(7.40		)	(6.33		)
Net effective rent (per square foot)	$	19.62		$	22.51		$	21.61		$	21.16		$	18.20		$	22.61		$	19.85		$	19.60
Second generation leased square feet (4)										201,446												513,218
Increase in second generation net rent (2)(3)(4)										28.5		%										20.8		%
Increase in cash basis second generation net rent (2)(4)(5)										13.5		%										7.4		%
(1) Excludes apartment and retail leasing at our mixed-use projects.
(2) Weighted average.
(3) Represents straight-lined net rent per square foot (operating expenses deducted from gross leases) over the lease term.
(4) 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.
(5) 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 15 Q2 2017 Supplemental Information

OFFICE LEASE EXPIRATIONS (1)

Lease Expirations by Year

Year of Expiration	Square Feet Expiring	% of Leased Space		Annual Contractual Rents ($000's) (2)		% of Total Annual Contractual Rents		Annual Contractual Rent/Sq. Ft. (2)
2017	430,001	3.3	%	$	10,782	2.6	%	$	25.07
2018	845,903	6.5	%	24,889		6.1	%	29.42
2019	1,149,284	8.9	%	34,086		8.3	%	29.66
2020	914,875	7.0	%	27,715		6.8	%	30.29
2021	1,534,381	11.8	%	47,398		11.6	%	30.89
2022	1,878,941	14.5	%	56,036		13.7	%	29.82
2023	1,009,504	7.8	%	32,689		8.0	%	32.38
2024	966,526	7.4	%	35,097		8.6	%	36.31
2025	1,052,012	8.1	%	35,973		8.8	%	34.19
2026 & Thereafter	3,204,813	24.7	%	104,136		25.5	%	32.49
Total	12,986,240	100.0	%	$	408,801	100.0	%	$	31.48

Lease Expirations Greater than 100,000 Square Feet Through Year End 2020

Expiration Date	Tenant	Market	Building	Square Feet Expiring
January 2019	National Union Fire Insurance Company (dba AIG)	Atlanta	Northpark Town Center	105,362

(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 16 Q2 2017 Supplemental Information

OFFICE LEASE EXPIRATIONS (1)

(1) Company's share

Cousins Properties Incorporated 17 Q2 2017 Supplemental Information

TOP 20 OFFICE TENANTS

	Tenant (1)	Number of Buildings Occupied	Number of Markets Occupied	Company's Share of Square Footage	Company's Share of Annualized Base Rent (2)		Percentage of Total Company's Share of Annualized Base Rent	Average Remaining Lease Term (Years) (3)
1	Bank of America	4	2	1,139,724	$	19,530,440	5.6%	8
2	Wells Fargo Bank, N.A.	6	5	318,160	9,155,309		2.6%	5
3	Blue Cross Blue Shield	1	1	227,592	6,133,604		1.8%	4
4	McGuireWoods LLP	3	3	198,648	5,743,205		1.7%	9
5	Hearst Communications, Inc.	1	1	181,323	5,558,666		1.6%	10
6	ADP, LLC	1	1	225,000	5,400,000		1.6%	11
7	Smith, Gambrell & Russell, LLP	1	1	159,136	4,959,619		1.4%	4
8	OSI Restaurant Partners, LLC (dba Outback Steakhouse)	1	1	167,723	4,886,131		1.4%	8
9	NASCAR Media Group, LLC	1	1	139,461	4,782,068		1.4%	4
10	Regus Equity Business Centers, LLC	7	5	142,183	4,122,887		1.2%	4
11	Parsley Energy, LP	1	1	135,107	4,116,710		1.2%	8
12	Board of Regents of the University System of Georgia (dba Georgia State University)	1	1	135,124	3,884,815		1.1%	6
13	K & L Gates LLP	1	1	110,914	3,736,154		1.1%	10
14	Amazon	3	2	107,788	3,728,167		1.1%	7
15	Carlton Fields Jorden Burt, PA	1	1	93,868	3,655,236		1.0%	14
16	Fifth Third Bank	2	2	120,436	3,433,270		1.0%	4
17	National Union Fire Insurance Company (dba AIG)	1	1	105,362	3,037,233		0.9%	2
18	SVB Financial Group (dba Silicon Valley Bank)	1	1	100,532	2,987,108		0.9%	7
19	Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC	2	2	69,418	2,681,424		0.8%	5
20	Symantec	1	1	84,770	2,585,485		0.8%	8
	Grand Total			3,962,269	$	104,117,531	30.0%	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.
Note:	This schedule includes tenants whose leases have commenced and/or who have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule.

Cousins Properties Incorporated 18 Q2 2017 Supplemental Information

TENANT INDUSTRY DIVERSIFICATION

(1) Represents Company's share of total revenues.

Cousins Properties Incorporated 19 Q2 2017 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Acquisitions

Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet		Gross Purchase Price ($ in thousands)
2017
111 West Rio (1)	Office	Phoenix	100.0%	1Q	225,000		$	19,600
2016
Parkway Properties	Office	Various	Various	4Q	8,819,000		(2		)
Cousins Fund II, L.P. (3)	Office	Various	100.0%	4Q	(3	)	279,100
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
					19,723,000		$	2,528,200

Completed Property Developments

Project	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Total Project Cost ($ in thousands)
2017
8000 Avalon	Office	Atlanta	90%	2Q	224,000	$	73,000
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
					1,703,000	$	447,600

Cousins Properties Incorporated 20 Q2 2017 Supplemental Information

INVESTMENT ACTIVITY

Completed Property Dispositions

Property	Type	Metropolitan Area	Company's Ownership Interest	Timing	Square Feet	Gross Sales Price ($ in thousands)
2017
Emory Point I and II	Mixed	Atlanta	75.0%	2Q	786,000	$	199,000
American Cancer Society Center	Office	Atlanta	100.0%	2Q	996,000	166,000
2016
100 North Point Center East	Office	Atlanta	100.0%	1Q	129,000	22,000
Post Oak Central and Greenway Plaza	Office	Houston	100.0%	4Q	5,628,000	(2		)
Two Liberty Place	Office	Philadelphia	100.0%	4Q	941,000	219,000
191 Peachtree	Office	Atlanta	100.0%	4Q	1,225,000	267,500
Lincoln Place	Office	Miami	100.0%	4Q	140,000	80,000
The Forum	Office	Atlanta	100.0%	4Q	220,000	70,000
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
Lakeshore and University Park Place	Office	Birmingham	100.0%	3Q	320,000	44,700
Mahan Village	Retail	Florida	50.5%	4Q	147,000	29,500
Cousins Watkins LLC	Retail	Other	50.5%	4Q	339,000	50,000
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
CPV Two LLC and CPV Five LLC	Retail	Other	10.3%	3Q	2,113,000	522,300
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 Webb 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
					19,340,000	$	2,864,500

(1) The Company acquired a 74.6% interest in 111 West Rio as part of the Parkway merger, and in the first quarter of 2017, purchased the remaining 25.4% interest from American Airlines.

(2) This transaction was part of the Parkway Merger. See further information in note 3 of the Form 10-K for the year ended December 31, 2016, note 3 of the Form 10-Q for the quarter ended

June 30, 2017, and reports filed with the SEC by the Company, Parkway, and New Parkway.

(3) Purchased the outside interest (approximately 70%) in a consolidated partnership for $279.1 million; this included cash from the sale of Two Liberty Place in Philadelphia as well as the

Hayden Ferry buildings in Tempe and 3344 Peachtree in Atlanta. Cousins now owns 100% of these buildings.

Cousins Properties Incorporated 21 Q2 2017 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)		Company's Share of Estimated Project Costs		Project Cost Incurred to Date ($ in thousands)		Company's Share of Project Costs Incurred to Date		Percent Leased		Initial Occupancy (3)	Estimated Stabilization (4)
Carolina Square	Mixed	Chapel Hill, NC	50	%	2Q15		$	123,000	$	61,500	$	93,782	$	46,891
Office						158,000									74	%	3Q17	3Q18
Retail						44,000									61	%	3Q17	3Q18
Apartments						246									80	%	3Q17	3Q18
864 Spring Street (NCR Phase I)	Office	Atlanta, GA	100	%	3Q15	502,000	219,000		219,000		169,613		169,613		100	%	1Q18	1Q18
858 Spring Street (NCR Phase II)	Office	Atlanta, GA	100	%	4Q16	260,000	119,000		119,000		33,950		33,950		100	%	4Q18	4Q18
Dimensional Place	Office	Charlotte, NC	50	%	4Q16		94,000		47,000		29,874		14,937
Office						266,000									100	%	4Q18	4Q18
Retail						16,000									—	%	4Q18	4Q18
120 West Trinity	Mixed	Atlanta, GA	20	%	1Q17		85,000		17,000		15,409		3,082
Office						33,000									—	%	1Q19	1Q20
Retail						19,000									—	%	1Q19	1Q20
Apartments						330									—	%	1Q19	1Q20
Total							$	640,000	$	463,500	$	342,628	$	268,473

(1)	This schedule shows projects currently under active development and/or projects with a contractual obligation 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 $79.8 million from a construction loan, which has $50.5 million outstanding as of June 30, 2017.
(3)	Represents the quarter in which the Company estimates the first tenant will occupy 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 22 Q2 2017 Supplemental Information

LAND INVENTORY

	Metropolitan Area	Type	Company's Ownership Interest	Total Developable Land (Acres)		Company's Share
North Point	Atlanta	Commercial	100%	12
Wildwood Office Park	Atlanta	Commercial	50%	22
The Avenue Forsyth-Adjacent Land	Atlanta	Commercial	100%	10
10000 Avalon	Atlanta	Commercial	75%	3
Georgia				47
Victory Center	Dallas	Commercial	75%	3
Texas				3
Corporate Center	Tampa	Commercial	100%	7
Florida				7
Padre Island	Corpus Christi	Residential	50%	15
Texas				15
Total Land Held (Acres)				72		52
Total Land Held (Cost Basis)				$	47,902	$	23,147

Cousins Properties Incorporated 23 Q2 2017 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	2017			2018			2019			2020			2021			Thereafter			Total Principal			Deferred Loan Costs			Above/Below Market Value		Total
Consolidated Debt
Floating Rate
Term Loan, Unsecured (LIBOR + 1.20%-1.70%) (1)	100%	2.42%	12/2/21	$	—		$	—		$	—		$	—		$	250,000		$	—		$	250,000		$	(1,599	)	$	—	$	248,401
Credit Facility, Unsecured (LIBOR + 1.10%-1.45%) (2)	100%	2.32%	5/28/19	—			—			94,000			—			—			—			94,000			—			—		94,000
Total Floating Rate Debt				—			—			94,000			—			250,000			—			344,000			(1,599		)	—		342,401
Fixed Rate
Fifth Third Center	100%	3.37%	10/1/26	1,492			3,061			3,166			3,274			3,386			133,670			148,049			(616		)	—		147,433
Colorado Tower	100%	3.45%	9/1/26	—			573			2,343			2,425			2,510			112,149			120,000			(883		)	—		119,117
Promenade	100%	4.27%	10/1/22	1,509			3,116			3,252			3,394			3,541			89,052			103,864			(314		)	—		103,550
Senior Note, Unsecured	100%	4.09%	7/6/27	—			—			—			—			—			100,000			100,000			(1,984		)	—		98,016
816 Congress	100%	3.75%	11/1/24	791			1,628			1,690			1,754			1,821			76,411			84,095			(603		)	—		83,492
3344 Peachtree (3)	100%	4.75%	10/1/17	77,928			—			—			—			—			—			77,928			—			430		78,358
Meridian Mark Plaza	100%	6.00%	8/1/20	246			514			546			22,978			—			—			24,284			(82		)	—		24,202
The Pointe	100%	4.01%	2/10/19	223			456			22,051			—			—			—			22,730			—			320		23,050
Total Fixed Rate Debt				82,189			9,348			33,048			33,825			11,258			511,282			680,950			(4,482		)	750		677,218
Total Consolidated Debt				$	82,189		$	9,348		$	127,048		$	33,825		$	261,258		$	511,282		$	1,024,950		$	(6,081	)	$	750	$	1,019,619
Unconsolidated Debt
Floating Rate
Carolina Square (LIBOR + 1.90%, $79.8mm facility)	50%	3.12%	5/1/18	—			25,265			—			—			—			—			25,265			—			—		25,265
Total Floating Rate Debt				—			25,265			—			—			—			—			25,265			—			—		25,265
																			.
Fixed Rate
Terminus 100	50%	5.25%	1/1/23	682			1,418			1,494			1,575			1,659			55,839			62,667			(70		)	—		62,597
Terminus 200	50%	3.79%	1/1/23	389			800			831			863			896			36,281			40,060			(30		)	—		40,030
Emory University Hospital Midtown Medical Office Tower	50%	3.50%	6/1/23	383			785			813			842			872			32,339			36,034			(141		)	—		35,893
Courvoisier Centre	20%	4.60%	3/1/26	—			—			—			—			—			21,300			21,300			—			928		22,228
Total Fixed Rate Debt				1,454			3,003			3,138			3,280			3,427			145,759			160,061			(241		)	928		160,748
Total Unconsolidated Debt				1,454			28,268			3,138			3,280			3,427			145,759			185,326			(241		)	928		186,013
Total Debt				$	83,643		$	37,616		$	130,186		$	37,105		$	264,685		$	657,041		$	1,210,276		$	(6,322	)	$	1,678	$	1,205,632
Total Maturities (4)				$	77,397		$	25,265		$	116,018		$	22,644		$	250,000		$	614,110		$	1,105,434
% of Maturities				7		%	2		%	10		%	2		%	23		%	56		%	100		%

Cousins Properties Incorporated 24 Q2 2017 Supplemental Information

DEBT SCHEDULE

Floating and Fixed Rate Debt Analysis

	Total Debt ($)		Total Debt (%)		Weighted Average Interest Rate		Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	369,265	31	%	2.44	%	3.5
Fixed Rate Debt	841,011		69	%	4.03	%	6.8
Total Debt	$	1,210,276	100	%	3.55	%	5.8

(1) The spread over LIBOR at June 30, 2017 was 1.20%.

(2) Total borrowing capacity of the Credit Facility as of June 30, 2017 was $500 million. The spread over LIBOR at June 30, 2017 was 1.10%.

(3) On July 3, 2017, the Company prepaid, without penalty, the $77.9 million 3344 Peachtree mortgage note.

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

Note: In April 2017, the Company closed a $350 million private placement of senior unsecured debt, which was drawn in two tranches. The first tranche of $100 million was drawn in April 2017, has a 10-year maturity, and has a fixed annual interest rate of 4.09%. The second tranche of $250 million was drawn in July 2017, has an 8-year maturity, and has a fixed annual interest rate of 3.91%.

Cousins Properties Incorporated 25 Q2 2017 Supplemental Information

DEBT SCHEDULE

(1) See note 3 on Page 25.

Cousins Properties Incorporated 26 Q2 2017 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Income from Discontinued Operations
Rental Property Revenues	176,828		43,123		44,281		46,046		3,477		136,927		—		—		—
Rental Property Operating Expenses	(73,630	)	(17,805	)	(19,155	)	(19,638	)	(1,738	)	(58,336	)	—		—		—
Net Operating Income	103,198		25,318		25,126		26,408		1,739		78,591		—		—		—
Termination Fees	450		186		102		—		—		288		—		—		—
Interest and Other Expense	(8,009	)	(1,975	)	(1,965	)	(1,956	)	(126	)	(6,022	)	—		—		—
Transaction Costs	—		—		—		(494	)	(5,855	)	(6,349	)	—		—		—
FFO from Discontinued Operations	95,639		23,529		23,263		23,958		(4,242	)	66,508		—		—		—
Depreciation and Amortization of Real Estate	(63,791	)	(15,428	)	(15,740	)	(15,221	)	(956	)	(47,345	)	—		—		—
Income (Loss) from Discontinued Operations	31,848		8,101		7,523		8,737		(5,198	)	19,163		—		—		—
FFO and EBITDA
Net income available to common stockholders	125,518		22,796		7,765		11,657		36,892		79,109		4,751		168,089		172,840
Depreciation and amortization of real estate assets:
Consolidated properties	70,003		16,164		16,306		16,293		47,819		96,583		54,433		49,575		104,008
Discontinued properties	63,791		15,428		15,740		15,221		956		47,345		—		—		—
Share of unconsolidated joint ventures	11,645		3,259		3,231		3,268		4,146		13,904		4,195		3,478		7,673
Partners' share of real estate depreciation	—		—		—		—		(3,564	)	(3,564	)	—		—		—
(Gain) loss on sale of depreciated properties:
Consolidated properties	(78,759	)	(14,190	)	246		—		(59,589	)	(73,533	)	18		(119,767	)	(119,749	)
(Gain) loss on sale of investment properties	—		—		—		—		—		—		3,539		(37,871	)	(34,332	)
Discontinued properties	551		—		—		—		—		—		—		—		—
Non-controlling interest related to unit holders	—		—		—		—		784		784		101		2,856		2,957
FFO	192,749		43,457		43,288		46,439		27,444		160,628		67,037		66,360		133,397
Interest Expense	38,178		9,421		9,359		9,748		12,566		41,094		12,066		10,444		22,510
Non-Real Estate Depreciation and Amortization	1,621		377		335		328		325		1,365		451		465		916
Acquisition and Merger Costs	299		19		2,424		1,940		26,488		30,871		1,930		246		2,176
(Gain)/Loss on Extinguishment of Debt	—		—		—		—		5,180		5,180		—		(1,829	)	(1,829	)
Impairment Loss	—		—		—		—		4,526		4,526		—		—		—
EBITDA (1)	232,847		53,274		55,406		58,455		76,529		243,664		81,484		75,686		157,170
Income (Loss) from Unconsolidated Joint Ventures
Net Operating Income
Office Properties	18,501		5,050		5,213		5,013		6,123		21,400		6,909		6,750		13,659
Other Properties	5,834		1,596		1,741		1,747		2,302		7,386		2,265		859		3,124
Net Operating Income	24,335		6,646		6,954		6,760		8,425		28,785		9,174		7,609		16,783
Sales Less Cost of Sales	2,280		—		—		—		190		190		—		—		—
Termination Fees	419		—		—		—		3,000		3,000		959		195		1,154
Interest Expense	(7,455	)	(2,007	)	(2,026	)	(2,038	)	(2,352	)	(8,423	)	(2,325	)	(1,922	)	(4,247	)
Other Income/(Expense)	368		454		87		72		303		916		507		45		552
Funds from Operations - Unconsolidated Joint Ventures	19,947		5,093		5,015		4,794		9,566		24,468		8,315		5,927		14,242

Cousins Properties Incorporated 27 Q2 2017 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Gain (Loss) on Sale of Depreciated Investment Properties, net	—		—		—		—		—		—		(3,539	)	37,871		34,332
Depreciation and Amortization of Real Estate	(11,645	)	(3,259	)	(3,231	)	(3,268	)	(4,147	)	(13,905	)	(4,195	)	(3,478	)	(7,673	)
Net Income from Unconsolidated Joint Ventures	8,302		1,834		1,784		1,526		5,419		10,563		581		40,320		40,901
Market Capitalization
Common Stock price at Period End	9.43		10.38		10.40		10.44		8.51		8.51		8.27		8.79		8.79
Number of Common Shares/Units Outstanding at Period End	211,513		210,107		210,171		210,170		401,596		401,596		426,823		426,942		426,942
Common Stock Capitalization	1,994,568		2,180,911		2,185,778		2,194,175		3,417,582		3,417,582		3,529,826		3,752,820		3,752,820
Debt	721,293		767,811		777,485		888,378		1,380,920		1,380,920		1,240,728		1,019,619		1,019,619
Share of Unconsolidated Debt	225,724		224,430		222,514		223,944		251,350		251,350		257,316		186,013		186,013
Debt (1)	947,017		992,241		999,999		1,112,322		1,632,270		1,632,270		1,498,044		1,205,632		1,205,632
Total Market Capitalization	2,941,585		3,173,152		3,185,777		3,306,497		5,049,852		5,049,852		5,027,870		4,958,452		4,958,452
Credit Ratios
Debt (1)	947,017		992,241		999,999		1,112,322		1,632,270		1,632,270		1,498,044		1,205,632		1,205,632
Total Market Capitalization	2,941,585		3,173,152		3,185,777		3,306,497		5,049,852		5,049,852		5,027,870		4,958,452		4,958,452
Debt (1) / Total Market Capitalization	32.2	%	31.3	%	31.4	%	33.6	%	32.3	%	32.3	%	29.8	%	24.3	%	24.3	%
Total Assets - Consolidated	2,597,803		2,610,408		2,622,995		2,760,732		4,171,607		4,171,607		4,206,289		4,136,046		4,136,046
Accumulated Depreciation - Consolidated	463,008		486,747		519,075		539,719		269,339		269,339		326,039		303,266		303,266
Undepreciated Assets - Unconsolidated (1)	486,941		460,516		504,408		507,611		604,236		604,236		578,207		467,992		467,992
Less: Investment in Unconsolidated Joint Ventures	(102,577	)	(110,138	)	(114,455	)	(116,933	)	(179,397	)	(179,397	)	(128,589	)	(101,532	)	(101,532	)
Total Undepreciated Assets (1)	3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785		4,981,946		4,805,772		4,805,772
Debt (1)	947,017		992,241		999,999		1,112,322		1,632,270		1,632,270		1,498,044		1,205,632		1,205,632
Undepreciated Assets (1)	3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785		4,981,946		4,805,772		4,805,772
Debt (1) / Total Undepreciated Assets (1)	27.5	%	28.8	%	28.3	%	30.1	%	33.5	%	33.5	%	30.1	%	25.1	%	25.1	%
Coverage Ratios (1)
Interest Expense	38,178		9,421		9,359		9,748		12,566		41,094		12,066		10,444		22,510
Scheduled Principal Payments	9,892		2,444		3,143		3,344		2,632		11,563		3,810		3,334		7,144
Fixed Charges	48,070		11,865		12,502		13,092		15,198		52,657		15,876		13,778		29,654
EBITDA	232,847		53,274		55,406		58,455		76,529		243,664		81,484		75,686		157,170
Fixed Charges Coverage Ratio (1)	4.84		4.49		4.43		4.46		5.04		4.63		5.13		5.49		5.30
Debt (1)	947,017		992,241		999,999		1,112,322		1,632,270		1,632,270		1,498,044		1,205,632		1,205,632
Net Debt (Debt (2) minus Cash)	945,014		986,777		999,053		1,015,081		1,596,583		1,596,583		1,462,289		1,189,212		1,189,212
Annualized EBITDA (2)	236,754		213,096		221,624		233,820		306,116		306,116		325,936		302,744		302,744
Debt (1) / Annualized EBITDA (2)	4.00		4.66		4.51		4.76		5.33		5.33		4.60		3.98		3.98
Net Debt / Annualized EBITDA (3)	3.99		4.63		4.51		4.34		5.22		5.22		4.49		3.93		3.93

Cousins Properties Incorporated 28 Q2 2017 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	2015		2016 1st		2016 2nd		2016 3rd		2016 4th		2016		2017 1st		2017 2nd		2017 YTD
Dividend Information
Common Dividends (3)	69,196		16,918		16,810		16,821		23,577		74,126		25,161		25,212		50,373
FFO	192,749		43,457		43,288		46,439		27,444		160,628		67,037		66,360		133,397
FFO Payout Ratio	35.9	%	38.9	%	38.8	%	36.2	%	85.9	%	46.1	%	37.5	%	38.0	%	37.8	%
FFO	192,749		43,457		43,288		46,439		27,444		160,628		67,037		66,360		133,397
Straight Line Rental Revenue	(20,009	)	(3,595	)	(3,434	)	(3,449	)	(8,489	)	(18,967	)	(9,608	)	(7,826	)	(17,434	)
Above and Below Market Rents	(7,981	)	(1,834	)	(1,854	)	(1,907	)	(1,502	)	(7,097	)	(1,602	)	(1,929	)	(3,531	)
Amortization of Above and Below Market Debt	—		—		—		—		(2,999	)	(2,999	)	(3,190	)	(646	)	(3,836	)
Lease Inducements	1,807		441		499		373		209		1,522		133		103		236
Ground Lease Straight Line Rent	88		(2	)	(2	)	(2	)	110		104		110		110		220
Above and Below Market Rents Ground Rent	(55	)	(14	)	(14	)	(14	)	39		(3	)	40		40		80
Acquisition and Merger Costs	299		19		2,424		1,940		26,488		30,871		1,930		246		2,176
(Gain) loss on Extinguishment of Debt	—		—		—		—		5,180		5,180		—		(1,829	)	(1,829	)
Impairment Loss	—		—		—		—		4,526		4,526		—		—		—
Second Generation CAPEX	(54,214	)	(7,904	)	(13,166	)	(13,968	)	(11,838	)	(46,876	)	(10,971	)	(7,569	)	(18,540	)
Deferred Income - Tenant Improvements	(48	)	(280	)	(488	)	(564	)	(594	)	(1,926	)	(625	)	(732	)	(1,357	)
FAD (1)	112,636		30,288		27,253		28,848		38,574		124,963		43,254		46,328		89,582
Cash Common Dividends (3)	69,196		16,918		16,810		16,821		23,577		74,126		25,161		25,212		50,373
FAD Payout Ratio (1)	61.4	%	55.9	%	61.7	%	58.3	%	61.1	%	59.3	%	58.2	%	54.4	%	56.2	%
Operations Ratios
Total Undepreciated Assets (1)	3,445,175		3,447,533		3,532,023		3,691,129		4,865,785		4,865,785		4,981,946		4,805,772		4,805,772
General and Administrative Expenses	16,918		8,242		4,691		4,368		8,290		25,591		6,182		8,618		14,800
Annualized General and Administrative Expenses (4) / Total Undepreciated Assets	0.49	%	0.96	%	0.53	%	0.47	%	0.68	%	0.53	%	0.50	%	0.72	%	0.62	%
2nd Generation TI & Leasing Costs & Building CAPEX
Second Generation Leasing Related Costs	46,821		4,867		10,356		7,992		10,021		33,236		10,710		7,258		17,968
Second Generation Building Improvements	7,393		3,037		2,810		5,976		1,817		13,640		261		311		572
	54,214		7,904		13,166		13,968		11,838		46,876		10,971		7,569		18,540

Cousins Properties Incorporated 29 Q2 2017 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended						Six Months Ended
Cousins Net Operating Income (in thousands)	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Net income	$	170,945		$	7,765		$	175,803		$	30,561
Net operating income from unconsolidated joint ventures	7,609			6,954			16,783			13,600
Net operating income from discontinued operations	—			25,126			—			50,444
Fee income	(1,854		)	(1,824		)	(3,791		)	(4,023		)
Other income	(3,174		)	(27		)	(8,600		)	(417		)
Reimbursed expenses	907			798			1,772			1,668
General and administrative expenses	8,618			4,691			14,828			12,934
Interest expense	8,523			5,369			18,264			10,808
Depreciation and amortization	50,040			16,641			104,924			33,182
Acquisition and transaction costs	246			2,424			2,177			2,443
Other expenses	236			152			612			507
Loss on extinguishment of debt	(1,829		)	—			(1,829		)	—
Income from unconsolidated joint ventures	(40,320		)	(1,784		)	(40,901		)	(3,618		)
Gain (loss) on sale of investment properties	(119,832		)	246			(119,761		)	(13,944		)
Income from discontinued operations	—			(7,523		)	—			(15,624		)
Net Operating Income	$	80,115		$	59,008		$	160,281		$	118,521
Straight line rent	7,826			3,434			17,434			7,029
Non-cash income	2,664			1,843			4,891			3,515
Non-cash expense	(255		)	17			(538		)	29
Cash Basis Net Operating Income	$	69,880		$	53,714		$	138,494		$	107,948
Net Operating Income
Same Property	$	22,459		$	21,025		$	45,266		$	42,504
Non-Same Property	57,656			37,983			115,015			76,017
	$	80,115		$	59,008		$	160,281		$	118,521
Cash Basis Net Operating Income
Same Property	$	20,817		$	19,161		$	41,281		$	38,364
Non-Same Property	49,063			34,553			97,213			69,584
	$	69,880		$	53,714		$	138,494		$	107,948
(1) Includes Company share of unconsolidated joint ventures. These amounts are derived from the amounts in the categories indicated that are recorded at the joint venture multiplied by the Company's ownership interest. The Company does not control the operations of the unconsolidated joint ventures, but believes that including these amounts in the categories indicated is meaningful to investors and analysts.
(2) Annualized equals quarter amount annualized.
(3) The fourth quarter 2016 dividend was declared and paid a quarter in arrears. The first and second quarter 2017 dividends were paid a quarter in arrears.
(4) Quarter amount represents quarter annualized; year-to-date represents year-to-date actual.
Note: Amounts may differ slightly from other schedules contained herein due to rounding.

Cousins Properties Incorporated 30 Q2 2017 Supplemental Information

NON-GAAP FINANCIAL MEASURES - CALCULATIONS AND RECONCILIATIONS

	Three Months Ended								Six Months Ended
Legacy Parkway Properties Net Operating Income (in thousands)	June 30, 2017				June 30, 2016				June 30, 2017				June 30, 2016
Net Operating Income	$	45,722		(1)	$	64,977		(2)	$	91,558		(1)	$	131,672		(2)
Straight line rent	(5,039		)		(8,124		)		(12,403		)		(17,820		)
Non-cash income	(1,379		)		(1,054		)		(2,434		)		(3,283		)
Non-cash expense	163				169				326				338
Other Adjustment	—				124				—				(535		)
Cash Basis Net Operating Income	$	39,467			$	56,092			$	77,047			$	110,372
Cash Basis Net Operating Income
Same Property	$	38,505			$	34,464			75,276				67,410
Non-Same Property	962				21,628				1,771				42,962
	$	39,467			$	56,092			$	77,047			$	110,372
(1) Represents Net Operating Income of the legacy Parkway Properties now included in the Company's Net Operating Income.
(2) Represents Net Operating Income of Parkway Properties included in its Quarterly Report on Form 10-Q. A reconciliation of Net income (loss) to Net Operating Income is as follows:
					Three Months Ended June 30, 2016								Six Months Ended June 30, 2016
Net income (loss)					$	(1,072	)						$	63,469
Management company income					(1,260		)						(2,696		)
Management company expense					1,189								1,863
Depreciation and amortization					38,630								80,570
General and administrative					12,264								19,263
Interest and other income					(191		)						(435		)
Equity in earnings of unconsolidated joint ventures					(269		)						(518		)
Net gains on sale of real estate					38								(62,982		)
Interest expense					15,798								32,713
Income tax expense					312								887
Other					(462		)						(462		)
Net Operating Income					$	64,977							$	131,672

Cousins Properties Incorporated 31 Q2 2017 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 in newly acquired buildings as well as building improvements on newly acquired buildings that management identifies as necessary to bring the building to the Company's operational standards. In addition, the Company excludes leasing costs and building improvements associated with properties identified as under 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 merger 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 merger costs, 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 merger 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 or has been substantially complete and owned by the Company for each of the two periods presented. 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 32 Q2 2017 Supplemental Information