Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended June 30, 2010

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	5
Funds From Operations	6
Condensed Consolidated Balance Sheets	7
Key Ratios and Supplemental Information	8
Net Income (Loss) and Funds From Operations – Supplemental Detail	9
Portfolio Listing	16
Same Property Information	19
Square Feet Expiring:
Office	20
Retail	21
Industrial	22
Top 25 Largest Tenants	23
Inventory of Land Held	24
Inventory of Residential Lots	26
Inventory of Multi-Family Units Held for Sale	28
Debt Outstanding	29
Reconciliations of Non-GAAP Financial Measures	30
Discussion of Non-GAAP Financial Measures	35

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

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED JUNE 30, 2010

          ATLANTA (August 9, 2010) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and six months ended June 30, 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 $7.9 million, or $0.08 per share, for the second quarter of 2010, compared with $(64.9) million, or $(1.26) per share, for the second quarter of 2009. FFO was $21.9 million, or $0.22 per share, for the six months ended June 30, 2010, compared with $(57.3) million, or $(1.11) per share, for the same period in 2009.

          Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(8.6) million, or $(0.09) per share, for the quarter ended June 30, 2010, compared with $(81.3) million, or $(1.58) per share, for the second quarter of 2009. Net Income (Loss) Available was $(10.2) million, or $(0.10) per share, for the six months ended June 30, 2010, compared with $79.3 million, or $1.54 per share, for the same period in 2009.

          FFO and Net Loss Available for the second quarter of 2010 were both reduced by $2.5 million of non-cash impairment and predevelopment charges itemized below. Before these charges, FFO for the second quarter of 2010 would have been $10.4 million, or $0.10 per share.

          FFO and Net Loss Available for the second quarter of 2009 were both reduced by $88.3 million of certain separation and non-cash impairment and valuation charges. Additionally, FFO and Net Income (Loss) Available for the three- and six-month 2009 periods included a $12.5 million gain on extinguishment of debt, and Net Income Available for the six month 2009 period included the recognition of a deferred gain of $167 million related to a joint venture transaction with Prudential.

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

CUZ Reports Second Quarter Results
Page 2
August 9, 2010

          A reconciliation of FFO and Net Loss Available before non-cash impairment and predevelopment charges is as follows:

	2nd Quarter 2010						Six Months 2010
	$(000)			Per Share			$(000)			Per Share
FFO Before Certain Charges	$	10,430		$	0.10		$	24,410		$	0.24
Non-Cash Impairment and Predevelopment Charges:
Impairment on 60 North Market		(586	)					(586	)
Write-off of Predevelopment Project		(1,949	)					(1,949	)
Total		(2,535	)					(2,535	)
FFO	$	7,895		$	0.08		$	21,875		$	0.22
Net Loss Available Before Certain Charges	$	(6,060	)	$	(0.06	)	$	(7,633	)	$	(0.08	)
Non-Cash Impairment and Predevelopment Charges		(2,535	)					(2,535	)
Net Loss Available	$	(8,595	)	$	(0.09	)	$	(10,168	)	$	(0.10	)

          Second quarter highlights included the following:

• Restructured the Terminus 200 venture, resulting in the full payment of the Company’s loan guarantee, a reduction of the Company’s ownership from 50% to 20%, a change in the Company’s venture partner and an extension of the construction loan.

• Closed the sale of 22 units at 10 Terminus Place for $7.9 million, generating FFO of approximately $1.8 million.

• Sold 44 acres of land at King Mill Distribution Park for $7.0 million, generating FFO of approximately $876,000.

• Sold 5.8 acres of land at North Point/Westside for $850,000, generating FFO of approximately $134,000.

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CUZ Reports Second Quarter Results
Page 3
August 9, 2010

•	Extended the loan on The Avenue Murfreesboro, a 751,000-square-foot open air retail center in suburban Nashville, to July 2013.
•	Executed a 459,000-square-foot lease at Jefferson Mill Business Park, bringing this building to 100% leased.
•	Executed leases for 150,000 square feet at Terminus 200.
•	Executed or renewed leases covering an additional 171,000 square feet of office space and 143,000 square feet of retail space.
	Other highlights subsequent to quarter end included the following:
•	Sold San Jose MarketCenter, a 213,000-square-foot power center located in a non-core market, for $85 million, generating an estimated net gain of $6.5 million.
•	Obtained a new 10-year, $27 million loan at an interest rate of 6% secured by Meridian Mark Plaza, a 160,000-square-foot medical office building in Atlanta, that repaid a $22 million loan scheduled to mature in September 2010 at an interest rate of 8.27%.
•	Repaid the Company’s $100 million term loan and eliminated the interest rate swap associated with the term loan for a cost of approximately $9 million. Repayment of this loan correspondingly increased the Company’s borrowing capacity under its credit facility.
•	Executed a 52,000-square-foot lease at 191 Peachtree.

          At June 30, 2010, the Company’s portfolio of operational office buildings was 89% leased, its portfolio of operational retail centers was 86% leased and its operational industrial buildings were 85% leased.

          “We continue to make significant progress in each of our key areas of focus; particularly the lease up of vacant space and further strengthening of our balance sheet,” said Larry Gellerstedt, CEO of Cousins. “In the quarters ahead, we will remain intently focused on leasing, sales, fee income and balance sheet improvement while positioning Cousins for potential investment opportunities.”

          The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, are attached to this press release. More detailed information on Net Income (Loss) Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “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, August 10, 2010, to discuss the results of the quarter ended June 30, 2010. The number to call for this interactive teleconference is (212) 231-2907. A replay of the conference call will be available for 14 days by dialing

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CUZ Reports Second Quarter Results
Page 4
August 9, 2010

(402) 977-9140 and entering the passcode 21476773. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q2 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.

          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						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
REVENUES:
Rental property revenues	$	35,992		$	34,573		$	70,799		$	69,554
Fee income		8,213			8,172			16,551			16,216
Multi-family residential unit sales		7,943			1,185			18,089			1,185
Residential lot and outparcel sales		316			3,328			14,135			5,876
Other		171			1,239			295			2,218
		52,635			48,497			119,869			95,049
COSTS AND EXPENSES:
Rental property operating expenses		15,393			14,358			30,054			30,836
Multi-family residential unit cost of sales		6,108			1,185			14,078			1,185
Residential lot and outparcel cost of sales		275			2,023			9,371			3,753
General and administrative expenses		8,589			9,948			18,539			19,366
Separation expenses		33			2,026			101			2,370
Reimbursed general and administrative expenses		3,591			4,030			8,009			8,258
Depreciation and amortization		14,372			14,804			27,693			27,290
Interest expense		10,286			10,281			20,067			19,485
Impairment loss		586			36,500			586			36,500
Other		3,197			4,432			4,525			5,978
		62,430			99,587			133,023			155,021
LOSS ON EXTINGUISHMENT OF DEBT		—			—			(592	)		—
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(9,795	)		(51,090	)		(13,746	)		(59,972	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		(14	)		(11,293	)		1,132			(7,352	)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		2,394			(1,231	)		5,314			589
Impairment loss on investment in unconsolidated joint ventures		—			(28,130	)		—			(28,130	)
		2,394			(29,361	)		5,314			(27,541	)
LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(7,415	)		(91,744	)		(7,300	)		(94,865	)
GAIN ON SALE OF INVESTMENT PROPERTIES		1,061			801			1,817			168,235
INCOME (LOSS) FROM CONTINUING OPERATIONS		(6,354	)		(90,943	)		(5,483	)		73,370
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		1,570			911			2,879			808
Gain on extinguishment of debt		—			12,498			—			12,498
Gain on sale of investment properties		—			146			—			146
		1,570			13,555			2,879			13,452
NET INCOME (LOSS)		(4,784	)		(77,388	)		(2,604	)		86,822
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(584	)		(698	)		(1,110	)		(1,110	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		(5,368	)		(78,086	)		(3,714	)		85,712
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,227	)		(6,454	)		(6,454	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(8,595	)	$	(81,313	)	$	(10,168	)	$	79,258
PER COMMON SHARE INFORMATION — BASIC AND DILUTED:
Income (loss) from continuing operations	$	(0.10	)	$	(1.84	)	$	(0.13	)	$	1.28
Income from discontinued operations		0.02			0.26			0.03			0.26
Net income (loss) available to common shareholders — basic and diluted	$	(0.09	)	$	(1.58	)	$	(0.10	)	$	1.54
DIVIDENDS DECLARED PER COMMON SHARE	$	0.09		$	0.25		$	0.18		$	0.50
WEIGHTED AVERAGE SHARES — BASIC AND DILUTED		101,001			51,615			100,538			51,483

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Net Income (Loss) Available to Common Stockholders	$	(8,595	)	$	(81,313	)	$	(10,168	)	$	79,258
Depreciation and amortization:
Consolidated properties		14,372			14,804			27,693			27,290
Discontinued properties		192			577			766			1,147
Share of unconsolidated joint ventures		2,453			2,174			4,747			4,332
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(462	)		(934	)		(1,029	)		(1,898	)
Discontinued properties		(1	)		(4	)		(5	)		(8	)
Share of unconsolidated joint ventures		(5	)		(14	)		(11	)		(24	)
(Gain) loss on sale of investment properties:
Consolidated		(1,061	)		(801	)		(1,817	)		(168,235	)
Discontinued properties		—			(146	)		—			(146	)
Share of unconsolidated joint ventures		—			16			—			(12	)
Gain on sale of undepreciated investment properties		1,002			746			1,699			955
Funds From Operations Available to Common Stockholders	$	7,895		$	(64,895	)	$	21,875		$	(57,341	)
Per Common Share — Basic and Diluted:
Net Income (Loss) Available	$	(.09	)	$	(1.58	)	$	(.10	)	$	1.54
Funds From Operations	$	.08		$	(1.26	)	$	.22		$	(1.11	)
Weighted Average Shares — Basic and Diluted		101,001			51,615			100,538			51,483

     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, investors and the Company 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.

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

	June 30, 2010			December 31, 2009
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $251,250 and $233,091 in 2010 and 2009, respectively	$	911,954		$	1,006,760
Land held for investment or future development		126,149			137,233
Residential lots		63,496			62,825
Multi-family units held for sale		15,050			28,504
Total properties		1,116,649			1,235,322
OPERATING PROPERTY AND RELATED ASSETS HELD FOR SALE, net of accumulated depreciation of $8,201		78,475			—
CASH AND CASH EQUIVALENTS		17,137			9,464
RESTRICTED CASH		4,944			3,585
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $6,172 and $5,734 in 2010 and 2009, respectively		45,345			49,678
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		158,955			146,150
OTHER ASSETS		47,517			47,353
TOTAL ASSETS	$	1,469,022		$	1,491,552
LIABILITIES AND EQUITY
NOTES PAYABLE	$	580,378		$	590,208
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		46,237			56,577
DEFERRED GAIN		4,334			4,452
DEPOSITS AND DEFERRED INCOME		16,702			7,465
LIABILITIES OF OPERATING PROPERTY HELD FOR SALE		1,984			—
TOTAL LIABILITIES		649,635			658,702
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		12,686			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, 105,337,286 and 103,352,382 shares issued in 2010 and 2009, respectively		105,337			103,352
Additional paid-in capital		673,663			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		(9,376	)		(9,517	)
Distributions in excess of net income		(78,487	)		(51,402	)
TOTAL STOCKHOLDERS’ INVESTMENT		773,899			787,411
Nonredeemable noncontrolling interests		32,802			32,848
TOTAL EQUITY		806,701			820,259
TOTAL LIABILITIES AND EQUITY	$	1,469,022		$	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			2010 1st			2010 2nd			2010 YTD
	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	)		(8,595	)		(10,168	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), 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			7,895			21,875
	BASIC WEIGHTED AVERAGE COMMON SHARES		50,907			51,857			51,331			51,350			51,615			59,403			99,155			65,495			100,069			101,001			100,538
	DILUTED WEIGHTED AVERAGE COMMON SHARES		52,705			53,059			51,728			51,350			51,615			59,403			99,155			65,495			100,069			101,001			100,538
	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	)		(0.09	)		(0.10	)
	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	)		(0.09	)		(0.10	)
	FFO PER COMMON SHARE — BASIC		1.46			0.93			1.19			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14			0.08			0.22
	FFO PER COMMON SHARE — DILUTED		1.41			0.91			1.18			0.15			(1.26	)		(0.71	)		0.07			(1.40	)		0.14			0.08			0.22
(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			6,084			7,121
	REGULAR COMMON DIVIDENDS:
	CASH		75,495			76,782			69,807			12,838			4,283			2,617			2,972			22,710			2,997			3,034			6,031
	COMMON STOCK		—			—			—			—			8,551			6,364			6,103			21,018			5,984			6,046			12,030
	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			0.09			0.18
	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			6.74			6.74
	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			101,767			101,767
	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			23.00			23.00
	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			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			21.49			21.49
	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			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			685,910			685,910
	PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			150,308
(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			686,833			686,833
	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			1,523,051			1,523,051
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		16	%		37	%		58	%		72	%		67	%		47	%		45	%		45	%		42	%		45	%		45	%
(B)	RECOURSE DEBT (1)		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			198,077
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		10	%		26	%		33	%		36	%		19	%		14	%		14	%		13	%		13	%		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			685,910			685,910
	PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			150,308
(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			738,668			738,668
	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			1,574,886			1,574,886
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		19	%		39	%		59	%		73	%		68	%		49	%		47	%		47	%		44	%		47	%		47	%
	VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
	LEVERAGE RATIO		29	%		45	%		51	%		54	%		52	%		41	%		40	%		40	%		41	%		40	%		40	%
	COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		55	%		55	%		55	%
	FIXED CHARGES RATIO		2.4			2.5			2.2			2.1			2.0			1.8			1.7			1.7			1.9			1.7			1.7
	COVENANT REQUIREMENT — NO LESS THAN		1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.5			1.3			1.3			1.3

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
	CONSOLIDATED ENTITY FFO AND NET INCOME (LOSS):
	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			2,793			5,638
	AMERICAN CANCER SOCIETY CENTER		11,774			11,959			14,547			3,791			3,151			3,449			2,671			13,062			2,675			2,736			5,411
	TERMINUS 100		0			5,000			16,386			3,311			4,750			3,478			2,952			14,491			3,720			3,731			7,451
	ONE GEORGIA CENTER		(219	)		(109	)		2,650			1,039			1,039			1,100			1,127			4,305			1,029			1,025			2,054
	THE POINTS AT WATERVIEW		2,124			2,179			2,127			509			515			536			490			2,050			460			540			1,000
	LAKESHORE PARK PLAZA		922			1,794			2,141			567			545			540			534			2,186			561			521			1,082
	MERIDIAN MARK PLAZA		4,475			4,339			4,504			958			972			947			945			3,822			917			924			1,841
	555 NORTH POINT CENTER EAST		1,771			1,882			1,989			501			531			528			503			2,063			482			539			1,021
	333 NORTH POINT CENTER EAST		1,183			1,287			1,449			417			426			426			416			1,685			406			422			828
	200 NORTH POINT CENTER EAST		839			1,490			1,484			378			393			423			412			1,606			417			415			832
	100 NORTH POINT CENTER EAST		1,035			1,320			1,529			391			423			361			216			1,391			319			459			778
	600 UNIVERSITY PARK PLACE		1,107			1,557			1,679			394			394			396			369			1,553			418			349			767
	GALLERIA 75		897			649			591			22			67			65			107			261			55			87			142
	COSMOPOLITAN CENTER		13			341			459			139			129			138			148			554			115			126			241
	8995 WESTSIDE PARKWAY		1,263			1,278			1,307			192			(18	)		(58	)		(2	)		114			(43	)		(59	)		(102	)
	INHIBITEX		917			912			910			220			226			225			225			896			224			222			446
	221 PEACHTREE CENTER GARAGE		0			510			639			124			103			157			81			465			100			102			202
	SUBTOTAL — OFFICE CONSOLIDATED		30,065			45,738			65,730			13,742			15,207			15,143			13,137			57,229			14,700			14,932			29,632
(G)	JOINT VENTURE PROPERTIES (1):
	PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16			12			28
	OTHER — CP VENTURE TWO		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0
	TEN PEACHTREE PLACE		2,239			2,020			2,099			526			541			561			557			2,185			571			583			1,154
	GATEWAY VILLAGE — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			604
	EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,586			3,601			3,623			909			930			902			875			3,616			894			904			1,798
	PALISADES WEST — BUILDINGS 1 AND 2		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			2,455
	TERMINUS 200		0			0			115			21			17			20			0			58			0			(60	)		(60	)
	OTHER		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(16	)
	SUBTOTAL — OFFICE JOINT VENTURE		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976			2,987			5,963
	SUBTOTAL — OFFICE CONSOLIDATED & JOINT VENTURE		48,694			52,744			73,203			16,667			18,284			18,217			16,112			69,280			17,676			17,919			35,595
	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			1,503			2,585
	THE AVENUE WEBB GIN		1,653			5,558			5,967			1,469			1,503			1,307			1,304			5,583			1,484			1,214			2,698
	THE AVENUE FORSYTH		0			0			2,527			1,025			955			821			896			3,697			1,588			1,458			3,046
	TIFFANY SPRINGS MARKETCENTER		0			0			1,257			803			900			919			707			3,329			741			817			1,558
	PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		9,068			(45	)		30			0			0			0			0			0			0						0
	SUBTOTAL — RETAIL CONSOLIDATED		16,556			12,286			16,495			4,437			4,613			4,002			4,357			17,409			4,895			4,992			9,887
(G)	JOINT VENTURE PROPERTIES (1):
	NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			238
	GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			278
	LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			96
	MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0
	THE AVENUE EAST COBB		1,382			723			710			176			168			176			141			661			154			161			315
	THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			223
	THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			235
	THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			284
	VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			98
	THE AVENUE MURFREESBORO		0			554			3,413			937			948			1,011			1,099			3,995			1,071			1,117			2,188
	SUBTOTAL — RETAIL JOINT VENTURE		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			3,955
	SUBTOTAL — RETAIL CONSOLIDATED & JOINT VENTURE		22,771			17,108			23,901			6,350			6,514			5,844			6,286			24,994			6,871			6,971			13,842

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

		2006		2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
	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			418			757
	LAKESIDE RANCH — BUILDING 20		0		794			768			176			190			164			197			727			247			263			510
	JEFFERSON MILL — BUILDING A		0		0			(149	)		(57	)		(57	)		(47	)		(45	)		(206	)		(53	)		(66	)		(119	)
	SUBTOTAL INDUSTRIAL CONSOLIDATED		405		1,949			1,542			355			369			400			444			1,568			533			615			1,148
(C)	OTHER RENTAL OPERATIONS (1):
	OTHER		205		82			(69	)		(31	)		26			(15	)		50			30			18			60			78
	SUBTOTAL OTHER CONSOLIDATED		205		82			(69	)		(31	)		26			(15	)		50			30			18			60			78
	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		72,076		71,883			98,577			23,341			25,193			24,446			22,892			95,872			25,098			25,565			50,663
(D)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1)
	SAN JOSE MARKETCENTER		3,844		6,450			7,089			1,693			1,721			1,700			1,874			6,988			1,883			1,743			3,626
	OTHER		16,666		(568	)		(611	)		(7	)		0			3			0			(4	)		0			0			0
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		20,510		5,882			6,478			1,686			1,721			1,703			1,874			6,984			1,883			1,743			3,626
(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			41			171
	LOT SALES NET OF COST OF SALES — JOINT VENTURES		8,217		1,822			795			95			210			211			15			531			520			458			978
	TOTAL LOT SALES NET OF COS		11,094		2,946			1,622			331			390			211			80			1,012			650			499			1,149
	OUTPARCEL SALES NET OF COST OF SALES — CONSOLIDATED		1,656		1,017			2,390			582			1,125			171			39			1,917			4,593			0			4,593
	OUTPARCEL SALES NET OF COST OF SALES — JOINT VENTURES		0		0			0			0			0			0			0			0			86			0			86
	TOTAL OUTPARCEL SALES NET OF COS		1,656		1,017			2,390			582			1,125			171			39			1,917			4,679			0			4,679
	TRACT SALES NET OF COST OF SALES — CONSOLIDATED		2,481		4,977			9,204			96			746			349			(6	)		1,185			697			1,002			1,699
	TRACT SALES NET OF COST OF SALES — JOINT VENTURES		6,675		651			3,192			235			0			4			25			264			46			102			148
	TOTAL TRACT SALES NET OF COS		9,156		5,628			12,396			331			746			353			19			1,449			743			1,104			1,847
	OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — CONSOLIDATED		11,867		8,184			1,407			113			0			0			(55	)		58			0			0			0
	TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		11,867		8,184			1,407			113			0			0			(55	)		58			0			0			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			1,603			7,675
(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			1,835			4,011
	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES		10,343		(185	)		1,892			(1	)		2			0			114			115			117			45			162
	TOTAL MULTI-FAMILY FFO		14,074		(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			4,173
	DEVELOPMENT INCOME
	DEVELOPMENT INCOME — COUSINS PROPERTIES SERVICES (2)		468		446			452			150			73			136			181			540			109			158			267
	DEVELOPMENT INCOME — OTHER		4,117		5,435			17,306			795			810			755			459			2,819			496			815			1,311
	TOTAL DEVELOPMENT INCOME		4,585		5,881			17,758			945			883			891			640			3,359			605			973			1,578
	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			3,438			7,128
	MANAGEMENT FEES — OTHER		9,812		7,580			8,475			2,313			2,162			2,224			2,029			8,728			2,748			2,003			4,751
	TOTAL MANAGEMENT FEES		24,437		24,782			25,404			6,606			6,437			6,155			5,445			24,643			6,438			5,441			11,879
	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			763			1,618
	LEASING & OTHER FEES — OTHER		947		361			961			0			239			99			456			794			440			1,036			1,476
	TOTAL LEASING & OTHER FEES		6,443		5,651			4,500			493			852			2,464			1,995			5,804			1,295			1,799			3,094

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
	TERMINATION FEES		631			5,193			407			359			1,097			261			0			1,717			8			33			41
	INTEREST INCOME & OTHER:
	CONTINUING OPERATIONS		742			1,217			3,742			620			142			414			79			1,255			116			138			254
	DISCONTINUED OPERATIONS		0			19			9			7			46			0			0			53			0			19			19
	TOTAL INTEREST INCOME & OTHER		742			1,236			3,751			627			188			414			79			1,308			116			157			273
	GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		0			0			0			0			12,498			0			(2,766	)		9,732			(592	)		0			(592	)
	GENERAL & ADMINISTRATIVE EXPENSES:
	GENERAL & ADMINISTRATIVE EXPENSES		(34,677	)		(31,260	)		(29,985	)		(7,607	)		(8,082	)		(6,556	)		(3,953	)		(26,198	)		(8,017	)		(6,763	)		(14,780	)
	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	)		(1,795	)		(3,696	)
	REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(7,129	)		(5,783	)		(5,207	)		(1,452	)		(1,334	)		(1,389	)		(1,203	)		(5,378	)		(1,859	)		(1,203	)		(3,062	)
	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	)		(2,388	)		(4,947	)
	COMMISSION ON DEVELOPMENT FEE		0			0			(3,414	)		(32	)		(31	)		(31	)		(32	)		(126	)		(32	)		(31	)		(63	)
	SEPARATION EXPENSES		0			0			(1,186	)		(344	)		(2,026	)		(724	)		(163	)		(3,257	)		(68	)		(33	)		(101	)
	TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(58,592	)		(57,810	)		(58,453	)		(13,990	)		(16,004	)		(13,883	)		(8,834	)		(52,711	)		(14,436	)		(12,213	)		(26,649	)
	INTEREST EXPENSE:
	CONSOLIDATED DEBT:
	CREDIT FACILITY		(10,855	)		(11,322	)		(8,129	)		(2,407	)		(2,666	)		(2,605	)		(921	)		(8,599	)		(1,037	)		(1,277	)		(2,314	)
	UNSECURED TERM LOAN		0			(1,977	)		(5,952	)		(1,387	)		(1,647	)		(1,552	)		(1,506	)		(6,092	)		(1,616	)		(1,866	)		(3,482	)
	THE AMERICAN CANCER SOCIETY CENTER		0			(3,027	)		(9,007	)		(2,215	)		(2,240	)		(2,264	)		(2,263	)		(8,982	)		(2,215	)		(2,240	)		(4,455	)
	333 & 555 NORTH POINT CENTER		(2,121	)		(2,072	)		(2,020	)		(496	)		(494	)		(490	)		(486	)		(1,966	)		(482	)		(479	)		(961	)
	MERIDIAN MARK PLAZA		(1,991	)		(1,959	)		(1,923	)		(475	)		(473	)		(470	)		(468	)		(1,886	)		(465	)		(462	)		(927	)
	600 UNIVERSITY PARK		(995	)		(983	)		(966	)		(239	)		(238	)		(237	)		(236	)		(950	)		(235	)		(234	)		(469	)
	100 NORTH POINT CENTER EAST		(932	)		(780	)		(681	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(340	)
	200 NORTH POINT CENTER EAST		(826	)		(736	)		(680	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(340	)
	LAKESHORE PARK PLAZA		(631	)		(612	)		(788	)		(285	)		(284	)		(282	)		(281	)		(1,132	)		(280	)		(278	)		(558	)
	THE POINTS AT WATERVIEW		(1,051	)		(1,070	)		(1,029	)		(254	)		(252	)		(251	)		(250	)		(1,007	)		(248	)		(247	)		(495	)
	TERMINUS 100		0			(2,358	)		(11,203	)		(2,802	)		(2,802	)		(2,802	)		(2,802	)		(11,208	)		(2,802	)		(2,802	)		(5,604	)
	SAN JOSE MARKETCENTER		0			(448	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)		0			0			0
	OTHER		(12,270	)		(4,815	)		(773	)		(130	)		(100	)		(99	)		(111	)		(440	)		(61	)		(61	)		(122	)
	CAPITALIZED		20,553			23,343			14,894			1,826			1,255			599			56			3,736			0			0			0
	SUBTOTAL — CONSOLIDATED		(11,119	)		(8,816	)		(33,151	)		(10,430	)		(10,560	)		(10,793	)		(9,610	)		(41,393	)		(9,781	)		(10,286	)		(20,067	)
(G)	JOINT VENTURE DEBT (1):
	NORTH POINT MARKETCENTER		(231	)		0			0			0			0			0			0			0			0			0			0
	THE AVENUE EAST COBB		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(167	)
	TEN PEACHTREE PLACE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(378	)
	CRAWFORD LONG MEDICAL OFFICE BUILDING		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(740	)
	THE AVENUE MURFREESBORO		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(448	)
	MSREF/TERMINUS 200		0			0			0			0			0			0			0			0			0			(3	)		(3	)
	GLENMORE GARDEN VILLAS		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0			0			0
	TEMCO ASSOCIATES		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(53	)
	CL REALTY		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(57	)
	HANDY ROAD ASSOCIATES		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0			0			0
	SUBTOTAL — JOINT VENTURE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,846	)
	TOTAL INTEREST EXPENSE		(14,653	)		(12,194	)		(37,718	)		(11,475	)		(11,583	)		(11,751	)		(10,519	)		(45,328	)		(10,680	)		(11,233	)		(21,913	)
	OTHER EXPENSES — CONTINUING OPERATIONS — CONSOLIDATED:
	PROPERTY TAXES & OTHER HOLDING COSTS		(524	)		(579	)		(1,482	)		(681	)		(1,095	)		(1,634	)		(1,420	)		(4,830	)		(825	)		(1,029	)		(1,854	)
	PREDEVELOPMENT & OTHER		(2,287	)		(2,689	)		(4,567	)		(865	)		(3,337	)		(89	)		(4,022	)		(8,313	)		(503	)		(2,168	)		(2,671	)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(4,130	)		(1,656	)		(2,378	)		(412	)		(698	)		(531	)		(611	)		(2,252	)		(526	)		(584	)		(1,110	)
	IMPAIRMENT LOSS — CONSOLIDATED		0			0			(2,100	)		0			(36,500	)		(4,012	)		0			(40,512	)		0			(586	)		(586	)
	IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			(28,130	)		(22,928	)		0			(51,058	)		0			0			0
	TOTAL OTHER EXPENSES		(6,941	)		(4,924	)		(10,527	)		(1,958	)		(69,760	)		(29,194	)		(6,053	)		(106,965	)		(1,854	)		(4,367	)		(6,221	)

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

		2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
(G)	OTHER EXPENSES — JOINT VENTURES (1):
	IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0
	OTHER INCOME (EXPENSE), NET		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			615
	TOTAL OTHER EXPENSES — JOINT VENTURES		(248	)		(1,252	)		25			(172	)		(3,208	)		(21,906	)		(175	)		(25,461	)		392			223			615
	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			(102	)		1,104
	VALUATION ALLOWANCE		0			0			0			0			(42,720	)		(5,513	)		458			(47,775	)		(60	)		88			28
(D)	DISCONTINUED OPERATIONS (1)		(2	)		0			0			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			(14	)		1,132
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
	CONSOLIDATED		(2,840	)		(2,752	)		(3,710	)		(964	)		(934	)		(829	)		(639	)		(3,366	)		(567	)		(462	)		(1,029	)
(D)	DISCONTINUED OPERATIONS (1)		(71	)		(41	)		(33	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(1	)		(5	)
(G)	JOINT VENTURES (1)		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(11	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,923	)		(2,798	)		(3,822	)		(978	)		(952	)		(843	)		(655	)		(3,428	)		(577	)		(468	)		(1,045	)
	PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(14,957	)		(3,227	)		(3,227	)		(3,228	)		(3,225	)		(12,907	)		(3,227	)		(3,227	)		(6,454	)
	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			7,895			21,875
	LOSS ON EXTINGUISHMENT OF DEBT ASSOCIATED WITH PROPERTY SALES		(18,207	)		0			0			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			7,895			21,875
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
	CONTINUING OPERATIONS		3,012			5,535			10,799			167,434			801			406			(4	)		168,637			756			1,061			1,817
(E)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES (1)		(14,348	)		(13,161	)		(10,611	)		(209	)		(746	)		(349	)		61			(1,243	)		(697	)		(1,002	)		(1,699	)
	DISCONTINUED OPERATIONS		86,495			18,095			2,472			0			146			7			(6	)		147			0			0			0
(G)	JOINT VENTURES (1)		135,618			1,186			0			28			(16	)		0			0			12			0			0			0
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		210,777			11,655			2,660			167,253			185			64			51			167,553			59			59			118
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
	CONSOLIDATED		(26,855	)		(35,160	)		(47,087	)		(11,522	)		(13,870	)		(12,464	)		(12,312	)		(50,168	)		(12,754	)		(13,910	)		(26,664	)
(D)	DISCONTINUED OPERATIONS (1)		(13,924	)		(2,689	)		(2,581	)		(566	)		(573	)		(571	)		(573	)		(2,283	)		(570	)		(191	)		(761	)
(G)	JOINT VENTURES (1)		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)		(2,448	)		(4,736	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(49,598	)		(42,420	)		(56,084	)		(14,236	)		(16,603	)		(15,217	)		(15,149	)		(61,205	)		(15,612	)		(16,549	)		(32,161	)
	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	)		(8,595	)		(10,168	)

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
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	%		11.50	%		11.50	%
RETAIL PORTFOLIO		10.32	%		10.32	%		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			12			28
OTHER		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0
SUBTOTAL OFFICE		263			115			87			13			15			20			15			63			16			12			28
RETAIL:
NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			238
GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			278
LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			96
MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0
SUBTOTAL RETAIL		1,713			1,541			1,417			343			350			237			265			1,195			303			309			612
TOTAL REVENUES LESS OPERATING EXPENSES		1,976			1,656			1,504			356			365			257			280			1,258			319			321			640
INTEREST EXPENSE		(231	)		0			0			0			0			0			0			0			0			0			0
OTHER, NET		(20	)		(2	)		0			0			(2	)		38			4			40			20			5			25
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			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			326			665
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(670	)		(477	)		(549	)		(107	)		(109	)		(106	)		(106	)		(428	)		(105	)		(115	)		(220	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		736			1,224			0			12			0						0			12			0			0			0
NET INCOME		1,791			2,401			955			261			254			189			178			882			234			211			445
COUSINS’ SHARE OF CP VENTURE FIVE:		40.63	%		11.50	%		11.50	%		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			161			315
THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			223
THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			235
THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			284
VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			98
TOTAL REVENUES LESS OPERATING EXPENSES		4,502			2,727			2,576			633			603			594			565			2,395			602			553			1,155
INTEREST EXPENSE		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(167	)
OTHER, NET		(19	)		76			23			0			0			6			29			35			7			(1	)		6
FUNDS FROM OPERATIONS		3,849			2,453			2,254			548			518			516			510			2,092			525			469			994
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,018	)		(1,205	)		(1,203	)		(271	)		(207	)		(238	)		(234	)		(950	)		(236	)		(267	)		(503	)
NET INCOME		1,831			1,248			1,051			277			311			278			276			1,142			289			202			491
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES:		50	%		50	%		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			583			1,154
INTEREST EXPENSE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(378	)
FUNDS FROM OPERATIONS		1,433			1,226			1,318			333			349			369			367			1,418			382			394			776
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,060	)		(1,052	)		(1,044	)		(260	)		(261	)		(260	)		(262	)		(1,043	)		(264	)		(264	)		(528	)
NET INCOME		373			174			274			73			88			109			105			375			118			130			248
COUSINS’ SHARE OF GATEWAY VILLAGE (4):
FUNDS FROM OPERATIONS — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			604
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(16	)
NET INCOME		1,176			1,176			1,176			294			294			294			294			1,176			294			294			588

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
COUSINS’ SHARE OF CRAWFORD LONG — CPI:		50	%		50	%		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			904			1,798
OTHER, NET		0			0			0			0			0			1			0			1			0			0			0
INTEREST EXPENSE		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(740	)
FUNDS FROM OPERATIONS		2,007			2,047			2,094			531			554			528			502			2,115			523			535			1,058
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,468	)		(1,352	)		(1,287	)		(312	)		(307	)		(303	)		(304	)		(1,226	)		(300	)		(342	)		(642	)
NET INCOME		539			695			807			219			247			226			198			890			223			193			416
COUSINS’ SHARE OF AVENUE MURFREESBORO:					50	%		50	%		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			1,117			2,188
OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			86
OTHER, NET		0			0			27			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(448	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(4	)		(16	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(5	)		(10	)
FUNDS FROM OPERATIONS		0			108			1,982			708			727			786			893			3,114			955			861			1,816
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(310	)		(1,946	)		(618	)		(638	)		(637	)		(682	)		(2,575	)		(689	)		(726	)		(1,415	)
NET INCOME (LOSS)		0			(202	)		36			90			89			149			211			539			266			135			401
COUSINS’ SHARE OF PALISADES WEST LLC:		50	%		50	%		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			1,240			2,455
OTHER, NET		0			0			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			1,240			2,455
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(170	)		(532	)		(586	)		(610	)		(652	)		(2,380	)		(670	)		(678	)		(1,348	)
NET INCOME (LOSS)		(11	)		127			257			640			690			677			581			2,588			545			562			1,107
COUSINS’ SHARE OF MSREF/TERMINUS 200 LLC:																													20	%		20	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			(60	)		(60	)
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(3	)		(3	)
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			(63	)		(63	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(33	)		(33	)
NET INCOME (LOSS)		0			0			0			0			0			0			0			0			0			(96	)		(96	)
COUSINS’ SHARE OF TERMINUS 200 LLC:					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			115			21			17			20			0			58			0			0			0
OTHER, NET		0			(193	)		0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			(20,932	)		0			(20,932	)		0			0			0
FUNDS FROM OPERATIONS		0			(193	)		115			21			17			(20,912	)		0			(20,874	)		0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(121	)		(30	)		(30	)		(20	)		0			(80	)		0			0			0
NET INCOME (LOSS)		0			(193	)		(6	)		(9	)		(13	)		(20,932	)		0			(20,954	)		0			0			0
COUSINS’ SHARE OF 50 BISCAYNE, LLC:		40	%		40	%		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			0			123
OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			39
FUNDS FROM OPERATIONS & NET INCOME (LOSS)		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			162
COUSINS’ SHARE OF OTHER:
REVENUES LESS OPERATING EXPENSES		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(16	)
INTEREST EXPENSE		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0			0			0
OTHER, NET		(42	)		(42	)		(74	)		(26	)		(25	)		(82	)		4			(129	)		0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		11,290			(107	)		(160	)		(72	)		(57	)		(129	)		(3	)		(261	)		(22	)		6			(16	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,458	)		(19	)		(19	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(4	)		(9	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		134,882			(41	)		0			16			(16	)		0			0			0			0			0			0
NET INCOME (LOSS)		142,714			(167	)		(179	)		(61	)		(78	)		(135	)		(8	)		(282	)		(27	)		2			(25	)

COUSINS PROPERTIES INCORPORATED
NET INCOME (LOSS) AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL
(in thousands, except percentages)

JOINT VENTURES (3)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
COUSINS’ SHARE OF TEMCO ASSOCIATES:		50	%		50	%		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			(3	)		(3	)
INTEREST EXPENSE		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(53	)
OTHER, NET		125			(274	)		(234	)		(168	)		(212	)		(73	)		(109	)		(562	)		641			(156	)		485
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(63	)		(5	)		(9	)		(5	)		(7	)		(26	)		(1	)		0			(1	)
IMPAIRMENT LOSS		0			0			(22	)		0			0			(631	)		0			(631	)		0			0			0
FUNDS FROM OPERATIONS		7,502			284			586			(205	)		(253	)		(734	)		(146	)		(1,338	)		614			(186	)		428
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(123	)		(45	)		(5	)		(9	)		5			(11	)		(20	)		(11	)		(11	)		(22	)
NET INCOME (LOSS)		7,388			161			541			(210	)		(262	)		(728	)		(157	)		(1,357	)		603			(197	)		406
COUSINS’ SHARE OF CL REALTY, LLC:		50	%		50	%		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			514			1,060
INTEREST EXPENSE		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(57	)
OTHER, NET		(137	)		(638	)		658			29			(343	)		(233	)		(103	)		(650	)		(276	)		398			122
IMPAIRMENT LOSS		0			0			(325	)		0			(2,619	)		0			0			(2,619	)		0			0			0
FUNDS FROM OPERATIONS		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238			887			1,125
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			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			887			1,125
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC:		50	%		50	%		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			49			69
OTHER, NET		0			0			(1	)		0			0			0			0			0			0			(23	)		(23	)
FUNDS FROM OPERATIONS		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			46
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			46
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC:		50	%		50	%		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			0			0
INTEREST EXPENSE		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0			0			0
OTHER, NET		(155	)		(175	)		(27	)		(7	)		(7	)		0			0			(14	)		0			0			0
FUNDS FROM OPERATIONS		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			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. Amounts for Cousins Properties Services do 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 June 30, 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	%		76	%		69	%		75	%
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	%		86	%		86	%		83	%		86	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		93	%		93	%		92	%		93	%
One Georgia Center (b)	Atlanta	Georgia		376,000		88.50	%		95	%		96	%		95	%		96	%
Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		98	%		98	%		98	%		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	%		94	%		92	%		94	%		92	%
Lakeshore Park Plaza (c)	Birmingham	Alabama		197,000		100.00	%		97	%		98	%		97	%		96	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		91	%		97	%		91	%		91	%
Palisades West Building 2	Austin	Texas		157,000		50.00	%		86	%		86	%		31	%		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	%		91	%		96	%		89	%		88	%
600 University Park Place (c)	Birmingham	Alabama		123,000		100.00	%		97	%		97	%		97	%		97	%
Galleria 75	Atlanta	Georgia		111,000		100.00	%		65	%		67	%		54	%		61	%
Cosmopolitan Center	Atlanta	Georgia		84,000		100.00	%		90	%		94	%		90	%		94	%
Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		78	%		78	%		78	%		78	%
8995 Westside Parkway	Atlanta	Georgia		51,000		100.00	%		23	%		0	%		23	%		0	%
Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%		100	%		100	%
Total Office Operating Portfolio				6,889,000								89	%					87	%
OFFICE DEVELOPMENT PROPERTY
Terminus 200 (b)	Atlanta	Georgia		565,000		20.00	%		10	%		36	%		9	%		9	%
Total Office Development Portfolio				565,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,454,000

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of June 30, 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	%		80	%		84	%		79	%		80	%
The Avenue Carriage Crossing (c)	Memphis	Tennessee		511,000		100.00	%		91	%		90	%		91	%		90	%
The Avenue Forsyth (b)	Atlanta	Georgia		472,000		88.50	%		70	%		76	%		67	%		69	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		98	%		98	%		89	%		98	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%		100	%		100	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		91	%		91	%		91	%		89	%
The Avenue Webb Gin	Atlanta	Georgia		322,000		100.00	%		88	%		84	%		84	%		80	%
The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		87	%		92	%		82	%		83	%
Tiffany Springs MarketCenter (b)	Kansas City	Missouri		238,000		88.50	%		79	%		80	%		78	%		79	%
The Avenue East Cobb	Atlanta	Georgia		230,000		11.50	%		95	%		94	%		93	%		92	%
San Jose MarketCenter (d)	San Jose	California		213,000		100.00	%		99	%		99	%		97	%		99	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		94	%		95	%		94	%		92	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%		95	%		95	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%		59	%		59	%
TOTAL RETAIL OPERATING PROPERTIES				4,621,000								86	%					83	%
III. INDUSTRIAL OPERATING PROPERTIES
King Mill Distribution Park — Building 3 (b)	Atlanta	Georgia		796,000		75.00	%		85	%		85	%		85	%		85	%
Lakeside Ranch Business Park — Building 20 (c)	Dallas	Texas		749,000		100.00	%		77	%		77	%		47	%		77	%
Jefferson Mill Business Park — Building A (b)	Atlanta	Georgia		459,000		75.00	%		0	%		100	%		0	%		0	%
TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								85	%					64	%
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,079,000

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of June 30, 2010

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,454,000		5,870,000		60	%		89	%
Retail		4,621,000		2,283,000		23	%		86	%
Industrial		2,004,000		1,690,000		17	%		85	%
TOTAL		14,079,000		9,843,000		100	%
SUMMARY BY STATE
Georgia		8,544,000		6,419,000		65	%		86	%
Texas		1,325,000		1,139,000		12	%		83	%
Tennessee		1,262,000		887,000		9	%		88	%
North Carolina		1,134,000		541,000		5	%		100	%
Alabama		320,000		320,000		3	%		98	%
California		370,000		229,000		2	%		99	%
Missouri		238,000		211,000		2	%		80	%
Florida		510,000		58,000		1	%		93	%
Virginia		376,000		39,000		1	%		100	%
		14,079,000		9,843,000		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)	This property was sold in July 2010.

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Second Quarter 2010 vs									Six Months
	First Quarter 2010									2010 vs 2009
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		1.2	%		-1.9	%		-0.1	%		1.5	%		-1.6	%		0.3	%
Cash Basis Rental Property Revenues (2) less Operating Expenses		0.4	%		-1.5	%		-0.3	%		2.4	%		-1.1	%		1.0	%

Properties included in the Same Property portfolio (3)	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 (2Q to 1Q only)
	555 Northpoint Center East	Palisades West Building 2 (2Q to 1Q 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 (2Q to 1Q only)
	The Avenue West Cobb	Tiffany Springs MarketCenter (2Q to 1Q only)

(1)	Rental Property Revenues includes 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.
(3)	Same Properties include those office and retail properties that have been fully operational in each of the comparable reporting periods.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2010

OFFICE

As of June 30, 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 June 30, 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		150,680			454,203			213,381			531,695			239,685			389,160			727,639			485,425			275,991			1,628,140			5,095,999
% of Leased Space		3	%		9	%		4	%		10	%		5	%		8	%		14	%		10	%		5	%		32	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,907		$	5,343		$	3,072		$	8,773		$	4,101		$	6,964		$	13,271		$	11,302		$	7,121		$	33,900		$	95,754
Annual Contractual Rent/Sq. Ft. (1)	$	12.65		$	11.76		$	14.39		$	16.50		$	17.11		$	17.90		$	18.24		$	23.28		$	25.80		$	20.82		$	18.79
Wholly Owned:
Square Feet Expiring		150,348			442,637			170,690			375,803			211,069			365,331			186,667			403,434			213,143			1,246,008			3,765,130	(2)
% of Leased Space		4	%		12	%		4	%		10	%		5	%		10	%		5	%		11	%		6	%		33	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,899		$	5,168		$	2,283		$	5,884		$	3,475		$	6,633		$	3,258		$	9,229		$	5,677		$	27,233		$	70,739
Annual Contractual Rent/Sq. Ft. (1)	$	12.63		$	11.68		$	13.37		$	15.66		$	16.46		$	18.16		$	17.45		$	22.88		$	26.63		$	21.86		$	18.79
Joint Venture:
Square Feet Expiring		664			25,094			106,398			294,157			53,090			34,534			1,078,324			163,981			123,867			544,895			2,425,004	(3)
% of Leased Space		0	%		1	%		4	%		12	%		2	%		1	%		45	%		7	%		5	%		23	%		100	%
Annual Contractual Rent (000’s) (1)	$	15		$	392		$	2,071		$	5,604		$	1,216		$	538		$	19,987		$	4,146		$	2,868		$	10,979		$	47,816
Annual Contractual Rent/Sq. Ft. (1)	$	22.44		$	15.61		$	19.46		$	19.05		$	22.91		$	15.57		$	18.54		$	25.29		$	23.16		$	20.15		$	19.72

(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 June 30, 2010 out of approximately 4,388,000 total rentable square feet.
(3)	Rentable square feet leased as of June 30, 2010 out of approximately 2,501,000 total rentable square feet.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2010

RETAIL

As of June 30, 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 June 30, 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)		62,694			92,508			80,524			58,219			47,638			101,923			335,487			183,964			321,955			679,609			1,964,521
% of Leased Space		3	%		5	%		4	%		3	%		2	%		5	%		18	%		10	%		16	%		34	%		100	%
Annual Contractual Rent (000’s) (2)	$	632		$	2,301		$	1,785		$	1,429		$	1,124		$	2,469		$	8,681		$	5,419		$	7,342		$	11,607		$	42,789
Annual Contractual Rent/Sq. Ft. (2)	$	10.07		$	24.87		$	22.16		$	24.55		$	23.61		$	24.22		$	25.88		$	29.46		$	22.80		$	17.08		$	21.78
Wholly Owned:
Square Feet Expiring (1)		21,751			62,415			46,259			12,699			10,529			44,711			299,403			137,757			52,582			253,516			941,622	(3)
% of Leased Space		2	%		7	%		5	%		1	%		1	%		5	%		31	%		15	%		6	%		27	%		100	%
Annual Contractual Rent (000’s) (2)	$	269		$	1,838		$	1,080		$	329		$	278		$	1,293		$	7,934		$	4,438		$	1,353		$	3,133		$	21,945
Annual Contractual Rent/Sq. Ft. (2)	$	12.38		$	29.45		$	23.36		$	25.91		$	26.36		$	28.91		$	26.50		$	32.21		$	25.74		$	12.36		$	23.30
Joint Venture:
Square Feet Expiring (1)		153,012			229,034			294,189			173,096			196,152			326,768			226,191			238,163			456,872			914,450			3,207,927	(4)
% of Leased Space		5	%		7	%		9	%		5	%		6	%		11	%		7	%		7	%		14	%		29	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,093		$	3,771		$	5,842		$	4,332		$	4,249		$	6,495		$	4,361		$	5,068		$	9,942		$	15,475		$	61,628
Annual Contractual Rent/Sq. Ft. (2)	$	13.68		$	16.46		$	19.86		$	25.03		$	21.66		$	19.88		$	19.28		$	21.28		$	21.76		$	16.92		$	19.21

(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 June 30, 2010 out of approximately 1,046,000 total gross leasable area.
(4)	Gross leasable area leased as of June 30, 2010 out of approximately 3,575,000 total gross leasable area.

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2010

INDUSTRIAL

As of June 30, 2010, the Company’s industrial portfolio included three buildings. The weighted average remaining lease term of these properties was approximately nine years as of June 30, 2010. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

										2019 &
	2012			2015			2016			Thereafter			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		355,621			508,050			223,190			344,351			1,431,212
% of Leased Space		25	%		35	%		16	%		24	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,471		$	714		$	1,615		$	4,949
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	3.20		$	4.69		$	3.46
Joint Venture:
Square Feet Expiring		355,621			677,400			223,190			459,134			1,715,345	(2)
% of Leased Space		21	%		39	%		13	%		27	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,149		$	1,962		$	714		$	2,153		$	5,978
Annual Contractual Rent/Sq. Ft. (1)	$	3.23		$	2.90		$	3.20		$	4.69		$	3.49

(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 June 30, 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 June 30, 2010

			Percentage of Total
			Portfolio at the	Average Remaining Lease Term
	Tenant (1)	Product Type	Company’s Share (2)	(Years)
1.	Bank of America	Office	5.8%	6.4
2.	Briggs & Stratton Corporation	Industrial	5.2%	4.8
3.	HD Supply	Industrial	3.7%	1.9
4.	SYX Distribution	Industrial	3.5%	20.1
5.	Deloitte & Touche	Office	3.2%	13.9
6.	American Cancer Society	Office	2.8%	12.0
7.	Georgia Department of Transportation	Office	2.7%	9.1
8.	Owens & Minor Distribution, Inc	Industrial	2.3%	5.4
9.	US South Communications	Office	1.3%	0.7
10.	Internap Network Services	Office	1.2%	9.8
11.	AGL Services Company	Office	1.2%	2.8
12.	MedAssets Net Revenue Systems, LLC	Office	1.2%	4.8
13.	Dimensional Fund Advisors	Office	1.1%	13.3
14.	Bombardier Aerospace Corporation	Office	1.0%	2.7
15.	Georgia Lottery Corporation	Office	1.0%	13.0
16.	Barnes & Noble	Retail	1.0%	6.5
17.	Turner Broadcasting System, Inc.	Office	0.9%	0.9
18.	CB Richard Ellis	Office	0.9%	9.0
19.	Emory University	Office	0.8%	6.5
20.	Citigroup	Office	0.7%	8.3
21.	The Gap Inc.	Retail	0.7%	1.8
22.	Premiere Global Services, Inc.	Office	0.7%	8.2
23.	Limited Brands	Retail	0.7%	6.8
24.	KIDS II, Inc.	Office	0.7%	5.6
25.	Best Buy	Retail	0.6%	8.0
	Total leased square feet of Top 25 Largest Tenants		44.9%	7.9

(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.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of June 30, 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)
Terminus Atlanta, GA	Mixed Use		100	%		4			2005		12,642	(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
Land Adjacent to The Avenue Forsyth Suburban Atlanta, GA	Retail		94%	(3)		15			2007		10,442	(2)
King Mill Distribution Park Suburban Atlanta, GA	Industrial		100	%		86	(4)		2005		10,089	(2)
Lakeside Ranch Business Park Dallas, TX	Industrial and Commercial		100%	(5)		48			2006		9,821	(2)
Jefferson Mill Business Park Suburban Atlanta, GA	Industrial and Commercial		100	%		117	(4)		2006		9,195	(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	%		46			1970-1985		6,856	(2)
Research Park V Austin, TX	Commercial		100	%		6			1998		4,957	(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						501					123,818

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of June 30, 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	%		5,517		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		844
Summer Creek Ranch Forth Worth, TX	Residential and Mixed Use		50	%		363		2002		—	(6)
Long Meadow Farms Houston, TX	Residential and Mixed Use		19	%		123		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						8,789				28,188
TOTAL LAND HELD						9,290			$	152,006

(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 $126,149,000, as reflected on the Condensed Consolidated Balance Sheet.
(3)	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.
(4)	A third party has the option to purchase certain tracts aggregating approximately 145 acres through June 30, 2011, under certain circumstances.
(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 June 30, 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	$	5,108
Fulton County Suburban Atlanta, GA
Callaway Gardens (50% owned) (4) (5)		2006		10		559		106		4		5		25		534		16,086
Harris County Pine Mountain, GA
Blalock Lakes (5)		2006		14		154		86		1		1		19		135		38,705
Coweta County Suburban Atlanta, GA
Longleaf at Callaway (5)		2002		9		138		13		—		—		125		13		386
Harris County Pine Mountain, GA
River’s Call		1999		12		107		13		—		—		94		13		442
East Cobb County Suburban Atlanta, GA
Tillman Hall		2008		4		29		24		—		1		5		24		2,769
Gwinnett County Suburban Atlanta, GA
Total Consolidated						1,893		315		5		7		970		923		63,496
Temco Associates, LLC (50% owned) (6)
Bentwater		1998		13		1,676		5		—		—		1,671		5		14
Paulding County Suburban Atlanta, GA
The Georgian (75% owned)		2003		21		1,385		259		—		—		288		1,097		23,519
Paulding County Suburban Atlanta, GA
Seven Hills		2003		12		1,081		332		—		1		635		446		16,696
Paulding County Suburban Atlanta, GA
Harris Place		2004		8		27		9		—		—		18		9		652
Paulding County Suburban Atlanta, GA
Total Temco						4,169		605		—		1		2,612		1,557		40,881
CL Realty, L.L.C. (50% owned) (6)
Summer Creek Ranch		2003		21		2,568		187		—		—		796		1,772		22,991
Tarrant County Fort Worth, TX
Long Meadow Farms (37.5% owned)		2003		12		2,083		122		22		29		636		1,447		13,546
Fort Bend County Houston, TX
Bar C Ranch		2004		20		1,199		99		7		23		215		984		7,447
Tarrant County Fort Worth, TX
Summer Lakes		2003		15		1,123		172		5		5		330		793		7,200
Fort Bend County Rosenberg, TX

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of June 30, 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			4			26			398			629		$	19,728
Brazoria County Pearland, TX
Village Park		2003		12		567			—			9			17			356			211			6,354
Collin County McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			8,590
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		373			19			19			28			248			125			6,885
Bexar County San Antonio, TX
Stillwater Canyon		2003		11		335			6			—			—			225			110			2,325
Dallas County DeSoto, TX
Creekside Oaks		2003		10		301			140			12			36			161			140			3,560
Manatee County Bradenton, FL
Village Park North		2005		10		189			8			—			—			71			118			2,341
Collin County McKinney, TX
Bridle Path Estates		2004		10		87			—			—			—			—			87			3,060
Hillsborough County Tampa, FL
West Park		2005		8		84			—			—			—			21			63			5,317
Cobb County Suburban Atlanta, GA
Total CL Realty						10,886			975			78			164			3,805			7,081			111,948
Total						16,948			1,895			83			172			7,387			9,561		$	216,325
Company Share of Total						8,121			965			30			68			3,829			4,292		$	121,000
Company Weighted Average Ownership						48	%		51	%		36	%		40	%		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)	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.
(3)	Includes Cost Basis of land tracts as detailed on the Inventory of Land Held schedule.
(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 June 30, 2010, 128 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 June 30, 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		22		41		96		41	$	13,655
Atlanta, GA
60 North Market (2)		28		—		2		25		3		1,395
Asheville, NC
TOTAL CONSOLIDATED MULTI-FAMILY UNITS		165		22		43		121		44	$	15,050

(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 JUNE 30, 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 (3)		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		26,857		100	%		11/1/2011			7.00	%		26,857				26,857
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 (5)		22,025		100	%		9/1/2010			8.27	%				22,025		22,025
LAKESHORE PARK PLAZA		17,726		100	%		8/1/2012			5.89	%				17,726		17,726
THE POINTS AT WATERVIEW		16,811		100	%		1/1/2016			5.66	%				16,811		16,811
600 UNIVERSITY PARK PLACE		12,416		100	%		8/10/2011			7.38	%				12,416		12,416
HANDY ROAD ASSOCIATES (PRIME + 1.0%, NOT LESS THAN 6%)		3,374		50	%		3/30/2011			6.00	%				3,374		3,374
VARIOUS		169		100	%	VARIOUS			VARIOUS						169		169
TOTAL CONSOLIDATED		580,378								6.36	%		171,857		408,521		580,378		3.2
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR + 3.00%) ($113.2MM FACILITY)		105,059		50	%		7/20/2013			3.35	%		26,220		26,310		52,530
MSREF/TERMINUS 200 LLC (LIBOR + 2.50%) ($92MM FACILITY)		39,483		20	%		12/31/2013			2.85	%				7,897		7,897
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		49,213		50	%		6/1/2013			5.90	%				24,607		24,607
THE AVENUE EAST COBB		34,727		11.5	%		8/1/2010	(6)		8.39	%				3,994		3,994
TEN PEACHTREE PLACE		27,065		50	%		4/1/2015			5.39	%				13,533		13,533
PINE MOUNTAIN BUILDERS (LIBOR + 4%, NOT LESS THAN 5%)		1,733		50	%		6/11/2011			5.00	%				867		867
TEMCO:
BENTWATER LINKS (LIBOR + 6.5%)		2,996		50	%		5/23/2012			6.85	%				1,498		1,498
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		1,411		50	%		8/22/2010			4.75	%				706		706
WATERFORD PARK (PRIME + 1.5%)		1,110		50	%		11/8/2011			4.75	%				555		555
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		536		50	%		3/28/2011			2.60	%				268		268
TOTAL UNCONSOLIDATED		263,333								4.41	%		26,220		80,235		106,455		3.1
TOTAL ADJUSTED DEBT	$	843,711								6.06	%	$	198,077	$	488,756	$	686,833		3.2
INVESTMENT ENTITY DEBT (7)
CHARLOTTE GATEWAY VILLAGE	$	103,670		50	%		12/1/2016			6.41	%	$	—	$	51,835	$	51,835
TOTAL INVESTMENT ENTITY DEBT		103,670								6.41	%		—		51,835		51,835		6.4
TOTAL	$	947,381								6.08	%	$	198,077	$	540,591	$	738,668		3.4

(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%. The Term Loan was paid in full subsequent to quarter end, and the swap was terminated for a cost of approximately $9 million.
(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, this note was repaid and a new mortgage note payable entered into with a principal balance of $27 million, an interest rate of 6% and a maturity of August 1, 2020.
(6)	Subsequent to quarter end, the term of the loan was extended one month to September 1, 2010, and negotiations for a new loan are underway.
(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
Second Quarter 2010 Compared to First Quarter 2010
(in thousands, except percentages)

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	Q1 2010			Q2 2010			% Change			Q1 2010			Q2 2010			% Change			Q1  2010			Q2 2010			% Change			Q1 2010			Q2 2010			Q1 2010			Q2 2010
RENTAL PROPERTY REVENUES	$	42,239		$	43,402					$	24,819		$	24,711					$	67,058		$	68,113					$	1,205		$	1,710		$	68,263		$	69,823
RENTAL PROPERTY OPERATING EXPENSES		16,844			17,699						7,721			7,946						24,565			25,645						543			1,225			25,108			26,870
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	25,395		$	25,703			1.2	%	$	17,098		$	16,765			-1.9	%	$	42,493		$	42,468			-0.1	%	$	662		$	485		$	43,155		$	42,953
RENTAL PROPERTY REVENUES	$	42,239		$	43,402					$	24,819		$	24,711					$	67,058		$	68,113					$	1,205		$	1,710		$	68,263		$	69,823
Less: STRAIGHT-LINE RENTS		1,258			1,468						569			489						1,827			1,957						38			345			1,865			2,302
AMORTIZATION OF LEASE INDUCEMENTS		(295	)		(304	)					(12	)		(17	)					(307	)		(321	)					(10	)		(44	)		(317	)		(365	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		20			20						0			0						20			20						0			0			20			20
CASH BASIS RENTAL PROPERTY REVENUES (1)		41,256			42,218						24,262			24,239						65,518			66,457						1,177			1,409			66,695			67,866
RENTAL PROPERTY OPERATING EXPENSES		16,844			17,699						7,721			7,946						24,565			25,645						543			1,225			25,108			26,870
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	24,412		$	24,519			0.4	%	$	16,541		$	16,293			-1.5	%	$	40,953		$	40,812			-0.3	%	$	634		$	184		$	41,587		$	40,996
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	42,239		$	43,402					$	24,819		$	24,711					$	67,058		$	68,113					$	1,205		$	1,710		$	68,263		$	69,823
RENTAL PROPERTY OPERATING EXPENSES		16,844			17,699						7,721			7,946						24,565			25,645						543			1,225			25,108			26,870
	$	25,395		$	25,703					$	17,098		$	16,765					$	42,493		$	42,468					$	662		$	485		$	43,155		$	42,953
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	20,146		$	20,599
DISCONTINUED OPERATIONS (3)																																			1,883			1,743
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			4,952			4,966
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			26,981			27,308
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			16,174			15,645
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	43,155		$	42,953

(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
Six Months 2010 Compared to Six Months 2009
(in thousands, except percentages)

	Same Property																										Non-Same						All Properties
	Office									Retail								Total
	6M 2009			6M 2010			% Change			6M 2009		6M 2010			% Change			6M 2009			6M 2010			% Change			6M 2009			6M 2010			6M 2009			6M 2010
RENTAL PROPERTY REVENUES	$	78,069		$	78,911					$	44,578	$	42,610					$	122,647		$	121,521					$	14,290		$	16,644		$	136,937		$	138,165
RENTAL PROPERTY OPERATING EXPENSES		32,574			32,723						14,846		13,353						47,420			46,076						4,746			5,987			52,166			52,063
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	45,495		$	46,188			1.5	%	$	29,732	$	29,257			-1.6	%	$	75,227		$	75,445			0.3	%	$	9,544		$	10,657		$	84,771		$	86,102
RENTAL PROPERTY REVENUES	$	78,069		$	78,911					$	44,578	$	42,610					$	122,647		$	121,521					$	14,290		$	16,644		$	136,937		$	138,165
Less: STRAIGHT-LINE RENTS		2,378			2,078						630		701						3,008			2,779						1,190			1,386			4,198			4,165
AMORTIZATION OF LEASE INDUCEMENTS		(486	)		(598	)					223		(2	)					(263	)		(600	)					(21	)		(68	)		(284	)		(668	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(38	)		40						0		0						(38	)		40						0			0			(38	)		40
CASH BASIS RENTAL PROPERTY REVENUES (1)		76,215			77,391						43,725		41,911						119,940			119,302						13,121			15,326			133,061			134,628
RENTAL PROPERTY OPERATING EXPENSES		32,574			32,723						14,846		13,353						47,420			46,076						4,746			5,987			52,166			52,063
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	43,641		$	44,668			2.4	%	$	28,879	$	28,558			-1.1	%	$	72,520		$	73,226			1.0	%	$	8,375		$	9,339		$	80,895		$	82,565
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	78,069		$	78,911					$	44,578	$	42,610					$	122,647		$	121,521					$	14,290		$	16,644		$	136,937		$	138,165
RENTAL PROPERTY OPERATING EXPENSES		32,574			32,723						14,846		13,353						47,420			46,076						4,746			5,987			52,166			52,063
	$	45,495		$	46,188					$	29,732	$	29,257					$	75,227		$	75,445					$	9,544		$	10,657		$	84,771		$	86,102
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	38,718		$	40,745
DISCONTINUED OPERATIONS (3)																																		3,407			3,626
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		9,816			9,918
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		51,941			54,289
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		32,830			31,813
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																	$	84,771		$	86,102

(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			2010 1st			2010 2nd			2010 YTD
(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			5,471			6,399
		SECOND GENERATION BUILDING IMPROVEMENTS		1,066			834			8,048			2,855			3,030			182			2,458			8,525			109			613			722
				13,421			18,979			24,032			3,531			3,748			2,066			4,339			13,684			1,037			6,084			7,121
		TOTAL BY SEGMENT:
		OFFICE:
		SECOND GENERATION LEASING RELATED COSTS		9,332			18,130			15,984			676			705			656			707			2,744			334			4,971			5,305
		SECOND GENERATION BUILDING IMPROVEMENTS		1,066			834			8,048			2,855			3,030			182			2,458			8,525			109			613			722
				10,398			18,964			24,032			3,531			3,735			838			3,165			11,269			443			5,584			6,027
		RETAIL:
		SECOND GENERATION LEASING RELATED COSTS		3,023			15			0			0			13			1,228			1,174			2,415			594			500			1,094
		SECOND GENERATION BUILDING IMPROVEMENTS		0			0			0			0			0			0			0			0			0			0			0
				3,023			15			0			0			13			1,228			1,174			2,415			594			500			1,094
		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			6,084			7,121
(B	)	ADJUSTED DEBT:
		CONSOLIDATED DEBT		315,149			676,189			942,239			945,269			943,792			700,700			590,208			590,208			580,979			580,378			580,378
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		172,085			170,166			196,874			201,948			204,502			198,501			197,055			197,055			195,250			158,290			158,290
		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			738,668			738,668
		SHARE OF INVESTMENT ENTITY DEBT		(110,718	)		(72,873	)		(65,160	)		(63,166	)		(61,501	)		(59,639	)		(55,100	)		(55,100	)		(53,485	)		(51,835	)		(51,835	)
		ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744			686,833			686,833
		RECOURSE DEBT		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			198,077
		NON-RECOURSE DEBT		149,661			567,824			582,350			581,655			505,854			504,904			509,656			509,656			507,200			488,756			488,756
		ADJUSTED DEBT		376,516			773,482			1,073,953			1,084,051			1,086,793			839,562			732,163			732,163			722,744			686,833			686,833
(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			14,932			29,632
		RETAIL CONSOLIDATED PROPERTIES		16,556			12,286			16,495			4,437			4,613			4,002			4,357			17,409			4,895			4,992			9,887
		INDUSTRIAL CONSOLIDATED PROPERTIES		405			1,949			1,542			355			369			400			444			1,568			533			615			1,148
		OTHER RENTAL OPERATIONS — CONSOLIDATED		205			82			(69	)		(31	)		26			(15	)		50			30			18			60			78
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		47,231			60,055			83,698			18,503			20,215			19,530			17,988			76,236			20,146			20,599			40,745
		RENTAL PROPERTY REVENUES		80,595			104,729			138,199			34,981			34,573			36,244			34,174			139,972			34,807			35,992			70,799
		RENTAL PROPERTY OPERATING EXPENSES		(33,364	)		(44,673	)		(54,501	)		(16,478	)		(14,358	)		(16,714	)		(16,186	)		(63,736	)		(14,661	)		(15,393	)		(30,054	)
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		47,231			60,056			83,698			18,503			20,215			19,530			17,988			76,236			20,146			20,599			40,745
(D	)	INCOME FROM DISCONTINUED OPERATIONS:
		RENTAL PROPERTY REVENUES		28,203			8,758			9,230			2,523			2,522			2,391			2,379			9,815			2,406			2,269			4,675
		LEASE TERMINATION FEES & OTHER INCOME		3,155			106			22			0			0			0			0			0			0			0			0
		RENTAL PROPERTY OPERATING EXPENSES		(10,848	)		(2,982	)		(2,774	)		(837	)		(801	)		(688	)		(505	)		(2,831	)		(523	)		(526	)		(1,049	)
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL
		PROPERTY OPERATING EXPENSES		20,510			5,882			6,478			1,686			1,721			1,703			1,874			6,984			1,883			1,743			3,626
		INTEREST INCOME		0			19			9			7			46			0			0			53			0			19			19
		INTEREST EXPENSE		0			(251	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)		0			0			0
		PROVISION FOR INCOME TAXES		(2	)		0			0			0			0			0			0			0			0			0			0
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(71	)		(41	)		(33	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(1	)		(5	)
		FUNDS FROM OPERATIONS		20,437			5,609			1,560			463			1,484			1,699			1,870			5,516			1,879			1,761			3,640
		DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(13,924	)		(2,689	)		(2,581	)		(566	)		(573	)		(571	)		(573	)		(2,283	)		(570	)		(191	)		(761	)
		INCOME FROM DISCONTINUED OPERATIONS		6,513			2,920			(1,021	)		(103	)		911			1,128			1,297			3,233			1,309			1,570			2,879

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

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
(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			316			706
		OUTPARCEL SALES		6,788			3,000			4,850			1,800			2,775			1,100			0			5,675			13,429			0			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			316			14,135
		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			275			535
		OUTPARCEL COST OF SALES		5,132			1,983			2,460			1,218			1,650			929			(39	)		3,758			8,836			0			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			275			9,371
		TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697			1,002			1,699
		OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0			0			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			1,043			6,463
		SUMMARY — CONSOLIDATED:
		LOT SALES NET OF COST OF SALES		2,877			1,124			827			236			180			0			65			481			130			41			171
		OUTPARCEL SALES NET OF COST OF SALES		1,656			1,017			2,390			582			1,125			171			39			1,917			4,593			0			4,593
		TRACT SALES NET OF COST OF SALES		2,481			4,977			9,204			96			746			349			(6	)		1,185			697			1,002			1,699
		OTHER INVESTMENT PROPERTY SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		11,867			8,184			1,407			113			0			0			(55	)		58			0			0			0
		TOTAL CONSOLIDATED SALES, NET		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420			1,043			6,463
		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			1,328			3,003
		OUTPARCEL SALES		0			0			0			0			0			0			0			0			516			0			516
		TRACT SALES		14,235			1,355			4,158			617			0			5			36			658			61			167			228
		TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		52,911			10,073			7,897			1,407			1,835			864			710			4,816			2,252			1,495			3,747
		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			870			2,025
		OUTPARCEL COST OF SALES		0			0			0			0			0			0			0			0			430			0			430
		TRACT COST OF SALES		7,560			704			966			382			0			1			11			394			15			65			80
		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			935			2,535
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET -JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			1,212
		SUMMARY — JOINT VENTURES:
		LOT SALES NET OF COST OF SALES		8,217			1,822			795			95			210			211			15			531			520			458			978
		OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			86
		TRACT SALES NET OF COST OF SALES		6,675			651			3,192			235			0			4			25			264			46			102			148
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET — SHARE OF JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			1,212
		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			1,603			7,675
(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			7,943			18,089
		MULTI-FAMILY COST OF SALES		(19,403	)		124			(7,330	)		0			(1,185	)		(7,372	)		(17,072	)		(25,629	)		(7,970	)		(6,108	)		(14,078	)
		MULTI-FAMILY SALES — CONSOLIDATED, NET		3,731			144			1,114			0			0			1,856			3,356			5,212			2,176			1,835			4,011
		JOINT VENTURES:
		MULTI-FAMILY SALES — JOINT VENTURES:
		MULTI-FAMILY SALES		56,734			(66	)		23,291			0			0			0			175			175			389			0			389
		MULTI-FAMILY COST OF SALES		(46,562	)		(3,261	)		(21,147	)		0			0			0			(116	)		(116	)		(266	)		0			(266	)
		OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			39
		MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			162
		TOTAL MULTI-FAMILY FFO		14,074			(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			4,173

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

			2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 YTD
(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			2,987			5,963
		RETAIL PROPERTIES		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			3,955
		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			4,966			9,918
		RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET OF COST OF SALES		14,892			2,473			3,987			330			210			215			40			795			652			560			1,212
		MULTI-FAMILY SALES, NET OF COST OF SALES		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			162
		INTEREST EXPENSE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,846	)
		OTHER EXPENSE		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			615
		IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(11	)
		FUNDS FROM OPERATIONS — UNCONSOLIDATED JOINT VENTURES		46,285			9,481			16,137			3,940			945			(17,744	)		3,962			(8,897	)		5,208			4,842			10,050
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		135,618			1,186			0			28			(16	)		0			0			12			0			0			0
		DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)		(2,448	)		(4,736	)
		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			2,394			5,314

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

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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 facility. 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 office and retail 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.