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Exhibit 99.1

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

TABLE OF CONTENTS


Press Release			1

Condensed Consolidated Statements of Operations			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			18

Square Feet Expiring:
Office			19
Retail			20
Industrial			21

Top 25 Largest Tenants			22

Inventory of Land Held			23

Inventory of Residential Lots			25

Inventory of Multi-Family Units Held for Sale			27

Debt Outstanding			28

Reconciliations of Non-GAAP Financial Measures			29

Discussion of Non-GAAP Financial Measures			34

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks. These include, but are not limited to, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions; leasing risks; the financial condition of existing tenants; competition from other developers or investors; the risks associated with development projects; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009. The words “believes,” “expects,” “anticipates,” “estimates,” “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 SEPTEMBER 30, 2010

Highlights:

	•		Reported FFO before certain charges of $0.10 per diluted share

	•		Completed office and retail leasing totaling 645,000 square feet

	•		Sold two assets for $88 million in proceeds

	•		Eliminated near-term maturities of $122 million with sales and new financings

	•		Posted leasing improvement across all asset classes

ATLANTA (November 8, 2010) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 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 $886,000, or $0.01 per share, for the third quarter of 2010 compared with $(41.9) million, or $(0.71) per share, for the third quarter of 2009. FFO was $22.8 million, or $0.23 per share, for the nine months ended September 30, 2010 compared with $(99.3) million, or $(1.83) per share, for the same period in 2009.

Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(8.4) million, or $(0.08) per share, for the third quarter of 2010 compared with $(57.1) million, or $(0.96) per share, for the third quarter of 2009. Net Income (Loss) Available was $(18.6) million, or $(0.18) per share, for the nine months ended September 30, 2010 compared with $22.2 million, or $0.41 per share, for the same period in 2009.

FFO before a previously disclosed swap termination charge and separation expenses was $10.3 million, or $0.10 per share, for the third quarter of 2010. FFO for the nine months ended September 30,

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

CUZ Reports Third Quarter Results
Page 2
November 8, 2010

2010 was $34.8 million, or $0.35 per share, before these charges and certain non-cash impairment and predevelopment charges. A reconciliation of FFO and Net Income (Loss) Available before the swap termination payment, separation charges, and non-cash impairment and predevelopment charges is as follows:


	3rd Quarter 2010						Nine Months 2010
	$(000)			Per Share			$(000)			Per Share

FFO Before Certain Charges	$	10,323		$	0.10		$	34,834		$	0.35
Swap Termination, Separation and Non-Cash Impairment and Predevelopment Charges:
Swap Termination Payment		(9,235	)					(9,235	)
Separation Charges		(202	)					(303	)
Impairment on 60 North Market		—						(586	)
Write-off of Predevelopment Project		—						(1,949	)

Total		(9,437	)		(0.09	)		(12,073	)		(0.12	)

FFO	$	886		$	0.01		$	22,761		$	0.23

Net Income (Loss) Available Before Certain Charges	$	1,055		$	0.01			($6,477	)		($0.06	)
Swap Termination, Separation and Non-Cash Impairment and Predevelopment Charges		(9,437	)		(0.09	)		(12,073	)		(0.12	)

Net Loss Available		($8,382	)		($0.08	)		($18,550	)		($0.18	)

FFO and Net Income (Loss) Available for the third quarter and nine months ended September 30, 2009 were reduced by $49.2 million and $137.9 million, respectively, of certain separation and non-cash impairment and valuation charges. Additionally, for the nine-month 2009 period, both FFO and Net Income Available included a $12.5 million gain on extinguishment of debt, and Net Income Available included the recognition of a deferred gain of $167 million related to a joint venture transaction with Prudential.

Third quarter highlights included the following:

	•		Sold San Jose MarketCenter, a 213,000-square-foot power center located in San Jose, California, for $85 million, generating a net gain of $6.6 million.

	•		Obtained a new 10-year, $27 million mortgage loan with an interest rate of 6% secured by Meridian Mark Plaza, a 160,000-square-foot medical office building in Atlanta, and repaid a $22 million loan scheduled to mature in September 2010 with 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 $9.2 million. Repayment of this loan correspondingly increased the Company’s borrowing capacity under its credit facility.

	•		Executed or renewed leases covering 487,000 square feet of office space and 158,000 square feet of retail space.

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CUZ Reports Third Quarter Results
Page 3
November 8, 2010

			Highlights subsequent to quarter end included the following:

	•		Sold 8995 Westside Parkway, a 51,000-square-foot office building in Atlanta, Georgia, for $3.2 million, generating an estimated net gain of $700,000.

	•		Received a $1.1 million payment from the Company’s partner in the Oklahoma City predevelopment project representing a partial recovery of amounts previously written off.

At September 30, 2010, the Company’s portfolio of operational office buildings was 90% leased, its portfolio of operational retail centers was 86% leased and its portfolio of operational industrial buildings was 90% leased.

“The third quarter results illustrate significant progress in our continued efforts to lease vacant space, sell non-core assets and generate additional fee income,” said Larry Gellerstedt, CEO of Cousins. “We are particularly pleased with the disproportionate share of leasing we’ve achieved in our core markets in the face of challenging market conditions.”

The Condensed Consolidated Statements of Operations, 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 “Supplemental Information” and “SEC Filings” links on the “Investor Information & Filings” link of the Investor Relations page of the Company’s website at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1984.

The Company will conduct a conference call at 9:30 a.m. (Eastern Time) on Tuesday, November 9, 2010, to discuss the results of the quarter ended September 30, 2010. The number to call for this interactive teleconference is (303) 223-2680. A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21484696. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q3 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

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CUZ Reports Third Quarter Results
Page 4
November 8, 2010

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 OPERATIONS
(Unaudited, in thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
REVENUES:
Rental property revenues	$	36,255		$	36,205		$	106,997		$	105,392
Fee income		8,690			9,510			25,241			25,726
Multi-family residential unit sales		6,637			9,228			24,726			10,413
Residential lot and outparcel sales		630			1,150			14,765			7,026
Other		245			675			540			2,893

		52,457			56,768			172,269			151,450


COSTS AND EXPENSES:
Rental property operating expenses		15,276			16,617			45,172			47,260
Multi-family residential unit cost of sales		5,190			7,372			19,268			8,557
Residential lot and outparcel cost of sales		549			979			9,920			4,732
General and administrative expenses		8,109			9,180			26,648			28,546
Separation expenses		202			724			303			3,094
Reimbursed general and administrative expenses		3,522			3,979			11,531			12,237
Depreciation and amortization		13,977			13,264			41,610			40,428
Interest expense		8,702			10,793			28,769			30,278
Impairment loss		—			4,012			586			40,512
Other		964			1,723			5,489			7,701

		56,491			68,643			189,296			223,345

LOSS ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAPS		(9,235	)		—			(9,827	)		—


LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(13,269	)		(11,875	)		(26,854	)		(71,895	)

BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		(25	)		(54	)		1,107			(7,406	)

INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
Equity in net income (loss) from unconsolidated joint ventures		2,179			(19,926	)		7,493			(19,337	)
Impairment loss on investment in unconsolidated joint ventures		—			(22,928	)		—			(51,058	)

		2,179			(42,854	)		7,493			(70,395	)

LOSS FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(11,115	)		(54,783	)		(18,254	)		(149,696	)

GAIN ON SALE OF INVESTMENT PROPERTIES		58			406			1,875			168,641


INCOME (LOSS) FROM CONTINUING OPERATIONS		(11,057	)		(54,377	)		(16,379	)		18,945

INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		25			1,041			2,743			1,897
Gain on extinguishment of debt		—			—			—			12,498
Gain on sale of investment properties		6,572			7			6,572			153

		6,597			1,048			9,315			14,548


NET INCOME (LOSS)		(4,460	)		(53,329	)		(7,064	)		33,493

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(696	)		(531	)		(1,806	)		(1,641	)


NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		(5,156	)		(53,860	)		(8,870	)		31,852

DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,226	)		(3,228	)		(9,680	)		(9,682	)


NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(8,382	)	$	(57,088	)	$	(18,550	)	$	22,170


PER COMMON SHARE INFORMATION — BASIC AND DILUTED:
Income (loss) from continuing operations	$	(0.15	)	$	(0.98	)	$	(0.28	)	$	0.14
Income from discontinued operations		0.06			0.02			0.09			0.27

Net income (loss) available to common stockholders — basic and diluted	$	(0.08	)	$	(0.96	)	$	(0.18	)	$	0.41


DIVIDENDS DECLARED PER COMMON SHARE	$	0.09		$	0.15		$	0.27		$	0.65


WEIGHTED AVERAGE SHARES — BASIC AND DILUTED		101,893			59,403			100,995			54,152

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Net Income (Loss) Available to Common Stockholders	$	(8,382	)	$	(57,088	)	$	(18,550	)	$	22,170
Depreciation and amortization:
Consolidated properties		13,977			13,264			41,610			40,428
Discontinued properties		19			604			845			1,877
Share of unconsolidated joint ventures		2,350			2,192			7,097			6,524
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(441	)		(829	)		(1,470	)		(2,727	)
Discontinued properties		—			(4	)		(5	)		(12	)
Share of unconsolidated joint ventures		(6	)		(10	)		(17	)		(34	)
Gain on sale of investment properties:
Consolidated		(58	)		(406	)		(1,875	)		(168,641	)
Discontinued properties		(6,572	)		(7	)		(6,572	)		(153	)
Share of unconsolidated joint ventures		—			—			—			(12	)
Gain on sale of undepreciated investment properties		(1	)		349			1,698			1,304


Funds From Operations Available to Common Stockholders	$	886		$	(41,935	)	$	22,761		$	(99,276	)


Per Common Share — Basic and Diluted:

Net Income (Loss) Available	$	(0.08	)	$	(0.96	)	$	(0.18	)	$	0.41


Funds From Operations	$	0.01		$	(0.71	)	$	0.23		$	(1.83	)


Weighted Average Shares — Basic and Diluted		101,893			59,403			100,995			54,152

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

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

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


	September 30, 2010			December 31, 2009
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $258,897 and $233,091 in 2010 and 2009, respectively	$	907,932		$	1,006,760
Land held for investment or future development		126,210			137,233
Residential lots		63,586			62,825
Multi-family units held for sale		10,193			28,504

Total properties		1,107,921			1,235,322

OPERATING PROPERTY HELD FOR SALE, net of accumulated depreciation of $5,461		2,318			—

CASH AND CASH EQUIVALENTS		9,211			9,464
RESTRICTED CASH		17,632			3,585
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $5,143 and $5,734 in 2010 and 2009, respectively		45,306			49,678
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		163,231			146,150
OTHER ASSETS		45,433			47,353


TOTAL ASSETS	$	1,391,052		$	1,491,552


LIABILITIES AND EQUITY
NOTES PAYABLE	$	514,363		$	590,208
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		36,531			56,577
DEFERRED GAIN		4,275			4,452
DEPOSITS AND DEFERRED INCOME		17,287			7,465

TOTAL LIABILITIES		572,456			658,702

COMMITMENTS AND CONTINGENT LIABILITIES

REDEEMABLE NONCONTROLLING INTERESTS		13,482			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, 106,205,120 and 103,352,382 shares issued in 2010 and 2009, respectively		106,205			103,352
Additional paid-in capital		679,437			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		(94	)		(9,517	)
Distributions in excess of net income (loss)		(96,029	)		(51,402	)

TOTAL STOCKHOLDERS’ INVESTMENT		772,281			787,411

Nonredeemable noncontrolling interests		32,833			32,848


TOTAL EQUITY		805,114			820,259


TOTAL LIABILITIES AND EQUITY	$	1,391,052		$	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 3rd			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	)		(8,382	)		(18,550	)

	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			886			22,761


	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			101,893			100,995
	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			101,893			100,995

	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	)		(0.08	)		(0.18	)
	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	)		(0.08	)		(0.18	)

	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			0.01			0.23
	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			0.01			0.23

(A)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)(2)		13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			6,070

	REGULAR COMMON DIVIDENDS:
	CASH		75,495			76,782			69,807			12,838			4,283			2,617			2,972			22,710			2,997			3,034			3,060			9,091
	COMMON STOCK		—			—			—			—			8,551			5,225			5,935			19,711			5,984			6,046			6,100			18,130

	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			0.09			0.27
	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			7.14			7.14
	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			102,635			102,635

	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			24.88			24.88
	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			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			24.40			24.40
	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			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			732,814			732,814
	PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			166,966			166,966
(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			616,566			616,566

	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			1,516,346			1,516,346


	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		16	%		37	%		58	%		72	%		67	%		47	%		45	%		45	%		42	%		45	%		41	%		41	%

(B)	RECOURSE DEBT (1)		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			127,457			127,457

	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		10	%		26	%		33	%		36	%		19	%		14	%		14	%		13	%		13	%		8	%		8	%

	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			732,814			732,814
	PREFERRED EQUITY MARKET CAPITALIZATION		205,720			171,880			82,126			90,894			100,766			135,485			141,965			141,965			152,247			150,308			166,966			166,966
(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			666,754			666,754

	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			1,566,534			1,566,534


	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		19	%		39	%		59	%		73	%		68	%		49	%		47	%		47	%		44	%		47	%		43	%		43	%

	VARIOUS COVENANTS AS DEFINED UNDER THE COMPANY’S CREDIT FACILITY:
	LEVERAGE RATIO		29	%		45	%		51	%		54	%		52	%		41	%		40	%		40	%		41	%		40	%		38	%		38	%
	COVENANT REQUIREMENT — NO GREATER THAN		60	%		60	%		60	%		60	%		60	%		60	%		60	%		60	%		55	%		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			1.8			1.8
	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			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 3rd			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			2,830			8,468
	AMERICAN CANCER SOCIETY CENTER		11,774			11,959			14,547			3,791			3,151			3,449			2,671			13,062			2,675			2,736			2,796			8,207
	TERMINUS 100		0			5,000			16,386			3,311			4,750			3,478			2,952			14,491			3,720			3,731			3,635			11,086
	ONE GEORGIA CENTER		(219	)		(109	)		2,650			1,039			1,039			1,100			1,127			4,305			1,029			1,025			1,027			3,081
	THE POINTS AT WATERVIEW		2,124			2,179			2,127			509			515			536			490			2,050			460			540			447			1,447
	LAKESHORE PARK PLAZA		922			1,794			2,141			567			545			540			534			2,186			561			521			527			1,609
	MERIDIAN MARK PLAZA		4,475			4,339			4,504			958			972			947			945			3,822			917			924			910			2,751
	555 NORTH POINT CENTER EAST		1,771			1,882			1,989			501			531			528			503			2,063			482			539			505			1,526
	333 NORTH POINT CENTER EAST		1,183			1,287			1,449			417			426			426			416			1,685			406			422			352			1,180
	200 NORTH POINT CENTER EAST		839			1,490			1,484			378			393			423			412			1,606			417			415			422			1,254
	100 NORTH POINT CENTER EAST		1,035			1,320			1,529			391			423			361			216			1,391			319			459			373			1,151
	600 UNIVERSITY PARK PLACE		1,107			1,557			1,679			394			394			396			369			1,553			418			349			322			1,089
	GALLERIA 75		897			649			591			22			67			65			107			261			55			87			63			205
	COSMOPOLITAN CENTER		13			341			459			139			129			138			148			554			115			126			110			351
	INHIBITEX		917			912			910			220			226			225			225			896			224			222			225			671
	221 PEACHTREE CENTER GARAGE		0			510			639			124			103			157			81			465			100			102			152			354

	SUBTOTAL — OFFICE CONSOLIDATED		28,802			44,460			64,423			13,550			15,225			15,201			13,139			57,115			14,743			14,991			14,696			44,430


(G)	JOINT VENTURE PROPERTIES (1):
	PRESBYTERIAN MEDICAL PLAZA		106			116			87			18			15			20			15			68			16			12			19			47
	OTHER — CP VENTURE TWO		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0			0
	TEN PEACHTREE PLACE		2,239			2,020			2,099			526			541			561			557			2,185			571			583			582			1,736
	GATEWAY VILLAGE — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			302			906
	EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,586			3,601			3,623			909			930			902			875			3,616			894			904			963			2,761
	PALISADES WEST — BUILDINGS 1 AND 2		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			1,223			3,678
	TERMINUS 200		0			0			115			21			17			20			0			58			0			(60	)		50			(10	)
	OTHER		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(18	)		(34	)

	SUBTOTAL — OFFICE JOINT VENTURE		18,629			7,006			7,473			2,925			3,077			3,074			2,975			12,051			2,976			2,987			3,121			9,084

	SUBTOTAL — OFFICE CONSOLIDATED & JOINT VENTURE		47,431			51,466			71,896			16,475			18,302			18,275			16,114			69,166			17,719			17,978			17,817			53,514


	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			1,396			3,981
	THE AVENUE WEBB GIN		1,653			5,558			5,967			1,469			1,503			1,307			1,304			5,583			1,484			1,214			1,307			4,005
	THE AVENUE FORSYTH		0			0			2,527			1,025			955			821			896			3,697			1,588			1,458			1,638			4,684
	TIFFANY SPRINGS MARKETCENTER		0			0			1,257			803			900			919			707			3,329			741			817			835			2,393
	PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		9,068			(45	)		30			0			0			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			5,176			15,063


(G)	JOINT VENTURE PROPERTIES (1):
	THE AVENUE MURFREESBORO		0			554			3,413			937			948			1,011			1,099			3,995			1,071			1,117			1,082			3,270
	NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			129			367
	GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			138			416
	LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			52			148
	THE AVENUE EAST COBB		1,382			723			710			176			168			176			141			661			154			161			167			482
	THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			118			341
	THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			125			360
	THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			131			415
	VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			51			149
	MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0			0

	SUBTOTAL — RETAIL JOINT VENTURE		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			1,993			5,948

	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			7,169			21,011

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 3rd			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			470			1,227
	LAKESIDE RANCH — BUILDING 20		0		794			768			176			190			164			197			727			247			263			360			870
	JEFFERSON MILL — BUILDING A		0		0			(149	)		(57	)		(57	)		(47	)		(45	)		(206	)		(53	)		(66	)		262			143

	SUBTOTAL INDUSTRIAL CONSOLIDATED		405		1,949			1,542			355			369			400			444			1,568			533			615			1,092			2,240


(C)	OTHER RENTAL OPERATIONS (1):
	OTHER		206		82			(69	)		(31	)		26			(15	)		50			30			18			59			15			92

	SUBTOTAL OTHER CONSOLIDATED		206		82			(69	)		(31	)		26			(15	)		50			30			18			59			15			92


	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		70,814		70,605			97,270			23,149			25,211			24,504			22,894			95,758			25,141			25,623			26,093			76,857


(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			86			3,712
	8995 WESTSIDE PARKWAY		1,262		1,278			1,307			192			(18	)		(58	)		(2	)		114			(43	)		(58	)		(53	)		(154	)
	OTHER		16,666		(568	)		(611	)		(7	)		0			3			0			(4	)		0			0			0			0

	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,772		7,160			7,785			1,878			1,703			1,645			1,872			7,098			1,840			1,685			33			3,558


(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			81			252
	LOT SALES NET OF COST OF SALES — JOINT VENTURES		8,217		1,822			795			95			210			211			15			531			520			458			397			1,375

	TOTAL LOT SALES NET OF COS		11,094		2,946			1,622			331			390			211			80			1,012			650			499			478			1,627


	OUTPARCEL SALES NET OF COST OF SALES — CONSOLIDATED		1,656		1,017			2,390			582			1,125			171			39			1,917			4,593			0			0			4,593
	OUTPARCEL SALES NET OF COST OF SALES — JOINT VENTURES		0		0			0			0			0			0			0			0			86			0			(4	)		82

	TOTAL OUTPARCEL SALES NET OF COS		1,656		1,017			2,390			582			1,125			171			39			1,917			4,679			0			(4	)		4,675


	TRACT SALES NET OF COST OF SALES — CONSOLIDATED		2,481		4,977			9,204			96			746			349			(6	)		1,185			697			1,002			(1	)		1,698
	TRACT SALES NET OF COST OF SALES — JOINT VENTURES		6,675		651			3,192			235			0			4			25			264			46			102			2			150

	TOTAL TRACT SALES NET OF COS		9,156		5,628			12,396			331			746			353			19			1,449			743			1,104			1			1,848


	OTHER INVESTMENT PROPERTY SALES NET OF COST OF SALES — CONSOLIDATED		11,867		8,184			1,407			113			0			0			(55	)		58			0			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			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			475			8,150


(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			1,447			5,458
	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES		10,343		(185	)		1,892			(1	)		2			0			114			115			117			45			165			327

	TOTAL MULTI-FAMILY FFO		14,074		(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			1,612			5,785


	DEVELOPMENT INCOME
	DEVELOPMENT INCOME — COUSINS PROPERTIES SERVICES (3)		468		446			452			150			73			136			181			540			109			158			170			437
	DEVELOPMENT INCOME — OTHER		4,117		5,435			17,306			795			810			755			459			2,819			496			815			841			2,152

	TOTAL DEVELOPMENT INCOME		4,585		5,881			17,758			945			883			891			640			3,359			605			973			1,011			2,589


	MANAGEMENT FEES
	MANAGEMENT FEES — COUSINS PROPERTIES SERVICES (3)		14,625		17,202			16,929			4,293			4,275			3,931			3,416			15,915			3,690			3,438			3,239			10,367
	MANAGEMENT FEES — OTHER		9,812		7,580			8,475			2,313			2,162			2,224			2,029			8,728			2,748			2,003			2,175			6,926

	TOTAL MANAGEMENT FEES		24,437		24,782			25,404			6,606			6,437			6,155			5,445			24,643			6,438			5,441			5,414			17,293


	LEASING & OTHER FEES
	LEASING & OTHER FEES — COUSINS PROPERTIES SERVICES (3)		5,496		5,290			3,539			493			613			2,365			1,539			5,010			855			763			1,192			2,810
	LEASING & OTHER FEES — OTHER		947		361			961			0			239			99			456			794			440			1,036			1,073			2,549

	TOTAL LEASING & OTHER FEES		6,443		5,651			4,500			493			852			2,464			1,995			5,804			1,295			1,799			2,265			5,359

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 3rd			2010 YTD

	TERMINATION FEES		631			5,193			407			359			1,097			261			0			1,717			8			33			26			67


	INTEREST INCOME & OTHER:
	CONTINUING OPERATIONS		988			1,374			3,742			620			142			414			79			1,255			116			138			219			473
	DISCONTINUED OPERATIONS		(246	)		(138	)		9			7			46			0			0			53			0			19			11			30

	TOTAL INTEREST INCOME & OTHER		742			1,236			3,751			627			188			414			79			1,308			116			157			230			503


	GAIN (LOSS) ON EXTINGUISHMENT OF DEBT AND INTEREST RATE SWAP		0			0			0			0			12,498			0			(2,766	)		9,732			(592	)		0			(9,235	)		(9,827	)


	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	)		(6,172	)		(20,952	)
	GENERAL & ADMINISTRATIVE EXPENSES — COUSINS PROPERTIES SERVICES (3)		(7,859	)		(9,383	)		(7,589	)		(1,779	)		(1,835	)		(2,593	)		(1,417	)		(7,624	)		(1,901	)		(1,795	)		(1,906	)		(5,602	)
	REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(7,129	)		(5,783	)		(5,207	)		(1,452	)		(1,334	)		(1,389	)		(1,203	)		(5,378	)		(1,859	)		(1,203	)		(1,337	)		(4,399	)
	REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES -COUSINS PROPERTIES SERVICES (3)		(8,927	)		(11,384	)		(11,072	)		(2,776	)		(2,696	)		(2,590	)		(2,066	)		(10,128	)		(2,559	)		(2,388	)		(2,185	)		(7,132	)
	COMMISSION ON DEVELOPMENT FEE		0			0			(3,414	)		(32	)		(31	)		(31	)		(32	)		(126	)		(32	)		(31	)		(31	)		(94	)
	SEPARATION EXPENSES		0			0			(1,186	)		(344	)		(2,026	)		(724	)		(163	)		(3,257	)		(68	)		(33	)		(202	)		(303	)

	TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(58,592	)		(57,810	)		(58,453	)		(13,990	)		(16,004	)		(13,883	)		(8,834	)		(52,711	)		(14,436	)		(12,213	)		(11,833	)		(38,482	)


	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	)		(1,528	)		(3,842	)
	UNSECURED TERM LOAN		0			(1,977	)		(5,952	)		(1,387	)		(1,647	)		(1,552	)		(1,506	)		(6,092	)		(1,616	)		(1,866	)		(56	)		(3,538	)
	THE AMERICAN CANCER SOCIETY CENTER		0			(3,027	)		(9,007	)		(2,215	)		(2,240	)		(2,264	)		(2,263	)		(8,982	)		(2,215	)		(2,240	)		(2,263	)		(6,718	)
	333 & 555 NORTH POINT CENTER		(2,121	)		(2,072	)		(2,020	)		(496	)		(494	)		(490	)		(486	)		(1,966	)		(482	)		(479	)		(475	)		(1,436	)
	MERIDIAN MARK PLAZA		(1,991	)		(1,959	)		(1,923	)		(475	)		(473	)		(470	)		(468	)		(1,886	)		(465	)		(462	)		(425	)		(1,352	)
	600 UNIVERSITY PARK		(995	)		(983	)		(966	)		(239	)		(238	)		(237	)		(236	)		(950	)		(235	)		(234	)		(232	)		(701	)
	100 NORTH POINT CENTER EAST		(932	)		(780	)		(681	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(170	)		(510	)
	200 NORTH POINT CENTER EAST		(826	)		(736	)		(680	)		(170	)		(170	)		(170	)		(171	)		(681	)		(170	)		(170	)		(170	)		(510	)
	LAKESHORE PARK PLAZA		(631	)		(612	)		(788	)		(285	)		(284	)		(282	)		(281	)		(1,132	)		(280	)		(278	)		(278	)		(836	)
	THE POINTS AT WATERVIEW		(1,051	)		(1,070	)		(1,029	)		(254	)		(252	)		(251	)		(250	)		(1,007	)		(248	)		(247	)		(245	)		(740	)
	TERMINUS 100		0			(2,358	)		(11,203	)		(2,802	)		(2,802	)		(2,802	)		(2,802	)		(11,208	)		(2,802	)		(2,802	)		(2,802	)		(8,406	)
	OTHER		(12,270	)		(5,263	)		(5,667	)		(1,356	)		(379	)		(99	)		(111	)		(1,945	)		(61	)		(61	)		(58	)		(180	)
	CAPITALIZED		20,553			23,343			14,894			1,826			1,255			599			56			3,736			0			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	)		(8,702	)		(28,769	)


(G)	JOINT VENTURE DEBT (1):
	THE AVENUE EAST COBB		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(57	)		(224	)
	TEN PEACHTREE PLACE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(188	)		(566	)
	CRAWFORD LONG MEDICAL OFFICE BUILDING		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(367	)		(1,107	)
	THE AVENUE MURFREESBORO		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(489	)		(937	)
	MSREF/TERMINUS 200		0			0			0			0			0			0			0			0			0			(3	)		(34	)		(37	)
	TEMCO ASSOCIATES		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(27	)		(80	)
	CL REALTY		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(25	)		(82	)
	OTHER		(369	)		0			(92	)		(51	)		(51	)		(28	)		0			(130	)		0			0			0			0

	SUBTOTAL — JOINT VENTURE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,187	)		(3,033	)


	TOTAL INTEREST EXPENSE		(14,653	)		(12,194	)		(37,718	)		(11,475	)		(11,583	)		(11,751	)		(10,519	)		(45,328	)		(10,680	)		(11,233	)		(9,889	)		(31,802	)


	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	)		(860	)		(2,714	)
	PREDEVELOPMENT & OTHER		(2,287	)		(2,689	)		(4,567	)		(865	)		(3,337	)		(89	)		(4,022	)		(8,313	)		(503	)		(2,168	)		(104	)		(2,775	)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (MINORITY INTEREST)		(4,130	)		(1,656	)		(2,378	)		(412	)		(698	)		(531	)		(611	)		(2,252	)		(526	)		(584	)		(696	)		(1,806	)
	IMPAIRMENT LOSS — CONSOLIDATED		0			0			(2,100	)		0			(36,500	)		(4,012	)		0			(40,512	)		0			(586	)		0			(586	)
	IMPAIRMENT LOSS — JOINT VENTURE INVESTMENTS		0			0			0			0			(28,130	)		(22,928	)		0			(51,058	)		0			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	)		(1,660	)		(7,881	)

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 3rd			2010 YTD

(G)	OTHER EXPENSES — JOINT VENTURES (1):
	IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0			0
	OTHER INCOME (EXPENSE), NET		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			42			657

	TOTAL OTHER EXPENSES — JOINT VENTURES		(248	)		(1,252	)		25			(172	)		(3,208	)		(21,906	)		(175	)		(25,461	)		392			223			42			657


	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	)		205			1,309
	VALUATION ALLOWANCE		0			0			0			0			(42,720	)		(5,513	)		458			(47,775	)		(60	)		88			(230	)		(202	)
(D)	DISCONTINUED OPERATIONS (1)		(2	)		0			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	)		(25	)		1,107


	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
	CONSOLIDATED		(2,840	)		(2,752	)		(3,710	)		(964	)		(934	)		(829	)		(639	)		(3,366	)		(567	)		(462	)		(441	)		(1,470	)
(D)	DISCONTINUED OPERATIONS (1)		(71	)		(41	)		(33	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(1	)		0			(5	)
(G)	JOINT VENTURES (1)		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(6	)		(17	)

	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,923	)		(2,798	)		(3,822	)		(978	)		(952	)		(843	)		(655	)		(3,428	)		(577	)		(468	)		(447	)		(1,492	)


	PREFERRED STOCK DIVIDENDS		(15,250	)		(15,250	)		(14,957	)		(3,227	)		(3,227	)		(3,228	)		(3,225	)		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(9,680	)


	*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			886			22,761


	LOSS ON EXTINGUISHMENT OF DEBT ASSOCIATED WITH PROPERTY SALES		(18,207	)		0			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			886			22,761


	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			58			1,875
(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			(1,698	)
	DISCONTINUED OPERATIONS		86,495			18,095			2,472			0			146			7			(6	)		147			0			0			6,572			6,572
(G)	JOINT VENTURES (1)		135,618			1,186			0			28			(16	)		0			0			12			0			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			6,631			6,749


	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
	CONSOLIDATED		(26,282	)		(34,635	)		(46,561	)		(11,427	)		(13,839	)		(12,435	)		(12,283	)		(49,984	)		(12,724	)		(13,880	)		(13,536	)		(40,140	)
(D)	DISCONTINUED OPERATIONS (1)		(14,497	)		(3,214	)		(3,107	)		(661	)		(604	)		(600	)		(602	)		(2,467	)		(600	)		(221	)		(19	)		(840	)
(G)	JOINT VENTURES (1)		(8,819	)		(4,571	)		(6,416	)		(2,148	)		(2,160	)		(2,182	)		(2,264	)		(8,754	)		(2,288	)		(2,448	)		(2,344	)		(7,080	)

	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	)		(15,899	)		(48,060	)


	*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	)		(8,382	)		(18,550	)

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


JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			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	%		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	%		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			19			47
OTHER		157			(1	)		0			(5	)		0			0			0			(5	)		0			0			0			0

SUBTOTAL OFFICE		263			115			87			13			15			20			15			63			16			12			19			47


RETAIL:
NORTH POINT MARKETCENTER		668			613			588			140			166			58			83			447			105			133			129			367
GREENBRIER MARKETCENTER		534			511			532			140			131			130			142			543			142			136			138			416
LOS ALTOS MARKETCENTER		358			345			303			63			53			49			40			205			56			40			52			148
MANSELL CROSSING II		153			72			(6	)		0			0			0			0			0			0			0			0			0

SUBTOTAL RETAIL		1,713			1,541			1,417			343			350			237			265			1,195			303			309			319			931


TOTAL REVENUES LESS OPERATING EXPENSES		1,976			1,656			1,504			356			365			257			280			1,258			319			321			338			978
INTEREST EXPENSE		(231	)		0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		(20	)		(2	)		0			0			(2	)		38			4			40			20			5			0			25

FUNDS FROM OPERATIONS		1,725			1,654			1,504			356			363			295			284			1,298			339			326			338			1,003
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(670	)		(477	)		(549	)		(107	)		(109	)		(106	)		(106	)		(428	)		(105	)		(115	)		(114	)		(334	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		736			1,224			0			12			0						0			12			0			0			0			0

NET INCOME		1,791			2,401			955			261			254			189			178			882			234			211			224			669


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	%		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			167			482
THE AVENUE PEACHTREE CITY		843			491			458			117			110			109			118			454			117			106			118			341
THE AVENUE WEST COBB		1,132			685			586			133			123			109			132			497			130			105			125			360
THE AVENUE VIERA		947			620			625			155			148			148			127			578			153			131			131			415
VIERA MARKETCENTER		198			208			197			52			54			52			47			205			48			50			51			149

TOTAL REVENUES LESS OPERATING EXPENSES		4,502			2,727			2,576			633			603			594			565			2,395			602			553			592			1,747
INTEREST EXPENSE		(634	)		(350	)		(345	)		(85	)		(85	)		(85	)		(84	)		(339	)		(84	)		(83	)		(57	)		(224	)
OTHER, NET		(19	)		76			23			0			0			6			29			35			7			(1	)		21			27

FUNDS FROM OPERATIONS		3,849			2,453			2,254			548			518			516			510			2,092			525			469			556			1,550
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,018	)		(1,205	)		(1,203	)		(271	)		(207	)		(238	)		(234	)		(950	)		(236	)		(267	)		(208	)		(711	)

NET INCOME		1,831			1,248			1,051			277			311			278			276			1,142			289			202			348			839


COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES:		50	%		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			582			1,736
INTEREST EXPENSE		(806	)		(794	)		(781	)		(193	)		(192	)		(191	)		(190	)		(766	)		(189	)		(189	)		(188	)		(566	)

FUNDS FROM OPERATIONS		1,433			1,226			1,318			333			349			369			367			1,418			382			394			394			1,170
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,060	)		(1,052	)		(1,044	)		(260	)		(261	)		(260	)		(262	)		(1,043	)		(264	)		(264	)		(264	)		(792	)

NET INCOME		373			174			274			73			88			109			105			375			118			130			130			378


COUSINS’ SHARE OF GATEWAY VILLAGE (5):

FUNDS FROM OPERATIONS — PREFERRED RETURN		1,208			1,208			1,208			302			302			302			302			1,208			302			302			302			906
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(24	)

NET INCOME		1,176			1,176			1,176			294			294			294			294			1,176			294			294			294			882

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


JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 YTD

COUSINS’ SHARE OF CRAWFORD LONG — CPI:		50	%		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			963			2,761
OTHER, NET		0			0			0			0			0			1			0			1			0			0			0			0
INTEREST EXPENSE		(1,579	)		(1,554	)		(1,529	)		(378	)		(376	)		(374	)		(373	)		(1,501	)		(371	)		(369	)		(367	)		(1,107	)

FUNDS FROM OPERATIONS		2,007			2,047			2,094			531			554			528			502			2,115			523			535			596			1,654
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,468	)		(1,352	)		(1,287	)		(312	)		(307	)		(303	)		(304	)		(1,226	)		(300	)		(342	)		(297	)		(939	)

NET INCOME		539			695			807			219			247			226			198			890			223			193			299			715


COUSINS’ SHARE OF AVENUE MURFREESBORO:					50	%		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			1,082			3,270
OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			(4	)		82
OTHER, NET		0			0			27			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			(442	)		(1,442	)		(224	)		(216	)		(220	)		(201	)		(861	)		(197	)		(251	)		(489	)		(937	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(4	)		(16	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(5	)		(6	)		(16	)

FUNDS FROM OPERATIONS		0			108			1,982			708			727			786			893			3,114			955			861			583			2,399
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(310	)		(1,946	)		(618	)		(638	)		(637	)		(682	)		(2,575	)		(689	)		(726	)		(672	)		(2,087	)

NET INCOME (LOSS)		0			(202	)		36			90			89			149			211			539			266			135			(89	)		312


COUSINS’ SHARE OF PALISADES WEST LLC:		50	%		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			1,223			3,678

FUNDS FROM OPERATIONS		(11	)		127			427			1,172			1,276			1,287			1,233			4,968			1,215			1,240			1,223			3,678
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(170	)		(532	)		(586	)		(610	)		(652	)		(2,380	)		(670	)		(678	)		(679	)		(2,027	)

NET INCOME (LOSS)		(11	)		127			257			640			690			677			581			2,588			545			562			544			1,651


COUSINS’ SHARE OF MSREF/TERMINUS 200 LLC:																													20	%		20	%		20	%

REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			(60	)		50			(10	)
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(3	)		(34	)		(37	)

FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			(63	)		16			(47	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(33	)		(87	)		(120	)

NET INCOME (LOSS)		0			0			0			0			0			0			0			0			0			(96	)		(71	)		(167	)


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			0
OTHER, NET		0			(193	)		0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			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			0

FUNDS FROM OPERATIONS		0			(193	)		115			21			17			(20,912	)		0			(20,874	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(121	)		(30	)		(30	)		(20	)		0			(80	)		0			0			0			0

NET INCOME (LOSS)		0			(193	)		(6	)		(9	)		(13	)		(20,932	)		0			(20,954	)		0			0			0			0


COUSINS’ SHARE OF 50 BISCAYNE, LLC:		40	%		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			(3	)		120
OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			168			207

FUNDS FROM OPERATIONS & NET INCOME (LOSS)		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			327


COUSINS’ SHARE OF OTHER:

REVENUES LESS OPERATING EXPENSES		11,344			(65	)		(86	)		(18	)		(4	)		(19	)		(7	)		(48	)		(22	)		6			(18	)		(34	)
INTEREST EXPENSE		0			0			0			(28	)		(28	)		(28	)		0			(84	)		0			0			0			0
OTHER, NET		(42	)		(42	)		(74	)		(26	)		(25	)		(82	)		4			(129	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		0			0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS		11,290			(107	)		(160	)		(72	)		(57	)		(129	)		(3	)		(261	)		(22	)		6			(18	)		(34	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,458	)		(19	)		(19	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(4	)		(4	)		(13	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		134,882			(41	)		0			16			(16	)		0			0			0			0			0			0			0

NET INCOME (LOSS)		142,714			(167	)		(179	)		(61	)		(78	)		(135	)		(8	)		(282	)		(27	)		2			(22	)		(47	)

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


JOINT VENTURES (4)	2006			2007			2008			2009 1st			2009 2nd			2009 3rd			2009 4th			2009			2010 1st			2010 2nd			2010 3rd			2010 YTD

COUSINS’ SHARE OF TEMCO ASSOCIATES:		50	%		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	)		0			(3	)
INTEREST EXPENSE		(146	)		(139	)		(132	)		(32	)		(32	)		(28	)		(30	)		(122	)		(26	)		(27	)		(27	)		(80	)
OTHER, NET		125			(274	)		(234	)		(168	)		(212	)		(73	)		(109	)		(562	)		641			(156	)		(154	)		331
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(63	)		(5	)		(9	)		(5	)		(7	)		(26	)		(1	)		0			0			(1	)
IMPAIRMENT LOSS		0			0			(22	)		0			0			(631	)		0			(631	)		0			0			0			0

FUNDS FROM OPERATIONS		7,502			284			586			(205	)		(253	)		(734	)		(146	)		(1,338	)		614			(186	)		(181	)		247
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(114	)		(123	)		(45	)		(5	)		(9	)		5			(11	)		(20	)		(11	)		(11	)		(11	)		(33	)

NET INCOME (LOSS)		7,388			161			541			(210	)		(262	)		(728	)		(157	)		(1,357	)		603			(197	)		(192	)		214


COUSINS’ SHARE OF CL REALTY, LLC:		50	%		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			319			1,379
INTEREST EXPENSE		0			(99	)		(246	)		(82	)		(71	)		(31	)		(31	)		(215	)		(32	)		(25	)		(25	)		(82	)
OTHER, NET		(137	)		(638	)		658			29			(343	)		(233	)		(103	)		(650	)		(276	)		398			242			364
IMPAIRMENT LOSS		0			0			(325	)		0			(2,619	)		0			0			(2,619	)		0			0			0			0

FUNDS FROM OPERATIONS		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238			887			536			1,661

NET INCOME (LOSS)		6,492			999			2,882			282			(2,855	)		(37	)		58			(2,552	)		238			887			536			1,661


COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC:		50	%		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			80			149
OTHER, NET		0			0			(1	)		0			0			0			0			0			0			(23	)		(67	)		(90	)

FUNDS FROM OPERATIONS		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			13			59

NET INCOME (LOSS)		739			41			154			(5	)		32			(17	)		(152	)		(142	)		20			26			13			59


COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC:		50	%		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			0
INTEREST EXPENSE		(138	)		0			(92	)		(23	)		(23	)		0			0			(46	)		0			0			0			0
OTHER, NET		(155	)		(175	)		(27	)		(7	)		(7	)		0			0			(14	)		0			0			0			0

FUNDS FROM OPERATIONS		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			0			0

NET INCOME (LOSS)		(293	)		(175	)		(119	)		(30	)		(30	)		0			0			(60	)		0			0			0			0

NOTES:


(1)		See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.

(2)		The Company has excluded 2nd Generation TI and Leasing Costs and building capex associated with 191 Peachtree because this building was acquired for redevelopment. In previous quarters, the Company included certain costs related to 191 Peachtree; however, the current quarter’s presentation has been re-stated to exclude these costs.

(3)		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.

(4)		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.

(5)		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 September 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	%		76	%		80	%		75	%		76	%
Gateway Village (b)	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%		100	%		100	%
The American Cancer Society Center	Atlanta	Georgia		997,000		100.00	%		86	%		95	%		86	%		85	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		93	%		93	%		93	%		93	%
Terminus 200 (b)	Atlanta	Georgia		566,000		20.00	%		36	%		62	%		9	%		17	%
One Georgia Center (b)	Atlanta	Georgia		376,000		88.50	%		96	%		96	%		96	%		96	%
Emory University Hospital Midtown Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		98	%		100	%		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	%		92	%		87	%		92	%		87	%
Lakeshore Park Plaza (c)	Birmingham	Alabama		197,000		100.00	%		98	%		96	%		96	%		96	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		97	%		97	%		91	%		97	%
Palisades West Building 2	Austin	Texas		157,000		50.00	%		86	%		93	%		31	%		31	%
555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		96	%		98	%		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	%		96	%		96	%		88	%		96	%
600 University Park Place (c)	Birmingham	Alabama		123,000		100.00	%		97	%		98	%		97	%		97	%
Galleria 75	Atlanta	Georgia		111,000		100.00	%		67	%		74	%		61	%		74	%
Cosmopolitan Center	Atlanta	Georgia		84,000		100.00	%		94	%		93	%		94	%		93	%
Presbyterian Medical Plaza	Charlotte	North Carolina		69,000		11.50	%		78	%		78	%		78	%		78	%
8995 Westside Parkway (d)	Atlanta	Georgia		51,000		100.00	%		0	%		0	%		0	%		0	%
Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%		100	%		100	%

Total Office Operating Portfolio				7,459,000								90	%					86	%


II. RETAIL OPERATING PROPERTIES
The Avenue Murfreesboro	Nashville	Tennessee		751,000		50.00	%		84	%		85	%		80	%		84	%
The Avenue Carriage Crossing (c)	Memphis	Tennessee		511,000		100.00	%		90	%		90	%		90	%		90	%
The Avenue Forsyth (b)	Atlanta	Georgia		472,000		88.50	%		76	%		78	%		69	%		74	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		98	%		99	%		98	%		98	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%		100	%		100	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		91	%		91	%		89	%		88	%
The Avenue Webb Gin	Atlanta	Georgia		322,000		100.00	%		84	%		88	%		80	%		80	%
The Avenue West Cobb	Atlanta	Georgia		255,000		11.50	%		92	%		98	%		83	%		96	%
Tiffany Springs MarketCenter (b)	Kansas City	Missouri		238,000		88.50	%		80	%		80	%		79	%		80	%
The Avenue East Cobb	Atlanta	Georgia		230,000		11.50	%		94	%		95	%		92	%		95	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		95	%		91	%		92	%		91	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		99	%		95	%		99	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%		59	%		75	%

TOTAL RETAIL OPERATING PROPERTIES				4,406,000								86	%					83	%


III. INDUSTRIAL OPERATING PROPERTIES
King Mill Distribution Park — Building 3 (b)	Atlanta	Georgia		796,000		75.00	%		85	%		100	%		85	%		100	%
Lakeside Ranch Business Park — Building 20 (c)	Dallas	Texas		749,000		100.00	%		77	%		77	%		77	%		77	%
Jefferson Mill Business Park — Building A (b)	Atlanta	Georgia		459,000		75.00	%		100	%		100	%		0	%		100	%

TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								90	%					90	%


TOTAL OPERATING PORTFOLIO				13,869,000

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 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		7,459,000		5,872,000		61	%		90	%
Retail		4,406,000		2,069,000		21	%		86	%
Industrial		2,004,000		1,690,000		18	%		90	%

TOTAL		13,869,000		9,631,000		100	%


SUMMARY BY STATE
Georgia		8,547,000		6,422,000		67	%		90	%
Texas		1,325,000		1,138,000		12	%		82	%
Tennessee		1,262,000		886,000		9	%		88	%
North Carolina		1,134,000		540,000		6	%		100	%
Alabama		320,000		320,000		3	%		97	%
Missouri		238,000		211,000		2	%		80	%
Florida		510,000		59,000		1	%		94	%
Virginia		376,000		39,000		0	%		100	%
California		157,000		16,000		0	%		100	%

		13,869,000		9,631,000		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)		Property was sold in October 2010.

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION


	Third Quarter 2010 vs									Nine Months
	Second Quarter 2010									2010 vs 2009
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues (1) less Operating Expenses		-0.8	%		3.7	%		0.9	%		0.5	%		1.3	%		0.8	%

Cash Basis Rental Property Revenues (2) less Operating Expenses		-0.7	%		3.7	%		1.0	%		1.4	%		2.3	%		1.8	%


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 (3Q to 2Q only)
	555 Northpoint Center East	Palisades West Building 2 (3Q to 2Q only)

	Retail

	The Avenue Murfreesboro	The Avenue East Cobb
	The Avenue Carriage Crossing	The Avenue Peachtree City
	North Point MarketCenter	Viera MarketCenter
	Greenbrier MarketCenter	Los Altos MarketCenter
	The Avenue Viera	The Avenue Forsyth (3Q to 2Q only)
	The Avenue Webb Gin	Tiffany Springs MarketCenter (3Q to 2Q only)
	The Avenue West Cobb


(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 September 30, 2010

OFFICE

As of September 30, 2010, the Company’s office portfolio included 23 commercial office buildings. The weighted average remaining lease term of these office buildings was approximately eight years as of September 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		87,665			460,302			207,302			542,101			248,460			402,316			695,744			424,172			279,337			1,965,167			5,312,566
% of Leased Space		2	%		9	%		4	%		10	%		5	%		7	%		13	%		8	%		5	%		37	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,246		$	5,448		$	2,942		$	8,902		$	4,309		$	7,054		$	12,889		$	10,133		$	7,179		$	39,384		$	99,486
Annual Contractual Rent/Sq. Ft. (1)	$	14.21		$	11.84		$	14.19		$	16.42		$	17.34		$	17.53		$	18.53		$	23.89		$	25.70		$	20.04		$	18.73

Wholly Owned:
Square Feet Expiring		86,407			447,911			164,611			386,209			210,600			378,487			141,232			338,428			216,350			1,530,738			3,900,973	(2)
% of Leased Space		2	%		11	%		4	%		10	%		5	%		10	%		4	%		9	%		6	%		39	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,214		$	5,261		$	2,153		$	6,013		$	3,440		$	6,723		$	2,569		$	7,975		$	5,732		$	31,303		$	72,383
Annual Contractual Rent/Sq. Ft. (1)	$	14.05		$	11.75		$	13.08		$	15.57		$	16.33		$	17.76		$	18.19		$	23.56		$	26.50		$	20.45		$	18.55

Joint Venture:
Square Feet Expiring		1,421			26,743			106,398			294,157			101,506			34,534			1,127,710			174,606			124,146			806,377			2,797,598	(3)
% of Leased Space		0	%		1	%		4	%		11	%		4	%		1	%		40	%		6	%		4	%		29	%		100	%
Annual Contractual Rent (000’s) (1)	$	36		$	416		$	2,071		$	5,604		$	2,486		$	538		$	21,143		$	4,394		$	2,874		$	18,050		$	57,612
Annual Contractual Rent/Sq. Ft. (1)	$	25.33		$	15.55		$	19.46		$	19.05		$	24.49		$	15.57		$	18.75		$	25.16		$	23.15		$	22.38		$	20.59


(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 September 30, 2010 out of approximately 4,392,000 total rentable square feet.

(3)		Rentable square feet leased as of September 30, 2010 out of approximately 3,067,000 total rentable square feet.

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

RETAIL

As of September 30, 2010, the Company’s retail portfolio included 13 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of September 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)		40,438			76,962			61,596			58,342			77,952			106,186			257,844			117,809			325,200			657,117			1,779,446
% of Leased Space		2	%		4	%		4	%		3	%		4	%		6	%		15	%		7	%		18	%		37	%		100	%
Annual Contractual Rent (000’s) (2)	$	401		$	1,206		$	1,240		$	1,440		$	1,583		$	2,541		$	5,928		$	3,049		$	7,402		$	10,137		$	34,927
Annual Contractual Rent/Sq. Ft. (2)	$	9.92		$	15.68		$	20.13		$	24.68		$	20.31		$	23.93		$	22.99		$	25.88		$	22.76		$	15.43		$	19.63

Wholly Owned:
Square Feet Expiring (1)		12,090			32,804			28,776			14,546			41,036			43,511			211,541			71,602			54,382			230,115			740,403	(3)
% of Leased Space		2	%		4	%		4	%		2	%		5	%		6	%		29	%		10	%		7	%		31	%		100	%
Annual Contractual Rent (000’s) (2)	$	144		$	603		$	575		$	373		$	742		$	1,242		$	5,059		$	2,068		$	1,388		$	1,656		$	13,850
Annual Contractual Rent/Sq. Ft. (2)	$	11.93		$	18.39		$	19.99		$	25.67		$	18.09		$	28.55		$	23.92		$	28.88		$	25.52		$	7.19		$	18.71

Joint Venture:
Square Feet Expiring (1)		70,574			301,799			280,189			175,446			194,478			355,015			243,900			238,163			470,872			915,478			3,245,914	(4)
% of Leased Space		2	%		9	%		9	%		5	%		6	%		11	%		8	%		7	%		15	%		28	%		100	%
Annual Contractual Rent (000’s) (2)	$	1,008		$	4,233		$	5,476		$	4,400		$	4,196		$	7,134		$	4,624		$	5,068		$	10,187		$	15,483		$	61,809
Annual Contractual Rent/Sq. Ft. (2)	$	14.29		$	14.02		$	19.54		$	25.08		$	21.58		$	20.10		$	18.96		$	21.28		$	21.63		$	16.91		$	19.04


(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 September 30, 2010 out of approximately 833,000 total gross leasable area.

(4)		Gross leasable area leased as of September 30, 2010 out of approximately 3,573,000 total gross leasable area.

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

INDUSTRIAL

As of September 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 September 30, 2010. The leases 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
*Company’s % share of Joint Venture Properties:*
Square Feet Expiring		89,288			—			355,621			—			—			508,050			223,190			—			—			344,351			1,520,500
% of Leased Space		6	%		0	%		23	%		0	%		0	%		33	%		15	%		0	%		0	%		23	%		100	%
Annual Contractual Rent (000’s) (1)	$	223		$	0		$	1,149		$	0		$	0		$	1,471		$	714		$	0		$	0		$	1,615		$	5,172
Annual Contractual Rent/Sq. Ft. (1)	$	2.50		$	0.00		$	3.23		$	0.00		$	0.00		$	2.90		$	3.20		$	0.00		$	0.00		$	4.69		$	3.40

Joint Venture:
Square Feet Expiring		119,050			—			355,621			—			—			677,400			223,190			—			—			459,134			1,834,395	(2)
% of Leased Space		6	%		0	%		19	%		0	%		0	%		37	%		12	%		0	%		0	%		26	%		100	%
Annual Contractual Rent (000’s) (1)	$	298		$	—		$	1,149		$	—		$	—		$	1,962		$	714		$	—		$	—		$	2,153		$	6,276
Annual Contractual Rent/Sq. Ft. (1)	$	2.50		$	—		$	3.23		$	—		$	—		$	2.90		$	3.20		$	—		$	—		$	4.69		$	3.42


(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 September 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 September 30, 2010


		Percentage of Total Portfolio at			Average Remaining Lease
Tenant (1)	Product Type	the Company’s Share (2)			Term (Years)
1. Briggs & Stratton Corporation	Industrial		6.2	%		3.9
2. Bank of America	Office		5.9	%		6.1
3. HD Supply	Industrial		3.7	%		1.7
4. SYX Distribution	Industrial		3.6	%		19.8
5. Deloitte & Touche	Office		3.2	%		13.7
6. American Cancer Society	Office		2.9	%		11.8
7. Georgia Department of Transportation	Office		2.7	%		8.8
8. Owens & Minor Distribution, Inc	Industrial		2.3	%		5.2
9. US South Communications	Office		1.9	%		11.2
10. MedAssets Net Revenue Systems, LLC	Office		1.3	%		4.5
11. Internap Network Services	Office		1.2	%		9.6
12. AGL Services Company	Office		1.2	%		2.5
13. Dimensional Fund Advisors	Office		1.1	%		13.0
14. Bombardier Aerospace Corporation	Office		1.0	%		2.4
15. Georgia Lottery Corporation	Office		1.0	%		12.8
16. Barnes & Noble	Retail		1.0	%		6.2
17. Turner Broadcasting System, Inc.	Office		0.9	%		0.7
18. CB Richard Ellis	Office		0.9	%		8.8
19. Emory University	Office		0.8	%		6.3
20. Citigroup	Office		0.7	%		8.0
21. The Gap Inc.	Retail		0.7	%		3.5
22. Premiere Global Services, Inc.	Office		0.7	%		7.9
23. Limited Brands	Retail		0.7	%		6.6
24. KIDS II, Inc.	Office		0.7	%		1.3
25. Best Buy	Retail		0.6	%		7.8

Total leased square feet of Top 25 Largest Tenants			46.9	%		9.0


(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.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of September 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		10,598

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)		51			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		6,911	(2)

Research Park V
Austin, TX	Commercial		100	%		6			1998		4,963	(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						504					123,866

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD
As of September 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						9,293			$	152,054


(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 $126,210,000, 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 September 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		20		906		73		—		—		702		204	$	5,106
Fulton County Suburban Atlanta, GA
Callaway Gardens (50% owned) (4) (5)		2006		10		559		103		3		8		28		531		15,736
Harris County Pine Mountain, GA
Blalock Lakes (5)		2006		14		154		86		—		1		19		135		39,246
Coweta County Suburban Atlanta, GA
Longleaf at Callaway (5)		2002		10		138		13		—		—		125		13		388
Harris County Pine Mountain, GA
River’s Call		1999		13		107		13		—		—		94		13		458
East Cobb County Suburban Atlanta, GA
Tillman Hall		2008		5		29		23		1		2		6		23		2,652
Gwinnett County Suburban Atlanta, GA


Total Consolidated						1,893		311		4		11		974		919		63,586


Temco Associates, LLC (50% owned) (6)
Bentwater		1998		13		1,676		5		—		—		1,671		5		16
Paulding County Suburban Atlanta, GA
The Georgian (75% owned)		2003		24		1,385		259		—		—		288		1,097		23,625
Paulding County Suburban Atlanta, GA
Seven Hills		2003		17		1,081		331		1		2		636		445		16,683
Paulding County Suburban Atlanta, GA
Harris Place		2004		10		27		9		—		—		18		9		652
Paulding County Suburban Atlanta, GA


Total Temco						4,169		604		1		2		2,613		1,556		40,976


CL Realty, L.L.C. (50% owned) (6)
Summer Creek Ranch		2003		21		2,568		187		—		—		796		1,772		22,992
Tarrant County Fort Worth, TX
Long Meadow Farms (37.5% owned)		2003		16		2,083		100		22		51		658		1,425		12,956
Fort Bend County Houston, TX
Bar C Ranch		2004		20		1,199		91		8		31		223		976		7,274
Tarrant County Fort Worth, TX
Summer Lakes		2003		16		1,123		170		2		7		332		791		7,217
Fort Bend County Rosenberg, TX

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of September 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			77			36			62			434			593		$	19,219
Brazoria County Pearland, TX
Village Park		2003		12		567			—			—			17			356			211			6,400
Collin County McKinney, TX
Waterford Park		2005		12		493			—			—			—			—			493			8,522
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		379			19			6			34			254			125			6,155
Bexar County San Antonio, TX
Stillwater Canyon		2003		11		335			6			—			—			225			110			2,325
Dallas County DeSoto, TX
Creekside Oaks		2003		11		301			140			—			36			161			140			3,560
Manatee County Bradenton, FL
Village Park North		2005		10		189			8			—			—			71			118			2,371
Collin County McKinney, TX
Bridle Path Estates		2004		10		87			—			—			—			—			87			3,011
Hillsborough County Tampa, FL
West Park		2005		13		84			—			—			—			21			63			5,317
Cobb County Suburban Atlanta, GA


Total CL Realty						10,892			907			74			238			3,879			7,013			109,923


Total						16,954			1,822			79			251			7,466			9,488		$	214,485


Company Share of Total						8,122			939			28			96			3,857			4,265		$	120,705


Company Weighted Average Ownership						48	%		52	%		35	%		38	%		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.

(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 September 30, 2010


								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%; $350MM FACILITY)	$	69,600		100	%		8/29/2011		3.83	%(2)	$	69,600	$	—	$	69,600
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) (3)		136,000		100	%		9/1/2017		6.45	%		—		136,000		136,000
MERIDIAN MARK PLAZA		26,973		100	%		8/1/2020		6.00	%		—		26,973		26,973
333/555 NORTH POINT CENTER EAST		26,637		100	%		11/1/2011		7.00	%		26,637		—		26,637
100/200 NORTH POINT CENTER EAST		24,916		100	%		6/1/2012		5.39	%		—		24,916		24,916
LAKESHORE PARK PLAZA		17,636		100	%		8/1/2012		5.89	%		—		17,636		17,636
THE POINTS AT WATERVIEW		16,702		100	%		1/1/2016		5.66	%		—		16,702		16,702
600 UNIVERSITY PARK		12,354		100	%		8/10/2011		7.38	%		—		12,354		12,354
HANDY ROAD ASSOCIATES (PRIME + 1.0%, NOT LESS THAN 6%)		3,374		50	%		3/30/2011		6.00	%		—		3,374		3,374
OTHER		171		100	%		11/18/2010		4.13	%		—		171		171

TOTAL CONSOLIDATED		514,363							5.91	%		101,237		413,126		514,363		3.6


UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR + 3.00%) ($113.2MM FACILITY)		104,041		50	%		7/20/2013		3.26	%		26,220		25,800		52,020
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		48,959		50	%		6/1/2013		5.90	%		—		24,480		24,480
TEN PEACHTREE PLACE		26,924		50	%		4/1/2015		5.39	%		—		13,462		13,462
MSREF/TERMINUS 200 LLC (LIBOR + 2.50%) ($92MM FACILITY)		42,254		20	%		12/31/2013		2.76	%		—		8,451		8,451
PINE MOUNTAIN BUILDERS (LIBOR + 4%, NOT LESS THAN 5%)		1,704		50	%		6/11/2011		5.00	%		—		852		852
TEMCO
BENTWATER LINKS (LIBOR + 6.5%)		2,963		50	%		5/23/2012		6.76	%		—		1,482		1,482
CL REALTY
SUMMER LAKES (PRIME + 1.5%)		1,430		50	%		8/22/2011		4.75	%		—		715		715
WATERFORD PARK (PRIME + 1.5%)		1,126		50	%		11/8/2011		4.75	%		—		563		563
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		355		50	%		3/28/2011		2.51	%		—		178		178

TOTAL UNCONSOLIDATED		229,756							4.05	%		26,220		75,983		102,203		3.0


TOTAL ADJUSTED DEBT	$	744,119							5.34	%	$	127,457	$	489,109	$	616,566		3.4


INVESTMENT ENTITY DEBT (4)
CHARLOTTE GATEWAY VILLAGE		100,377		50	%		12/1/2016		6.41	%		—		50,188		50,188		6.2


TOTAL	$	844,496							5.47	%	$	127,457	$	539,297	$	666,754		3.7


(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% through October 2010. This facility may be extended for one year, provided certain conditions are met.

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

(4)		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.


Note:		During the third quarter, CP Venture Five repaid The Avenue East Cobb mortgage loan using proceeds from capital contributions by the partners. The partners are negotiating a new loan that management believes will close in the fourth quarter of 2010.

COUSINS PROPERTIES INCORPORATED
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
SAME PROPERTY GROWTH
Third Quarter 2010 Compared to Second Quarter 2010
(in thousands, except percentages)


	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	Q2 2010			Q3 2010			% Change			Q2 2010			Q3 2010			%Change			Q2 2010				Q3 2010		%Change			Q2 2010			Q3 2010			Q2 2010			Q3 2010
RENTAL PROPERTY REVENUES	$	43,402		$	43,631					$	22,482		$	22,389					$	65,884		$	66,020					$	4,115		$	2,708		$	69,999		$	68,728

RENTAL PROPERTY OPERATING EXPENSES		17,699			18,141						7,460			6,805						25,159			24,946						1,776			1,109			26,935			26,055


RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	25,703		$	25,490			-0.8	%	$	15,022		$	15,584			3.7	%	$	40,725		$	41,074			0.9	%	$	2,339		$	1,599		$	43,064		$	42,673


RENTAL PROPERTY REVENUES	$	43,402		$	43,631					$	22,482		$	22,389					$	65,884		$	66,020					$	4,115		$	2,708		$	69,999		$	68,728
Less: STRAIGHT-LINE RENTS		1,468			1,419						391			410						1,859			1,829						524			808			2,383			2,637
AMORTIZATION OF LEASE INDUCEMENTS		(304	)		(305	)					(60	)		(67	)					(364	)		(372	)					(1	)		(62	)		(365	)		(434	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		20			24						0			0						20			24						0			0			20			24


CASH BASIS RENTAL PROPERTY REVENUES (1)		42,218			42,493						22,151			22,046						64,369			64,539						3,592			1,962			67,961			66,501

RENTAL PROPERTY OPERATING EXPENSES		17,699			18,141						7,460			6,805						25,159			24,946						1,776			1,109			26,935			26,055


CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	24,519		$	24,352			-0.7	%	$	14,691		$	15,241			3.7	%	$	39,210		$	39,593			1.0	%	$	1,816		$	853		$	41,026		$	40,446


RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES

RENTAL PROPERTY REVENUES	$	43,402		$	43,631					$	22,482		$	22,389					$	65,884		$	66,020					$	4,115		$	2,708		$	69,999		$	68,728
RENTAL PROPERTY OPERATING EXPENSES		17,699			18,141						7,460			6,805						25,159			24,946						1,776			1,109			26,935			26,055

	$	25,703		$	25,490					$	15,022		$	15,584					$	40,725		$	41,074					$	2,339		$	1,599		$	43,064		$	42,673

RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	20,657		$	20,979
DISCONTINUED OPERATIONS (3)																																			1,685			33
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			4,966			5,114

COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			27,308			26,126
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			15,756			16,547

TOTAL RENTAL PROPERTY REVENUES LESS RENTAL
PROPERTY OPERATING EXPENSES																																		$	43,064		$	42,673


(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
SAME PROPERTY GROWTH
Nine Months 2010 Compared to Nine Months 2009
(in thousands, except percentages)


	Same Property																										Non-Same					All Properties
	Office									Retail								Total
	9M 2009			9M 2010			% Change			9M 2009		9M 2010			% Change			9M 2009			9M 2010			% Change			9M 2009		9M 2010			9M 2009			9M 2010
RENTAL PROPERTY REVENUES	$	118,778		$	119,127					$	58,488	$	56,863					$	177,266		$	175,990					$	29,480	$	31,436		$	206,746		$	207,426

RENTAL PROPERTY OPERATING EXPENSES		49,897			49,895						20,244		18,121						70,141			68,016						9,876		10,326			80,017			78,342


RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	68,881		$	69,232			0.5	%	$	38,244	$	38,742			1.3	%	$	107,125		$	107,974			0.8	%	$	19,604	$	21,110		$	126,729		$	129,084


RENTAL PROPERTY REVENUES	$	118,778		$	119,127					$	58,488	$	56,863					$	177,266		$	175,990					$	29,480	$	31,436		$	206,746		$	207,426
Less: STRAIGHT-LINE RENTS		3,744			3,159						848		729						4,592			3,888						1,680		3,250			6,272			7,138
AMORTIZATION OF LEASE INDUCEMENTS		(770	)		(903	)					80		(171	)					(690	)		(1,074	)					98		(50	)		(592	)		(1,124	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(58	)		64						0		0						(58	)		64						0		0			(58	)		64


CASH BASIS RENTAL PROPERTY REVENUES (1)		115,862			116,807						57,560		56,305						173,422			173,112						27,702		28,236			201,124			201,348

RENTAL PROPERTY OPERATING EXPENSES		49,897			49,895						20,244		18,121						70,141			68,016						9,876		10,326			80,017			78,342


CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	65,965		$	66,912			1.4	%	$	37,316	$	38,184			2.3	%	$	103,281		$	105,096			1.8	%	$	17,826	$	17,910		$	121,107		$	123,006


RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES

RENTAL PROPERTY REVENUES	$	118,778		$	119,127					$	58,488	$	56,863					$	177,266		$	175,990					$	29,480	$	31,436		$	206,746		$	207,426
RENTAL PROPERTY OPERATING EXPENSES		49,897			49,895						20,244		18,121						70,141			68,016						9,876		10,326			80,017			78,342

	$	68,881		$	69,232					$	38,244	$	38,742					$	107,125		$	107,974					$	19,604	$	21,110		$	126,729		$	129,084


RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	58,132		$	61,825
DISCONTINUED OPERATIONS (3)																																	5,226			3,558
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	14,732			15,032

COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	78,090			80,415
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	48,639			48,669


TOTAL RENTAL PROPERTY REVENUES LESS RENTAL
PROPERTY OPERATING EXPENSES																																$	126,729		$	129,084


(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 3rd			2010 YTD
(A)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
	TOTAL BY TYPE:
	SECOND GENERATION LEASING RELATED COSTS		12,355			17,978			15,890			676			718			1,884			1,882			5,160			928			1,454			3,145			5,527
	SECOND GENERATION BUILDING IMPROVEMENTS		999			510			5,439			786			215			151			187			1,339			81			270			192			543

			13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			6,070


	TOTAL BY SEGMENT:
	OFFICE:
	SECOND GENERATION LEASING RELATED COSTS		9,332			17,978			15,890			676			705			656			708			2,745			334			954			2,378			3,666
	SECOND GENERATION BUILDING IMPROVEMENTS		999			510			5,439			786			215			151			187			1,339			81			270			192			543

			10,331			18,488			21,329			1,462			920			807			895			4,084			415			1,224			2,570			4,209


	RETAIL:
	SECOND GENERATION LEASING RELATED COSTS		3,023			0			0			0			13			1,228			1,174			2,415			594			500			767			1,861
	SECOND GENERATION BUILDING IMPROVEMENTS		0			0			0			0			0			0			0			0			0			0			0			0

			3,023			0			0			0			13			1,228			1,174			2,415			594			500			767			1,861


	TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		13,354			18,488			21,329			1,462			933			2,035			2,069			6,499			1,009			1,724			3,337			6,070


(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			514,363			514,363
	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			152,391			152,391

	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			666,754			666,754

	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	)		(50,188	)		(50,188	)


	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			616,566			616,566


	RECOURSE DEBT		226,855			205,658			491,603			502,396			580,939			334,658			222,507			222,507			215,544			198,077			127,457			127,457
	NON-RECOURSE DEBT		149,661			567,824			582,350			581,655			505,854			504,904			509,656			509,656			507,200			488,756			489,109			489,109


	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			616,566			616,566


(C)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:

	OFFICE CONSOLIDATED PROPERTIES		28,802			44,460			64,423			13,550			15,225			15,201			13,139			57,115			14,743			14,991			14,696			44,430
	RETAIL CONSOLIDATED PROPERTIES		16,556			12,286			16,495			4,437			4,613			4,002			4,357			17,409			4,895			4,992			5,176			15,063
	INDUSTRIAL CONSOLIDATED PROPERTIES		405			1,949			1,542			355			369			400			444			1,568			533			615			1,092			2,240
	OTHER RENTAL OPERATIONS — CONSOLIDATED		206			82			(69	)		(31	)		26			(15	)		50			30			18			59			15			92

	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES — CONSOLIDATED		45,969			58,777			82,391			18,311			20,233			19,588			17,990			76,122			20,189			20,657			20,979			61,825


	RENTAL PROPERTY REVENUES		79,331			103,443			136,892			34,718			34,469			36,205			34,112			139,504			34,773			35,969			36,255			106,997
	RENTAL PROPERTY OPERATING EXPENSES		(33,362	)		(44,666	)		(54,501	)		(16,407	)		(14,236	)		(16,617	)		(16,122	)		(63,382	)		(14,584	)		(15,312	)		(15,276	)		(45,172	)

	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		45,969			58,777			82,391			18,311			20,233			19,588			17,990			76,122			20,189			20,657			20,979			61,825


(D)	INCOME FROM DISCONTINUED OPERATIONS:
	RENTAL PROPERTY REVENUES		29,467			10,044			10,537			2,786			2,626			2,430			2,441			10,283			2,440			2,292			123			4,855
	LEASE TERMINATION FEES & OTHER INCOME		3,155			106			22			0			0			0			0			0			0			0			0			0
	RENTAL PROPERTY OPERATING EXPENSES		(10,850	)		(2,990	)		(2,774	)		(908	)		(923	)		(785	)		(569	)		(3,185	)		(600	)		(607	)		(90	)		(1,297	)

	TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,772			7,160			7,785			1,878			1,703			1,645			1,872			7,098			1,840			1,685			33			3,558
	INTEREST INCOME		(246	)		(138	)		9			7			46			0			0			53			0			19			11			30
	INTEREST EXPENSE		0			(251	)		(4,894	)		(1,226	)		(279	)		0			0			(1,505	)		0			0			0			0
	PROVISION FOR INCOME TAXES		(2	)		0			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	)		0			(5	)


	FUNDS FROM OPERATIONS		21,453			6,730			2,867			655			1,466			1,641			1,868			5,630			1,836			1,703			44			3,583

	DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(14,497	)		(3,214	)		(3,107	)		(661	)		(604	)		(600	)		(602	)		(2,467	)		(600	)		(221	)		(19	)		(840	)


	INCOME FROM DISCONTINUED OPERATIONS		6,956			3,516			(240	)		(6	)		862			1,041			1,266			3,163			1,236			1,482			25			2,743

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 3rd			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			630			1,336
	OUTPARCEL SALES		6,788			3,000			4,850			1,800			2,775			1,100			0			5,675			13,429			0			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			630			14,765


	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			549			1,084
	OUTPARCEL COST OF SALES		5,132			1,983			2,460			1,218			1,650			929			(39	)		3,758			8,836			0			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			549			9,920

	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	)		1,698
	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			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			80			6,543


	SUMMARY — CONSOLIDATED:
	LOT SALES NET OF COST OF SALES		2,877			1,124			827			236			180			0			65			481			130			41			81			252
	OUTPARCEL SALES NET OF COST OF SALES		1,656			1,017			2,390			582			1,125			171			39			1,917			4,593			0			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	)		1,698
	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			0

	TOTAL CONSOLIDATED SALES, NET		18,881			15,302			13,828			1,027			2,051			520			43			3,641			5,420			1,043			80			6,543


	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			1,590			4,593
	OUTPARCEL SALES		0			0			0			0			0			0			0			0			516			0			0			516
	TRACT SALES		14,235			1,355			4,158			617			0			5			36			658			61			167			0			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			1,590			5,337


	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			1,193			3,218
	OUTPARCEL COST OF SALES		0			0			0			0			0			0			0			0			430			0			4			434
	TRACT COST OF SALES		7,560			704			966			382			0			1			11			394			15			65			(2	)		78

	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			1,195			3,730


	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET — JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			1,607


	SUMMARY — JOINT VENTURES:
	LOT SALES NET OF COST OF SALES		8,217			1,822			795			95			210			211			15			531			520			458			397			1,375
	OUTPARCEL SALES NET OF COST OF SALES		0			0			0			0			0			0			0			0			86			0			(4	)		82
	TRACT SALES NET OF COST OF SALES		6,675			651			3,192			235			0			4			25			264			46			102			2			150

	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET — SHARE OF JOINT VENTURES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			1,607

	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			475			8,150


(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			6,637			24,726
	MULTI-FAMILY COST OF SALES		(19,403	)		124			(7,330	)		0			(1,185	)		(7,372	)		(17,072	)		(25,629	)		(7,970	)		(6,108	)		(5,190	)		(19,268	)

	MULTI-FAMILY SALES — CONSOLIDATED, NET		3,731			144			1,114			0			0			1,856			3,356			5,212			2,176			1,835			1,447			5,458


	JOINT VENTURES:
	MULTI-FAMILY SALES — JOINT VENTURES:
	MULTI-FAMILY SALES		56,734			(66	)		23,291			0			0			0			175			175			389			0			0			389
	MULTI-FAMILY COST OF SALES		(46,562	)		(3,261	)		(21,147	)		0			0			0			(116	)		(116	)		(266	)		0			(3	)		(269	)
	OTHER, NET		171			3,142			(252	)		(1	)		2			0			55			56			(6	)		45			168			207

	MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			327

	TOTAL MULTI-FAMILY FFO		14,074			(41	)		3,006			(1	)		2			1,856			3,470			5,327			2,293			1,880			1,612			5,785

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 3rd			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			3,121			9,084
	RETAIL PROPERTIES		6,215			4,822			7,406			1,913			1,901			1,842			1,929			7,585			1,976			1,979			1,993			5,948

	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			5,114			15,032
	RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES, NET OF COST OF SALES		14,892			2,473			3,987			330			210			215			40			795			652			560			395			1,607
	MULTI-FAMILY SALES, NET OF COST OF SALES		10,343			(185	)		1,892			(1	)		2			0			114			115			117			45			165			327
	INTEREST EXPENSE		(3,534	)		(3,378	)		(4,567	)		(1,045	)		(1,023	)		(958	)		(909	)		(3,935	)		(899	)		(947	)		(1,187	)		(3,033	)
	OTHER EXPENSE		(248	)		(1,252	)		372			(172	)		(589	)		(343	)		(175	)		(1,279	)		392			223			42			657
	IMPAIRMENT LOSS		0			0			(347	)		0			(2,619	)		(21,563	)		0			(24,182	)		0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(12	)		(5	)		(79	)		(10	)		(14	)		(10	)		(12	)		(46	)		(6	)		(5	)		(6	)		(17	)

	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			4,523			14,573
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		135,618			1,186			0			28			(16	)		0			0			12			0			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	)		(2,344	)		(7,080	)


	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			2,179			7,493

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

The Company uses non-GAAP financial measures in its filings and other public disclosures. The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors and (2) if material, any additional uses of the measure by management of the Company.

“2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historic performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties.

“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”)), 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.

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

“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.

“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

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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.


	COUSINS PROPERTIES INCORPORATED
	By:	/s/ James A. Fleming
		James A. Fleming
		Executive Vice President and Chief Financial Officer


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


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


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


Exhibit Number		Description
99.1		Quarterly Information Package for the Quarter Ended September 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		18		59		114		23	$	8,798
Atlanta, GA

60 North Market (2)		28		—		2		25		3		1,395
Asheville, NC

TOTAL CONSOLIDATED MULTI-FAMILY UNITS		165		18		61		139		26	$	10,193


(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.