COUSINS PROPERTIES INCORPORATED

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BEChP2wxTVCPOZROqE0HiX4XouJvoRh5PJTm1FxKHWJLuAmCalToqEwragnTcoHd BZbnL/K7+vjQKR6NY8nLEg== 0000950144-03-009289.txt : 20030805 0000950144-03-009289.hdr.sgml : 20030805 20030805094200 ACCESSION NUMBER: 0000950144-03-009289 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COUSINS PROPERTIES INC CENTRAL INDEX KEY: 0000025232 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 580869052 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11312 FILM NUMBER: 03822371 BUSINESS ADDRESS: STREET 1: 2500 WINDY RIDGE PKWY STE 1600 CITY: ATLANTA STATE: GA ZIP: 30339-5683 BUSINESS PHONE: 7709552200 MAIL ADDRESS: STREET 1: 2500 WINDY RIDGE PARKWAY STREET 2: SUITE 1600 CITY: ATLANTA STATE: GA ZIP: 30339-5683 8-K 1 g84164e8vk.htm COUSINS PROPERTIES INCORPORATED COUSINS PROPERTIES INCORPORATED

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
____________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2003

Cousins Properties Incorporated

(Exact name of registrant as specified in its charter)

Georgia
(State or other jurisdiction of incorporation)

0-3576
(Commission File Number)

58-0869052
(IRS Employer Identification Number)

2500 Windy Ridge Parkway, Atlanta, Georgia 30339-5683
(Address of principal executive offices)

Registrant’s telephone number, including area code: (770) 955-2200

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS


SIGNATURES
EX-99.1 PRESS RELEASE DATED AUGUST 4, 2003
EX-99.2 SUPPLEMENTAL INFORMATION

Item 7. Financial Statements and Exhibits


Exhibit Number		Description

99.1		Cousins Properties Incorporated Press Release dated August 4, 2003.

99.2		Cousins Properties Incorporated Quarterly Supplemental Information for the Quarter Ended June 30, 2003.

Item 12. Results of Operations and Financial Condition

On August 4, 2003, Cousins Properties Incorporated (the “Company”) issued a press release containing information about the Company’s financial condition and results of operations for the quarter ended June 30, 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.1. A copy of the Company’s Quarterly Supplemental Information is attached hereto as Exhibit 99.2. The information contained in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: August 5, 2003	COUSINS PROPERTIES INCORPORATED

	By:	/s/ Tom G. Charlesworth

	Tom G. Charlesworth
	Executive Vice President, Chief Financial Officer
	and Chief Investment Officer
	(Duly Authorized Officer and Principal
	Financial Officer)

EX-99.1 3 g84164exv99w1.htm EX-99.1 PRESS RELEASE DATED AUGUST 4, 2003 EX-99.1 PRESS RELEASE DATED AUGUST 4, 2003

Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended June 30, 2003

I. Press Release

Press Release

Consolidated Statements of Income

Net Income and Funds From Operations Basic Reconciliation

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 including, but not limited to, general economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words “believes,” “expects,” “anticipates,” “estimates” and 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 these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak only 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.

(COUSINS LOGO)

News Release

FOR IMMEDIATE RELEASE


CONTACT:		Tom G. Charlesworth Executive Vice President, Chief Financial Officer and Chief Investment Officer (770) 857-2376 tomcharlesworth@cousinsproperties.com		Mark A. Russell Vice President – Chief Financial Analyst and Director of Investor Relations (770) 857-2449 markrussell@cousinsproperties.com

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
SECOND QUARTER 2003

• Net Income per share increased 1,068% to $2.92 for the second quarter of 2003 and 693% to $3.49 for the six months ended June 30, 2003, due primarily to gains on sales of properties

• Funds From Operations per share decreased 4% to $0.55 for the second quarter of 2003 and increased 44% to $1.51 for the six months ended June 30, 2003

• 91% occupancy level for total portfolio at June 30, 2003

ATLANTA (August 4, 2003) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the second quarter and six months ended June 30, 2003. All per share amounts are reported on a diluted basis; basic per share data is included in the financial tables accompanying this release.

Net Income per share increased 1,068% to $2.92 per share for the second quarter of 2003 from $0.25 per share for the second quarter of 2002. Net Income increased 1,029% to $143.5 million for the second quarter of 2003 from $12.7 million for the second quarter of 2002. For the six months ended June 30, 2003, Net Income per share increased 693% to $3.49 per share from $0.44 per share for the same period last year. Net Income increased 678% to $171.1 million for the six months ended June 30, 2003, from $22.0 million for the same period last year.

Funds From Operations (“FFO”) per share decreased 4% to $0.55 per share for the second quarter of 2003 from $0.57 per share for the second quarter of 2002. FFO decreased 7% to $27.0 million for the second quarter of 2003 from $29.0 million for the second quarter of 2002. For the six months ended June 30, 2003, FFO per share increased 44% to $1.51 from $1.05 for the same period last year. FFO increased 40% to $74.1 million for the six months ended June 30, 2003, from $53.1 million for the same period last year.

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CUZ Reports Second Quarter Results
Page 2
August 4, 2003

Net Income increased significantly during the second quarter and six months ended June 30, 2003, in part due to the sales of Mira Mesa MarketCenter and Cerritos Corporate Center which generated a combined gain on sale of $43.0 million. The receipt by the Company of its share of cash proceeds from the Mira Mesa MarketCenter sale triggered recognition of approximately $90.0 million of the Company’s deferred gain associated with the original formation of CP Venture. This deferred gain, originally recorded on the balance sheet in 1998 when the Company contributed properties to the venture, was being amortized into income ratably over thirty years. The deferred gain remaining on the balance sheet will continue to be amortized into income as the properties originally contributed to the venture are depreciated or upon sale of these properties.

The loss of operating income from properties sold and the loss of income from tenants due to early terminations of lease obligations negatively affected Net Income and FFO in the second quarter and the six months ended June 30, 2003. This decrease in Net Income and FFO was offset by the recognition of termination fees of $1.4 million from nine tenants in the second quarter of 2003 and $22.5 million from 17 tenants in the six months ended June 30, 2003, compared to $1.4 million and $1.6 million received in the second quarter and six months of 2002, respectively. An increase in depreciation and amortization negatively affected Net Income by $1.3 million in the second quarter and $5.5 million in the six months ended June 30, 2003, primarily due to accelerating the write-off of unamortized tenant improvements and related costs for the lease terminations mentioned above and increased depreciation from 55 Second Street, which became partially operational in February 2002.

Increases in residential lot sales, including the Company’s share of residential lot sales in unconsolidated joint ventures, positively affected Net Income and FFO by $1.0 million in the second quarter of 2003, reflecting the Company’s increased involvement in residential development activities. Net Income and FFO were also positively affected in the second quarter and six months ended June 30, 2003, by Emory Crawford Long Medical Office Tower, which became partially operational during the first quarter of 2002 and has experienced increasing revenues since then, and Ten Peachtree Place, which became fully occupied and rent paying in the second quarter of 2003 upon the commencement of the lease with AGL Resources. The remaining increase in Net Income and FFO for the second quarter relates primarily to an increase in leasing fees, an increase in the fair value of AtheroGenics warrants due to increases in the underlying company’s stock price, a decrease in net interest expense as a result of proceeds received from property sales and an increase in capitalized interest on projects under construction, partially offset by an increase in the Company’s provision for income taxes.

The Company incurred a loss on early debt extinguishment in the first quarter of 2002, which reduced Net Income and FFO for the six months ended June 30, 2002, by $3.5 million. Additional increases in FFO and Net Income for the six months ended June 30, 2003, were due to decreases in minority interest expense and in the Company’s provision for income taxes, partially offset by an increase in net interest expense, in part because interest that had been capitalized to the 55 Second

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CUZ Reports Second Quarter Results
Page 3
August 4, 2003

Street and Emory Crawford Long Medical Office Tower projects was no longer subject to capitalization.

At June 30, 2003, Cousins’ portfolio of operational office and medical office buildings was 90% leased and its operational retail centers were 96% leased resulting in a 91% overall leased level.

Tom Bell, president and chief executive officer of Cousins, said, “The second quarter brought a number of notable events, including the sale of three California assets — the two Cerritos office buildings and Mira Mesa MarketCenter. These sales are a great example of our strategy of creating and harvesting value, where we take advantage of opportunities in the marketplace to realize the value created through development. We expect to ‘harvest’ more value in the second half of the year with the sale of Presidential MarketCenter and Perimeter Expo, which are currently under contract. The recognition of a large component of the CP Venture gain this quarter underscores the point that we have created significant value in multiple assets and transactions in recent years.”

Mr. Bell continued, “We continue with our efforts toward additional value creation and, in that connection, we are experiencing tremendous leasing success at The Avenue West Cobb. This retail project under construction is now 87% committed and slated to open in mid-September. We believe this speaks well for the potential for additional quality retail development. I would also note that the lot sales for the Land Division continued to impress during the second quarter and the division’s new projects in Paulding County, Georgia and Dallas and Houston, Texas are progressing on schedule.”

Mr. Bell added, “The office market continues to be a challenge. One of our larger tenants, Mirant, has filed bankruptcy. They occupy all of the 1155 Perimeter Center West building, a 362,000 square foot building in which we have a 50% interest. We do not know whether they will terminate our lease, a right that they have in bankruptcy. Obviously, any such termination would have a negative impact on Net Income and FFO. Notwithstanding the office market weakness to date, we have been able to maintain a 90% leased level in our office portfolio — well above average for our core markets. Thus far, however, we have not seen any significant signs of recovery in our primary office markets.”

The Consolidated Statements of Income and a schedule entitled Net Income and Funds From Operations Basic Reconciliation, which reconciles Net Income to FFO, are attached to this press release. More detailed information on the quarterly and six month Net Income and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail and Reconciliations” schedule which is included along with other supplemental information in the Company’s Form 8-K, dated August 5, 2003, and furnished to the Securities and Exchange Commission (“SEC”) and which can be viewed through the “Quarterly Disclosures” link on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department, (770) 857-2449.

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CUZ Reports Second Quarter Results
Page 4
August 4, 2003

Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office and land development projects. The Company’s portfolio consists of interests in 13.9 million square feet of office and medical office space, 2.7 million square feet of retail space, and more than 300 acres of strategically located land for future commercial development. Cousins is a fully integrated equity real estate investment trust (“REIT”) that has been public since 1962 and trades on the New York Stock Exchange under the symbol “CUZ.” For more information on the Company, please visit Cousins’ Web site at www.cousinsproperties.com.

The Company will conduct a conference call at 11:00 a.m. (Eastern time) on August 5, 2003, to discuss the results of the second quarter and first six months of 2003. The number to call for this interactive teleconference is (913) 981-5533. A replay of the conference call will be available until August 19, 2003, by dialing (719) 457-0820 and entering the passcode, 483026.

The Company will provide an online Web simulcast and rebroadcast of its second quarter 2003 earnings release conference call. The live broadcast of Cousins’ quarterly conference call will be available through the Investor Relations page of the Company’s Web site at www.cousinsproperties.com, at www.streetevents.com and at www.companyboardroom.com on August 5, 2003, beginning at 11:00 a.m. (Eastern time). The rebroadcast will be available on the Investor Relations page of the Company’s Web site at 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 risks, including, but not limited to, general economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words “believes,” “expects,” “anticipates,” “estimates” and 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 these 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.

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COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(UNAUDITED)
($ in thousands, except per share amounts)


			Three Months				Six Months
			Ended June 30,				Ended June 30,

			2003		2002		2003		2002
REVENUES:
	Rental property revenues		$	34,813	$	36,919	$	89,802	$	70,220
	Development income			908		972		1,672		2,158
	Management fees			2,187		2,288		4,292		4,642
	Leasing and other fees			1,234		696		2,345		1,853
	Residential lot and outparcel sales			1,612		521		5,540		4,556
	Interest and other			1,526		1,114		2,581		2,249

				42,280		42,510		106,232		85,678

INCOME FROM UNCONSOLIDATED JOINT VENTURES				7,663		6,601		14,160		13,631

COSTS AND EXPENSES:
	Rental property operating expenses			11,152		10,180		21,609		19,962
	General and administrative expenses			7,644		6,965		14,858		14,301
	Depreciation and amortization			13,142		11,863		27,866		22,402
	Residential lot and outparcel cost of sales			1,368		444		4,599		3,414
	Interest expense			8,396		9,015		17,652		17,009
	Loss on debt extinguishment			—		—		—		3,501
	Property taxes on undeveloped land			218		174		403		350
	Other			846		1,049		1,751		1,810

				42,766		39,690		88,738		82,749

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES				7,177		9,421		31,654		16,560
PROVISION FOR INCOME TAXES FROM OPERATIONS				537		117		786		1,103

INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES				6,640		9,304		30,868		15,457
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION				90,956		1,042		91,959		2,072

INCOME FROM CONTINUING OPERATIONS				97,596		10,346		122,827		17,529

DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAXES:
		Income from discontinued operations		2,892		2,366		5,255		4,458
		Gain on sale of investment properties, net of minority interest		43,012		—		43,012		—

				45,904		2,366		48,267		4,458

NET INCOME			$	143,500	$	12,712	$	171,094	$	21,987

BASIC NET INCOME PER SHARE:
	Income from continuing operations		$	2.02	$	.21	$	2.55	$	.35
	Discontinued operations			.95		.05		1.00		.09

	Basic net income per share		$	2.97	$	.26	$	3.55	$	.44

DILUTED NET INCOME PER SHARE:
	Income from continuing operations		$	1.99	$	.20	$	2.51	$	.35
	Discontinued operations			.93		.05		.98		.09

	Diluted net income per share		$	2.92	$	.25	$	3.49	$	.44

CASH DIVIDENDS DECLARED PER SHARE			$	.37	$	.37	$	.74	$	.74

WEIGHTED AVERAGE SHARES				48,267		49,617		48,201		49,493

DILUTED WEIGHTED AVERAGE SHARES				49,228		50,621		48,993		50,447

COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
NET INCOME AND FUNDS FROM OPERATIONS BASIC RECONCILIATION
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(UNAUDITED)
(In thousands, except per share amounts)


			Three Months Ended						Six Months Ended
			June 30,						June 30,

			2003			2002			2003			2002

Consolidated Net Income			$	143,500		$	12,712		$	171,094		$	21,987
Depreciation and amortization:
		Consolidated properties		13,142			11,863			27,866			22,402
		Discontinued properties		276			1,484			1,628			2,965
		Unconsolidated joint ventures		4,689			4,561			9,129			8,838
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
		Consolidated properties		(602	)		(532	)		(1,173	)		(1,060	)
		Unconsolidated joint ventures		(9	)		(2	)		(17	)		(5	)
Gain on sale of investment properties, net of applicable income tax provision				(133,968	)		(1,042	)		(134,971	)		(2,072	)
Impairment loss on depreciable property:
		Unconsolidated joint ventures		—			—			551			—

Consolidated Funds From Operations			$	27,028		$	29,044		$	74,107		$	53,055

Weighted Average Shares				48,267			49,617			48,201			49,493

Per Share — Basic:
	Consolidated Net Income		$	2.97		$	.26		$	3.55		$	.44

	Consolidated Funds From Operations		$	.56		$	.59		$	1.54		$	1.07

Diluted Weighted Average Shares				49,228			50,621			48,993			50,447

Per Share — Diluted:
	Consolidated Net Income		$	2.92		$	.25		$	3.49		$	.44

	Consolidated Funds From Operations		$	.55		$	.57		$	1.51		$	1.05

The table above shows Funds From Operations (“FFO”) and the related reconciliation to Net Income for Cousins Properties Incorporated and Consolidated Entities and its unconsolidated joint ventures. Effective January 1, 2003, the Company adopted the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income (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 or impairment of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Prior year FFO has been restated to conform to NAREIT’s definition of FFO.

Prior to 2003, the Company reported FFO based upon NAREIT’s definition with certain modifications, including the elimination of straight line rents and reporting stock appreciation rights on a cash basis. A schedule reconciling net income with FFO reported by the Company and FFO calculated pursuant to NAREIT’s definition for the past ten years is available through the “Supplemental SEC Information” link on the Company’s Web site at www.CousinsProperties.com.

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. 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 the operating performance of its reportable segments and of its divisions 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 employees.

In the first quarter 2002, the Company incurred a $3,501,000 loss on early extinguishment of debt and treated it as an extraordinary item in accordance with GAAP. Extraordinary items are not deductible in calculating FFO. As of January 1, 2003, the Company adopted Statement of Financial Accounting Standards No. 145 (“SFAS No. 145”), which no longer characterizes such costs as extraordinary and which requires prior periods to be restated. FFO for the six months ended June 30, 2002 has accordingly been restated. Adoption of SFAS No. 145 had no effect on Net Income.

EX-99.2 4 g84164exv99w2.htm EX-99.2 SUPPLEMENTAL INFORMATION EX-99.2 SUPPLEMENTAL INFORMATION

Exhibit 99.2

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended June 30, 2003

II. Quarterly Supplemental Information


Net Income and Funds From Operations – Supplemental Detail and Reconciliations
Discussion of Non-GAAP Financial Measures
Development Pipeline
Consolidated Balance Sheets
Portfolio Listing
Top 25 Largest Tenants
Inventory of Land Held for Investment or Future Development
Inventory of Residential Lots Under Development
Square Feet Expiring:
	Office
	Medical Office
	Retail

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

	CONSOLIDATED NET INCOME — (SEE PAGE 5)			104,082			62,043			70,815			9,274			12,712			12,010			13,876			47,872			27,594			143,500			171,094
	CONSOLIDATED FFO — (SEE PAGE 5)			81,197			97,299			108,122			24,011			29,044			30,598			29,713			113,366			47,079			27,028			74,107
	WEIGHTED AVERAGE SHARES			48,138			48,632			49,205			49,367			49,617			49,584			48,443			49,252			48,135			48,267			48,201
	DILUTED WEIGHTED AVERAGE SHARES			49,031			49,731			50,280			50,406			50,621			50,152			48,971			49,937			48,780			49,228			48,993
	CONSOLIDATED NET INCOME PER SHARE — BASIC			2.16			1.28			1.44			0.19			0.26			0.24			0.29			0.97			0.57			2.97			3.55
	CONSOLIDATED NET INCOME PER SHARE — DILUTED			2.12			1.25			1.41			0.18			0.25			0.24			0.28			0.96			0.57			2.92			3.49
	CONSOLIDATED FFO PER SHARE — BASIC			1.69			2.00			2.20			0.49			0.59			0.62			0.61			2.30			0.98			0.56			1.54
	CONSOLIDATED FFO PER SHARE — DILUTED			1.66			1.96			2.15			0.48			0.57			0.61			0.61			2.27			0.97			0.55			1.51
(A) 2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)				1,652			4,810			6,073			636			927			3,630			7,795			12,988			4,358			2,265			6,623
	REGULAR DIVIDENDS PAID			53,886			60,315			68,595			18,329			18,463			18,551			18,002			73,345			17,834			17,919			35,753
	DIVIDENDS PER SHARE			1.12			1.24			1.39			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.74
	STOCK PRICE AT PERIOD END			22.6250			27.9375			24.36			26.05			24.76			23.00			24.70			24.70			25.85			27.90			27.90
	NUMBER OF SHARES OUTSTANDING AT END OF PERIOD			48,262			49,211			49,425			49,661			49,935			48,667			48,386			48,386			48,343			48,491			48,491
	EQUITY MARKET CAPITALIZATION			1,091,928			1,374,832			1,203,993			1,293,669			1,236,391			1,119,341			1,195,134			1,195,134			1,249,667			1,352,899			1,352,899
(B) ADJUSTED DEBT (1)				502,492			671,068			766,503			776,968			778,675			823,053			844,880			844,880			859,595			724,437			724,437

	TOTAL MARKET CAPITALIZATION			1,594,420			2,045,900			1,970,496			2,070,637			2,015,066			1,942,394			2,040,014			2,040,014			2,109,261			2,077,336			2,077,336

	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION			31.52	%		32.80	%		38.90	%		37.52	%		38.64	%		42.37	%		41.42	%		41.42	%		40.75	%		34.87	%		34.87	%
(B) RECOURSE DEBT (1)				143,639			174,522			154,018			84,128			88,946			137,063			160,443			160,443			178,239			18,842			18,842
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION			9.01	%		8.53	%		7.82	%		4.06	%		4.41	%		7.06	%		7.86	%		7.86	%		8.45	%		0.91	%		0.91	%
	EQUITY MARKET CAPITALIZATION			1,091,928			1,374,832			1,203,993			1,293,669			1,236,391			1,119,341			1,195,134			1,195,134			1,249,667			1,352,899			1,352,899
(B) TOTAL DEBT (INCLUDING SHARE OF JV’S)				530,996			741,377			861,188			870,696			871,431			914,822			935,646			935,646			949,340			813,148			813,148

	TOTAL MARKET CAPITALIZATION			1,622,924			2,116,209			2,065,181			2,164,365			2,107,822			2,034,163			2,130,780			2,130,780			2,199,007			2,166,047			2,166,047

	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION			32.72	%		35.03	%		41.70	%		40.23	%		41.34	%		44.97	%		43.91	%		43.91	%		43.17	%		37.54	%		37.54	%
(C) CONSOLIDATED INT EXPENSE (INC SHARE OF JV’S) (1)				15,073			27,907			41,546			11,880			12,857			12,807			13,087			50,631			13,000			12,339			25,339
	CONSOLIDATED FFO BEFORE INTEREST			96,270			125,206			149,668			35,891			41,901			43,405			42,800			163,997			60,079			39,367			99,446
	INTEREST EXPENSE COVERAGE RATIO			6.39			4.49			3.60			3.02			3.26			3.39			3.27			3.24			4.62			3.19			3.92
(D) FIXED CHARGES (1)				24,871			37,052			52,588			16,278			16,178			16,227			16,571			65,254			16,329			16,042			32,371
	FIXED CHARGE COVERAGE RATIO			3.87			3.38			2.85			2.20			2.59			2.67			2.58			2.51			3.68			2.45			3.07
(E) STRAIGHT-LINE RENTS (SEE PAGE 15 FOR PORTION FROM DISCONTINUING OPERATIONS)				142			1,629			3,164			918			116			189			922			2,145			508			537			1,045
(E) TERMINATION FEES				0			0			0			156			1,437			2,067			644			4,304			21,107			1,370			22,477
(E) SAME-PROPERTY GROWTH: (1)(2)
		OFFICE					2.8	%		5.9	%		-0.7	%		3.3	%		-2.8	%		-3.4	%		0.6	%		0.5	%		2.8	%
		RETAIL					-0.6	%		6.1	%		6.9	%		5.6	%		-1.8	%		1.9	%		2.3	%		4.7	%		-7.1	%
		TOTAL					2.4	%		5.9	%		0.5	%		3.7	%		-2.6	%		-2.4	%		0.9	%		1.3	%		1.1	%

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


			1999		2000		2001		2002 1ST		2002 2ND		2002 3RD		2002 4TH		2002		2003 1ST		2003 2ND		2003

	CONSOLIDATED ENTITY FFO AND NET INCOME:
(F) RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES: (1)
	OFFICE:
		3100 WINDY HILL RD — TREATED AS OWNED 1/97		2,703		2,632		2,688		659		666		668		700		2,693		743		764		1,507
		3301 WINDY RIDGE PARKWAY		763		804		1,122		358		391		386		382		1,517		380		401		781
		333 NORTH POINT CENTER EAST		2,197		2,287		2,410		639		578		629		601		2,447		589		434		1,023
		555 NORTH POINT CENTER EAST		0		1,691		2,603		668		818		491		569		2,546		401		1,364		1,765
		615 PEACHTREE STREET		1,071		1,548		1,930		491		526		494		476		1,987		490		513		1,003
		101 INDEPENDENCE CENTER		8,687		8,484		9,173		2,177		2,237		2,310		2,192		8,916		2,239		2,299		4,538
		LAKESHORE PARK PLAZA		1,524		1,346		1,351		304		274		283		252		1,113		284		324		608
		333 JOHN CARLYLE		1,525		2,806		3,259		880		870		880		905		3,535		884		1,469		2,353
		INFORUM		2,846		12,153		13,813		3,476		3,399		3,276		3,562		13,713		3,484		3,407		6,891
		101 SECOND STREET		0		9,633		13,616		3,295		4,017		4,791		2,455		14,558		2,396		2,314		4,710
		600 UNIVERSITY PARK PLACE		0		401		1,631		430		444		445		438		1,757		468		456		924
		THE POINTS AT WATERVIEW		0		14		1,717		209		185		323		323		1,040		345		405		750
		ONE GEORGIA CENTER		0		336		3,822		1,003		803		816		816		3,438		746		742		1,488
		1900 DUKE STREET		0		402		2,245		644		667		703		684		2,698		694		754		1,448
		55 SECOND STREET		0		0		0		1,998		3,521		3,615		3,590		12,724		22,344		1,545		23,889

		SUBTOTAL		21,316		44,537		61,380		17,231		19,396		20,110		17,945		74,682		36,487		17,191		53,678

	MEDICAL OFFICE:
		ATHEROGENICS		780		1,083		1,114		283		282		285		284		1,134		286		293		579
		NORTHSIDE/ALPHARETTA I		1,705		1,754		1,641		424		427		422		546		1,819		389		420		809
		MERIDIAN MARK PLAZA		1,725		3,439		3,556		960		1,012		986		1,115		4,073		1,018		1,006		2,024
		NORTHSIDE/ALPHARETTA II		381		1,734		2,335		498		609		621		527		2,255		596		566		1,162

		SUBTOTAL		4,591		8,010		8,646		2,165		2,330		2,314		2,472		9,281		2,289		2,285		4,574

	RETAIL:
		GA 400 LAND LEASES		1,293		1,366		1,331		303		314		338		343		1,298		374		348		722
		PERIMETER EXPO		3,346		3,400		3,226		789		794		791		804		3,178		874		909		1,783
		COLONIAL PLAZA MARKETCENTER		4,796		4,861		746		0		0		0		0		0		0		0		0
		ABBOTTS BRIDGE STATION		130		0		0		0		0		0		0		0		0		0		0
		LAGUNA NIGUEL PROMENADE		2,045		488		0		0		0		0		0		0		0		0		0
		THE AVENUE EAST COBB		1,140		4,841		5,396		1,325		1,329		1,389		1,284		5,327		1,494		1,406		2,900
		THE AVENUE OF THE PENINSULA		0		1,602		2,522		1,133		1,244		856		1,051		4,284		2,189		667		2,856
		THE AVENUE PEACHTREE CITY		0		0		1,191		549		1,308		623		680		3,160		799		832		1,631

		SUBTOTAL		12,750		16,558		14,412		4,099		4,989		3,997		4,162		17,247		5,730		4,162		9,892

	OTHER RENTAL OPERATIONS:
		KENNESAW		48		0		0		0		0		0		0		0		0		0		0
		OTHER		178		98		256		24		24		26		20		94		26		23		49

		SUBTOTAL		226		98		256		24		24		26		20		94		26		23		49

		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		38,883		69,203		84,694		23,519		26,739		26,447		24,599		101,304		44,532		23,661		68,193


See Footnotes on Page 19		Page 2

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

	(G) DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES
		LESS RENTAL PROPERTY OPERATING EXPENSES: (1) AT&T WIRELESS SERVICES HEADQUARTERS		1,714			5,810			5,732			1,450			1,451			1,450			1,367			5,718			1,448			1,380			2,828
		CERRITOS CORPORATE CENTER-PHASE II		0			0			1,415			580			580			580			582			2,322			576			552			1,128
		PRESIDENTIAL MARKETCENTER		2,796			2,755			3,451			913			920			908			990			3,731			950			972			1,922
		MIRA MESA MARKETCENTER		0			2,678			5,636			1,278			1,556			1,616			1,506			5,956			1,500			945			2,445
		SALEM ROAD STATION		0			124			556			152			148			153			52			505			0			0			0

		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		4,510			11,367			16,790			4,373			4,655			4,707			4,497			18,232			4,474			3,849			8,323

		RESIDENTIAL/LAND DIVISION
		(I) TRACT SALES NET OF COS — WHOLLY OWNED (1)		222			564			2,011			0			0			0			2,338			2,338			0			0			0
		(H)(I) TRACT SALES NET OF COS-JOINT VENTURES (1)		1,229			773			1,098			370			45			254			2			671			0			430			430

		TOTAL TRACT SALES NET OF COS		1,451			1,337			3,109			370			45			254			2,340			3,009			0			430			430

	(I) LOT SALES NET OF COS — WHOLLY OWNED (1)			2,960			2,267			772			1,065			77			67			413			1,622			697			244			941
(H)(I) LOT SALES NET OF COS — JOINT VENTURES (1)				0			0			645			659			353			164			105			1,281			513			795			1,308

		TOTAL LOT SALES NET OF COS		2,960			2,267			1,417			1,724			430			231			518			2,903			1,210			1,039			2,249

(H)(I) OTHER-JOINT VENTURE (1)				41			(95	)		(23	)		1			(1	)		(3	)		0			(3	)		0			0			0

		TOTAL RESIDENTIAL/LAND DIVISION		4,452			3,509			4,503			2,095			474			482			2,858			5,909			1,210			1,469			2,679

		DEVELOPMENT INCOME		6,165			4,251			6,179			1,186			972			918			1,549			4,625			764			908			1,672

		MANAGEMENT FEES		4,743			4,841			7,966			2,354			2,288			2,308			2,363			9,313			2,105			2,187			4,292

		LEASING & OTHER FEES		2,991			1,608			5,344			1,157			696			1,802			642			4,297			1,111			1,234			2,345

		INTEREST INCOME & OTHER:
		GNMAs		20			5			5			3			(1	)		10			1			13			1			(1	)		0
		OTHER INTEREST AND OTHER MISCELLANEOUS		750			773			526			101			83			29			41			254			23			496			519
		650 MASS AVE NOTES		2,818			3,472			4,126			1,031			1,032			1,031			1,032			4,126			1,031			1,031			2,062
		CHARLOTTE GATEWAY VILLAGE, LLC NOTE		0			1,745			1,404			0			0			0			0			0			0			0			0

		TOTAL INTEREST INCOME		3,588			5,995			6,061			1,135			1,114			1,070			1,074			4,393			1,055			1,526			2,581

		GENERAL & ADMINISTRATIVE EXPENSES		(14,961	)		(18,452	)		(27,010	)		(7,295	)		(6,972	)		(6,322	)		(7,081	)		(27,670	)		(7,214	)		(7,644	)		(14,858	)

		STOCK APPRECIATION RIGHT EXPENSE		(108	)		(468	)		276			(41	)		7			7			(2	)		(29	)		0			0			0


See Footnotes on Page 19		Page 3

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


												2002			2002			2002			2002						2003			2003
			1999			2000			2001			1ST			2ND			3RD			4TH			2002			1ST			2ND			2003

	INTEREST EXPENSE CONSOLIDATED:
		CREDIT FACILITY — FLOATING @ LIBOR + 1.05% to 1.70%		(3,039	)		(8,615	)		(9,910	)		(1,304	)		(977	)		(1,104	)		(1,353	)		(4,738	)		(1,408	)		(1,086	)		(2,494	)
		PERIMETER EXPO DEBT - 8.04%		(1,702	)		(1,683	)		(1,662	)		(411	)		(411	)		(409	)		(406	)		(1,637	)		(406	)		(404	)		(810	)
		650 MASS AVE DEBT - 6.53%		(1,422	)		(995	)		0			0			0			0			0			0			0			0			0
		B OF A PLAZA FINANCING - 6.677%		(5,020	)		(4,854	)		(4,583	)		(868	)		0			0			0			(868	)		0			0			0
		B OF A PLAZA FINANCING - 6.9575%		0			0			0			(1,084	)		(2,640	)		(2,628	)		(2,622	)		(8,974	)		(2,792	)		(2,633	)		(5,425	)
		101 INDEPENDENCE CENTER DEBT - 8.22%		(3,958	)		(3,893	)		(3,827	)		(945	)		(941	)		(936	)		(933	)		(3,755	)		(926	)		(921	)		(1,847	)
		NORTHSIDE/ALPHARETTA I DEBT - 7.70%		(815	)		(804	)		(792	)		(196	)		(195	)		(194	)		(193	)		(778	)		(192	)		(191	)		(383	)
		LAKESHORE PARK PLAZA DEBT- 6.78%		(736	)		(724	)		(710	)		(175	)		(175	)		(174	)		(172	)		(696	)		(172	)		(171	)		(343	)
		101 SECOND STREET DEBT- 8.33%		0			(5,112	)		(7,494	)		(1,864	)		(1,859	)		(1,856	)		(1,851	)		(7,430	)		(1,847	)		(1,842	)		(3,689	)
		MERIDIAN MARK PLAZA DEBT- 8.27%		0			(710	)		(2,118	)		(526	)		(525	)		(523	)		(523	)		(2,097	)		(521	)		(519	)		(1,040	)
		1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7%		0			0			(579	)		(867	)		(869	)		(859	)		(861	)		(3,456	)		(858	)		(856	)		(1,714	)
		333 & 555 NORTH POINT CENTER DEBT- 7%		0			0			(384	)		(574	)		(572	)		(569	)		(567	)		(2,282	)		(565	)		(563	)		(1,128	)
		THE AVENUE EAST COBB DEBT - 8.39%		0			(1,464	)		(3,277	)		(815	)		(813	)		(812	)		(810	)		(3,250	)		(808	)		(806	)		(1,614	)
		600 UNIVERSITY PARK DEBT - 7.38%		0			0			(492	)		(262	)		(260	)		(260	)		(260	)		(1,042	)		(259	)		(258	)		(517	)
		CEDAR GROVE LAKES DEBT- 8%		0			0			0			0			0			0			(148	)		(148	)		(29	)		(29	)		(58	)
		CALLAWAY GARDENS DEBT- 6%		0			0			0			0			0			0			(13	)		(13	)		(26	)		40			14
		OTHER		(63	)		(27	)		(22	)		0			(11	)		(4	)		(4	)		(19	)		(14	)		(15	)		(29	)
		CAPITALIZED		16,155			15,285			9,712			1,897			1,233			1,365			1,439			5,934			1,567			1,858			3,425

		TOTAL INTEREST EXPENSE CONSOLIDATED		(600	)		(13,596	)		(26,138	)		(7,994	)		(9,015	)		(8,963	)		(9,277	)		(35,249	)		(9,256	)		(8,396	)		(17,652	)

	LOSS ON EXTINGUISHMENT OF DEBT			0			0			0			(3,501	)		0			0			0			(3,501	)		0			0			0

	OTHER EXPENSES — CONTINUING OPERATIONS:
		PROPERTY TAXES		(811	)		(40	)		(619	)		(176	)		(174	)		(198	)		(127	)		(675	)		(185	)		(218	)		(403	)
		MINORITY INTEREST EXPENSE		(2,022	)		(2,931	)		(2,709	)		(598	)		(897	)		(601	)		(288	)		(2,384	)		(485	)		(328	)		(813	)
		PREDEVELOPMENT & OTHER		(316	)		(646	)		(708	)		(163	)		(152	)		(493	)		(750	)		(1,558	)		(420	)		(518	)		(938	)

		TOTAL OTHER EXPENSES		(3,149	)		(3,617	)		(4,036	)		(937	)		(1,223	)		(1,292	)		(1,165	)		(4,617	)		(1,090	)		(1,064	)		(2,154	)

	OTHER EXPENSES — DISCONTINUED OPERATIONS:
	INTEREST EXPENSE			0			0			(1,472	)		(538	)		(542	)		(548	)		(546	)		(2,174	)		(533	)		(538	)		(1,071	)
	MINORITY INTEREST EXPENSE			(43	)		(509	)		(907	)		(226	)		(228	)		(231	)		(230	)		(915	)		(226	)		(143	)		(369	)

		TOTAL OTHER EXPENSES — DISCONTINUED OPERATIONS		(43	)		(509	)		(2,379	)		(764	)		(770	)		(779	)		(776	)		(3,089	)		(759	)		(681	)		(1,440	)

	INCOME TAX (PROVISION)/BENEFIT CONTINUING OPERATIONS			(2,442	)		1,145			691			(986	)		(117	)		(147	)		(276	)		(1,526	)		(249	)		(537	)		(786	)
(G) DISCONTINUED OPERATIONS (1)				0			(31	)		(136	)		(36	)		(35	)		(49	)		(19	)		(139	)		0			0			0

		TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,442	)		1,114			555			(1,022	)		(152	)		(196	)		(295	)		(1,665	)		(249	)		(537	)		(786	)

	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1)
(J) CONSOLIDATED				(940	)		(1,099	)		(2,166	)		(528	)		(532	)		(546	)		(542	)		(2,148	)		(571	)		(602	)		(1,173	)

		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(940	)		(1,099	)		(2,166	)		(528	)		(532	)		(546	)		(542	)		(2,148	)		(571	)		(602	)		(1,173	)

(J) MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)				(335	)		(1,164	)		(95	)		0			0			0			0			0			0			0			0


See Footnotes on Page 19		Page 4

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


				1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

(H)	JOINT VENTURE FFO EXCLUDING TEMCO ASSOCIATES: (1) WILDWOOD ASSOCIATES				7,397			8,634			9,724			2,616			2,645			2,637			2,972			10,870			2,517			2,192			4,709
		CP VENTURE TWO, LLC			7,108			2,463			2,435			576			563			553			582			2,274			526			513			1,039
		COUSINS LORET VENTURE, L. L. C			2,871			3,425			3,798			933			875			845			1,000			3,653			771			812			1,583
		CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)			809			956			1,038			272			280			291			277			1,120			303			300			603
		BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE)			181			228			279			57			92			97			104			350			66			120			186
		TEN PEACHTREE PLACE ASSOCIATES			352			361			277			(138	)		(98	)		(118	)		(134	)		(488	)		30			516			546
		CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA)			14,325			14,544			14,614			3,777			3,879			3,916			3,796			15,368			3,978			3,989			7,967
		285 VENTURE (1155 PERIMETER CENTER WEST)			0			1,202			3,878			990			1,012			1,002			994			3,998			1,006			1,007			2,013
		CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)			0			0			756			679			834			835			832			3,180			840			856			1,696
		GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE)			0			762			620			302			302			302			302			1,208			302			302			604
		CRAWFORD LONG-CPI LLC			0			0			0			210			379			595			544			1,728			628			511			1,139
		HAYWOOD MALL ASSOCIATES			3,069			0			0			0			0			0			0			0			0			0			0
		OTHER			2,331			1,741			158			0			0			0			0			0			0			0			0

			TOTAL SHARE OF JOINT VENTURE FFO		38,443			34,316			37,577			10,274			10,763			10,955			11,269			43,261			10,967			11,118			22,085


		CONSOLIDATED FFO			81,197			97,299			108,122			24,011			29,044			30,598			29,713			113,366			47,079			27,028			74,107

		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET CONTINUING OPERATIONS			58,767			11,937			23,496			1,029			1,042			1,028			3,155			6,254			1,003			90,956			91,959
			DISCONTINUED OPERATIONS		0			0			0			0			0			0			1,174			1,174			0			43,012			43,012
			LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(222	)		(564	)		(2,011	)		0			0			0			(2,143	)		(2,143	)		0			0			0

			TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		58,545			11,373			21,485			1,029			1,042			1,028			2,186			5,285			1,003			133,968			134,971

		DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1)
(J)	CONSOLIDATED				(14,396	)		(27,867	)		(37,059	)		(10,011	)		(11,331	)		(13,581	)		(11,381	)		(46,304	)		(14,153	)		(12,540	)		(26,693	)
(J)	MINORITY INTEREST SHARE				335			1,164			95			0			0			0			0			0			0			0			0
(G,J)	DISCONTINUED OPERATIONS				(1,523	)		(3,819	)		(5,427	)		(1,481	)		(1,484	)		(1,545	)		(1,425	)		(5,935	)		(1,352	)		(276	)		(1,628	)
(H,J)	SHARE OF UNCONSOLIDATED JOINT VENTURES				(20,076	)		(15,542	)		(16,400	)		(4,274	)		(4,559	)		(4,490	)		(5,217	)		(18,540	)		(4,432	)		(4,680	)		(9,112	)

			TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(35,660	)		(46,064	)		(58,791	)		(15,766	)		(17,374	)		(19,616	)		(18,023	)		(70,779	)		(19,937	)		(17,496	)		(37,433	)

(H)	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE (1)				0			0			0			0			0			0			0			0			(551	)		0			(551	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE				0			(566	)		0			0			0			0			0			0			0			0			0


	CONSOLIDATED NET INCOME				104,082			62,043			70,815			9,274			12,712			12,010			13,876			47,872			27,594			143,500			171,094


See Footnotes on Page 19		Page 5

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES				1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY					10,800			10,408			10,803			2,722			2,725			2,725			3,010			11,182			1,868			2,270			4,138
2500 WINDY RIDGE PARKWAY					4,512			4,760			5,037			1,310			1,185			1,191			1,306			4,992			1,184			1,190			2,374
3200 WINDY HILL ROAD (WILDWOOD PLAZA)					8,245			9,708			11,462			3,029			3,029			3,044			3,115			12,217			2,914			2,888			5,802
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)					3,431			3,441			3,458			927			958			958			960			3,803			960			965			1,925
4200 WILDWOOD PARKWAY (GE)					4,304			4,819			4,711			1,191			1,192			1,198			1,272			4,853			1,195			1,106			2,301
BANK/RESTAURANT GROUND LEASES					1,178			1,063			1,161			231			213			219			228			891			292			287			579

					32,470			34,199			36,632			9,410			9,302			9,335			9,891			37,938			8,413			8,706			17,119

INTEREST EXPENSE:
2300 DEBT - 7.56%					(5,126	)		(4,947	)		(4,754	)		(1,156	)		(1,144	)		(1,130	)		(1,116	)		(4,546	)		(1,106	)		(1,095	)		(2,201	)
2500 DEBT - 7.45%					(1,826	)		(1,769	)		(1,708	)		(417	)		(413	)		(408	)		(404	)		(1,642	)		(400	)		(395	)		(795	)
3200 DEBT - 8.23%					(5,667	)		(5,600	)		(5,524	)		(1,363	)		(1,353	)		(1,342	)		(1,331	)		(5,389	)		(1,322	)		(1,310	)		(2,632	)
4100/4300 DEBT - 7.65%					(2,228	)		(2,191	)		(2,150	)		(523	)		(525	)		(526	)		(523	)		(2,097	)		(508	)		(508	)		(1,016	)
4200 DEBT - 6.78%					(2,979	)		(2,934	)		(2,877	)		(699	)		(703	)		(706	)		(704	)		(2,812	)		(681	)		(683	)		(1,364	)
LINE OF CREDIT — FLOATING @ LIBOR + .75%					(5	)		(1	)		0			0			0			0			0			0			0			0			0
INTEREST CAPITALIZED					0			0			0			0			0			0			0			0			0			0			0

					(17,831	)		(17,442	)		(17,014	)		(4,158	)		(4,138	)		(4,112	)		(4,078	)		(16,486	)		(4,017	)		(3,991	)		(8,008	)

OTHER, NET					161			516			(169	)		(20	)		126			50			130			286			928			(37	)		891

DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					(6	)		(6	)		0			0			0			0			0			0			(11	)		(12	)		(23	)

FUNDS FROM OPERATIONS					14,794			17,267			19,449			5,232			5,290			5,273			5,943			21,738			5,313			4,666			9,979
DEPRECIATION & AMORTIZATION OF REAL ESTATE					(9,861	)		(9,575	)		(9,003	)		(2,115	)		(2,368	)		(2,290	)		(2,249	)		(9,022	)		(2,117	)		(2,195	)		(4,312	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY					0			0			0			0			0			0			0			0			(1,101	)		0			(1,101	)

NET INCOME					4,933			7,692			10,446			3,117			2,922			2,983			3,694			12,716			2,095			2,471			4,566

COUSINS’ SHARE OF WILDWOOD ASSOCIATES (3):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES				16,235			17,100			18,316			4,705			4,651			4,668			4,946			18,970			4,068			4,214			8,282
	INTEREST EXPENSE				(8,916	)		(8,721	)		(8,507	)		(2,079	)		(2,069	)		(2,056	)		(2,039	)		(8,243	)		(2,009	)		(1,997	)		(4,006	)
	OTHER, NET				81			258			(85	)		(10	)		63			25			65			143			464			(19	)		445
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(3	)		(3	)		0			0			0			0			0			0			(6	)		(6	)		(12	)

			FUNDS FROM OPERATIONS		7,397			8,634			9,724			2,616			2,645			2,637			2,972			10,870			2,517			2,192			4,709
	DEPRECIATION & AMORTIZATION OF REAL ESTATE				(4,931	)		(4,788	)		(4,502	)		(1,058	)		(1,184	)		(1,145	)		(1,125	)		(4,512	)		(1,059	)		(1,097	)		(2,156	)
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				0			0			0			0			0			0			0			0			(551	)		0			(551	)

		NET INCOME			2,466			3,846			5,222			1,558			1,461			1,492			1,847			6,358			907			1,095			2,002


See Footnotes on Page 19		Page 6

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES				1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

CP VENTURE TWO, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE
FIRST UNION TOWER					5,450			4,990			4,855			1,090			1,012			1,050			869			4,021			783			674			1,457
GRANDVIEW II					1,980			2,178			2,192			559			574			579			576			2,288			582			579			1,161
100 NORTH POINT CENTER EAST					2,000			2,077			2,213			442			377			330			307			1,456			330			323			653
200 NORTH POINT CENTER EAST					2,157			2,217			1,703			248			303			229			267			1,047			219			146			365

	SUBTOTAL OFFICE				11,587			11,462			10,963			2,339			2,266			2,188			2,019			8,812			1,914			1,722			3,636

MEDICAL OFFICE
PRESBYTERIAN MEDICAL PLAZA					890			881			902			251			246			186			229			912			234			233			467

RETAIL
NORTH POINT MARKETCENTER					4,787			4,875			5,011			1,285			1,194			1,247			1,256			4,982			1,270			1,286			2,556
MANSELL CROSSING II					1,075			1,043			1,141			301			315			298			619			1,533			265			305			570
GREENBRIER MARKETCENTER					4,592			4,530			4,533			1,176			1,160			1,170			1,181			4,687			1,160			1,103			2,263
LOS ALTOS MARKETCENTER					2,819			2,822			2,797			725			736			725			788			2,974			743			744			1,487

	SUBTOTAL RETAIL				13,273			13,270			13,482			3,487			3,405			3,440			3,844			14,176			3,438			3,438			6,876

		TOTAL REVENUES LESS OPERATING EXPENSES			25,750			25,613			25,347			6,077			5,917			5,814			6,092			23,900			5,586			5,393			10,979

OTHER, NET					118			58			1			(45	)		8			5			(20	)		(52	)		(55	)		4			(51	)
INTEREST EXPENSE
NORTH POINT MARKETCENTER - 8.50%					(2,415	)		(2,370	)		(2,323	)		(573	)		(570	)		(558	)		(563	)		(2,264	)		(559	)		(444	)		(1,003	)
100 & 200 NORTH POINT CENTER EAST - 7.86%					(1,914	)		(1,884	)		(1,853	)		(451	)		(453	)		(457	)		(454	)		(1,815	)		(442	)		(556	)		(998	)

	TOTAL INTEREST EXPENSE				(4,329	)		(4,254	)		(4,176	)		(1,024	)		(1,023	)		(1,015	)		(1,017	)		(4,079	)		(1,001	)		(1,000	)		(2,001	)

DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					0			0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS					21,539			21,417			21,172			5,008			4,902			4,804			5,055			19,769			4,530			4,397			8,927
DEPRECIATION & AMORTIZATION OF REAL ESTATE					(20,646	)		(15,601	)		(12,383	)		(2,618	)		(2,896	)		(2,495	)		(2,630	)		(10,639	)		(2,496	)		(2,457	)		(4,953	)

NET INCOME					893			5,816			8,789			2,390			2,006			2,309			2,425			9,130			2,034			1,940			3,974

COUSINS’ SHARE OF CP VENTURE II (3):					32.94	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%

		REVENUES LESS OPERATING EXPENSES			8,499			2,945			2,915			699			680			669			701			2,749			647			628			1,275
		INTEREST EXPENSE			(1,430	)		(489	)		(480	)		(118	)		(118	)		(117	)		(117	)		(470	)		(115	)		(115	)		(230	)
		OTHER, NET			39			7			0			(5	)		1			1			(2	)		(5	)		(6	)		0			(6	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0			0			0			0			0

			FUNDS FROM OPERATIONS		7,108			2,463			2,435			576			563			553			582			2,274			526			513			1,039
		DEPRECIATION & AMORTIZATION OF REAL ESTATE			(7,017	)		(1,794	)		(1,424	)		(301	)		(333	)		(287	)		(302	)		(1,223	)		(287	)		(283	)		(570	)

			NET INCOME		91			669			1,011			275			230			266			280			1,051			239			230			469


See Footnotes on Page 19		Page 7

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

COUSINS LORET VENTURE, L. L. C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK				5,086			5,093			5,093			1,261			1,130			1,058			997			4,446			958			895			1,853
THE PINNACLE				4,818			8,830			9,652			2,396			2,404			2,410			2,776			9,986			2,352			2,492			4,844

	TOTAL REVENUES LESS OPERATING EXPENSES			9,904			13,923			14,745			3,657			3,534			3,468			3,773			14,432			3,310			3,387			6,697

INTEREST EXPENSE				(7,328	)		(7,268	)		(7,192	)		(1,785	)		(1,780	)		(1,774	)		(1,770	)		(7,109	)		(1,764	)		(1,758	)		(3,522	)
CAPITALIZED INTEREST				2,142			0			0			0			0			0			0			0			0			0			0
OTHER, NET				1,024			194			46			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			(4	)		(5	)		(4	)		(4	)		(4	)		(17	)		(4	)		(4	)		(8	)

FUNDS FROM OPERATIONS				5,742			6,849			7,595			1,867			1,750			1,690			1,999			7,306			1,542			1,625			3,167
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(5,635	)		(7,617	)		(7,703	)		(1,867	)		(1,867	)		(1,871	)		(3,075	)		(8,680	)		(1,780	)		(1,790	)		(3,570	)

NET INCOME				107			(768	)		(108	)		0			(117	)		(181	)		(1,076	)		(1,374	)		(238	)		(165	)		(403	)

COUSINS SHARE OF COUSINS LORET (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			4,952			6,962			7,373			1,829			1,767			1,734			1,887			7,217			1,655			1,693			3,348
	INTEREST EXPENSE			(2,593	)		(3,634	)		(3,596	)		(893	)		(890	)		(887	)		(885	)		(3,555	)		(882	)		(879	)		(1,761	)
	OTHER, NET			512			97			23			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			(2	)		(3	)		(2	)		(2	)		(2	)		(9	)		(2	)		(2	)		(4	)

		FUNDS FROM OPERATIONS		2,871			3,425			3,798			933			875			845			1,000			3,653			771			812			1,583
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(2,818	)		(3,809	)		(3,852	)		(934	)		(934	)		(936	)		(1,579	)		(4,383	)		(890	)		(895	)		(1,785	)

		NET INCOME		53			(384	)		(54	)		(1	)		(59	)		(91	)		(579	)		(730	)		(119	)		(83	)		(202	)

CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				3,304			3,554			3,571			906			918			940			897			3,661			948			938			1,886
INTEREST - 7.0%				(1,615	)		(1,561	)		(1,493	)		(362	)		(357	)		(357	)		(344	)		(1,420	)		(342	)		(338	)		(680	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(70	)		(2	)		(1	)		0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				1,619			1,991			2,077			544			561			583			553			2,241			606			600			1,206
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,122	)		(1,126	)		(1,125	)		(288	)		(286	)		(290	)		(262	)		(1,126	)		(282	)		(281	)		(563	)

NET INCOME				497			865			952			256			275			293			291			1,115			324			319			643

COUSINS SHARE OF CC-JM II (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			1,652			1,738			1,786			453			459			470			449			1,831			474			469			943
	INTEREST EXPENSE			(808	)		(781	)		(747	)		(181	)		(179	)		(179	)		(172	)		(711	)		(171	)		(169	)		(340	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(35	)		(1	)		(1	)		0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		809			956			1,038			272			280			291			277			1,120			303			300			603
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(573	)		(575	)		(575	)		(144	)		(149	)		(148	)		(134	)		(575	)		(144	)		(144	)		(288	)

		NET INCOME		236			381			463			128			131			143			143			545			159			156			315


See Footnotes on Page 19		Page 8

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


												2002			2002			2002			2002						2003			2003
JOINT VENTURES			1999			2000			2001			1ST			2ND			3RD			4TH			2002			1ST			2ND			2003

BRAD COUS GOLF VENTURE, LTD (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				362			456			558			113			183			193			207			696			131			240			371
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				362			456			558			113			183			193			207			696			131			240			371
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(195	)		(395	)		(691	)		(202	)		(190	)		(192	)		(245	)		(829	)		(34	)		(171	)		(205	)

NET INCOME				167			61			(133	)		(89	)		(7	)		1			(38	)		(133	)		97			69			166

COUSINS SHARE OF BRAD COUS GOLF VENTURE (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			181			228			279			57			92			97			104			350			66			120			186
	INTEREST EXPENSE			0			0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		181			228			279			57			92			97			104			350			66			120			186
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(98	)		(198	)		(346	)		(101	)		(95	)		(96	)		(123	)		(415	)		(17	)		(85	)		(102	)

		NET INCOME		83			30			(67	)		(44	)		(3	)		1			(19	)		(65	)		49			35			84

TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				2,879			2,886			2,569			(122	)		(108	)		(122	)		(166	)		(518	)		128			1,097			1,225
INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75%				(1,452	)		(1,373	)		(1,234	)		(154	)		(88	)		(114	)		(101	)		(457	)		(69	)		(66	)		(135	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(12	)		(2	)		(11	)		0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				1,415			1,511			1,324			(276	)		(196	)		(236	)		(267	)		(975	)		59			1,031			1,090
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(543	)		(553	)		(588	)		(182	)		(181	)		(181	)		(183	)		(727	)		(292	)		(557	)		(849	)

NET INCOME				872			958			736			(458	)		(377	)		(417	)		(450	)		(1,702	)		(233	)		474			241

COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (3):				25	%		24	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			1,080			1,048			885			(61	)		(54	)		(61	)		(83	)		(259	)		64			549			613
	INTEREST EXPENSE			(726	)		(686	)		(606	)		(77	)		(44	)		(57	)		(51	)		(229	)		(34	)		(33	)		(67	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(2	)		(1	)		(2	)		0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		352			361			277			(138	)		(98	)		(118	)		(134	)		(488	)		30			516			546
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(81	)		(76	)		(134	)		(91	)		(91	)		(91	)		(92	)		(365	)		(146	)		(278	)		(424	)

		NET INCOME		271			285			143			(229	)		(189	)		(209	)		(226	)		(853	)		(116	)		238			122


See Footnotes on Page 19		Page 9

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

CSC ASSOCIATES, L. P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				28,650			29,088			29,227			7,554			7,758			7,832			7,591			30,735			7,956			7,977			15,933
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				28,650			29,088			29,227			7,554			7,758			7,832			7,591			30,735			7,956			7,977			15,933
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(7,694	)		(7,710	)		(7,653	)		(1,915	)		(1,910	)		(1,911	)		(1,918	)		(7,654	)		(1,928	)		(1,916	)		(3,844	)

NET INCOME				20,956			21,378			21,574			5,639			5,848			5,921			5,673			23,081			6,028			6,061			12,089

COUSINS SHARE OF CSC ASSOCIATES, L P. (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			14,325			14,544			14,614			3,777			3,879			3,916			3,796			15,368			3,978			3,989			7,967
	INTEREST EXPENSE			0			0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		14,325			14,544			14,614			3,777			3,879			3,916			3,796			15,368			3,978			3,989			7,967
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(3,923	)		(3,931	)		(3,903	)		(977	)		(974	)		(975	)		(978	)		(3,904	)		(983	)		(977	)		(1,960	)

		NET INCOME		10,402			10,613			10,711			2,800			2,905			2,941			2,818			11,464			2,995			3,012			6,007

285 VENTURE (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			2,403			7,756			1,980			2,024			2,003			1,987			7,994			2,012			2,013			4,025
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				0			2,403			7,756			1,980			2,024			2,003			1,987			7,994			2,012			2,013			4,025
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			(720	)		(2,224	)		(541	)		(554	)		(556	)		(560	)		(2,211	)		(571	)		(553	)		(1,124	)

NET INCOME				0			1,683			5,532			1,439			1,470			1,447			1,427			5,783			1,441			1,460			2,901

COUSINS SHARE OF 285 VENTURE (3):							50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			0			1,202			3,878			990			1,012			1,002			994			3,998			1,006			1,007			2,013
	INTEREST EXPENSE			0			0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		0			1,202			3,878			990			1,012			1,002			994			3,998			1,006			1,007			2,013
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			(371	)		(1,282	)		(313	)		(319	)		(320	)		(322	)		(1,274	)		(327	)		(319	)		(646	)

		NET INCOME		0			831			2,596			677			693			682			672			2,724			679			688			1,367


See Footnotes on Page 19	Page 10

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES			1999		2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0		0			1,512			1,357			1,668			1,669			1,663			6,357			1,680			1,714			3,394
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0		0			0			0			0			0			0			0			0			(1	)		(1	)

FUNDS FROM OPERATIONS				0		0			1,512			1,357			1,668			1,669			1,663			6,357			1,680			1,713			3,393
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0		0			(738	)		(460	)		(544	)		(467	)		(478	)		(1,949	)		(451	)		(487	)		(938	)

NET INCOME				0		0			774			897			1,124			1,202			1,185			4,408			1,229			1,226			2,455

COUSINS SHARE OF CPI/FSP I, L.P. (3):									50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			0		0			756			679			834			835			832			3,180			840			857			1,697
	INTEREST EXPENSE			0		0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0		0			0			0			0			0			0			0			0			(1	)		(1	)

		FUNDS FROM OPERATIONS		0		0			756			679			834			835			832			3,180			840			856			1,696
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0		0			(382	)		(252	)		(293	)		(256	)		(261	)		(1,062	)		(255	)		(257	)		(512	)

		NET INCOME		0		0			374			427			541			579			571			2,118			585			599			1,184

GATEWAY VILLAGE, LLC (CHARLOTTE GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0		1,486			10,763			5,290			5,288			5,276			5,272			21,126			5,263			5,260			10,523
INTEREST				0		(1,501	)		(6,280	)		(3,054	)		(3,022	)		(2,994	)		(2,960	)		(12,030	)		(2,928	)		(2,895	)		(5,823	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0		0			0			0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				0		(15	)		4,483			2,236			2,266			2,282			2,312			9,096			2,335			2,365			4,700
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0		(578	)		(4,715	)		(1,478	)		(1,468	)		(1,483	)		(1,499	)		(5,928	)		(1,505	)		(1,509	)		(3,014	)

NET INCOME				0		(593	)		(232	)		758			798			799			813			3,168			830			856			1,686

COUSINS SHARE OF GATEWAY VILLAGE (3) (4):
	REVENUES LESS OPERATING EXPENSES			0		762			620			302			302			302			302			1,208			302			302			604
	INTEREST EXPENSE			0		0			0			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0		0			0			0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		0		762			620			302			302			302			302			1,208			302			302			604
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0		0			0			0			(8	)		(8	)		(9	)		(25	)		(8	)		(8	)		(16	)

		NET INCOME		0		762			620			302			294			294			293			1,183			294			294			588


See Footnotes on Page 19	Page 11

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES			1999			2000		2001		2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

CRAWFORD LONG-CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			0		0		419			758			1,189			1,088			3,454			1,255			1,445			2,700
INTEREST - 5.9%				0			0		0		0			0			0			0			0			0			(424	)		(424	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0		0		0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				0			0		0		419			758			1,189			1,088			3,454			1,255			1,021			2,276
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0		0		(205	)		(335	)		(431	)		(559	)		(1,530	)		(606	)		(648	)		(1,254	)

NET INCOME				0			0		0		214			423			758			529			1,924			649			373			1,022

COUSINS SHARE OF CRAWFORD LONG-CPI, LLC (3):											50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	REVENUES LESS OPERATING EXPENSES			0			0		0		210			379			595			544			1,728			628			723			1,351
	INTEREST EXPENSE			0			0		0		0			0			0			0			0			0			(212	)		(212	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0		0		0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		0			0		0		210			379			595			544			1,728			628			511			1,139
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0		0		(103	)		(179	)		(228	)		(292	)		(802	)		(316	)		(337	)		(653	)

		NET INCOME		0			0		0		107			200			367			252			926			312			174			486

HAYWOOD MALL ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				6,061			0		0		0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0		0		0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				6,061			0		0		0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,151	)		0		0		0			0			0			0			0			0			0			0

NET INCOME				4,910			0		0		0			0			0			0			0			0			0			0

COUSINS SHARE OF HAYWOOD MALL (3):				50	%

	REVENUES LESS OPERATING EXPENSES			3,069			0		0		0			0			0			0			0			0			0			0
	INTEREST EXPENSE			0			0		0		0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0		0		0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		3,069			0		0		0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(635	)		0		0		0			0			0			0			0			0			0			0

		NET INCOME		2,434			0		0		0			0			0			0			0			0			0			0


See Footnotes on Page 19	Page 12

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


JOINT VENTURES			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			142			0			0			0			0			0			0			0			0			0
OTHER, NET				3,418			3,543			453			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(194	)		(301	)		(64	)		0			0			0			0			0			0			0			0

FUNDS FROM OPERATIONS				3,224			3,384			389			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0			0			0			0			0			0			0			0			0			0

NET INCOME				3,224			3,384			389			0			0			0			0			0			0			0			0

COUSINS SHARE OF OTHER (3):
	REVENUES LESS OPERATING EXPENSES			0			71			0			0			0			0			0			0			0			0			0
	INTEREST EXPENSE			0			0			0			0			0			0			0			0			0			0			0
	OTHER, NET			2,428			1,896			206			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(97	)		(226	)		(48	)		0			0			0			0			0			0			0			0

		FUNDS FROM OPERATIONS		2,331			1,741			158			0			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0			0			0			0			0

	NET INCOME			2,331			1,741			158			0			0			0			0			0			0			0			0

COUSINS SHARE OF TEMCO ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%

	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			1,270			678			1,720			1,030			397			415			107			1,949			532			1,048			1,580

		FUNDS FROM OPERATIONS		1,270			678			1,720			1,030			397			415			107			1,949			532			1,048			1,580
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0			0			0			0			0

	NET INCOME			1,270			678			1,720			1,030			397			415			107			1,949			532			1,048			1,580

COUSINS SHARE OF CL REALTY, LLC (3):																												50	%		50	%		50	%

	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			0			0			0			0			0			0			0			0			(18	)		177			159

		FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			(18	)		177			159
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0			0			0			0			0

	NET INCOME			0			0			0			0			0			0			0			0			(18	)		177			159


See Footnotes on Page 19	Page 13

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


RECONCILIATIONS			1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003


(A)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
	PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES PER CASH FLOWS FROM INVESTING ACTIVITIES			337,961			215,958			140,346			22,867			13,326			21,187			30,608			87,988			22,498			20,493			42,991
		ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET		(239,637	)		(111,984	)		(74,539	)		(14,637	)		(6,998	)		(14,199	)		(24,250	)		(60,084	)		(18,061	)		(16,490	)		(34,551	)
		ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT		(244	)		(3,376	)		(18,288	)		(1,687	)		(88	)		(510	)		(261	)		(2,546	)		(21	)		(23	)		(44	)
		ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT		(7,084	)		(6,688	)		(13,964	)		(4,557	)		(936	)		(2,460	)		(4,047	)		(12,000	)		(1,881	)		(2,681	)		(4,562	)
		1ST GENERATION TI & LEASING FEES		(88,188	)		(89,849	)		(22,080	)		(1,037	)		(4,127	)		(424	)		1,883			(3,705	)		(201	)		23			(178	)
		FURNITURE & FIXTURES		(2,060	)		(688	)		(6,916	)		(477	)		(355	)		(401	)		(769	)		(2,002	)		(377	)		(508	)		(885	)

		CONSOLIDATED SECOND GENERATION RELATED COSTS		748			3,373			4,559			472			822			3,193			3,164			7,651			1,957			814			2,771
		SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		904			1,437			1,514			164			105			437			4,282			4,988			2,401			1,451			3,852

		2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		1,652			4,810			6,073			636			927			3,630			7,446			12,639			4,358			2,265			6,623

	TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS		1,432			3,876			3,582			303			788			3,517			6,847			11,455			4,287			2,111			6,398
		SECOND GENERATION BUILDING IMPROVEMENTS		220			934			2,491			333			139			113			599			1,184			71			154			225

				1,652			4,810			6,073			636			927			3,630			7,446			12,639			4,358			2,265			6,623

	TOTAL BY SEGMENT:
		OFFICE:
		SECOND GENERATION LEASING RELATED COSTS		1,224			3,239			3,292			290			750			3,384			6,575			10,999			3,873			2,077			5,950
		SECOND GENERATION BUILDING IMPROVEMENTS		220			907			2,484			286			103			47			452			888			22			116			138

				1,444			4,146			5,776			576			853			3,431			7,027			11,887			3,895			2,193			6,088

		RETAIL:
		SECOND GENERATION LEASING RELATED COSTS		208			637			290			13			38			133			272			456			414			35			449
		SECOND GENERATION BUILDING IMPROVEMENTS		0			27			7			47			36			66			147			296			49			37			86

				208			664			297			60			74			199			419			752			463			72			535

				1,652			4,810			6,073			636			927			3,630			7,446			12,639			4,358			2,265			6,623

(B)	ADJUSTED DEBT:
		CONSOLIDATED DEBT		312,257			485,085			585,275			597,304			600,476			646,390			669,792			669,792			686,011			524,883			524,883
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		218,739			256,292			275,913			273,392			270,955			268,432			265,854			265,854			263,329			288,265			288,265

		TOTAL DEBT INCLUDING SHARE OF JV’S		530,996			741,377			861,188			870,696			871,431			914,822			935,646			935,646			949,340			813,148			813,148
		SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (5)		(28,504	)		(70,309	)		(94,685	)		(93,728	)		(92,756	)		(91,769	)		(90,766	)		(90,766	)		(89,746	)		(88,711	)		(88,711	)

		ADJUSTED DEBT		502,492			671,068			766,503			776,968			778,675			823,053			844,880			844,880			859,595			724,437			724,437

		RECOURSE DEBT		143,639			174,522			154,018			84,128			88,946			137,063			160,443			160,443			178,239			18,842			18,842
		NON-RECOURSE DEBT		358,853			496,546			612,485			692,840			689,729			685,990			684,437			684,437			681,356			705,595			705,595

		ADJUSTED DEBT		502,492			671,068			766,503			776,968			778,675			823,053			844,880			844,880			859,595			724,437			724,437

(C)	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
		CONSOLIDATED INTEREST EXPENSE		600			13,596			26,138			7,994			9,015			8,963			9,277			35,249			9,256			8,396			17,652
		DISCONTINUED OPERATIONS INTEREST EXPENSE		0			0			1,472			538			542			548			546			2,174			533			538			1,071
		SHARE OF JOINT VENTURE INTEREST EXPENSE		14,473			14,311			13,936			3,348			3,300			3,296			3,264			13,208			3,211			3,405			6,616

		CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		15,073			27,907			41,546			11,880			12,857			12,807			13,087			50,631			13,000			12,339			25,339

(D)	FIXED CHARGES:
		CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES)		15,073			27,907			41,546			11,880			12,857			12,807			13,087			50,631			13,000			12,339			25,339
		PRINCIPAL PAYMENTS:
		CONSOLIDATED		6,120			4,734			5,721			2,618			1,645			1,673			1,696			7,632			1,606			1,964			3,570
		SHARE OF JOINT VENTURES		3,565			4,252			4,696			1,565			1,465			1,535			1,575			6,140			1,506			1,528			3,034
		GROUND LEASE PAYMENTS:
		CONSOLIDATED		101			147			613			212			208			209			210			839			214			208			422
		SHARE OF JOINT VENTURES		12			12			12			3			3			3			3			12			3			3			6

		TOTAL FIXED CHARGES		24,871			37,052			52,588			16,278			16,178			16,227			16,571			65,254			16,329			16,042			32,371


See Footnotes on Page 19	Page 14

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


RECONCILIATIONS				1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

	(E) SAME PROPERTY GROWTH:
	PERIOD COMPARED:				Y 00/99			Y 00/99			Y 02/01		2Q02/1Q02						4Q02/3Q02							Y 02/01		2Q03/ 1Q03

		SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES		58,318			59,702			126,427			37,129			38,495			38,736			37,806			127,554			34,996			35,372
			STRAIGHT-LINE RENTS		(616	)		(1,047	)		2,340			918			116			189			922			1,242			248			292
			LEASE TERMINATION FEES		0			0			0			25			718			2,067			634			1,185			1,107			1,368
			INTER-COMPANY ACTIVITIES		0			0			0			0			0			0			0			0			(139	)		(139	)

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		57,702			58,655			128,767			38,072			39,329			40,992			39,362			129,981			36,212			36,893

			GROWTH — SAME PROPERTY REVENUES LESS OPERATING EXPENSES					2.4	%								3.7	%					-2.4	%		0.9	%					1.1	%

		NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES		34,926			65,839			23,315			3,329			5,347			4,389			4,196			41,874			6,262			4,921
			STRAIGHT-LINE RENTS		758			2,676			824			0			0			0			0			903			260			245
			LEASE TERMINATION FEES		0			0			0			131			719			0			10			3,119			20,000			2
			INTER-COMPANY ACTIVITIES		0			0			0			0			0			0			0			0			0			0

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		35,684			68,515			24,139			3,460			6,066			4,389			4,206			45,896			26,522			5,168

	PERIOD COMPARED:							Y 01/00			Y 01/00			1Q02/4Q01			3Q02/2Q02						1Q03/4Q02						1Q03/4Q02

		SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES					88,651			93,909			37,129			39,085			38,055			37,806						38,301
			STRAIGHT-LINE RENTS					1,336			1,241			918			116			189			922						467
			LEASE TERMINATION FEES					0			0			25			1,437			2,067			634						1,107
			INTER-COMPANY ACTIVITIES					0			0			0			0			0			0						(139	)

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)					89,987			95,150			38,072			40,638			40,311			39,362						39,736

			GROWTH — SAME PROPERTY REVENUES LESS OPERATING EXPENSES								5.9	%		0.5	%					-2.6	%								1.3	%

		NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES					36,890			55,833			3,329			4,758			5,071			4,196						2,957
			STRAIGHT-LINE RENTS					293			1,923			131			0			0			0						41
			LEASE TERMINATION FEES					0			0			0			0			0			10						20,000
			INTER-COMPANY ACTIVITIES					0			0			0			0			0			0						0

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)					37,183			57,756			3,460			4,758			5,071			4,206						22,998

		ALL PROPERTIES:
			REVENUES LESS OPERATING EXPENSES		93,244			125,541			149,742			40,458			43,842			43,125			42,002			169,427			41,258			40,293			81,551
			STRAIGHT-LINE RENTS — CONTINUING OPERATIONS		(140	)		729			2,160			700			(103	)		(30	)		699			1,266			289			328			617
			STRAIGHT-LINE RENTS — DISCONTINUED OPERATIONS		282			900			1,004			218			219			219			223			879			219			209			428
			LEASE TERMINATION FEES		0			0			0			156			1,437			2,067			644			4,304			21,107			1,370			22,477
			INTER-COMPANY ACTIVITIES		0			0			0			0			0			0			0			0			(139	)		(139	)		(278	)

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		93,386			127,170			152,906			41,532			45,395			45,381			43,568			175,876			62,734			42,061			104,795

		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP):
			OPERATING PROPERTIES		38,883			69,203			84,694			23,519			26,739			26,447			24,599			101,304			44,532			23,661			68,193
			DISCONTINUED OPERATIONS		4,510			11,367			16,790			4,373			4,655			4,707			4,497			18,232			4,474			3,849			8,323
			SHARE OF UNCONSOLIDATED JOINT VENTURES		49,993			46,600			51,422			13,640			14,001			14,227			14,472			56,340			13,728			14,551			28,279

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		93,386			127,170			152,906			41,532			45,395			45,381			43,568			175,876			62,734			42,061			104,795


See Footnotes on Page 19	Page 15

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


RECONCILIATIONS				1999			2000			2001			2002 1ST			2002 2ND			2002 3RD			2002 4TH			2002			2003 1ST			2003 2ND			2003

	(F) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
		OPERATING EXPENSES:
			RENTAL PROPERTY REVENUES		56,246			98,682			122,090			33,301			36,919			37,427			35,707			143,354			54,989			34,813			89,802
			RENTAL PROPERTY OPERATING EXPENSES		(17,363	)		(29,479	)		(37,396	)		(9,782	)		(10,180	)		(10,980	)		(11,108	)		(42,050	)		(10,457	)		(11,152	)		(21,609	)

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		38,883			69,203			84,694			23,519			26,739			26,447			24,599			101,304			44,532			23,661			68,193

	(G) INCOME FROM DISCONTINUED OPERATIONS:
			RENTAL PROPERTY REVENUES		6,234			15,304			23,379			6,100			6,493			6,537			6,188			25,318			6,024			5,091			11,115
			RENTAL PROPERTY OPERATING EXPENSES		(1,724	)		(3,937	)		(6,589	)		(1,727	)		(1,838	)		(1,830	)		(1,691	)		(7,086	)		(1,550	)		(1,242	)		(2,792	)

			TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		4,510			11,367			16,790			4,373			4,655			4,707			4,497			18,232			4,474			3,849			8,323
			INTEREST EXPENSE		0			0			(1,472	)		(538	)		(542	)		(548	)		(546	)		(2,174	)		(533	)		(538	)		(1,071	)
			MINORITY INTEREST EXPENSE		(43	)		(509	)		(907	)		(226	)		(228	)		(231	)		(230	)		(915	)		(226	)		(143	)		(369	)
			PROVISION FOR INCOME TAXES		0			(31	)		(136	)		(36	)		(35	)		(49	)		(19	)		(139	)		0			0			0

			FUNDS FROM OPERATIONS		4,467			10,827			14,275			3,573			3,850			3,879			3,702			15,004			3,715			3,168			6,883
			DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(1,523	)		(3,819	)		(5,427	)		(1,481	)		(1,484	)		(1,545	)		(1,425	)		(5,935	)		(1,352	)		(276	)		(1,628	)

			NET INCOME FROM DISCONTINUED OPERATIONS		2,944			7,008			8,848			2,092			2,366			2,334			2,277			9,069			2,363			2,892			5,255

	(H) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY			49,993			46,600			51,422			13,640			14,001			14,227			14,472			56,340			13,728			14,551			28,279
		INTEREST EXPENSE			(14,473	)		(14,311	)		(13,936	)		(3,348	)		(3,300	)		(3,296	)		(3,264	)		(13,208	)		(3,211	)		(3,405	)		(6,616	)
		OTHER, NET			3,060			2,258			144			(15	)		64			26			63			138			458			(19	)		439
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(137	)		(231	)		(53	)		(3	)		(2	)		(2	)		(2	)		(9	)		(8	)		(9	)		(17	)

			FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		38,443			34,316			37,577			10,274			10,763			10,955			11,269			43,261			10,967			11,118			22,085
		RESIDENTIAL LOT AND TRACT SALES, NET OF COS			1,270			678			1,720			1,030			397			415			107			1,949			513			1,225			1,738

			FUNDS FROM OPERATIONS		39,713			34,994			39,297			11,304			11,160			11,370			11,376			45,210			11,480			12,343			23,823
		DEPRECIATION & AMORTIZATION OF REAL ESTATE			(20,076	)		(15,542	)		(16,400	)		(4,274	)		(4,559	)		(4,490	)		(5,217	)		(18,540	)		(4,432	)		(4,680	)		(9,112	)
		IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE			0			0			0			0			0			0			0			0			(551	)		0			(551	)

			NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		19,637			19,452			22,897			7,030			6,601			6,880			6,159			26,670			6,497			7,663			14,160


See Footnotes on Page 19	Page 16

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


												2002		2002			2002			2002					2003		2003
RECONCILIATIONS				1999		2000			2001			1ST		2ND			3RD			4TH		2002			1ST		2ND		2003


(I)	CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
	RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
		TRACT SALES			0		0			0			0		0			0			547		547			0		0		0
		LOT SALES			17,857		13,951			6,682			4,035		521			2,481			1,542		8,579			3,928		1,612		5,540

			TOTAL RESIDENTIAL AND OUTPARCEL SALES		17,857		13,951			6,682			4,035		521			2,481			2,089		9,126			3,928		1,612		5,540

	RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
		TRACT COST OF SALES			0		0			0			0		0			0			352		352			0		0		0
		LOT COST OF SALES			14,897		11,684			5,910			2,970		444			2,414			1,129		6,957			3,231		1,368		4,599

			TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		14,897		11,684			5,910			2,970		444			2,414			1,481		7,309			3,231		1,368		4,599

	TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES				222		564			2,011			0		0			0			2,143		2,143			0		0		0

		RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED			3,182		2,831			2,783			1,065		77			67			2,751		3,960			697		244		941

	SUMMARY:
		TRACT SALES NET OF COS — WHOLLY OWNED			222		564			2,011			0		0			0			2,338		2,338			0		0		0
		LOT SALES NET OF COS — WHOLLY OWNED			2,960		2,267			772			1,065		77			67			413		1,622			697		244		941

			TOTAL WHOLLY OWNED SALES, NET		3,182		2,831			2,783			1,065		77			67			2,751		3,960			697		244		941

	SHARE OF UNCONSOLIDATED JOINT VENTURES:
		TRACT SALES LESS COST OF SALES			1,229		773			1,098			370		45			254			2		671			0		430		430
		LOT SALES LESS COST OF SALES			0		0			645			659		353			164			105		1,281			513		795		1,308
		OTHER — JOINT VENTURE			41		(95	)		(23	)		1		(1	)		(3	)		0		(3	)		0		0		0

			TRACT AND LOT SALES, NET — SHARE OF JOINT VENTURES		1,270		678			1,720			1,030		397			415			107		1,949			513		1,225		1,738

			TOTAL RESIDENTIAL/LAND DIVISION		4,452		3,509			4,503			2,095		474			482			2,858		5,909			1,210		1,469		2,679


See Footnotes on Page 19	Page 17

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS
(in thousands, except per share amounts, percentages and ratios)


RECONCILIATIONS				1999			2000			2001			2002 1ST		2002 2ND		2002 3RD		2002 4TH		2002		2003 1ST		2003 2ND		2003


	(J) DEPRECIATION AND AMORTIZATION:
		REAL ESTATE RELATED:
			CONSOLIDATED		14,396			27,867			37,059			10,011		11,331		13,581		11,381		46,304		14,153		12,540		26,693
			DISCONTINUED OPERATIONS		1,523			3,819			5,427			1,481		1,484		1,545		1,425		5,935		1,352		276		1,628

					15,919			31,686			42,486			11,492		12,815		15,126		12,806		52,239		15,505		12,816		28,321
			SHARE OF JOINT VENTURES		20,076			15,542			16,400			4,274		4,559		4,490		5,217		18,540		4,432		4,680		9,112

			TOTAL REAL ESTATE RELATED		35,995			47,228			58,886			15,766		17,374		19,616		18,023		70,779		19,937		17,496		37,433

		NON-REAL ESTATE RELATED:
			CONSOLIDATED		940			1,099			2,166			528		532		546		542		2,148		571		602		1,173
			DISCONTINUED OPERATIONS		—			—			—			—		—		—		—		—		—		—		—

					940			1,099			2,166			528		532		546		542		2,148		571		602		1,173
			SHARE OF JOINT VENTURES		137			231			53			3		2		2		2		9		8		9		17

			TOTAL NON-REAL ESTATE RELATED		1,077			1,330			2,219			531		534		548		544		2,157		579		611		1,190

			TOTAL DEPRECIATION AND AMORTIZATION		37,072			48,558			61,105			16,297		17,908		20,164		18,567		72,936		20,516		18,107		38,623

		SUMMARY:
			CONSOLIDATED		15,336			28,966			39,225			10,539		11,863		14,127		11,923		48,452		14,724		13,142		27,866
			DISCONTINUED OPERATIONS		1,523			3,819			5,427			1,481		1,484		1,545		1,425		5,935		1,352		276		1,628

					16,859			32,785			44,652			12,020		13,347		15,672		13,348		54,387		16,076		13,418		29,494
			SHARE OF JOINT VENTURES		20,213			15,773			16,453			4,277		4,561		4,492		5,219		18,549		4,440		4,689		9,129

			TOTAL DEPRECIATION AND AMORTIZATION		37,072			48,558			61,105			16,297		17,908		20,164		18,567		72,936		20,516		18,107		38,623
			MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		(335	)		(1,164	)		(95	)		—		—		—		—		—		—		—		—

			TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		36,737			47,394			61,010			16,297		17,908		20,164		18,567		72,936		20,516		18,107		38,623

		SUMMARY BY TYPE:
			REAL ESTATE RELATED:
			BUILDING (INCLUDING TENANT FIRST GENERATION):
			CONSOLIDATED		14,871			30,402			38,522			10,732		12,463		14,522		12,196		49,913		14,904		12,190		27,094
			SHARE OF JOINT VENTURES		19,229			14,825			15,656			4,084		4,372		4,275		5,031		17,762		4,182		4,230		8,412

					34,100			45,227			54,178			14,816		16,835		18,797		17,227		67,675		19,086		16,420		35,506

			TENANT SECOND GENERATION:
			CONSOLIDATED		1,048			1,284			3,964			760		351		603		612		2,326		601		626		1,227
			SHARE OF JOINT VENTURES		847			717			744			190		187		215		186		778		250		450		700

					1,895			2,001			4,708			950		538		818		798		3,104		851		1,076		1,927

			TOTAL REAL ESTATE RELATED		35,995			47,228			58,886			15,766		17,373		19,615		18,025		70,779		19,937		17,496		37,433

	NON-REAL ESTATE RELATED:
			FURNITURE, FIXTURES AND EQUIPMENT:
			CONSOLIDATED		640			799			1,485			522		526		539		535		2,122		565		596		1,161
			SHARE OF JOINT VENTURES		101			231			53			3		2		2		2		9		8		9		17

			TOTAL REAL ESTATE RELATED		741			1,030			1,538			525		528		541		537		2,131		573		605		1,178

			GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS CONSOLIDATED		300			300			681			6		6		7		7		26		6		6		12
			SHARE OF JOINT VENTURES		36			0			0			0		0		0		0		0		0		0		0

					336			300			681			6		6		7		7		26		6		6		12

			TOTAL NON-REAL ESTATE RELATED		1,077			1,330			2,219			531		534		548		544		2,157		579		611		1,190

	TOTAL DEPRECIATION & AMORTIZATION				37,072			48,558			61,105			16,297		17,907		20,163		18,569		72,936		20,516		18,107		38,623


See Footnotes on Page 19	Page 18

Cousins Properties Incorporated
NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL AND RECONCILIATIONS

FOOTNOTES

(1) See corresponding reconciliations (identified with capital letters preceding the item descriptions) beginning on page 14.

(2) Same-Property Growth represents the percentage increase (decrease) in Same-Property Revenues Less Operating Expenses, which excludes straight-line rents, lease termination fees and inter-company activities for those properties which were fully operational for two consecutive reporting periods. The reconciliation for the comparison of the 4th quarter 2001 with the 1st quarter 2002 is as follows. Reconciliations for all other periods are contained in Reconciliation E on Page 15.


PERIOD COMPARED:				4Q01		1Q02

SAME PROPERTY:
	REVENUES LESS OPERATING EXPENSES				36,931		37,129
		STRAIGHT-LINE RENTS			546		918
		LEASE TERMINATION FEES			0		25
		INTER-COMPANY ACTIVITIES			0		0

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		37,477		38,072

GROWTH — SAME PROPERTY REVENUES LESS OPERATING EXPENSES							0.5	%

NON-SAME PROPERTY:
		REVENUES LESS OPERATING EXPENSES			1,224		3,329
		STRAIGHT-LINE RENTS			0		0
		LEASE TERMINATION FEES			0		131
		INTER-COMPANY ACTIVITIES
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY			0		0
		OPERATING EXPENSES (GAAP)			1,224		3,460

ALL PROPERTIES:
		REVENUES LESS OPERATING EXPENSES			38,155		40,458
		STRAIGHT-LINE RENTS — CONTINUING OPERATIONS			244		700
		STRAIGHT-LINE RENTS — DISCONTINUED OPERATIONS			302		218
		LEASE TERMINATION FEES			0		156
		INTER-COMPANY ACTIVITIES			0		0

			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		38,701		41,532

RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES (GAAP):
		OPERATING PROPERTIES			20,670		23,519
		DISCONTINUED OPERATIONS			4,616		4,373
		SHARE OF UNCONSOLIDATED JOINT VENTURES			13,415		13,640

		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES			38,701		41,532

(3) Cousins’ share of Joint Venture Income has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.

(4) The Company recognizes a preferred return on its equity in Gateway Village. See Note 5 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002.

(5) The Charlotte Gateway Village debt is fully secured by the underlying property and non-recourse to the borrower and is fully amortized by rental payments under a long-term lease to Bank of America. The Gateway debt is also excluded from debt and coverage ratios for purposes of the bank covenants pertaining to the Company’s credit facility.

Page 19

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

“Funds From Operations” (“FFO”) is a supplemental operating performance measure used in the real estate industry. Effective January 1, 2003, the Company adopted the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income (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 or impairment of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis.

Page 1 of 3

“Rental Property Revenues Less Rental Property Operating Expenses” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Like FFO, Rental Property Revenues Less Rental Property Operating Expenses excludes certain components from Net Income in order to provide results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and Net Income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

“Same-Property Growth” represents the percentage change in Same-Property Revenues Less Operating Expenses for properties that have been fully operational for two consecutive reporting periods. Same-Property Revenues Less Operating Expenses is similar to Rental Property Revenues Less Rental Property Operating Expenses, but excludes lease termination fees, which are generally one-time payments that may distort results of operations for comparable periods, straight-line rents and inter-company activities. While seasonal items such as percentage rents may distort comparisons of one quarter to the previous quarter, annual comparisons are not distorted by seasonality. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

“2nd 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 historical 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 Charlotte Gateway Village, L.L.C. (“Gateway”). The Company excludes Gateway debt as it is fully secured by the underlying property and non-recourse to the borrower and is fully amortized by rental payments under a long-term lease to Bank of America. The Gateway debt is also excluded from debt and coverage ratios for purposes of the bank covenants pertaining to the Company’s credit facility. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt.

Page 2 of 3

“Interest Expense Coverage Ratio” is defined as the ratio of FFO plus consolidated interest expense (“Consolidated FFO Before Interest”) divided by consolidated interest expense. Consolidated interest expense is the sum of the Company’s interest expense plus its share of interest expense for unconsolidated joint ventures. The Company’s share of interest expense for Gateway has been excluded in accordance with the discussion under “Adjusted Debt” above. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt.

“Fixed Charge Coverage Ratio” is defined as Consolidated FFO Before Interest divided by fixed charges. Fixed charges is the sum of interest expense, principal amortization under mortgage notes payable and ground lease rental payments. Fixed charges include the Company’s share of fixed charges for unconsolidated joint ventures, with Gateway expenses excluded, as discussed above. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to raise additional debt.

Page 3 of 3

Cousins Properties Incorporated
DEVELOPMENT PIPELINE (1)
As of June 30, 2003

Leased

Approximate

Cousins'

Projected Dates

Total

GLA (%)

Venture

Cousins’

Total Cost

Share of

Investment

for Completion and

Project

GLA

(fully executed)

Partner

Ownership %

(000s)

Total Costs

@ 6/30/03

Fully Operational

Office

Frost Bank Tower

525,000

N/A

100

143,200

85,092

const. — 4Q-03

(Austin, TX)

fully operational 1Q-05

SUBTOTAL

525,000

143,200

85,092

Retail

The Avenue West Cobb

205,000

N/A

100

37,800

17,765

const. — 4Q-03

(Atlanta, GA)

fully operational 4Q-04

The Shops of Lake Tuscaloosa

62,000

N/A

100

8,300

4,369

const. — 4Q-03

(Tuscaloosa, AL)

fully operational 2Q-04

SUBTOTAL

267,000

46,100

22,134

TOTAL

792,000

189,300

107,226

(1) This Development Pipeline schedule includes all projects currently under construction from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States (“GAAP”). Costs are estimated costs upon completion and achievement of fully operational status. Significant estimates are required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown are estimates and are subject to change as the projects proceed through the development process.

NOTE: Certain matters contained in this schedule are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words “believes,” “expects,” “anticipates,” “estimates” and 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 these 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.

COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
CONSOLIDATED BALANCE SHEETS

($ in thousands, except share and per share amounts)


				June 30,			December 31,
				2003			2002

				(Unaudited)
ASSETS
PROPERTIES:
	Operating properties, net of accumulated depreciation of $163,308 as of June 30, 2003 and $136,484 as of December 31, 2002			$	700,448		$	619,031
	Operating properties held for sale, net of accumulated depreciation of $6,176 as of June 30, 2003 and $18,616 as of December 31, 2002				23,593			138,298
	Land held for investment or future development				16,676			16,632
	Projects under construction				107,226			171,135
	Residential lots under development				20,758			20,100

		Total properties			868,701			965,196
CASH AND CASH EQUIVALENTS, at cost which approximates market					14,379			9,471
NOTES AND OTHER RECEIVABLES					46,727			50,607
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES					175,744			185,516
OTHER ASSETS, including goodwill of $15,696 in 2003 and $15,612 in 2002					40,703			37,287

			TOTAL ASSETS	$	1,146,254		$	1,248,077

LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE				$	524,883		$	669,792
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES					41,465			35,445
DEPOSITS AND DEFERRED INCOME					3,393			3,429

			TOTAL LIABILITIES		569,741			708,666

MINORITY INTERESTS					19,260			26,959

DEFERRED GAIN					11,689			103,568

COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ INVESTMENT:
	Common stock, $1 par value, authorized 150,000,000 shares; issued 51,182,712 shares at June 30, 2003 and 50,843,835 shares at December 31, 2002				51,183			50,844
	Additional paid-in capital				294,264			288,172
	Treasury stock at cost, 2,691,582 shares in 2003 and 2,457,482 shares in 2002				(64,894	)		(59,356	)
	Unearned compensation				(2,201	)		(2,647	)
	Cumulative undistributed net income				267,212			131,871

			TOTAL STOCKHOLDERS’ INVESTMENT		545,564			408,884

			TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,146,254		$	1,248,077

Cousins Properties Incorporated
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of June 30, 2003


												Percent
												Leased
												(Fully Executed)
									Company's
					Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description				Area	State	Square Feet		Interest			(3/31/03)			(6/30/03)

I.	OFFICE
	A. Commercial Office
	Bank of America Plaza				Atlanta			1,262,000		50.00	%		100	%		100	%
	One Ninety One Peachtree Tower				Atlanta			1,215,000		9.80	%		97	%		96	%
	Inforum				Atlanta			990,000		100.00	%		94	%		94	%
	3200 Windy Hill Road				Atlanta			694,000		50.00	%		95	%		95	%
	2300 Windy Ridge Parkway				Atlanta			636,000		50.00	%		86	%		86	%
	The Pinnacle				Atlanta			424,000		50.00	%		97	%		97	%
	One Georgia Center				Atlanta			363,000		88.50	%		77	%		80	%
	1155 Perimeter Center West				Atlanta			362,000		50.00	%		99	%		99	%
	2500 Windy Ridge Parkway				Atlanta			316,000		50.00	%		89	%		99	%
	Two Live Oak Center				Atlanta			279,000		50.00	%		79	%		85	%
	4200 Wildwood Parkway				Atlanta			260,000		50.00	%		100	%		100	%
	Ten Peachtree Place				Atlanta			260,000		50.00	%		100	%		100	%
	4300 Wildwood Parkway				Atlanta			150,000		50.00	%		100	%		100	%
	4100 Wildwood Parkway				Atlanta			100,000		50.00	%		100	%		100	%
	3100 Windy Hill Road				Atlanta			188,000		100.00	%		100	%		100	%
	566 North Point Center East				Atlanta			152,000		100.00	%		91	%		51	%
	615 Peachtree Street				Atlanta			148,000		100.00	%		88	%		88	%
	200 North Point Center East				Atlanta			130,000		11.50	%		37	%		37	%
	333 North Point Center East				Atlanta			129,000		100.00	%		85	%		47	%
	100 North Point Center East				Atlanta			128,000		11.50	%		69	%		69	%
	3301 Windy Ridge Parkway				Atlanta			107,000		100.00	%		100	%		100	%

						Georgia		8,293,000

	Lakeshore Park Plaza				Birmingham			190,000		100.00	%		81	%		80	%(a)
	Grandview II				Birmingham			149,000		11.50	%		100	%		100	%
	600 University Park Place				Birmingham			123,000		100.00	%		95	%		99	%(a)

						Alabama		462,000

	Gateway Village				Charlotte			1,065,000		50.00	%		100	%		100	%
	101 Independence Center				Charlotte			526,000		100.00	%		99	%		99	%
	Wachovia Tower				Greensboro			324,000		11.50	%		65	%		67	%

						North Carolina		1,915,000

	Frost Bank Tower				Austin			525,000		100.00	%		46	%		46	%(b)
	Austin Research Park — Building III				Austin			174,000		50.00	%		100	%		100	%
	Austin Research Park — Building IV				Austin			184,000		50.00	%		100	%		100	%
	The Points at Waterview				Dallas			201,000		100.00	%		85	%		90	%

						Texas		1,084,000

	John Marshall-II				Washington, D.C.			224,000		50.00	%		100	%		100	%
	333 John Carlyle				Washington, D.C.			153,000		100.00	%		96	%		90	%
	1900 Duke Street				Washington, D.C.			97,000		100.00	%		100	%		100	%

						Washington D.C.		474,000

	101 Second Street				San Francisco			387,000		100.00	%		83	%		88	%(a)
	55 Second Street				San Francisco			379,000		100.00	%		51	%		51	%(a)

						California		766,000

		Total Commercial Office						12,994,000					91	%		90%	(c)

	B. Medical Office
	Emory Crawford Long Medical Office Tower				Atlanta			358,000		50.00	%		85	%		87	%
	Northside/Alpharetta II				Atlanta			198,000		100.00	%		74	%		74	%
	Meridian Mark Plaza				Atlanta			160,000		100.00	%		100	%		100	%
	Northside/Alpharetta I				Atlanta			103,000		100.00	%		97	%		98	%
	AtheroGenics				Atlanta			51,000		100.00	%		100	%		100	%

						Georgia		870,000

	Presbyterian Medical Plaza at University				Charlotte	North Carolina		69,000		11.50	%		100	%		100	%


			Total Medical Office					939,000					88	%		89%	(c)

				TOTAL OFFICE				13,933,000					91	%		90%	(c)

Page 1

Cousins Properties Incorporated
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of June 30, 2003


											Percent
											Leased
											(Fully Executed)
								Company’s
				Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description			Area	State	Square Feet		Interest			(3/31/03)			(6/30/03)

II.	RETAIL
	North Point MarketCenter			Atlanta			401,000		11.50	%		100	%		100	%
	Presidential MarketCenter			Atlanta			374,000		100.00	%		100	%		100	%
	The Avenue East Cobb			Atlanta			225,000		100.00	%		99	%		98	%
	The Avenue West Cobb			Atlanta			205,000		100.00	%		34	%		61	%(b)
	Perimeter Expo			Atlanta			176,000		100.00	%		100	%		100	%
	The Avenue Peachtree City			Atlanta			169,000		88.50	%		100	%		100	%(d)
	Mansell Crossing Phase II			Atlanta			103,000		11.50	%		100	%		100	%

					Georgia		1,653,000

	The Avenue of the Peninsula			Rolling Hills Estates			374,000		100.00	%		88	%		87	%
	Los Altos MarketCenter			Long Beach			157,000		11.50	%		100	%		99	%

					California		531,000

	The Shops at World Golf Village			St. Augustine	Florida		80,000		50.00	%		74	%		74	%
	The Shops of Lake Tuscaloosa			Tuscaloosa	Alabama		62,000		100.00	%		71	%		71	%(b)
	Greenbrier MarketCenter			Chesapeake	Virginia		376,000		11.50	%		100	%		100	%

			Total Retail				2,702,000					96	%		96%	(c)

		TOTAL PORTFOLIO					16,635,000					92	%		91%	(c)


			100%		Weighted		%

SUMMARY BY TYPE
	Commercial Office			12,994,000		8,014,000		76	%
	Medical Office			939,000		699,000		7	%

		Subtotal		13,933,000		8,713,000		83	%
	Retail			2,702,000		1,725,000		17	%

		Total		16,635,000		10,438,000		100	%

SUMMARY BY STATE
	Georgia			10,816,000		6,434,000		62	%
	California			1,297,000		1,158,000		11	%
	North Carolina			1,984,000		1,103,000		11	%
	Texas			1,084,000		905,000		9	%
	Alabama			524,000		392,000		4	%
	Washington D.C.			474,000		362,000		3	%
	Virginia			376,000		43,000		0	%
	Florida			80,000		40,000		0	%

		Total		16,635,000		10,437,000		100	%

(a) This project is owned through joint ventures with third parties, and a portion of the upside is shared with the other venturer.

(b) Under construction and/or in lease-up.

(c) Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up and One Ninety One Peachtree Tower.

(d) This property is subject to a contractual participation in which a portion of the upside is shared with a third party.

Page 2

Cousins Properties Incorporated
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET

As of June 30, 2003


			Percentage of			Average
			Total Portfolio			Remaining
			at the Company’s			Lease Term
Tenant (1)			Share (2)			(years)

	1.	Bank of America		12.0	%		9.6
	2.	IBM		4.6	%		3.6
	3.	BellSouth		2.9	%		6.3
	4.	Mirant Corporation		1.9	%		11.9
	5.	Charles Schwab & Co., Inc		1.9	%		8.7
	6.	Northside Hospital		1.8	%		10.6
	7.	General Electric Company		1.7	%		8.9
	8.	Thelen, Reid & Priest LLP		1.4	%		8.8
	9.	Paul Hastings		1.4	%		11.8
	10.	Ernst & Young U.S. LLP		1.4	%		3.3
	11.	Georgia Lottery Corporation		1.3	%		10.0
	12.	Georgia Pacific Corporation		1.3	%		9.5
	13.	A.T. Kearney, Inc		1.2	%		5.8
	14.	AGL Services Company		1.2	%		9.8
	15.	Coca-Cola Enterprises Inc		1.2	%		15.4
	16.	Troutman Sanders LLP		1.2	%		3.9
	17.	Booz-Allen Hamilton		1.2	%		7.6
	18.	Infinity Insurance Company		1.2	%		1.6
	19.	Internap Network Services		1.2	%		16.9
	20.	Indus International, Inc		1.1	%		8.8
	21.	Lockwood Greene Engineers		1.0	%		3.8
	22.	Bombardier Aerospace Corporation		1.0	%		9.7
	23.	The Gap Inc		1.0	%		3.5
	24.	Robinson Bradshaw & Hinson		1.0	%		11.5
	25.	SouthTrust Bank of Georgia		0.9	%		0.8
		Total leased square feet of Top 25 Largest Tenants		48.0	%		8.2

(1) In some cases, the actual tenant may be an affiliate of the company shown.

(2) Percentages are based on square footage amounts of completed projects only. One Ninety One Peachtree Tower is excluded, as it is less than 10% owned by the Company.

Cousins Properties Incorporated
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of June 30, 2003

Company's

Developable

Joint Venture

Ownership

Description, Location and Zoned Use

Land Area (2)

Partner

Interest

Wildwood Office Park

Suburban Atlanta, GA

Office and Commercial

N/A

100

Office and Commercial

IBM

North Point Land

(Georgia Highway 400 & Haynes Bridge Road) (3)

Suburban Atlanta, GA

Office and Commercial-East Side

N/A

100

Office and Commercial-West Side (4)

217

N/A

100

Ridenour

West Cobb County

Suburban Atlanta, GA

Office and Commercial

N/A

100

Salem Road Station

Suburban Atlanta, GA

Retail Outparcel

N/A

100

Temco Associates

Paulding County

Suburban Atlanta, GA

Temple-Inland

Residential and Commercial

See Note (5)

Inc. (6)

(1) The following properties include adjacent building pads, the basis of which is included in the basis of each of these operating properties in the Company’s consolidated financial statements or the applicable joint venture’s financial statements:

101 Independence Center (535,000 square foot office building)

One Georgia Center (350,000 square foot office building)

Ten Peachtree Place (400,000 square foot office building or a 350-unit apartment complex)

The Points at Waterview (60,000 square foot office building)

Austin Research Park (175,000 square foot office building)

(2) In acres, based upon management’s current estimates.

(3) The North Point property is located both east and west of Georgia Highway 400. Development had been mainly concentrated on the land located east of Georgia Highway 400, until July 1998 when the Company commenced construction of the first building, AtheroGenics, on the west side. The land located east of Georgia Highway 400 surrounds North Point Mall, a 1.3 million square foot regional mall on a 100-acre site which the Company sold in 1988.

(4) The Company has requested that this land be rezoned to mixed use to include residential as well as office and commercial.

(5) Temco Associates has an option through March 2006, with no carrying costs, to acquire the fee simple interest in approximately 7,500 acres in Paulding County, Georgia (northwest of Atlanta, Georgia). The partnership also has an option to acquire interests in a timber rights only lease covering approximately 22,000 acres. This option also expires in March 2006, with the underlying lease expiring in 2025. The options may be exercised in whole or in part over the option period, and the option price of the fee simple land was $1,107 per acre at January 1, 2003, escalating at 6% on January 1 of each succeeding year during the term of the option. The following is a detail of acreage activity:

Six Months

Year Ended December 31,

Ended

June 30, 2003

2002

2001

2000

Acres purchased and simultaneously sold

607

359

461

Acres purchased and held under option for third parties

—

128

Acres purchased by Temco for residential developments

—

910

—

260

Acres purchased for sale or future development

—

Total option acres exercised

1,595

487

734

(6) Joint venture partner is an affiliate of the entity shown.

Cousins Properties Incorporated
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of June 30, 2003


					Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining
			Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be
Description			Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold

Cousins Real Estate Corporation (100% owned)
The Lakes at Cedar Grove				2001		10		907		68		19		93		229		678
	Fulton County
	Suburban Atlanta, GA
Longleaf at Callaway (2)				2003		5		138		0		3		3		3		135
	Harris County
	Pine Mountain, GA
River’s Call				2000		10		107		15		1		3		13		94
	East Cobb County
	Suburban Atlanta, GA

		Total 100% owned						1,152		83		23		99		245		907

Temco Associates (50% owned) (3)
Bentwater				1999		10		1,660		318		74		193		1,040		620
	Paulding County
	Suburban Atlanta, GA
The Georgian				2003		9		1,386		0		0		0		0		1,386
	Paulding County
	Suburban Atlanta, GA
Seven Hills at Bentwater				2003		8		1,084		0		0		0		0		1,084
	Paulding County
	Suburban Atlanta, GA

		Total Temco Lots						4,130		318		74		193		1,040		3,090

Cousins Properties Incorporated
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of June 30, 2003


					Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining
			Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be
Description			Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold

CL Realty, LLC (50% owned) (3)
Summer Creek Ranch				2003		10		2,508		121		38		38		38		2,470
	Dallas County
	Dallas, TX
Long Meadow Farms (37.5% owned)				2003		10		2,707		0		0		0		0		2,707
	Fort Bend County
	Houston, TX
Stillwater Canyon				2003		4		336		0		0		0		0		336
	Dallas County
	DeSota, TX
Hidden Lakes				2003		2		89		32		15		15		15		74
	Tarrant County
	Dallas, TX
Stonebridge (50% owned)				2003		4		622		0		0		0		0		622
	Coweta County
	Newnan, GA
Creekside Oaks				2003		6		305		0		0		0		0		305
	Manatee County
	Bradenton, FL

		Total CL Realty Lots						6,567		153		53		53		53		6,514

Total Lots								11,849		554		150		345		1,338		10,511

Company Share of Total Lots								5,499		319		87		222		792		4,708

(1) This estimate represents the total projected development capacity for a development on both owned land and land expected to be purchased for further development. 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) Longleaf at Callaway lots are sold to a home building venture, of which Cousins Real Estate Corporation (“CREC”) is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of June 30, 2003, no houses have been sold.

(3) CREC owns 50% of both Temco Associates and CL Realty, LLC (“CL Realty”). See the Company’s Annual Report on Form 10-K for the year ended December 31, 2002 for a description of Temco Associates and CL Realty.

Cousins Properties Incorporated
SQUARE FEET EXPIRING
As of June 30, 2003

OFFICE

As of June 30, 2003, the Company’s office portfolio included thirty-four commercial office buildings, excluding all buildings currently under construction and/or in lease-up and One Ninety One Peachtree Tower, as it is less than 10% owned by the Company. The weighted average remaining lease term of these office buildings was approximately 8 years as of June 30, 2003. Most of the Company’s leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:


																												2012
																												&
	2003			2004			2005			2006			2007			2008			2009			2010			2011			Thereafter			Total

Consolidated:
Square Feet Expiring (1)		45,007			164,869			337,179			366,997			131,928			409,668			542,842			274,510			72,207			902,455			3,247,662	(2)
% of Leased Space		1	%		5	%		10	%		11	%		4	%		13	%		17	%		9	%		2	%		28	%		100	%
Annual Contractual Rent (000’s) (3)	$	530		$	2,818		$	5,705		$	5,639		$	2,151		$	8,392		$	9,379		$	7,666		$	1,862		$	25,229		$	69,371
Annual Contractual Rent/Sq. Ft. (3)	$	11.78		$	17.09		$	16.92		$	15.37		$	16.30		$	20.48		$	17.28		$	27.93		$	25.79		$	27.96		$	21.36
Joint Venture:
Square Feet Expiring (1)		112,642			377,796			497,184			616,939			650,233			205,439			473,154			170,450			244,171			3,646,179			6,994,187	(4)
% of Leased Space		2	%		5	%		7	%		9	%		9	%		3	%		7	%		2	%		4	%		52	%		100	%
Annual Contractual Rent (000’s) (3)	$	1,963		$	4,999		$	8,394		$	11,069		$	16,002		$	3,403		$	10,360		$	3,990		$	4,868		$	77,265		$	142,313
Annual Contractual Rent/Sq. Ft. (3)	$	17.42		$	13.23		$	16.88		$	17.94		$	24.61		$	16.56		$	21.90		$	23.41		$	19.94		$	21.19		$	20.35
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring (1)		103,355			420,194			549,390			654,362			434,415			497,586			774,810			329,612			197,747			2,701,520			6,662,991
% of Leased Space		2	%		6	%		8	%		10	%		6	%		7	%		12	%		5	%		3	%		41	%		100	%
Annual Contractual Rent (000’s) (3)	$	1,542		$	5,767		$	9,261		$	10,770		$	9,722		$	9,853		$	14,469		$	9,075		$	4,298		$	63,429		$	138,186
Annual Contractual Rent/Sq. Ft. (3)	$	14.92		$	13.73		$	16.86		$	16.46		$	22.38		$	19.80		$	18.67		$	27.53		$	21.74		$	23.48		$	20.74

(1) Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.

(2) Rentable square feet leased as of June 30, 2003 out of approximately 3,770,000 total rentable square feet.

(3) 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.

(4) Rentable square feet leased as of June 30, 2003 out of approximately 7,484,000 total rentable square feet.

Cousins Properties Incorporated
SQUARE FEET EXPIRING
As of June 30, 2003

MEDICAL OFFICE

As of June 30, 2003, the Company’s medical office portfolio included six medical office buildings. The weighted average remaining lease term of these medical office buildings was approximately 9 years as of June 30, 2003. Most of the Company’s leases in the buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:


																												2012
																												&
	2003			2004			2005			2006			2007			2008			2009			2010			2011			Thereafter			Total

Consolidated:
Square Feet Expiring		8,717			30,579			23,836			9,534			32,538			38,255			131,276			14,788			30,354			139,074			458,951	(1)
% of Leased Space		2	%		7	%		5	%		2	%		7	%		8	%		29	%		3	%		7	%		30	%		100	%
Annual Contractual Rent (000’s) (2)	$	166		$	594		$	407		$	170		$	687		$	853		$	2,657		$	297		$	810		$	3,276		$	9,917
Annual Contractual Rent/Sq. Ft. (2)	$	18.97		$	19.43		$	17.09		$	17.86		$	21.10		$	22.31		$	20.24		$	20.06		$	26.68		$	23.56		$	21.61
Joint Venture:
Square Feet Expiring		3,818			0			3,445			0			68,996			1,017			27,269			4,665			2,354			263,523			375,087	(3)
% of Leased Space		1	%		0	%		1	%		0	%		19	%		0	%		7	%		1	%		1	%		70	%		100	%
Annual Contractual Rent (000’s) (2)	$	90			0		$	57			0		$	1,263		$	20		$	609		$	101		$	52		$	6,170		$	8,362
Annual Contractual Rent/Sq. Ft. (2)	$	23.49			0		$	16.40			0		$	18.31		$	19.87		$	22.34		$	21.65		$	21.99		$	23.41		$	22.29
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		10,626			30,579			24,232			9,534			57,505			38,764			144,911			17,121			31,531			255,242			620,045
% of Leased Space		2	%		5	%		4	%		2	%		9	%		6	%		23	%		3	%		5	%		41	%		100	%
Annual Contractual Rent (000’s) (2)	$	210		$	594		$	414		$	170		$	1,159		$	863		$	2,962		$	347		$	836		$	6,064		$	13,619
Annual Contractual Rent/Sq. Ft. (2)	$	19.79		$	19.43		$	17.08		$	17.86		$	20.15		$	22.27		$	20.44		$	20.27		$	26.51		$	23.76		$	21.96

(1) Rentable square feet leased as of June 30, 2003 out of approximately 512,000 total rentable square feet.

(2) 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.

(3) Rentable square feet leased as of June 30, 2003 out of approximately 427,000 total rentable square feet.

Cousins Properties Incorporated
SQUARE FEET EXPIRING
As of June 30, 2003

RETAIL

As of June 30, 2003, the Company’s retail portfolio included ten retail properties, excluding all properties currently under construction and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately 9 years as of June 30, 2003. 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:


																												2012
																												&
	2003			2004			2005			2006			2007			2008			2009			2010			2011			Thereafter			Total

Consolidated:
Square Feet Expiring		18,821			83,311			119,873			88,880			42,922			36,187			21,530			137,664			90,534			457,433			1,097,155	(1)
% of Leased Space		2	%		7	%		11	%		8	%		4	%		3	%		2	%		13	%		8	%		42	%		100	%
Annual Contractual Rent (000’s) (2)	$	284		$	1,457		$	2,937		$	2,048		$	929		$	328		$	734		$	2,765		$	1,665		$	8,152		$	21,299
Annual Contractual Rent/Sq. Ft. (2)	$	15.07		$	17.48		$	24.50		$	23.05		$	21.65		$	9.06		$	34.08		$	20.09		$	18.40		$	17.82		$	19.41
Joint Venture:
Square Feet Expiring		0			34,343			50,695			167,790			82,117			49,721			38,602			99,328			142,866			597,709			1,263,171	(3)
% of Leased Space		0	%		3	%		4	%		13	%		7	%		4	%		3	%		8	%		11	%		47	%		100	%
Annual Contractual Rent (000’s) (2)		0		$	717		$	722		$	2,432		$	1,760		$	984		$	537		$	1,063		$	2,186		$	9,645		$	20,046
Annual Contractual Rent/Sq. Ft. (2)		0		$	20.88		$	14.25		$	14.49		$	21.43		$	19.80		$	13.92		$	10.70		$	15.30		$	16.14		$	15.87
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		18,821			89,883			127,243			128,405			76,667			76,556			31,455			151,876			115,682			578,443			1,395,031
% of Leased Space		1	%		6	%		9	%		9	%		6	%		6	%		2	%		11	%		8	%		42	%		100	%
Annual Contractual Rent (000’s) (2)	$	284		$	1,600		$	3,055		$	2,942		$	1,701		$	1,141		$	933		$	2,936		$	2,174		$	10,400		$	27,166
Annual Contractual Rent /Sq. Ft. (2)	$	15.07		$	17.80		$	24.01		$	22.91		$	22.19		$	14.90		$	29.67		$	19.33		$	18.79		$	17.98		$	19.47

(1) Gross leasable area leased as of June 30, 2003 out of approximately 1,149,000 total gross leasable area.

(2) Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. 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.

(3) Gross leasable area leased as of June 30, 2003 out of approximately 1,286,000 total gross leasable area.

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Table of Contents

Table of Contents

Table of Contents

(1)		See corresponding reconciliations (identified with capital letters preceding the item descriptions) beginning on page 14.

(2)		Same-Property Growth represents the percentage increase (decrease) in Same-Property Revenues Less Operating Expenses, which excludes straight-line rents, lease termination fees and inter-company activities for those properties which were fully operational for two consecutive reporting periods. The reconciliation for the comparison of the 4th quarter 2001 with the 1st quarter 2002 is as follows. Reconciliations for all other periods are contained in Reconciliation E on Page 15.

(3)		Cousins’ share of Joint Venture Income has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.

(4)		The Company recognizes a preferred return on its equity in Gateway Village. See Note 5 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002.