Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended March 31, 2010

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	4
Funds From Operations	5
Condensed Consolidated Balance Sheets	6
Key Ratios and Supplemental Information	7
Net Income and Funds From Operations – Supplemental Detail	8
Portfolio Listing	15
Same Property Information	18
Square Feet Expiring:
Office	19
Retail	20
Industrial	21
Top 25 Largest Tenants	22
Inventory of Land Held	23
Inventory of Residential Lots	25
Inventory of Multi-Family Units Held for Sale	27
Debt Outstanding	28
Reconciliations of Non-GAAP Financial Measures	29
Discussion of Non-GAAP Financial Measures	34

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions; leasing risks; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. The words “believes,” “expects,” “anticipates,” “estimates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

News Release

FOR IMMEDIATE RELEASE

CONTACT:
James A. Fleming	Cameron Golden
Executive Vice President and	Director of Investor Relations and
Chief Financial Officer	Corporate Communications
(404) 407-1150	(404) 407-1984
jimfleming@cousinsproperties.com	camerongolden@cousinsproperties.com

Website address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED MARCH 31, 2010

          ATLANTA (May 10, 2010) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2010. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

          Funds from Operations Available to Common Stockholders (“FFO”) was $14.0 million, or $0.14 per share, for the first quarter of 2010 compared with FFO of $7.6 million, or $0.15 per share, for the first quarter of 2009.

          Net Loss Available to Common Stockholders was $(1.6) million, or $(0.02) per share, for the first quarter of 2010 compared with Net Income Available to Common Stockholders of $160.6 million, or $3.13 per share, for the first quarter of 2009. During the first quarter of 2009, the Company recognized approximately $167 million of deferred gain related to a joint venture that holds several retail properties.

          First quarter 2010 highlights of the Company included the following:

• Sold nine outparcels at three retail centers, generating FFO of approximately $4.7 million.

• Closed 19 units at its 10 Terminus Place condominium project, generating FFO of approximately $2.2 million.

• Sold Glenmore Garden Villas in Charlotte, North Carolina, generating FFO of approximately $369,000.

• Sold 53 acres of land at Jefferson Mill Business Park, generating FFO of approximately $328,000.

• Increased the percent leased of Lakeside Ranch Business Park to 77% upon execution of a lease with Owens & Minor for 223,000 square feet.

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191 Peachtree Street NE • Suite 3600 • Atlanta, Georgia 30303-1740 • 404/407-1000 • FAX 404/407-1002

CUZ Reports First Quarter Results
Page 2
May 10, 2010

•	Executed or renewed leases covering approximately 232,000 square feet of office space and 162,000 square feet of retail space.
•	Amended its Credit and Term Facilities to provide more financial flexibility.
	Other highlights subsequent to quarter end included the following:
•	Restructured its interest in Terminus 200 in a transaction that reduced its ownership from 50% to 20% and simultaneously extended the construction loan.
•	Executed a lease for the top five floors of Terminus 200.
•	Executed a 459,000 square foot lease with a Fortune 1000 Company at Jefferson Mill Business Park, bringing this building to 100% leased.
•	Sold 44 acres of land at King Mill Distribution Park.

          At March 31, 2010, the Company’s portfolio of operational office buildings was 88% leased, its portfolio of operational retail centers was 85% leased and its operational industrial buildings were 64% leased. After the Jefferson Mill Business Park lease discussed above, the percentage leased of the Company’s operational industrial buildings increased to 85%.

          “We made good progress during the quarter in selling outparcels and non-core assets in order to improve our overall financial position,” said Larry Gellerstedt, CEO of Cousins. “We have also been rewarded in our leasing efforts in spite of the struggling economy, showing improvement in the leasing percentages of each of our product types. We are pleased with these trends and will work diligently throughout the year to ensure that they continue.”

          The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on 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) 407-1984.

          The Company will conduct a conference call at 2:00 p.m. (Eastern Time) on Tuesday, May 11, 2010, to discuss the results of the quarter ended March 31, 2010. The number to call for this interactive teleconference is (212) 231-2901. A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21463750. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q1 2010 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page, as well as at www.streetevents.com and www.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s website for 14 days.

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CUZ Reports First Quarter Results
Page 3
May 10, 2010

          Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail and land development projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.

          Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions; leasing risks; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise, except as required under U.S. federal securities laws.

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts)

	Three Months Ended March 31,
	2010			2009
REVENUES:
Rental property revenues	$	37,213		$	37,509
Fee income		8,338			8,044
Multi-family residential unit sales		10,146			—
Residential lot and outparcel sales		13,819			2,548
Interest and other		124			986
		69,640			49,087
COSTS AND EXPENSES:
Rental property operating expenses		15,184			17,313
Multi-family residential unit cost of sales		7,970			—
Residential lot and outparcel cost of sales		9,096			1,730
General and administrative expenses		9,950			9,418
Separation expenses		68			344
Reimbursed general and administrative expenses		4,418			4,228
Depreciation and amortization		13,895			13,056
Interest expense		9,781			10,430
Other		1,328			1,546
		71,690			58,065
LOSS ON EXTINGUISHMENT OF DEBT		(592	)		—
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(2,642	)		(8,978	)
BENEFIT FOR INCOME TAXES FROM OPERATIONS		1,146			3,941
INCOME FROM UNCONSOLIDATED JOINT VENTURES		2,920			1,820
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		1,424			(3,217	)
GAIN ON SALE OF INVESTMENT PROPERTIES		756			167,434
INCOME FROM CONTINUING OPERATIONS		2,180			164,217
LOSS FROM DISCONTINUED OPERATIONS		—			(7	)
NET INCOME		2,180			164,210
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(526	)		(412	)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		1,654			163,798
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,227	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(1,573	)	$	160,571
NET INCOME (LOSS) PER COMMON SHARE — BASIC AND DILUTED	$	(0.02	)	$	3.13
DIVIDENDS DECLARED PER COMMON SHARE	$	0.09		$	0.25
WEIGHTED AVERAGE SHARES — BASIC AND DILUTED		100,069			51,350

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(Unaudited, in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2010			2009
Net Income (Loss) Available to Common Stockholders	$	(1,573	)	$	160,571
Depreciation and amortization:
Consolidated properties		13,895			13,056
Share of unconsolidated joint ventures		2,294			2,158
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(571	)		(968	)
Share of unconsolidated joint ventures		(6	)		(10	)
Gain on sale of investment properties:
Consolidated		(756	)		(167,434	)
Share of unconsolidated joint ventures		—			(28	)
Gain on sale of undepreciated investment properties		697			209
Funds From Operations Available to Common Stockholders	$	13,980		$	7,554
Per Common Share — Basic and Diluted:
Net Income (Loss) Available	$	(.02	)	$	3.13
Funds From Operations	$	.14		$	.15
Weighted Average Shares		100,069			51,350

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders for Cousins Properties Incorporated and Subsidiaries. The Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, 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, to assess performance in connection with evaluating and granting incentive compensation to its officers and key employees.

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)

	March 31, 2010			December 31, 2009
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $246,129 and $233,091 in 2010 and 2009, respectively	$	991,762		$	1,006,760
Land held for investment or future development		135,313			137,233
Residential lots		62,894			62,825
Multi-family units held for sale		21,295			28,504
Total properties		1,211,264			1,235,322
CASH AND CASH EQUIVALENTS		30,349			9,464
RESTRICTED CASH		3,128			3,585
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $6,400 and $5,734 in 2010 and 2009, respectively		45,775			49,678
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		145,352			146,150
OTHER ASSETS		49,609			47,353
TOTAL ASSETS	$	1,485,477		$	1,491,552
LIABILITIES AND EQUITY
NOTES PAYABLE	$	580,979		$	590,208
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		61,688			56,577
DEFERRED GAIN		4,393			4,452
DEPOSITS AND DEFERRED INCOME		9,615			7,465
TOTAL LIABILITIES		656,675			658,702
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		12,689			12,591
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2010 and 2009		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2010 and 2009		94,775			94,775
Common stock, $1 par value, 150,000,000 shares authorized, 104,436,442 and 103,352,382 shares issued in 2010 and 2009, respectively		104,436			103,352
Additional paid-in capital		667,597			662,216
Treasury stock at cost, 3,570,082 shares in 2010 and 2009		(86,840	)		(86,840	)
Accumulated other comprehensive loss on derivative instruments		(9,549	)		(9,517	)
Distributions in excess of net income		(61,956	)		(51,402	)
TOTAL STOCKHOLDERS’ INVESTMENT		783,290			787,411
Nonredeemable noncontrolling interests		32,823			32,848
TOTAL EQUITY		816,113			820,259
TOTAL LIABILITIES AND EQUITY	$	1,485,477		$	1,491,552

COUSINS PROPERTIES INCORPORATED
KEY RATIOS AND SUPPLEMENTAL INFORMATION
(in thousands, except per share amounts, percentages and ratios)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		217,441			17,672			7,590			160,571			(81,313	)		(57,088	)		(7,782	)		14,388			(1,573	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING CERTAIN LOSSES ON EXTINGUISHMENT OF DEBT		74,469			48,437			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980
		BASIC WEIGHTED AVERAGE COMMON SHARES		50,907			51,857			51,331			51,350			51,615			59,403			99,155			65,495			100,069
		DILUTED WEIGHTED AVERAGE COMMON SHARES		52,705			53,059			51,728			51,350			51,615			59,403			99,155			65,495			100,069
		NET INCOME (LOSS) PER COMMON SHARE — BASIC		4.27			0.34			0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22			(0.02	)
		NET INCOME (LOSS) PER COMMON SHARE — DILUTED		4.13			0.33			0.15			3.13			(1.58	)		(0.96	)		(0.08	)		0.22			(0.02	)
		FFO PER COMMON SHARE — BASIC		1.46			0.93			1.19			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14
		FFO PER COMMON SHARE — DILUTED		1.41			0.91			1.18			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14
(A	)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		13,421			18,979			24,032			3,531			3,748			2,066			4,339			13,684			1,037
		REGULAR COMMON DIVIDENDS:
		CASH		75,495			76,782			69,807			12,838			4,283			2,617			2,972			22,710			2,997
		COMMON STOCK		—			—			—			—			8,551			6,364			5,933			20,848			5,984
		SPECIAL COMMON DIVIDEND		175,470			—			—			—			—			—			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.36			0.25			0.25			0.15			0.09			0.74			0.09
		SPECIAL COMMON DIVIDEND PER SHARE		3.40			—			—			—			—			—			—			—			—
		COMMON STOCK PRICE AT PERIOD END		35.27			22.10			13.85			6.44			8.50			8.28			7.63			7.63			8.31
		NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		51,748			51,280			51,352			51,342			52,293			98,970			99,782			99,782			100,866
		PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		25.90			22.38			12.24			13.70			15.01			20.53			20.96			20.96			23.04
		NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			2,993			2,993			2,993			2,993			2,993			2,993			2,993
		PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		25.53			20.59			12.00			13.16			14.73			19.53			20.90			20.90			21.97
		NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		4,000			4,000			3,791			3,791			3,791			3,791			3,791			3,791			3,791
		COMMON EQUITY MARKET CAPITALIZATION		1,825,152			1,133,288			711,225			330,642			444,491			819,472			761,337			761,337			838,196
		PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247
(B	)	ADJUSTED DEBT (1)		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744
		TOTAL MARKET CAPITALIZATION		2,407,388			2,078,650			1,867,304			1,505,587			1,632,050			1,794,518			1,635,465			1,635,465			1,713,187
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		16	%		37	%		58	%		72	%		67	%		47	%		45	%		45	%		42	%
(B	)	RECOURSE DEBT (1)		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		10	%		26	%		33	%		36	%		19	%		14	%		14	%		13	%
		COMMON EQUITY MARKET CAPITALIZATION		1,825,152			1,133,288			711,225			330,642			444,491			819,472			761,337			761,337			838,196
		PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247
(B	)	TOTAL DEBT (INCLUDING SHARE OF JV’S) (1)		487,234			846,355			1,139,113			1,147,217			1,148,294			899,201			787,263			787,263			776,229
		TOTAL MARKET CAPITALIZATION		2,518,106			2,151,523			1,932,464			1,568,753			1,693,551			1,854,157			1,690,565			1,690,565			1,766,672
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		19	%		39	%		59	%		73	%		68	%		49	%		47	%		47	%		44	%
		VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
		LEVERAGE RATIO		29	%		45	%		51	%		54	%		52	%		41	%		40	%		40	%		41	%
		COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		55	%
		FIXED CHARGES RATIO		2.4			2.5			2.2			2.1			2.0			1.8			1.7			1.7			1.9
		COVENANT REQUIREMENT — NO LESS THAN		1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.3

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
		CONSOLIDATED ENTITY FFO AND NET INCOME:
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
(C	)	CONSOLIDATED PROPERTIES (1):
		191 PEACHTREE		1,964			9,349			11,339			789			1,561			2,432			1,943			6,725			2,845
		AMERICAN CANCER SOCIETY CENTER		11,774			11,959			14,547			3,791			3,151			3,449			2,671			13,062			2,675
		TERMINUS 100		0			5,000			16,386			3,311			4,750			3,478			2,952			14,491			3,720
		ONE GEORGIA CENTER		(219	)		(109	)		2,650			1,039			1,039			1,100			1,127			4,305			1,029
		THE POINTS AT WATERVIEW		2,124			2,179			2,127			509			515			536			490			2,050			460
		LAKESHORE PARK PLAZA		922			1,794			2,141			567			545			540			534			2,186			561
		MERIDIAN MARK PLAZA		4,475			4,339			4,504			958			972			947			945			3,822			917
		555 NORTH POINT CENTER EAST		1,771			1,882			1,989			501			531			528			503			2,063			482
		333 NORTH POINT CENTER EAST		1,183			1,287			1,449			417			426			426			416			1,685			406
		200 NORTH POINT CENTER EAST		839			1,490			1,484			378			393			423			412			1,606			417
		100 NORTH POINT CENTER EAST		1,035			1,320			1,529			391			423			361			216			1,391			319
		600 UNIVERSITY PARK PLACE		1,107			1,557			1,679			394			394			396			369			1,553			418
		GALLERIA 75		897			649			591			22			67			65			107			261			55
		COSMOPOLITAN CENTER		13			341			459			139			129			138			148			554			115
		8995 WESTSIDE PARKWAY		1,263			1,278			1,307			192			(18	)		(58	)		(2	)		114			(43	)
		INHIBITEX		917			912			910			220			226			225			225			896			224
		221 PEACHTREE CENTER GARAGE		0			510			639			124			103			157			81			465			100
		SUBTOTAL — OFFICE CONSOLIDATED		30,065			45,738			65,730			13,742			15,207			15,143			13,137			57,229			14,700
(G	)	JOINT VENTURE PROPERTIES (1):
		PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16
		OTHER — CP VENTURE TWO		157			(1	)		0			(5	)		0			0			0			(5	)		0
		TEN PEACHTREE PLACE		2,239			2,020			2,099			526			541			561			557			2,185			571
		GATEWAY VILLAGE — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302
		EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,586			3,601			3,623			909			930			902			875			3,616			894
		PALISADES WEST — BUILDINGS 1 AND 2		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215
		TERMINUS 200		0			0			115			21			17			20			0			58			0
		OTHER		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)
		SUBTOTAL — OFFICE JOINT VENTURE		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976
		SUBTOTAL — OFFICE CONSOLIDATED & JOINT VENTURE		48,694			52,744			73,203			16,667			18,284			18,217			16,112			69,280			17,676
		RETAIL:
(C	)	CONSOLIDATED PROPERTIES (1):
		THE AVENUE CARRIAGE CROSSING		5,835			6,774			6,714			1,140			1,255			955			1,450			4,800			1,082
		THE AVENUE WEBB GIN		1,653			5,558			5,967			1,469			1,503			1,307			1,304			5,583			1,484
		SAN JOSE MARKETCENTER		3,846			6,450			7,089			1,693			1,721			1,700			1,874			6,988			1,883
		THE AVENUE FORSYTH		0			0			2,527			1,025			955			821			896			3,697			1,588
		TIFFANY SPRINGS MARKETCENTER		0			0			1,257			803			900			919			707			3,329			741
		PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		9,068			(45	)		30			0			0			0			0			0			0
		SUBTOTAL — RETAIL CONSOLIDATED		20,402			18,736			23,584			6,130			6,334			5,702			6,231			24,397			6,778
(G	)	JOINT VENTURE PROPERTIES (1):
		NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105
		GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142
		LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56
		MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0
		THE AVENUE EAST COBB		1,382			723			710			176			168			176			141			661			154
		THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117
		THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130
		THE AVENUE VIERA		947			620			625			155			148			148			127			578			153
		VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48
		THE AVENUE MURFREESBORO		0			554			3,413			937			948			1,011			1,099			3,995			1,071
		SUBTOTAL — RETAIL JOINT VENTURE		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976
		SUBTOTAL — RETAIL CONSOLIDATED & JOINT VENTURE		26,617			23,558			30,990			8,043			8,235			7,544			8,160			31,982			8,754

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

			2006		2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (Continued):
(C	)	INDUSTRIAL (1):
		KING MILL — BUILDING 3		405		1,155			923			236			236			283			292			1,047			339
		LAKESIDE RANCH — BUILDING 20		0		794			768			176			190			164			197			727			247
		JEFFERSON MILL — BUILDING A		0		0			(149	)		(57	)		(57	)		(47	)		(45	)		(206	)		(53	)
		SUBTOTAL INDUSTRIAL CONSOLIDATED		405		1,949			1,542			355			369			400			444			1,568			533
(C	)	OTHER RENTAL OPERATIONS (1):
		OTHER		203		82			(69	)		(31	)		26			(15	)		50			30			18
		SUBTOTAL OTHER CONSOLIDATED		203		82			(69	)		(31	)		26			(15	)		50			30			18
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		75,920		78,333			105,666			25,034			26,914			26,146			24,766			102,860			26,981
(D	)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1)		16,666		(568	)		(611	)		(7	)		0			3			0			(4	)		0
(E	)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES (1):
		LOT SALES NET OF COST OF SALES — CONSOLIDATED		2,877		1,124			827			236			180			0			65			481			130
		LOT SALES NET OF COST OF SALES — JOINT VENTURES		8,217		1,822			795			95			210			211			15			531			520
		TOTAL LOT SALES NET OF COS		11,094		2,946			1,622			331			390			211			80			1,012			650
		OUTPARCEL SALES NET OF COST OF SALES — CONSOLIDATED		1,656		1,017			2,390			582			1,125			171			39			1,917			4,593
		OUTPARCEL SALES NET OF COST OF SALES — JOINT VENTURES		0		0			0			0			0			0			0			0			86
		TOTAL OUTPARCEL SALES NET OF COS		1,656		1,017			2,390			582			1,125			171			39			1,917			4,679
		TRACT SALES NET OF COST OF SALES — CONSOLIDATED		2,481		4,977			9,204			96			746			349			(6	)		1,185			697
		TRACT SALES NET OF COST OF SALES — JOINT VENTURES		6,675		651			3,192			235			0			4			25			264			46
		TOTAL TRACT SALES NET OF COS		9,156		5,628			12,396			331			746			353			19			1,449			743
		OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — CONSOLIDATED		11,867		8,184			1,407			113			0			0			(55	)		58			0
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		11,867		8,184			1,407			113			0			0			(55	)		58			0
		TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES		33,773		17,775			17,815			1,357			2,261			735			83			4,436			6,072
(F	)	MULTI-FAMILY SALES, NET OF COST OF SALES (1):
		MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED		3,731		144			1,114			0			0			1,856			3,356			5,212			2,176
		MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES		10,343		(185	)		1,892			(1	)		2			0			114			115			117
		TOTAL MULTI-FAMILY FFO		14,074		(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293
		DEVELOPMENT INCOME
		DEVELOPMENT INCOME — COUSINS PROPERTIES SERVICES (2)		468		446			452			150			73			136			181			540			109
		DEVELOPMENT INCOME — OTHER		4,117		5,435			17,306			795			810			755			459			2,819			496
		TOTAL DEVELOPMENT INCOME		4,585		5,881			17,758			945			883			891			640			3,359			605
		MANAGEMENT FEES
		MANAGEMENT FEES — COUSINS PROPERTIES SERVICES (2)		14,625		17,202			16,929			4,293			4,275			3,931			3,416			15,915			3,690
		MANAGEMENT FEES — OTHER		9,812		7,580			8,475			2,313			2,162			2,224			2,029			8,728			2,748
		TOTAL MANAGEMENT FEES		24,437		24,782			25,404			6,606			6,437			6,155			5,445			24,643			6,438
		LEASING & OTHER FEES
		LEASING & OTHER FEES — COUSINS PROPERTIES SERVICES (2)		5,496		5,290			3,539			493			613			2,365			1,539			5,010			855
		LEASING & OTHER FEES — OTHER		947		361			961			0			239			99			456			794			440
		TOTAL LEASING & OTHER FEES		6,443		5,651			4,500			493			852			2,464			1,995			5,804			1,295
		TERMINATION FEES		631		5,193			407			359			1,097			261			0			1,717			8
		INTEREST INCOME & OTHER		742		1,236			3,751			627			188			414			79			1,308			116
		GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		0		0			0			0			12,498			0			(2,766	)		9,732			(592	)

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
		GENERAL & ADMINISTRATIVE EXPENSES:
		GENERAL & ADMINISTRATIVE EXPENSES		(34,677	)		(31,260	)		(29,985	)		(7,607	)		(8,082	)		(6,556	)		(3,953	)		(26,198	)		(8,017	)
		GENERAL & ADMINISTRATIVE EXPENSES — COUSINS PROPERTIES SERVICES (2)		(7,859	)		(9,383	)		(7,589	)		(1,779	)		(1,835	)		(2,593	)		(1,417	)		(7,624	)		(1,901	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(7,129	)		(5,783	)		(5,207	)		(1,452	)		(1,334	)		(1,389	)		(1,203	)		(5,378	)		(1,859	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES -COUSINS PROPERTIES SERVICES (2)		(8,927	)		(11,384	)		(11,072	)		(2,776	)		(2,696	)		(2,590	)		(2,066	)		(10,128	)		(2,559	)
		COMMISSION ON DEVELOPMENT FEE		0			0			(3,414	)		(32	)		(31	)		(31	)		(32	)		(126	)		(32	)
		SEPARATION EXPENSES		0			0			(1,186	)		(344	)		(2,026	)		(724	)		(163	)		(3,257	)		(68	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(58,592	)		(57,810	)		(58,453	)		(13,990	)		(16,004	)		(13,883	)		(8,834	)		(52,711	)		(14,436	)
		INTEREST EXPENSE:
		CONSOLIDATED DEBT:
		CREDIT FACILITY		(10,855	)		(11,322	)		(8,129	)		(2,407	)		(2,666	)		(2,605	)		(921	)		(8,599	)		(1,037	)
		UNSECURED TERM LOAN		0			(1,977	)		(5,952	)		(1,387	)		(1,647	)		(1,552	)		(1,506	)		(6,092	)		(1,616	)
		THE AMERICAN CANCER SOCIETY CENTER		0			(3,027	)		(9,007	)		(2,215	)		(2,240	)		(2,264	)		(2,263	)		(8,982	)		(2,215	)
		333 & 555 NORTH POINT CENTER		(2,121	)		(2,072	)		(2,020	)		(496	)		(494	)		(490	)		(486	)		(1,966	)		(482	)
		MERIDIAN MARK PLAZA		(1,991	)		(1,959	)		(1,923	)		(475	)		(473	)		(470	)		(468	)		(1,886	)		(465	)
		600 UNIVERSITY PARK		(995	)		(983	)		(966	)		(239	)		(238	)		(237	)		(236	)		(950	)		(235	)
		100 NORTH POINT CENTER EAST		(932	)		(780	)		(681	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)
		200 NORTH POINT CENTER EAST		(826	)		(736	)		(680	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)
		LAKESHORE PARK PLAZA		(631	)		(612	)		(788	)		(285	)		(284	)		(282	)		(281	)		(1,132	)		(280	)
		THE POINTS AT WATERVIEW		(1,051	)		(1,070	)		(1,029	)		(254	)		(252	)		(251	)		(250	)		(1,007	)		(248	)
		TERMINUS 100		0			(2,358	)		(11,203	)		(2,802	)		(2,802	)		(2,802	)		(2,802	)		(11,208	)		(2,802	)
		SAN JOSE MARKETCENTER		0			(448	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)		0
		KING MILL		(293	)		(469	)		(493	)		(82	)		0			0			0			(82	)		0
		JEFFERSON MILL		(23	)		(218	)		(272	)		(47	)		0			0			0			(47	)		0
		2005 TERMINUS CONSTRUCTION FACILITY		(2,598	)		(3,265	)		0			0			0			0			0			0			0
		BRIDGE LOAN		0			(855	)		0			0			0			0			0			0			0
		BANK OF AMERICA PLAZA FINANCING		(7,447	)		(2	)		0			0			0			0			0			0			0
		THE AVENUE EAST COBB		(1,546	)		0			0			0			0			0			0			0			0
		OTHER		(363	)		(6	)		(8	)		(1	)		(100	)		(99	)		(111	)		(311	)		(61	)
		CAPITALIZED		20,553			23,343			14,894			1,826			1,255			599			56			3,736			0
		SUBTOTAL — CONSOLIDATED		(11,119	)		(8,816	)		(33,151	)		(10,430	)		(10,560	)		(10,793	)		(9,610	)		(41,393	)		(9,781	)
(G	)	JOINT VENTURES DEBT (1):
		NORTH POINT MARKETCENTER		(231	)		0			0			0			0			0			0			0			0
		THE AVENUE EAST COBB		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)
		TEN PEACHTREE PLACE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)
		CRAWFORD LONG MEDICAL OFFICE BUILDING		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)
		THE AVENUE MURFREESBORO		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)
		GLENMORE GARDEN VILLAS		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0
		TEMCO ASSOCIATES		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)
		CL REALTY		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)
		HANDY ROAD ASSOCIATES		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0
		SUBTOTAL — JOINT VENTURE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)
		TOTAL INTEREST EXPENSE		(14,653	)		(12,194	)		(37,718	)		(11,475	)		(11,583	)		(11,751	)		(10,519	)		(45,328	)		(10,680	)
		OTHER EXPENSES — CONTINUING OPERATIONS — CONSOLIDATED:
		PROPERTY TAXES & OTHER HOLDING COSTS		(524	)		(579	)		(1,482	)		(681	)		(1,095	)		(1,634	)		(1,420	)		(4,830	)		(825	)
		PREDEVELOPMENT & OTHER		(2,287	)		(2,689	)		(4,567	)		(865	)		(3,337	)		(89	)		(4,022	)		(8,313	)		(503	)
		NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(4,130	)		(1,656	)		(2,378	)		(412	)		(698	)		(531	)		(611	)		(2,252	)		(526	)
		IMPAIRMENT LOSS — CONSOLIDATED		0			0			(2,100	)		0			(36,500	)		(4,012	)		0			(40,512	)		0
		IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			(28,130	)		(22,928	)		0			(51,058	)		0
		TOTAL OTHER EXPENSES		(6,941	)		(4,924	)		(10,527	)		(1,958	)		(69,760	)		(29,194	)		(6,053	)		(106,965	)		(1,854	)

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
(G	)	OTHER EXPENSES — JOINT VENTURES (1):
		IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0
		OTHER INCOME (EXPENSE), NET		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392
		TOTAL OTHER EXPENSES — JOINT VENTURES		(248	)		(1,252	)		25			(172	)		(3,208	)		(21,906	)		(175	)		(25,461	)		392
		INCOME TAX (PROVISION)/BENEFIT:
		BENEFIT (PROVISION) FROM CONTINUING OPERATIONS		(4,193	)		4,423			8,770			3,941			31,427			5,459			2,607			43,434			1,206
		VALUATION ALLOWANCE		0			0			0			0			(42,720	)		(5,513	)		458			(47,775	)		(60	)
(D	)	DISCONTINUED OPERATIONS (1)		(2	)		0			0			0			0			0			0			0			0
		TOTAL INCOME TAX (PROVISION)/BENEFIT		(4,195	)		4,423			8,770			3,941			(11,293	)		(54	)		3,065			(4,341	)		1,146
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,911	)		(2,768	)		(3,724	)		(968	)		(938	)		(833	)		(643	)		(3,382	)		(571	)
(D	)	DISCONTINUED OPERATIONS (1)		0			(25	)		(19	)		0			0			0			0			0			0
(G	)	JOINT VENTURES (1)		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,923	)		(2,798	)		(3,822	)		(978	)		(952	)		(843	)		(655	)		(3,428	)		(577	)
		PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(14,957	)		(3,227	)		(3,227	)		(3,228	)		(3,225	)		(12,907	)		(3,227	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF CERTAIN DEBT		74,469			48,437			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980
		LOSS ON EXTINGUISHMENT OF DEBT ASSOCIATED WITH PROPERTY SALES		(18,207	)		0			0			0			0			0			0			0			0
		FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		56,262			48,437			61,014			7,554			(64,895	)		(41,935	)		7,316			(91,960	)		13,980
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
		CONTINUING OPERATIONS		3,012			5,535			10,799			167,434			801			406			(4	)		168,637			756
(E	)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (1)		(14,348	)		(13,161	)		(10,611	)		(209	)		(746	)		(349	)		61			(1,243	)		(697	)
		DISCONTINUED OPERATIONS		86,495			18,095			2,472			0			146			7			(6	)		147			0
(G	)	JOINT VENTURES (1)		135,618			1,186			0			28			(16	)		0			0			12			0
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		210,777			11,655			2,660			167,253			185			64			51			167,553			59
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
		CONSOLIDATED		(27,913	)		(37,028	)		(49,201	)		(12,088	)		(14,443	)		(13,035	)		(12,885	)		(52,451	)		(13,324	)
(D	)	DISCONTINUED OPERATIONS (1)		(12,866	)		(821	)		(467	)		0			0			0			0			0			0
(G	)	JOINT VENTURES (1)		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)
		TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(49,598	)		(42,420	)		(56,084	)		(14,236	)		(16,603	)		(15,217	)		(15,149	)		(61,205	)		(15,612	)
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		217,441			17,672			7,590			160,571			(81,313	)		(57,088	)		(7,782	)		14,388			(1,573	)

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
COUSINS’ SHARE OF CP VENTURE TWO LLC:
OFFICE PORTFOLIO		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
RETAIL PORTFOLIO		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16
OTHER		157			(1	)		0			(5	)		0			0			0			(5	)		0
SUBTOTAL OFFICE		263			115			87			13			15			20			15			63			16
RETAIL:
NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105
GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142
LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56
MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0
SUBTOTAL RETAIL		1,713			1,541			1,417			343			350			237			265			1,195			303
TOTAL REVENUES LESS OPERATING EXPENSES		1,976			1,656			1,504			356			365			257			280			1,258			319
INTEREST EXPENSE		(231	)		0			0			0			0			0			0			0			0
OTHER, NET		(20	)		(2	)		0			0			(2	)		38			4			40			20
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,725			1,654			1,504			356			363			295			284			1,298			339
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(670	)		(477	)		(549	)		(107	)		(109	)		(106	)		(106	)		(428	)		(105	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		736			1,224			0			12			0						0			12			0
NET INCOME		1,791			2,401			955			261			254			189			178			882			234
COUSINS’ SHARE OF CP VENTURE FIVE:		40.63	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		1,382			723			710			176			168			176			141			661			154
THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117
THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130
THE AVENUE VIERA		947			620			625			155			148			148			127			578			153
VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48
TOTAL REVENUES LESS OPERATING EXPENSES		4,502			2,727			2,576			633			603			594			565			2,395			602
INTEREST EXPENSE		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)
OTHER, NET		(19	)		76			23			0			0			6			29			35			7
FUNDS FROM OPERATIONS		3,849			2,453			2,254			548			518			516			510			2,092			525
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,018	)		(1,205	)		(1,203	)		(271	)		(207	)		(238	)		(234	)		(950	)		(236	)
NET INCOME		1,831			1,248			1,051			277			311			278			276			1,142			289
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,239			2,020			2,099			526			541			561			557			2,185			571
INTEREST EXPENSE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)
FUNDS FROM OPERATIONS		1,433			1,226			1,318			333			349			369			367			1,418			382
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,060	)		(1,052	)		(1,044	)		(260	)		(261	)		(260	)		(262	)		(1,043	)		(264	)
NET INCOME		373			174			274			73			88			109			105			375			118
COUSINS’ SHARE OF GATEWAY VILLAGE (4):
FUNDS FROM OPERATIONS — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)
NET INCOME		1,176			1,176			1,176			294			294			294			294			1,176			294

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
COUSINS’ SHARE OF CRAWFORD LONG — CPI:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,586			3,601			3,623			909			930			902			875			3,616			894
OTHER, NET		0			0			0			0			0			1			0			1			0
INTEREST EXPENSE		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)
FUNDS FROM OPERATIONS		2,007			2,047			2,094			531			554			528			502			2,115			523
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,468	)		(1,352	)		(1,287	)		(312	)		(307	)		(303	)		(304	)		(1,226	)		(300	)
NET INCOME		539			695			807			219			247			226			198			890			223
COUSINS’ SHARE OF AVENUE MURFREESBORO:					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			554			3,413			937			948			1,011			1,099			3,995			1,071
OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86
OTHER, NET		0			0			27			0			0			0			0			0			0
INTEREST EXPENSE		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(4	)		(16	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)
FUNDS FROM OPERATIONS		0			108			1,982			708			727			786			893			3,114			955
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(310	)		(1,946	)		(618	)		(638	)		(637	)		(682	)		(2,575	)		(689	)
NET INCOME (LOSS)		0			(202	)		36			90			89			149			211			539			266
COUSINS’ SHARE OF PALISADES WEST LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215
OTHER, NET		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(170	)		(532	)		(586	)		(610	)		(652	)		(2,380	)		(670	)
NET INCOME (LOSS)		(11	)		127			257			640			690			677			581			2,588			545
COUSINS’ SHARE OF TERMINUS 200:					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			115			21			17			20			0			58			0
OTHER, NET		0			(193	)		0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			(20,932	)		0			(20,932	)		0
FUNDS FROM OPERATIONS		0			(193	)		115			21			17			(20,912	)		0			(20,874	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(121	)		(30	)		(30	)		(20	)		0			(80	)		0
NET INCOME (LOSS)		0			(193	)		(6	)		(9	)		(13	)		(20,932	)		0			(20,954	)		0
COUSINS’ SHARE OF 50 BISCAYNE, LLC:		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		10,172			(3,327	)		2,144			0			0			0			59			59			123
OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)
FUNDS FROM OPERATIONS & NET INCOME (LOSS)		10,343			(185	)		1,892			(1	)		2			0			114			115			117
COUSINS’ SHARE OF OTHER:
REVENUES LESS OPERATING EXPENSES		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)
INTEREST EXPENSE		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0
OTHER, NET		(42	)		(42	)		(74	)		(26	)		(25	)		(82	)		4			(129	)		0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		11,290			(107	)		(160	)		(72	)		(57	)		(129	)		(3	)		(261	)		(22	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,458	)		(19	)		(19	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		134,882			(41	)		0			16			(16	)		0			0			0			0
NET INCOME (LOSS)		142,714			(167	)		(179	)		(61	)		(78	)		(135	)		(8	)		(282	)		(27	)

COUSINS PROPERTIES INCORPORATED
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
COUSINS’ SHARE OF TEMCO ASSOCIATES:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		7,523			697			1,037			0			0			4			0			4			0
INTEREST EXPENSE		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)
OTHER, NET		125			(274	)		(234	)		(168	)		(212	)		(73	)		(109	)		(562	)		641
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(63	)		(5	)		(9	)		(5	)		(7	)		(26	)		(1	)
IMPAIRMENT LOSS		0			0			(22	)		0			0			(631	)		0			(631	)		0
FUNDS FROM OPERATIONS		7,502			284			586			(205	)		(253	)		(734	)		(146	)		(1,338	)		614
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(123	)		(45	)		(5	)		(9	)		5			(11	)		(20	)		(11	)
NET INCOME (LOSS)		7,388			161			541			(210	)		(262	)		(728	)		(157	)		(1,357	)		603
COUSINS’ SHARE OF CL REALTY, LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		6,629			1,736			2,795			335			178			228			192			933			546
INTEREST EXPENSE		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)
OTHER, NET		(137	)		(638	)		658			29			(343	)		(233	)		(103	)		(650	)		(276	)
IMPAIRMENT LOSS		0			0			(325	)		0			(2,619	)		0			0			(2,619	)		0
FUNDS FROM OPERATIONS		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		739			41			155			(5	)		32			(17	)		(152	)		(142	)		20
OTHER, NET		0			0			(1	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC:		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0
OTHER, NET		(155	)		(175	)		(27	)		(7	)		(7	)		0			0			(14	)		0
FUNDS FROM OPERATIONS		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0

	NOTES:
(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	Cousins Properties Services is the Company’s third-party management business which provides management, leasing and development of commercial office properties for third-party owners. Cousins Properties Services does not include management, leasing and development services for the Company’s joint venture properties or development fees associated with various other unrelated third parties.
(3)	Cousins’ share of income from unconsolidated joint ventures has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.
(4)	The Company recognizes a preferred return on its equity in Gateway Village. See Note 5 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2010

								Percent Leased
								(Fully Executed)						Economic Occupancy (a)
					Company’s			Prior			Current			Prior			Current
	Metropolitan		Rentable		Ownership			Quarter			Quarter			Quarter			Quarter
Property Description	Area	State	Square Feet		Interest			End			End			End			End
I. OFFICE OPERATING PROPERTIES
191 Peachtree Tower	Atlanta	Georgia		1,219,000		100.00	%		75	%		75	%		69	%		69	%
Gateway Village (b)	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%		100	%		100	%
The American Cancer Society Center	Atlanta	Georgia		993,000		100.00	%		83	%		86	%		83	%		83	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		94	%		93	%		94	%		92	%
One Georgia Center (b)	Atlanta	Georgia		376,000		88.50	%		95	%		95	%		95	%		95	%
Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		98	%		98	%		97	%		98	%
Ten Peachtree Place (b)	Atlanta	Georgia		260,000		50.00	%		94	%		94	%		94	%		94	%
Palisades West Building 1	Austin	Texas		216,000		50.00	%		100	%		100	%		100	%		100	%
The Points at Waterview	Dallas	Texas		203,000		100.00	%		93	%		94	%		93	%		94	%
Lakeshore Park Plaza (c)	Birmingham	Alabama		196,000		100.00	%		95	%		97	%		95	%		97	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		91	%		91	%		91	%		91	%
Palisades West Building 2	Austin	Texas		157,000		50.00	%		31	%		86	%		24	%		31	%
555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		96	%		96	%		96	%		96	%
333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		95	%		95	%		95	%		95	%
200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%		100	%		100	%
100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		89	%		91	%		89	%		89	%
600 University Park Place (c)	Birmingham	Alabama		123,000		100.00	%		97	%		97	%		97	%		97	%
Galleria 75	Atlanta	Georgia		111,000		100.00	%		57	%		65	%		57	%		54	%
Cosmopolitan Center	Atlanta	Georgia		84,000		100.00	%		88	%		90	%		88	%		90	%
Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		78	%		78	%		78	%		78	%
8995 Westside Parkway	Atlanta	Georgia		51,000		100.00	%		23	%		23	%		23	%		23	%
Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%		100	%		100	%
Total Office Operating Portfolio				6,888,000								88	%					85	%
OFFICE DEVELOPMENT PROPERTY
Terminus 200 (b)	Atlanta	Georgia		565,000		50.00%	(d)		9	%		10%	(e)		9	%		9	%
Total Office Development Portfolio				565,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,453,000

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2010

								Percent Leased
								(Fully Executed)						Economic Occupancy (a)
					Company’s			Prior			Current			Prior			Current
	Metropolitan		Rentable		Ownership			Quarter			Quarter			Quarter			Quarter
Property Description	Area	State	Square Feet		Interest			End			End			End			End
II. RETAIL OPERATING PROPERTIES
The Avenue Murfreesboro	Nashville	Tennessee		751,000		50.00	%		79	%		80	%		78	%		79	%
The Avenue Carriage Crossing (c)	Memphis	Tennessee		511,000		100.00	%		92	%		91	%		89	%		91	%
The Avenue Forsyth (b)	Atlanta	Georgia		472,000		88.50	%		67	%		70	%		66	%		67	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		98	%		98	%		80	%		89	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%		100	%		100	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		94	%		91	%		94	%		91	%
The Avenue Webb Gin	Atlanta	Georgia		322,000		100.00	%		87	%		88	%		84	%		84	%
The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		83	%		87	%		83	%		82	%
Tiffany Springs MarketCenter (b)	Kansas City	Missouri		238,000		88.50	%		75	%		79	%		74	%		78	%
The Avenue East Cobb	Atlanta	Georgia		230,000		11.50	%		95	%		95	%		95	%		93	%
San Jose MarketCenter	San Jose	California		213,000		100.00	%		99	%		99	%		97	%		97	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		96	%		94	%		96	%		94	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%		95	%		95	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		75	%		100	%		59	%		59	%
TOTAL RETAIL OPERATING PROPERTIES				4,621,000								85	%					83	%
III. INDUSTRIAL OPERATING PROPERTIES
King Mill Distribution Park — Building 3 (b)	Atlanta	Georgia		796,000		75.00	%		85	%		85	%		65	%		85	%
Lakeside Ranch Business Park — Building 20 (c)	Dallas	Texas		749,000		100.00	%		48	%		77	%		48	%		47	%
Jefferson Mill Business Park — Building A (b)	Atlanta	Georgia		459,000		75.00	%		0	%		0%	(f)		0	%		0	%
TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								64	%					51	%
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,078,000

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of March 31, 2010

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,453,000		6,038,000		60	%		88	%
Retail		4,621,000		2,283,000		23	%		85	%
Industrial		2,004,000		1,690,000		17	%		64	%
TOTAL		14,078,000		10,011,000		100	%
SUMMARY BY STATE
Georgia		8,544,000		6,589,000		66	%		80	%
Texas		1,325,000		1,139,000		11	%		83	%
Tennessee		1,262,000		887,000		9	%		86	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		97	%
California		370,000		229,000		2	%		99	%
Missouri		238,000		211,000		2	%		79	%
Florida		510,000		58,000		1	%		93	%
Virginia		376,000		39,000		1	%		100	%
		14,078,000		10,011,000		100	%

(a)	Economic Occupancy represents the percentage of a property’s square footage where rental revenue is being recognized. It excludes leases that are executed but whose term has not commenced.
(b)	This property is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate.
(c)	These properties are shown as 100% owned by the Company; however, they are owned in a joint venture with a third party who may receive a participation in operations and/or on sale of the property depending upon achievement of certain thresholds.
(d)	Subsequent to quarter end, the Company’s partner in the joint venture was replaced and the Company’s interest in the joint venture was reduced to 20%.
(e)	Subsequent to quarter end, this joint venture executed a new lease for the top five floors of this building.
(f)	Subsequent to quarter end, this joint venture executed a lease for 100% of the building.

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	First Quarter 2010 vs									3 Months
	Fourth Quarter 2009									2010 vs 2009
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		6.6	%		7.0	%		6.7	%		4.4	%		-1.6	%		2.0	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		7.8	%		7.9	%		7.8	%		5.8	%		-2.0	%		2.6	%

Note: The following properties are included in the same property portfolio:	Office
	191 Peachtree Tower	333 Northpoint Center East
	Gateway Village	200 Northpoint Center East
	The American Cancer Society Center	100 Northpoint Center East
	Terminus 100	600 University Park Place
	One Georgia Center	Galleria 75
	Emory University Hospital Midtown Medical Office Tower	Cosmopolitan Center
	Ten Peachtree Place	Presbyterian Medical Plaza
	The Points at Waterview	8995 Westside Parkway
	Lakeshore Park Plaza	Inhibitex
	Meridian Mark Plaza	Palisades West Building 1 (1Q to 4Q only)
	555 Northpoint Center East	Palisades West Building 2 (1Q to 4Q only)
	Retail
	The Avenue Murfreesboro	The Avenue East Cobb
	The Avenue Carriage Crossing	San Jose MarketCenter
	North Point MarketCenter	The Avenue Peachtree City
	Greenbrier MarketCenter	Viera MarketCenter
	The Avenue Viera	Los Altos MarketCenter
	The Avenue Webb Gin	The Avenue Forsyth (1Q to 4Q only)
	The Avenue West Cobb	Tiffany Springs MarketCenter (1Q to 4Q only)

(1)	Rental Property Revenues is Total Rental Property Revenues of the Company and its unconsolidated joint ventures.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2010

OFFICE

As of March 31, 2010, the Company’s office portfolio included 22 commercial office buildings, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these office buildings was approximately seven years as of March 31, 2010. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2019 &
	2010			2011			2012			2013			2014			2015			2016			2017			2018			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring		216,846			460,883			215,371			527,571			269,001			357,747			728,422			443,850			261,770			1,587,372			5,068,833
% of Leased Space		4	%		9	%		4	%		10	%		5	%		7	%		15	%		9	%		5	%		32	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,745		$	5,458		$	3,153		$	9,037		$	4,556		$	6,611		$	13,326		$	10,625		$	6,897		$	32,783		$	95,191
Annual Contractual Rent/Sq. Ft. (1)	$	12.66		$	11.84		$	14.64		$	17.13		$	16.94		$	18.48		$	18.29		$	23.94		$	26.35		$	20.65		$	18.78
Wholly Owned:
Square Feet Expiring		213,020			449,317			172,680			374,762			241,776			334,503			187,083			361,859			199,431			1,205,091			3,739,522	(2)
% of Leased Space		6	%		12	%		5	%		10	%		6	%		9	%		5	%		10	%		5	%		32	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,680		$	5,283		$	2,364		$	6,167		$	3,924		$	6,293		$	3,305		$	8,552		$	5,465		$	26,116		$	70,149
Annual Contractual Rent/Sq. Ft. (1)	$	12.58		$	11.76		$	13.69		$	16.46		$	16.23		$	18.81		$	17.66		$	23.63		$	27.40		$	21.67		$	18.76
Joint Venture:
Square Feet Expiring		4,612			25,094			106,398			291,116			52,320			33,364			1,079,059			163,981			122,850			545,063			2,423,857	(3)
% of Leased Space		0	%		1	%		4	%		12	%		2	%		2	%		45	%		7	%		5	%		22	%		100	%
Annual Contractual Rent (000’s) (1)	$	80		$	392		$	2,071		$	5,592		$	1,242		$	512		$	20,005		$	4,146		$	2,844		$	10,979		$	47,863
Annual Contractual Rent/Sq. Ft. (1)	$	17.36		$	15.61		$	19.46		$	19.21		$	23.74		$	15.34		$	18.54		$	25.29		$	23.15		$	20.14		$	19.75

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Rentable square feet leased as of March 31, 2010 out of approximately 4,387,000 total rentable square feet.
(3)	Rentable square feet leased as of March 31, 2010 out of approximately 2,501,000 total rentable square feet.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2010

RETAIL

As of March 31, 2010, the Company’s retail portfolio included 14 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of March 31, 2010. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2019 &
	2010			2011			2012			2013			2014			2015			2016			2017			2018			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		64,735			85,573			80,524			52,583			47,060			105,427			332,824			183,964			330,387			657,074			1,940,151
% of Leased Space		3	%		4	%		4	%		3	%		2	%		5	%		18	%		10	%		17	%		34	%		100	%
Annual Contractual Rent (000’s) (2)	$	679		$	2,225		$	1,785		$	1,326		$	1,121		$	2,613		$	8,646		$	5,419		$	7,565		$	11,065		$	42,444
Annual Contractual Rent/Sq. Ft. (2)	$	10.48		$	26.00		$	22.16		$	25.21		$	23.83		$	24.79		$	25.98		$	29.46		$	22.90		$	16.84		$	21.88
Wholly Owned:
Square Feet Expiring (1)		25,714			62,415			46,259			12,699			10,529			49,678			299,403			137,757			62,557			253,516			960,527	(3)
% of Leased Space		3	%		6	%		5	%		1	%		1	%		6	%		31	%		14	%		7	%		26	%		100	%
Annual Contractual Rent (000’s) (2)	$	351		$	1,838		$	1,080		$	329		$	278		$	1,471		$	7,934		$	4,438		$	1,613		$	3,133		$	22,465
Annual Contractual Rent/Sq. Ft. (2)	$	13.65		$	29.45		$	23.36		$	25.91		$	26.36		$	29.62		$	26.50		$	32.21		$	25.79		$	12.36		$	23.39
Joint Venture:
Square Feet Expiring (1)		151,356			216,954			294,189			171,424			200,858			327,638			203,031			238,163			463,543			866,488			3,133,644	(4)
% of Leased Space		5	%		7	%		9	%		5	%		6	%		11	%		6	%		8	%		15	%		28	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,144		$	3,549		$	5,842		$	4,381		$	4,438		$	6,497		$	4,061		$	5,068		$	10,148		$	14,381		$	60,509
Annual Contractual Rent/Sq. Ft. (2)	$	14.17		$	16.36		$	19.86		$	25.56		$	22.10		$	19.83		$	20.00		$	21.28		$	21.89		$	16.60		$	19.31

(1)	Certain leases contain termination options, with or without penalty, if co-tenancy clauses or sales volume levels are not achieved. The expiration date per the lease is used for these leases in the above table, although early termination is possible.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Gross leasable area leased as of March 31, 2010 out of approximately 1,046,000 total gross leasable area.
(4)	Gross leasable area leased as of March 31, 2010 out of approximately 3,575,000 total gross leasable area.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2010

INDUSTRIAL

As of March 31, 2010, the Company’s industrial portfolio included three buildings. The weighted average remaining lease term of these properties was approximately four years as of March 31, 2010. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2012			2015			2016			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		355,621			508,050			223,190			1,086,861
% of Leased Space		33	%		46	%		21	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,471		$	714		$	3,334
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	3.20		$	3.07
Joint Venture:
Square Feet Expiring		355,621			677,400			223,190			1,256,211	(2)
% of Leased Space		28	%		54	%		18	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,962		$	714		$	3,825
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	3.20		$	3.04

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Rentable square feet leased as of March 31, 2010 out of approximately 2,004,000 total rentable square feet.

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET OF TOTAL PORTFOLIO
As of March 31, 2010

			Percentage of Total
			Portfolio at the	Average Remaining Lease Term
	Tenant (1)	Product Type	Company’s Share (2)	(Years)
1.	Bank of America (3)	Office	5.5%	6.8
2.	Briggs & Stratton Corporation	Industrial	5.2%	5.0
3.	HD Supply	Industrial	3.7%	2.2
4.	Deloitte & Touche	Office	3.2%	14.2
5.	American Cancer Society	Office	2.8%	12.3
6.	Georgia Department of Transportation	Office	2.7%	9.3
7.	Owens & Minor Distribution, Inc	Industrial	2.3%	5.9
8.	US South Communications	Office	1.3%	1.0
9.	Internap Network Services	Office	1.2%	10.1
10.	AGL Services Company	Office	1.2%	3.0
11.	MedAssets Net Revenue Systems, LLC	Office	1.1%	5.0
12.	Dimensional Fund Advisors	Office	1.1%	13.5
13.	Bombardier Aerospace Corporation	Office	1.0%	2.9
14.	Georgia Lottery Corporation	Office	1.0%	13.3
15.	Barnes & Noble	Retail	1.0%	6.7
16.	Turner Broadcasting System, Inc.	Office	0.9%	1.2
17.	CB Richard Ellis	Office	0.9%	9.3
18.	Emory University	Office	0.8%	6.7
19.	Citigroup	Office	0.7%	8.5
20.	The Gap Inc.	Retail	0.7%	2.0
21.	Premiere Global Services, Inc.	Office	0.7%	8.4
22.	Limited Brands	Retail	0.7%	7.1
23.	KIDS II, Inc.	Office	0.7%	5.8
24.	Best Buy	Retail	0.6%	4.7
25.	PetSmart	Retail	0.6%	7.1
	Total leased square feet of Top 25 Largest Tenants		41.6%	7.1

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Percentages are based on square footage of all office, retail and industrial properties, whether operating, under development or in the lease-up stage.
(3)	The Company’s economic exposure for this tenant is limited through a joint venture arrangement to a fixed return of approximately $1.2 million per year.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of March 31, 2010

		Company’s			Developable					Cost
		Ownership			Land Area			Year		Basis
Description and Location	Zoned Use	Interest			(Acres)			Acquired		($000) (1)
COMMERCIAL INVESTMENTS
Round Rock Land Austin, TX	Retail and Commercial		100	%		60			2005	$	17,115	(2)
King Mill Distribution Park Suburban Atlanta, GA	Industrial		100	%		130	(3)		2005		17,092	(2)
Terminus Atlanta, GA	Mixed Use		100	%		4			2005		12,644	(2)
615 Peachtree Street Atlanta, GA	Mixed Use		100	%		2			1996		12,492	(2)
Wildwood Office Park Suburban Atlanta, GA	Office and Commercial		50	%		36			1971-1989		10,611
Jefferson Mill Business Park Suburban Atlanta, GA	Industrial and Commercial		100	%		127	(3)		2006		10,606	(2)
Land Adjacent to The Avenue Forsyth Suburban Atlanta, GA	Retail		94%	(4)		15			2007		10,446	(2)
Lakeside Ranch Business Park Dallas, TX	Industrial and Commercial		100%	(5)		48			2006		9,819	(2)
549 / 555 / 557 Peachtree Street Atlanta, GA	Mixed Use		100	%		1			2004 / 2009		8,794	(2)
North Point Suburban Atlanta, GA	Mixed Use		100	%		52			1970-1985		7,603	(2)
Research Park V Austin, TX	Commercial		100	%		6			1998		4,956	(2)
Lancaster Dallas, TX	Industrial		100%	(5)		47			2007		4,844	(2)
Land Adjacent to The Avenue Murfreesboro Suburban Nashville, TN	Retail		50	%		6			2006		2,050
Land Adjacent to The Avenue Carriage Crossing Suburban Memphis, TN	Retail		100%	(5)		2			2004		1,969	(2)
Wildwood Office Park Suburban Atlanta, GA	Mixed Use		100	%		23			1971-1989		995	(2)
Land Adjacent to The Avenue Webb Gin Suburban Atlanta, GA	Retail		100	%		2			2005		946	(2)
TOTAL COMMERCIAL INVESTMENTS						561					132,982

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of March 31, 2010

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000) (1)
RESIDENTIAL INVESTMENTS
Blalock Lakes Suburban Atlanta, GA	Residential		100	%		1,205		2008	$	9,650	(2)
Paulding County Suburban Atlanta, GA	Residential and Mixed Use		50	%		5,518		2005		6,579
Padre Island Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		5,773
Handy Road Associates, LLC Suburban Atlanta, GA	Large Lot Residential		50%	(5)		1,187		2004		5,342	(2)
Happy Valley Suburban Atlanta, GA	Residential		50	%		228		2003		827
Summer Creek Ranch Forth Worth, TX	Residential and Mixed Use		50	%		363		2002		—	(6)
Long Meadow Farms Houston, TX	Residential and Mixed Use		19	%		138		2002		—	(6)
Seven Hills Suburban Atlanta, GA	Residential and Mixed Use		50	%		112		2002-2005		—	(6)
Waterford Park Rosenberg, TX	Commercial		50	%		37		2005		—	(6)
Village Park McKinney, TX	Residential		50	%		2		2003-2005		—	(6)
TOTAL RESIDENTIAL INVESTMENTS						8,805				28,171
TOTAL LAND HELD						9,366			$	161,153

(1)	Cost Basis reflects the Company’s basis for consolidated properties and the Company’s share of the venture’s basis for joint venture properties. In some cases, the Company’s share of a venture’s basis may be different than the Company’s investment due to capitalization of costs and impairments at the Company’s investment level.
(2)	The cost basis of these consolidated properties aggregates to $135,313,000, as reflected on the Condensed Consolidated Balance Sheet.
(3)	A third party is scheduled to purchase 44 acres at King Mill Distribution Park during the second quarter 2010. This same third party has the option to purchase certain other tracts aggregating approximately 145 acres through June 30, 2011, under certain circumstances.
(4)	Ownership percentage reflects blended ownership. A portion of the developable land area is owned 100% by the Company and a portion is owned 88.5% by a consolidated joint venture.
(5)	This project is owned through a joint venture with a third party who has contributed equity, but the equity ownership and the allocation of the results of operations and/or gain on sale most likely will be disproportionate.
(6)	These residential communities have adjacent land that may be sold to third parties in large tracts for residential, multi-family or commercial development. The cost basis of these tracts and the lot inventory are included on the Inventory of Residential Lots schedule.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of March 31, 2010

		Estimated	Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining		Cost
	Year	Project Life	Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Basis
Description	Commenced	(In Years)	be Developed (1)		Inventory		Quarter		Date		Sold		Sold		($000) (2)(3)
Cousins Real Estate Corporation (Consolidated)
The Lakes at Cedar Grove	2001	14		906		73		—		—		702		204	$	5,100
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned) (4) (5)	2006	10		559		118		1		1		21		538		15,809
Harris County
Pine Mountain, GA
Blalock Lakes (5)	2006	14		154		86		—		—		17		137		38,259
Coweta County
Suburban Atlanta, GA
Longleaf at Callaway (5)	2002	9		138		13		—		—		125		13		384
Harris County
Pine Mountain, GA
River’s Call	1999	12		107		13		—		—		94		13		573
East Cobb County
Suburban Atlanta, GA
Tillman Hall	2008	4		29		24		1		1		5		24		2,769
Gwinnett County
Suburban Atlanta, GA
Total Consolidated				1,893		327		2		2		964		929		62,894
Temco Associates, LLC (50% owned) (6)
Bentwater	1998	13		1,676		5		—		—		1,671		5		16
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)	2003	21		1,385		259		—		—		288		1,097		23,490
Paulding County
Suburban Atlanta, GA
Seven Hills	2003	12		1,077		332		1		1		635		442		16,656
Paulding County
Suburban Atlanta, GA
Harris Place	2004	8		27		9		—		—		18		9		649
Paulding County
Suburban Atlanta, GA
Total Temco				4,165		605		1		1		2,612		1,553		40,811
CL Realty, L.L.C. (50% owned) (6)
Summer Creek Ranch	2003	21		2,568		187		—		—		796		1,772		22,983
Tarrant County
Fort Worth, TX
Long Meadow Farms (37.5% owned)	2003	12		2,106		144		7		7		614		1,492		13,546
Fort Bend County
Houston, TX
Bar C Ranch	2004	20		1,199		106		16		16		208		991		7,638
Tarrant County
Fort Worth, TX
Summer Lakes	2003	15		1,123		177		—		—		325		798		7,246
Fort Bend County
Rosenberg, TX

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of March 31, 2010

		Estimated	Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining			Cost
	Year	Project Life	Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Basis
Description	Commenced	(In Years)	be Developed (1)			Inventory			Quarter			Date			Sold			Sold			($000) (2)(3)
CL Realty, L.L.C., continued
Southern Trails (80% owned)	2005	11		1,027			113			22			22			394			633		$	19,656
Brazoria County
Pearland, TX
Village Park	2003	12		560			9			8			8			347			213			6,718
Collin County
McKinney, TX
Waterford Park	2005	7		493			—			—			—			—			493			8,567
Fort Bend County
Rosenberg, TX
Manatee River Plantation	2003	10		457			109			—			—			348			109			2,604
Manatee County
Tampa, FL
Stonewall Estates (50% owned)	2005	9		389			31			9			9			229			160			6,885
Bexar County
San Antonio, TX
Stillwater Canyon	2003	11		335			6			—			—			225			110			2,324
Dallas County
DeSoto, TX
Creekside Oaks	2003	10		301			152			24			24			149			152			3,854
Manatee County
Bradenton, FL
Village Park North	2005	10		189			8			—			—			71			118			2,337
Collin County
McKinney, TX
Bridle Path Estates	2004	10		87			—			—			—			—			87			3,074
Hillsborough County
Tampa, FL
West Park	2005	8		84			—			—			—			21			63			5,306
Cobb County
Suburban Atlanta, GA
Total CL Realty				10,918			1,042			86			86			3,727			7,191			112,738
Total				16,976			1,974			89			89			7,303			9,673		$	216,443
Company Share of Total				8,124			995			38			38			3,798			4,325		$	120,908
Company Weighted Average Ownership				48	%		50	%		43	%		43	%		52	%		45	%		56	%

(1)	This estimate represents the total projected development capacity for a development on owned land. The numbers shown include lots currently developed or to be developed over time, based on management’s current estimates, and lots sold to date from inception of development.
(2)	Includes cost basis of land tracts as detailed on the Inventory of Land Held schedule.
(3)	Cost Basis reflects the Company’s basis for consolidated properties and the venture’s basis for joint venture properties. In some cases, the Company’s share of a venture’s basis may be different than the Company’s investment due to capitalization of costs and impairments at the Company’s investment level.
(4)	Callaway Gardens is owned in a joint venture which is consolidated with the Company. The partner is entitled to a share of the profits after the Company’s capital is recovered.
(5)	All lots at Longleaf at Callaway and certain lots at Callaway Gardens and Blalock Lakes are sold to a homebuilding venture, of which the Company is a joint venture partner. As a result of this relationship, the Company defers some or all profits until houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of March 31, 2010, 127 houses have been sold by this venture.
(6)	The Company owns 50% of Temco Associates, LLC and CL Realty, L.L.C. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 for a description of these entities.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF MULTI-FAMILY UNITS HELD FOR SALE
As of March 31, 2010

	Total
	Units		Units Sold		Units Sold		Total		Remaining		Cost
	Developed /		in Current		Year to		Units		Units to be		Basis
	Purchased		Quarter		Date		Sold		Sold		($000)
10 Terminus Place (1)		137		19		19		74		63	$	19,314
Atlanta, GA
60 North Market (2)		28		2		2		25		3		1,981
Asheville, NC
TOTAL CONSOLIDATED MULTI-FAMILY UNITS		165		21		21		99		66	$	21,295

(1)	The total units sold does not include four units that closed but do not qualify as sales pursuant to accounting rules.
(2)	The project includes 9,224 square feet of for-sale commercial retail space. The commercial units are not included in the unit totals above but are included in the cost basis.

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF MARCH 31, 2010
($ in thousands)

									Rate			Company’s		Company’s		Total		Weighted
	Total		Ownership			Maturity			End of			Share		Share		Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage			Date			Quarter			Recourse		Non-Recourse (1)		Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 1.75%-2.25%)	$	40,000		100	%		8/29/2011			5.00%	(2)	$	40,000	$	—	$	40,000
UNSECURED TERM LOAN		100,000		100	%		8/29/2012			7.01%	(3)		100,000				100,000
TERMINUS 100 (INTEREST ONLY)		180,000		100	%		10/1/2012			6.13	%		5,000		175,000		180,000
THE AMERICAN CANCER SOCIETY CENTER (INTEREST ONLY UNTIL 10/1/2011) (4)		136,000		100	%		9/1/2017			6.45	%				136,000		136,000
333/555 NORTH POINT CENTER EAST		27,074		100	%		11/1/2011			7.00	%		27,074				27,074
100/200 NORTH POINT CENTER EAST (INTEREST ONLY UNTIL 7/1/2010)		25,000		100	%		6/1/2012			5.39	%				25,000		25,000
MERIDIAN MARK PLAZA		22,153		100	%		9/1/2010			8.27	%				22,153		22,153
LAKESHORE PARK PLAZA		17,815		100	%		8/1/2012			5.89	%				17,815		17,815
THE POINTS AT WATERVIEW		16,918		100	%		1/1/2016			5.66	%				16,918		16,918
600 UNIVERSITY PARK		12,477		100	%		8/10/2011			7.38	%				12,477		12,477
HANDY ROAD ASSOCIATES (PRIME + 1.0%, NOT LESS THAN 6%)		3,374		50	%		3/30/2011			6.00	%				3,374		3,374
VARIOUS		168		100	%	VARIOUS			VARIOUS						168		168
TOTAL CONSOLIDATED		580,979								6.36	%		172,074		408,905		580,979		3.5
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		113,254		50	%		7/20/2010			1.40	%		26,220		30,407		56,627
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		77,443		50	%		6/6/2011	(5)		1.90	%		17,250		21,472		38,722
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		49,463		50	%		6/1/2013			5.90	%				24,732		24,732
THE AVENUE EAST COBB		35,092		11.5	%		8/1/2010			8.39	%				4,036		4,036
TEN PEACHTREE PLACE		27,204		50	%		4/1/2015			5.39	%				13,602		13,602
PINE MOUNTAIN BUILDERS (LIBOR + 4%, NOT LESS THAN 5%)		1,819		50	%		6/11/2011			5.00	%				910		910
TEMCO:
BENTWATER LINKS (LIBOR + 6.5%)		3,028		50	%		5/23/2012			6.75	%				1,514		1,514
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		1,433		50	%		8/22/2010			4.75	%				717		717
WATERFORD PARK (PRIME + 1.5%)		1,282		50	%		5/8/2010	(6)		4.75	%				641		641
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		528		50	%		3/28/2011			2.50	%				264		264
TOTAL UNCONSOLIDATED		310,546								3.01	%		43,470		98,295		141,765		1.5
TOTAL ADJUSTED DEBT	$	891,525								5.70	%	$	215,544	$	507,200	$	722,744		3.1
INVESTMENT ENTITY DEBT (7)
CHARLOTTE GATEWAY VILLAGE	$	106,911		50	%		12/1/2016			6.41	%	$	—	$	53,456	$	53,456
CL REALTY:
STONEWALL ESTATES (PRIME)		114		25	%		5/31/2010			3.25	%				29		29
TOTAL INVESTMENT ENTITY DEBT		107,025								6.41	%		—		53,485		53,485		6.7
TOTAL	$	998,550								5.75	%	$	215,544	$	560,685	$	776,229		3.3

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	The interest rate on this instrument is LIBOR plus a spread of 1.75% to 2.25%, based on certain calculations. The Company has an interest rate swap which effectively fixes $40 million of LIBOR-based floating rate debt at 2.995%. The rate at the end of the quarter represents the swap rate plus a spread of 2.00%. This loan may be extended for one year, provided certain conditions are met.
(3)	The interest rate on this instrument is LIBOR plus a spread of 1.75% to 2.25%, based on certain calculations. The Company entered into an interest rate swap that effectively fixes the underlying LIBOR rate at 5.01%. Rate at the end of the quarter represents the swap rate plus a spread of 2.00%.
(4)	The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.
(5)	Subsequent to quarter end, the loan was amended and the amount outstanding was reduced by payment of guarantees by the Company and its partner. The term was extended, the amount available was reduced and the spread over LIBOR increased to 2.50%. In addition, the joint venture was restructured, the Company’s partner was replaced and the Company’s interest in the joint venture was reduced to 20%. The Company and the new partner made capital contributions which further reduced the principal balance. As of May 5, 2010 the outstanding principal balance was $37.8 million.
(6)	An extension of this loan is currently under negotiation.
(7)	An investment entity is defined as an entity where the Company (a) has a fixed commitment to the venture, (b) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings and (c) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenant calculations in the Company’s credit facility.

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2010 Compared to Fourth Quarter 2009
(in thousands, except percentages)

	Same Property																										Non-Same						All Properties
	Office									Retail								Total
	Q4 2009			Q1 2010			% Change			Q4 2009		Q1 2010			% Change			Q4 2009			Q1 2010			% Change			Q4 2009			Q1 2010			Q4 2009			Q1 2010
RENTAL PROPERTY REVENUES	$	41,918		$	42,239					$	23,854	$	24,858					$	65,772		$	67,097					$	1,130		$	1,205		$	66,902		$	68,302
RENTAL PROPERTY OPERATING EXPENSES		18,086			16,844						7,876		7,761						25,962			24,605						553			547			26,515			25,152
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	23,832		$	25,395			6.6	%	$	15,978	$	17,097			7.0	%	$	39,810		$	42,492			6.7	%	$	577		$	658		$	40,387		$	43,150
RENTAL PROPERTY REVENUES	$	41,918		$	42,239					$	23,854	$	24,858					$	65,772		$	67,097					$	1,130		$	1,205		$	66,902		$	68,302
Less: STRAIGHT-LINE RENTS		1,465			1,258						639		571						2,104			1,829						(5	)		38			2,099			1,867
AMORTIZATION OF LEASE INDUCEMENTS		(283	)		(295	)					0		(18	)					(283	)		(313	)					(10	)		(10	)		(293	)		(323	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		7			20						0		0						7			20						0			0			7			20
CASH BASIS RENTAL PROPERTY REVENUES (1)		40,729			41,256						23,215		24,305						63,944			65,561						1,145			1,177			65,089			66,738
RENTAL PROPERTY OPERATING EXPENSES		18,086			16,844						7,876		7,761						25,962			24,605						553			547			26,515			25,152
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	22,643		$	24,412			7.8	%	$	15,339	$	16,544			7.9	%	$	37,982		$	40,956			7.8	%	$	592		$	630		$	38,574		$	41,586
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	41,918		$	42,239					$	23,854	$	24,858					$	65,772		$	67,097					$	1,130		$	1,205		$	66,902		$	68,302
RENTAL PROPERTY OPERATING EXPENSES		18,086			16,844						7,876		7,761						25,962			24,605						553			547			26,515			25,152
	$	23,832		$	25,395					$	15,978	$	17,097					$	39,810		$	42,492					$	577		$	658		$	40,387		$	43,150
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	19,862		$	22,029
DISCONTINUED OPERATIONS (3)																																		0			0
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		4,904			4,952
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		24,766			26,981
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		15,621			16,169
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																	$	40,387		$	43,150

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.
(2)	See reconciliation (C) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Three Months 2010 Compared to Three Months 2009
(in thousands, except percentages)

	Same Property																										Non-Same						All Properties
	Office									Retail								Total
	3M 2009			3M 2010			% Change			3M 2009		3M 2010			% Change			3M 2009			3M 2010			% Change			3M 2009			3M 2010			3M 2009			3M 2010
RENTAL PROPERTY REVENUES	$	39,252		$	38,924					$	22,656	$	21,445					$	61,908		$	60,369					$	6,968		$	7,933		$	68,876		$	68,302
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,959						7,647		6,677						24,900			22,636						2,339			2,516			27,239			25,152
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	21,999		$	22,965			4.4	%	$	15,009	$	14,768			-1.6	%	$	37,008		$	37,733			2.0	%	$	4,629		$	5,417		$	41,637		$	43,150
RENTAL PROPERTY REVENUES	$	39,252		$	38,924					$	22,656	$	21,445					$	61,908		$	60,369					$	6,968		$	7,933		$	68,876		$	68,302
Less: STRAIGHT-LINE RENTS		1,204			948						298		376						1,502			1,324						391			540			1,893			1,864
AMORTIZATION OF LEASE INDUCEMENTS		(248	)		(295	)					7		(12	)					(241	)		(307	)					(10	)		(16	)		(251	)		(323	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(19	)		20						0		0						(19	)		20						0			0			(19	)		20
CASH BASIS RENTAL PROPERTY REVENUES (1)		38,315			38,251						22,351		21,081						60,666			59,332						6,587			7,409			67,253			66,741
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,959						7,647		6,677						24,900			22,636						2,339			2,516			27,239			25,152
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	21,062		$	22,292			5.8	%	$	14,704	$	14,404			-2.0	%	$	35,766		$	36,696			2.6	%	$	4,248		$	4,893		$	40,014		$	41,589
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	39,252		$	38,924					$	22,656	$	21,445					$	61,908		$	60,369					$	6,968		$	7,933		$	68,876		$	68,302
RENTAL PROPERTY OPERATING EXPENSES		17,253			15,959						7,647		6,677						24,900			22,636						2,339			2,516			27,239			25,152
	$	21,999		$	22,965					$	15,009	$	14,768					$	37,008		$	37,733					$	4,629		$	5,417		$	41,637		$	43,150
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	20,196		$	22,029
DISCONTINUED OPERATIONS (3)																																		(7	)		0
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		4,838			4,952
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		25,027			26,981
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		16,610			16,169
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL
PROPERTY OPERATING EXPENSES																																	$	41,637		$	43,150

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.
(2)	See reconciliation (C) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
(A	)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
		TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS		12,355			18,145			15,984			676			718			1,884			1,881			5,159			928
		SECOND GENERATION BUILDING IMPROVEMENTS		1,066			834			8,048			2,855			3,030			182			2,458			8,525			109
				13,421			18,979			24,032			3,531			3,748			2,066			4,339			13,684			1,037
		TOTAL BY SEGMENT:
		OFFICE:
		SECOND GENERATION LEASING RELATED COSTS		9,332			18,130			15,984			676			705			656			707			2,744			334
		SECOND GENERATION BUILDING IMPROVEMENTS		1,066			834			8,048			2,855			3,030			182			2,458			8,525			594
				10,398			18,964			24,032			3,531			3,735			838			3,165			11,269			928
		RETAIL:
		SECOND GENERATION LEASING RELATED COSTS		3,023			15			0			0			13			1,228			1,174			2,415			109
		SECOND GENERATION BUILDING IMPROVEMENTS		0			0			0			0			0			0			0			0			0
				3,023			15			0			0			13			1,228			1,174			2,415			109
		TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		13,421			18,979			24,032			3,531			3,748			2,066			4,339			13,684			1,037
(B	)	ADJUSTED DEBT:
		CONSOLIDATED DEBT		315,149			676,189			942,239			945,269			943,792			700,700			590,208			590,208			580,979
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		172,085			170,166			196,874			201,948			204,502			198,501			197,055			197,055			195,250
		TOTAL DEBT INCLUDING SHARE OF JV’S		487,234			846,355			1,139,113			1,147,217			1,148,294			899,201			787,263			787,263			776,229
		SHARE OF INVESTMENT ENTITY DEBT		(110,718	)		(72,873	)		(65,160	)		(63,166	)		(61,501	)		(59,639	)		(55,100	)		(55,100	)		(53,485	)
		ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744
		RECOURSE DEBT		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544
		NON-RECOURSE DEBT		149,661			567,824			582,350			581,655			505,854			504,904			509,656			509,656			507,200
		ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744
(C	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
		OFFICE CONSOLIDATED PROPERTIES		30,065			45,738			65,730			13,742			15,207			15,143			13,137			57,229			14,700
		RETAIL CONSOLIDATED PROPERTIES		20,402			18,736			23,584			6,130			6,334			5,702			6,231			24,397			6,778
		INDUSTRIAL CONSOLIDATED PROPERTIES		405			1,949			1,542			355			369			400			444			1,568			533
		OTHER RENTAL OPERATIONS — CONSOLIDATED		203			82			(69	)		(31	)		26			(15	)		50			30			18
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		51,075			66,505			90,787			20,196			21,936			21,230			19,862			83,224			22,029
		RENTAL PROPERTY REVENUES		85,031			112,645			147,394			37,509			37,095			38,632			36,553			149,789			37,213
		RENTAL PROPERTY OPERATING EXPENSES		(33,956	)		(46,139	)		(56,607	)		(17,313	)		(15,159	)		(17,402	)		(16,691	)		(66,565	)		(15,184	)
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		51,075			66,506			90,787			20,196			21,936			21,230			19,862			83,224			22,029
(D	)	INCOME FROM DISCONTINUED OPERATIONS:
		RENTAL PROPERTY REVENUES		23,766			836			35			(5	)		0			3			0			(2	)		0
		LEASE TERMINATION FEES & OTHER INCOME		3,155			112			22			0			0			0			0			0			0
		RENTAL PROPERTY OPERATING EXPENSES		(10,257	)		(1,516	)		(668	)		(2	)		0			0			0			(2	)		0
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL
		PROPERTY OPERATING EXPENSES		16,664			(568	)		(611	)		(7	)		0			3			0			(4	)		0
		PROVISION FOR INCOME TAXES		(2	)		0			0			0			0			0			0			0			0
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(25	)		(19	)		0			0			0			0			0			0
		FUNDS FROM OPERATIONS		16,662			(593	)		(630	)		(7	)		0			3			0			(4	)		0
		DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(12,866	)		(821	)		(467	)		0			0			0			0			0			0
		INCOME FROM DISCONTINUED OPERATIONS		3,796			(1,414	)		(1,097	)		(7	)		0			3			0			(4	)		0

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
(E	)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER
		INVESTMENT PROPERTY SALES AND COST OF SALES:
		CONSOLIDATED:
		RESIDENTIAL LOT AND OUTPARCEL SALES — CONSOLIDATED:
		LOT SALES		10,497			6,949			2,143			748			553			50			395			1,746			390
		OUTPARCEL SALES		6,788			3,000			4,850			1,800			2,775			1,100			0			5,675			13,429
		TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES		17,285			9,949			6,993			2,548			3,328			1,150			395			7,421			13,819
		RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — CONSOLIDATED:
		LOT COST OF SALES		7,620			5,825			1,316			512			373			50			330			1,265			260
		OUTPARCEL COST OF SALES		5,132			1,983			2,460			1,218			1,650			929			(39	)		3,758			8,836
		TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES		12,752			7,808			3,776			1,730			2,023			979			291			5,023			9,096
		TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697
		OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0
		RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET -CONSOLIDATED		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420
		SUMMARY — CONSOLIDATED:
		LOT SALES NET OF COST OF SALES		2,877			1,124			827			236			180			0			65			481			130
		OUTPARCEL SALES NET OF COST OF SALES		1,656			1,017			2,390			582			1,125			171			39			1,917			4,593
		TRACT SALES NET OF COST OF SALES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697
		OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0
		TOTAL CONSOLIDATED SALES, NET		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420
		JOINT VENTURES:
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES — JOINT VENTURES:
		LOT SALES		38,676			8,718			3,739			790			1,835			859			674			4,158			1,675
		OUTPARCEL SALES		0			0			0			0			0			0			0			0			516
		TRACT SALES		14,235			1,355			4,158			617			0			5			36			658			61
		TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		52,911			10,073			7,897			1,407			1,835			864			710			4,816			2,252
		RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES — JOINT VENTURES:
		LOT COST OF SALES		30,459			6,896			2,944			695			1,625			648			659			3,627			1,155
		OUTPARCEL COST OF SALES		0			0			0			0			0			0			0			0			430
		TRACT COST OF SALES		7,560			704			966			382			0			1			11			394			15
		TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES		38,019			7,600			3,910			1,077			1,625			649			670			4,021			1,600
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET -JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652
		SUMMARY — JOINT VENTURES:
		LOT SALES NET OF COST OF SALES		8,217			1,822			795			95			210			211			15			531			520
		OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86
		TRACT SALES NET OF COST OF SALES		6,675			651			3,192			235			0			4			25			264			46
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET — SHARE OF JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652
		TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES, NET OF COST OF SALES		33,773			17,775			17,815			1,357			2,261			735			83			4,436			6,072
(F	)	MULTI-FAMILY SALES AND COST OF SALES:
		CONSOLIDATED:
		MULTI-FAMILY SALES — CONSOLIDATED:
		MULTI-FAMILY SALES		23,134			20			8,444			0			1,185			9,228			20,428			30,841			10,146
		MULTI-FAMILY COST OF SALES		(19,403	)		124			(7,330	)		0			(1,185	)		(7,372	)		(17,072	)		(25,629	)		(7,970	)
		MULTI-FAMILY SALES — CONSOLIDATED, NET		3,731			144			1,114			0			0			1,856			3,356			5,212			2,176
		JOINT VENTURES:
		MULTI-FAMILY SALES — JOINT VENTURES:
		MULTI-FAMILY SALES		56,734			(66	)		23,291			0			0			0			175			175			389
		MULTI-FAMILY COST OF SALES		(46,562	)		(3,261	)		(21,147	)		0			0			0			(116	)		(116	)		(266	)
		OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)
		MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		10,343			(185	)		1,892			(1	)		2			0			114			115			117
		TOTAL MULTI-FAMILY FFO		14,074			(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
($ in thousands)

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009 YTD			2010 1st
(G	)	INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
		OPERATING EXPENSES:
		OFFICE PROPERTIES		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976
		RETAIL PROPERTIES		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
		OPERATING EXPENSES		24,844			11,828			14,879			4,838			4,978			4,916			4,904			19,636			4,952
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET OF COST OF SALES		14,892			2,473			3,987			330			210			215			40			795			652
		MULTI-FAMILY SALES, NET OF COST OF SALES		10,343			(185	)		1,892			(1	)		2			0			114			115			117
		INTEREST EXPENSE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)
		OTHER EXPENSE		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392
		IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)
		FUNDS FROM OPERATIONS — UNCONSOLIDATED JOINT VENTURES		46,285			9,481			16,137			3,940			945			(17,744	)		3,962			(8,897	)		5,208
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		135,618			1,186			0			28			(16	)		0			0			12			0
		DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)
		NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		173,084			6,096			9,721			1,820			(1,231	)		(19,926	)		1,698			(17,639	)		2,920

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     The Company uses non-GAAP financial measures in its filings and other public disclosures. These non-GAAP financial measures are defined below. For oral presentations, reconciliations to the most directly comparable GAAP measure may be accessed through the “Quarterly Disclosures” link and the “Supplemental SEC Information” link on the Investor Relations page of the Company’s website, www.cousinsproperties.com.

     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.

     “Adjusted Debt” is defined as the Company’s debt and the Company’s pro rata share of unconsolidated joint venture debt, excluding debt related to Investment Entities. Investment Entities are unconsolidated joint ventures where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings, and (3) is not the managing member of the venture. Investment Entity debt is not included in any of the financial covenant calculations in the Company’s credit facility. Adjusted Debt is useful as a measure of the Company’s ability to meet its debt obligations and to borrow additional funds.

     “Fixed Charges Ratio” represents the ratio of EBITDA, as defined in the Company’s Credit Agreement, to Fixed Charges, as defined. EBITDA generally represents net income before interest, taxes, depreciation and amortization, subject to various adjustments. Fixed Charges generally represents interest expense, preferred dividends and ground lease payments. Both EBITDA and Fixed Charges include the proportionate share of the Company’s unconsolidated entities.

     “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 of FFO, which is net income (loss) available to common stockholders (computed in accordance with accounting principles generally accepted in the United States

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

(“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, 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, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

     “Funds From Operations, Excluding Loss on Extinguishment of Certain Debt” is FFO adjusted to exclude loss on extinguishment of debt associated with property sales, which the Company has presented in the year ended December 31, 2006 in addition to NAREIT-defined FFO. During 2006, the Company contributed The Avenue East Cobb to CP Venture Five, LLC, one of the ventures formed with the Prudential Insurance Company of America. The Avenue East Cobb was encumbered by a mortgage note payable, which was marked-to-market upon contribution to the venture. The Company recorded 88.5%, the extent of outside ownership in the venture, of the debt mark-to-market adjustment, approximately $2.8 million, as a loss on extinguishment of debt. Also during 2006, in conjunction with the sale of Bank of America Plaza, CSC Associates, L.P. (“CSC”) repaid the non-recourse mortgage note payable on the building. The Company was obligated to CSC to fund this repayment and an additional defeasance charge. The defeasance charge and the unamortized balance of closing costs related to the origination of the note, approximately $15.4 million in the aggregate, were recorded as loss on extinguishment of debt in 2006. NAREIT-defined FFO includes losses on extinguishment of debt in the FFO calculation. The Company believes the charges in 2006 relate to the sale or exchange of real estate and should be excluded from FFO to provide the user with a clearer picture of ongoing funds from operations.

     “Leverage Ratio” represents the calculation of Debt to Total Assets, as defined in the Company’s Credit Agreement. Both Debt and Total Assets include the proportionate share of the Company’s unconsolidated entities.

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     “Rental Property Revenues Less Rental Property Operating Expenses” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Like FFO, 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 this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

     “Same-Property Growth” represents the percentage change in Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Rental Property Revenues includes rental property revenues of the Company and its unconsolidated joint ventures. Cash Basis Rental Property Revenues excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. Same Properties include those properties that have been fully operational in each of the comparable reporting periods. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.