8-K

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): October 27, 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

	Item 7. Financial Statements and Exhibits
	Item 12. Results of Operations and Financial Condition
SIGNATURES
EX-99.1 Press Release Dated October 27, 2003
EX-99.2 Supplemental Information

Item 7. Financial Statements and Exhibits

(c) Exhibits:

Exhibit Number	Description
99.1	Cousins Properties Incorporated Press Release dated October 27, 2003.
99.2	Cousins Properties Incorporated Quarterly Supplemental Information for the Quarter Ended September 30, 2003.

Item 12. Results of Operations and Financial Condition

     On October 27, 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 September 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: October 27, 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 g85407exv99w1.htm EX-99.1 PRESS RELEASE DATED OCTOBER 27, 2003

Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
QUARTERLY INFORMATION PACKAGE
For the Quarter Ended September 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.

		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
THIRD QUARTER 2003

- Net Income Available to Common Stockholders per share increased 396% to $1.19 for the third quarter of 2003 and 588% to $4.68 per share for the nine months ended September 30, 2003 due primarily to gains on sales of properties

- Funds From Operations Available to Common Stockholders per share decreased 16% to $.51 for the third quarter of 2003 and increased 21% to $2.01 per share for the nine months ended September 30, 2003

- 91% occupancy level for total portfolio at September 30, 2003

     ATLANTA (October 27, 2003) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the third quarter and nine months ended September 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 Available to Common Stockholders (“Net Income Available”) per share increased 396% to $1.19 for the third quarter of 2003 from $0.24 per share for the third quarter of 2002. Net Income Available increased 393% to $59.2 million for the third quarter of 2003 from $12.0 million for the third quarter of 2002. For the nine months ended September 30, 2003, Net Income Available per share increased 588% to $4.68 from $0.68 per share for the same period last year. Net Income Available increased 577% to $230.3 million for the nine months ended September 30, 2003 from $34.0 million for the same period last year.

     Funds From Operations Available to Common Stockholders (“FFO”) per share decreased 16% to $0.51 for the third quarter of 2003 from $0.61 per share for the third quarter of 2002. FFO decreased 17% to $25.5 million for the third quarter of 2003 from $30.6 million for the third quarter of 2002. For the nine months ended September 30, 2003, FFO per share increased 21% to $2.01 from $1.66 per share for the same period last year. FFO increased 18% to $99.0 million for the nine months ended September 30, 2003 from $83.7 million for the same period last year.

     During the third quarter of 2003, the Company sold two retail centers, Presidential MarketCenter for $47.2 million and Perimeter Expo for $45.2 million. The sales of these properties generated a combined

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CUZ Reports Third Quarter Results
Page 2
October 27, 2003

GAAP gain, net of applicable income taxes, of $49.4 million. In the nine months ended September 30, 2003, the Company sold four properties that generated combined GAAP gains, net of applicable income taxes and minority interest, of approximately $93.4 million. The gains on these sales for income tax purposes totaled $107.2 million. These gains are in addition to the $90.0 million of GAAP deferred gain recognized in the second quarter of 2003, which is associated with the formation of CP Venture. A schedule entitled “Summary of Gains on Sales of Investment Properties” is included in the Form 8-K referred to below and on the “Supplemental SEC Information” link on the Investor Relations page of the Company’s Web site. In September 2003, the Company distributed approximately $100.5 million (or $2.07 per share) in the form of a special dividend to its common stockholders which reflects a portion of the income tax gain from the sale of the four properties referred to above.

     In addition to the sale of retail centers, in the third quarter of 2003, the Company sold a tract of land in Wildwood Office Park for $2.5 million that generated a gain of approximately $1.9 million. Net profits from residential lot sales, including the Company’s share of residential lot sales in unconsolidated joint ventures, totaled $1.7 million and $4.0 million for the third quarter and nine months ended September 30, 2003, respectively. The Company’s share of lots sold for the three and nine-month periods in 2003 totaled 93 and 315, respectively. As of September 30, 2003, the Company and its joint ventures had 14 residential projects under development representing approximately 11,375 lots, of which the Company’s share is 4,889 lots. The Company expects these projects to be completed within two to ten years.

     Rental property revenues less rental property operating expenses decreased in both the third quarter and nine month 2003 periods compared to the comparable 2002 periods for both continuing and discontinued operations, which decreased both Net Income Available and FFO. These decreases were partially offset by the receipt of approximately $1.2 million of lease termination fees during the third quarter of 2003 and fully offset by the receipt of approximately $23.7 million of lease termination fees during the nine months of 2003.

     In July 2003, the Company closed a public offering of 4,000,000 shares of 7.75% Series A Cumulative Redeemable Preferred Stock. The net proceeds to the Company from the offering were approximately $96.5 million and were used to pay down the Company’s unsecured credit facility and for general corporate purposes.

     At September 30, 2003, the Company’s portfolio of operational office and medical office buildings was 91% leased and its operational retail centers were 93% leased, resulting in a 91% overall leased level. The Company’s newest retail center, The Avenue West Cobb, opened in October 2003. At opening, this retail center was 88% leased and encompassed 205,000 square feet.

     Tom Bell, president and CEO of Cousins Properties, said, “The third quarter brought some significant events for the Company and its stockholders. Early in the quarter we raised $100 million from very attractively priced perpetual preferred stock, providing funding for future investment activity in a very cost effective manner from the standpoint of our common stockholders. We also captured extraordinary

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CUZ Reports Third Quarter Results
Page 3
October 27, 2003

value creation with the sales of four assets this year, including two sales in the middle of the third quarter. Value creation is a key objective for us and we were pleased with the $76 million of value creation achieved by these sales. As previously announced, the Board approved a $100 million special dividend in September as a result of the significant gains realized on these asset sales. The distribution once again demonstrated our willingness to actively manage our capital base to enhance overall shareholder returns.”

     Bell continued, “Our retail and land divisions are performing well. Retail’s latest project, The Avenue West Cobb, opened in October at 88% leased, which is the highest leased percentage for the opening of any of our four Avenue projects. The retail division’s shadow pipeline is also strong with potential development projects in the Southeast, Southwest and West Coast. In Land, our CL Realty Venture with our partner, Temple-Inland, continues to pursue new developments in Texas, Georgia and Florida, while the TEMCO partnership, also with Temple-Inland, is moving ahead with projects in suburban Atlanta. Our office portfolio remains at more than 90% leased, an accomplishment in this environment.”

     The Consolidated Statements of Income and a schedule entitled Net Income and Funds From Operations Basic Reconciliation, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on the quarterly and nine month Net Income Available 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 Current Report on Form 8-K, which the Company expects to furnish to the Securities and Exchange Commission (“SEC”) on October 27, 2003, and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” 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.

     The Company will conduct a conference call at 11:00 a.m. (Eastern time) on October 28, 2003, to discuss the results of the third quarter and first nine months of 2003. The number to call for this interactive teleconference is (913) 981-5519. A replay of the conference call will be available until November 11, 2003 by dialing (719) 457-0820 and entering the passcode, 693576.

     The Company will provide an online Web simulcast and rebroadcast of its third quarter 2003 earnings release conference call. The live broadcast of Cousins’ quarterly conference call will be available through the “Q3 2003 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com, at www.streetevents.com and at www.fulldisclosure.com. The rebroadcast will be available on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com.

     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, 2.1 million square feet of retail space, and more than 300 acres of strategically located land

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CUZ Reports Third Quarter Results
Page 4
October 27, 2003

for future commercial development. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 6.3 million square feet of office space. 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.

     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 NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
(UNAUDITED)
($ in thousands, except per share amounts)

			Three Months Ended				Nine Months Ended
			September 30,				September 30,
			2003		2002		2003		2002
REVENUES:
	Rental property revenues		$	33,490	$	36,450	$	121,090	$	104,707
	Development income			558		918		2,230		3,076
	Management fees			2,227		2,308		6,519		6,950
	Leasing and other fees			772		1,802		3,117		3,655
	Residential lot and outparcel sales			2,833		2,481		8,373		7,037
	Interest and other			1,393		1,070		3,974		3,319
				41,273		45,029		145,303		128,744
INCOME FROM UNCONSOLIDATED JOINT VENTURES				6,932		6,880		21,092		20,511
COSTS AND EXPENSES:
	Rental property operating expenses			11,229		10,794		32,418		30,377
	General and administrative expenses			7,331		6,315		22,189		20,616
	Depreciation and amortization			12,851		13,998		40,518		36,209
	Residential lot and outparcel cost of sales			1,846		2,414		6,445		5,828
	Interest expense			6,611		8,963		24,263		25,972
	Loss on debt extinguishment			—		—		—		3,501
	Property taxes on undeveloped land			149		198		552		548
	Other			578		1,094		2,329		2,904
				40,595		43,776		128,714		125,955
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES				7,610		8,133		37,681		23,300
PROVISION FOR INCOME TAXES FROM OPERATIONS				231		147		1,017		1,250
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES				7,379		7,986		36,664		22,050
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION				2,178		1,028		94,137		3,100
INCOME FROM CONTINUING OPERATIONS				9,557		9,014		130,801		25,150
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAXES:
		Income from discontinued operations		668		2,996		7,506		8,847
		Gain on sale of investment properties, net of minority interest		50,386		—		93,398		—
				51,054		2,996		100,904		8,847
NET INCOME				60,611		12,010		231,705		33,997
PREFERRED DIVIDENDS				1,421		—		1,421		—
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS			$	59,190	$	12,010	$	230,284	$	33,997
BASIC INCOME PER COMMON SHARE:
	Income from continuing operations available to common stockholders		$	.17	$	.18	$	2.68	$	.51
	Discontinued operations			1.05		.06		2.09		.18
	Basic net income available to common stockholders		$	1.22	$	.24	$	4.77	$	.69
DILUTED INCOME PER COMMON SHARE:
	Income from continuing operations available to common stockholders		$	.16	$	.18	$	2.63	$	.50
	Discontinued operations			1.03		.06		2.05		.18
	Diluted net income available to common stockholders		$	1.19	$	.24	$	4.68	$	.68
COMMON DIVIDENDS DECLARED PER SHARE			$	2.44	$	.37	$	3.18	$	1.11
WEIGHTED AVERAGE SHARES				48,370		49,584		48,258		49,525
DILUTED WEIGHTED AVERAGE SHARES				49,643		50,152		49,205		50,275

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2003			2002			2003			2002
Net Income Available to Common Stockholders	$	59,190		$	12,010		$	230,284		$	33,997
Depreciation and amortization:
Consolidated		12,851			13,998			40,518			36,209
Discontinued operations		44			1,674			1,871			4,830
Share of unconsolidated joint ventures		4,659			4,492			13,788			13,330
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated		(668	)		(546	)		(1,841	)		(1,606	)
Share of unconsolidated joint ventures		(9	)		(2	)		(26	)		(7	)
Gain on sale of investment properties, net of applicable income tax provision		(52,564	)		(1,028	)		(187,535	)		(3,100	)
Gain on sale of undepreciated investment properties		1,947			—			1,947			—
Funds From Operations Available to Common Stockholders	$	25,450		$	30,598		$	99,006		$	83,653
Weighted Average Shares		48,370			49,584			48,258			49,525
Per Share Available to Common Stockholders - Basic:
Net Income	$	1.22		$	.24		$	4.77		$	.69
Funds From Operations	$	.53		$	.62		$	2.05		$	1.69
Diluted Weighted Average Shares		49,643			50,152			49,205			50,275
Per Share Available to Common Stockholders - Diluted:
Net Income	$	1.19		$	.24		$	4.68		$	.68
Funds From Operations	$	.51		$	.61		$	2.01		$	1.66

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income Available to Common Stockholders for Cousins Properties Incorporated and 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 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 October 2003, NAREIT revised its prior FFO implementation guidance by stating that impairment write-downs of depreciable real estate assets should no longer be an adjustment to FFO. Accordingly, the Company’s FFO for the nine months ended September 30, 2003 has been restated to include the $551,000 impairment loss recognized in the first quarter 2003 as a reduction in FFO.

     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 nine months ended September 30, 2002 has accordingly been restated. Adoption of SFAS No. 145 had no effect on Net Income.

Page 1 of 1 EX-99.2 4 g85407exv99w2.htm EX-99.2 SUPPLEMENTAL INFORMATION

Exhibit 99.2

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended September 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

     Summary of Gains on Sales of Investment Properties

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 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
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				104,082			62,043			70,815			9,274
	FFO AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				81,197			97,299			108,122			24,011
	WEIGHTED AVERAGE COMMON SHARES				48,138			48,632			49,205			49,367
	DILUTED WEIGHTED AVERAGE COMMON SHARES				49,031			49,731			50,280			50,406
	NET INCOME PER COMMON SHARE - BASIC				2.16			1.28			1.44			0.19
	NET INCOME PER COMMON SHARE - DILUTED				2.12			1.25			1.41			0.18
	FFO PER COMMON SHARE - BASIC				1.69			2.00			2.20			0.49
	FFO PER COMMON SHARE - DILUTED				1.66			1.96			2.15			0.48
(A)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)				1,652			4,810			6,073			636
	REGULAR COMMON DIVIDENDS				53,886			60,315			68,595			18,329
	SPECIAL COMMON DIVIDEND				—			—			—			—
	REGULAR COMMON DIVIDENDS PER SHARE				1.12			1.24			1.39			0.37
	SPECIAL COMMON DIVIDEND PER SHARE				—			—			—			—
	COMMON STOCK PRICE AT PERIOD END				22.6250			27.9375			24.36			26.05
	NUMBER OF COMMON SHARES OUTSTANDING AT END OF PERIOD				48,262			49,211			49,425			49,661
	PREFERRED STOCK PRICE AT PERIOD END
	NUMBER OF PREFERRED SHARES OUTSTANDING AT END OF PERIOD
	COMMON EQUITY MARKET CAPITALIZATION				1,091,928			1,374,832			1,203,993			1,293,669
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			—			—
(B)	ADJUSTED DEBT (1)				502,492			671,068			766,503			776,968
	TOTAL MARKET CAPITALIZATION				1,594,420			2,045,900			1,970,496			2,070,637
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION				31.52	%		32.80	%		38.90	%		37.52	%
(B)	RECOURSE DEBT (1)				143,639			174,522			154,018			84,128
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION				9.01	%		8.53	%		7.82	%		4.06	%
	COMMON EQUITY MARKET CAPITALIZATION				1,091,928			1,374,832			1,203,993			1,293,669
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			—			—
(B)	TOTAL DEBT (INCLUDING SHARE OF JV’S)				530,996			741,377			861,188			870,696
	TOTAL MARKET CAPITALIZATION				1,622,924			2,116,209			2,065,181			2,164,365
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION				32.72	%		35.03	%		41.70	%		40.23	%
(C)	CONSOLIDATED INT EXPENSE (INC SHARE OF JV’S) (1)				15,073			27,907			41,546			11,880
	FFO PER COMMON SHARE BEFORE INTEREST				96,270			125,206			149,668			35,891
	INTEREST EXPENSE COVERAGE RATIO				6.39			4.49			3.60			3.02
(D)	FIXED CHARGES (excluding preferred stock dividends)(1)				24,871			37,052			52,588			16,278
	FIXED CHARGE COVERAGE RATIO (excluding preferred stock dividends)				3.87			3.38			2.85			2.20
(D)	FIXED CHARGES (including preferred stock dividends)(1)				24,871			37,052			52,588			16,278
	FIXED CHARGE COVERAGE RATIO (including preferred stock dividends)				3.87			3.38			2.85			2.20
(E)	STRAIGHT-LINE RENTS (see page 15 for portion from discontinuing operations)				142			1,629			3,164			918
(E)	TERMINATION FEES				0			0			0			156
(E)	SAME-PROPERTY GROWTH: (1)(2)
		OFFICE						2.8	%		5.9	%		-0.7	%
		RETAIL						-0.6	%		6.1	%		6.9	%
			TOTAL					2.4	%		5.9	%		0.5	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2002 2nd			2002 3rd			2002 4th			2002
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				12,712			12,010			13,876			47,872
	FFO AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				29,044			30,598			29,713			113,366
	WEIGHTED AVERAGE COMMON SHARES				49,617			49,584			48,443			49,252
	DILUTED WEIGHTED AVERAGE COMMON SHARES				50,621			50,152			48,971			49,937
	NET INCOME PER COMMON SHARE - BASIC				0.26			0.24			0.29			0.97
	NET INCOME PER COMMON SHARE - DILUTED				0.25			0.24			0.28			0.96
	FFO PER COMMON SHARE - BASIC				0.59			0.62			0.61			2.30
	FFO PER COMMON SHARE - DILUTED				0.57			0.61			0.61			2.27
(A)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)				927			3,630			7,446			12,639
	REGULAR COMMON DIVIDENDS				18,463			18,551			18,002			73,345
	SPECIAL COMMON DIVIDEND				—			—			—			—
	REGULAR COMMON DIVIDENDS PER SHARE				0.37			0.37			0.37			1.48
	SPECIAL COMMON DIVIDEND PER SHARE				—			—			—			—
	COMMON STOCK PRICE AT PERIOD END				24.76			23.00			24.70			24.70
	NUMBER OF COMMON SHARES OUTSTANDING AT END OF PERIOD				49,935			48,667			48,386			48,386
	PREFERRED STOCK PRICE AT PERIOD END
	NUMBER OF PREFERRED SHARES OUTSTANDING AT END OF PERIOD
	COMMON EQUITY MARKET CAPITALIZATION				1,236,391			1,119,341			1,195,134			1,195,134
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			—			—
(B)	ADJUSTED DEBT (1)				778,675			823,053			844,880			844,880
	TOTAL MARKET CAPITALIZATION				2,015,066			1,942,394			2,040,014			2,040,014
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION				38.64	%		42.37	%		41.42	%		41.42	%
(B)	RECOURSE DEBT (1)				88,946			137,063			160,443			160,443
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION				4.41	%		7.06	%		7.86	%		7.86	%
	COMMON EQUITY MARKET CAPITALIZATION				1,236,391			1,119,341			1,195,134			1,195,134
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			—			—
(B)	TOTAL DEBT (INCLUDING SHARE OF JV’S)				871,431			914,822			935,646			935,646
	TOTAL MARKET CAPITALIZATION				2,107,822			2,034,163			2,130,780			2,130,780
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION				41.34	%		44.97	%		43.91	%		43.91	%
(C)	CONSOLIDATED INT EXPENSE (INC SHARE OF JV’S) (1)				12,857			12,807			13,087			50,631
	FFO PER COMMON SHARE BEFORE INTEREST				41,901			43,405			42,800			163,997
	INTEREST EXPENSE COVERAGE RATIO				3.26			3.39			3.27			3.24
(D)	FIXED CHARGES (excluding preferred stock dividends)(1)				16,178			16,227			16,571			65,254
	FIXED CHARGE COVERAGE RATIO (excluding preferred stock dividends)				2.59			2.67			2.58			2.51
(D)	FIXED CHARGES (including preferred stock dividends)(1)				16,178			16,227			16,571			65,254
	FIXED CHARGE COVERAGE RATIO (including preferred stock dividends)				2.59			2.67			2.58			2.51
(E)	STRAIGHT-LINE RENTS (see page 15 for portion from discontinuing operations)				116			189			922			2,145
(E)	TERMINATION FEES				1,437			2,067			644			4,304
(E)	SAME-PROPERTY GROWTH: (1)(2)
		OFFICE			3.3	%		-2.8	%		-3.4	%		0.6	%
		RETAIL			5.6	%		-1.8	%		1.9	%		2.3	%
			TOTAL		3.7	%		-2.6	%		-2.4	%		0.9	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2003 1st			2003 2nd			2003 3rd			2003
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				27,594			143,500			59,190			230,284
	FFO AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)				46,528			27,028			25,450			99,006
	WEIGHTED AVERAGE COMMON SHARES				48,135			48,267			48,370			48,258
	DILUTED WEIGHTED AVERAGE COMMON SHARES				48,780			49,228			49,643			49,205
	NET INCOME PER COMMON SHARE - BASIC				0.57			2.97			1.22			4.77
	NET INCOME PER COMMON SHARE - DILUTED				0.57			2.92			1.19			4.68
	FFO PER COMMON SHARE - BASIC				0.97			0.56			0.53			2.05
	FFO PER COMMON SHARE - DILUTED				0.95			0.55			0.51			2.01
(A)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)				4,358			2,265			2,324			8,947
	REGULAR COMMON DIVIDENDS				17,834			17,919			17,945			53,698
	SPECIAL COMMON DIVIDEND				—			—			100,544			100,544
	REGULAR COMMON DIVIDENDS PER SHARE				0.37			0.37			0.37			1.11
	SPECIAL COMMON DIVIDEND PER SHARE				—			—			2.07			2.07
	COMMON STOCK PRICE AT PERIOD END				25.85			27.90			27.75			27.75
	NUMBER OF COMMON SHARES OUTSTANDING AT END OF PERIOD				48,343			48,491			48,572			48,572
	PREFERRED STOCK PRICE AT PERIOD END										25.39			25.39
	NUMBER OF PREFERRED SHARES OUTSTANDING AT END OF PERIOD										4,000			4,000
	COMMON EQUITY MARKET CAPITALIZATION				1,249,667			1,352,899			1,347,873			1,347,873
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			101,560			101,560
(B)	ADJUSTED DEBT (1)				859,595			724,437			676,049			676,049
	TOTAL MARKET CAPITALIZATION				2,109,261			2,077,336			2,125,482			2,125,482
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION				40.75	%		34.87	%		31.81	%		31.81	%
(B)	RECOURSE DEBT (1)				178,239			18,842			20,783			20,783
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION				8.45	%		0.91	%		0.98	%		0.98	%
	COMMON EQUITY MARKET CAPITALIZATION				1,249,667			1,352,899			1,347,873			1,347,873
	PREFERRED EQUITY MARKET CAPITALIZATION				—			—			101,560			101,560
(B)	TOTAL DEBT (INCLUDING SHARE OF JV’S)				949,340			813,148			763,707			763,707
	TOTAL MARKET CAPITALIZATION				2,199,007			2,166,047			2,213,140			2,213,140
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION				43.17	%		37.54	%		34.51	%		34.51	%
(C)	CONSOLIDATED INT EXPENSE (INC SHARE OF JV’S) (1)				13,000			12,339			10,461			35,800
	FFO PER COMMON SHARE BEFORE INTEREST				59,528			39,367			35,911			134,806
	INTEREST EXPENSE COVERAGE RATIO				4.58			3.19			3.43			3.77
(D)	FIXED CHARGES (excluding preferred stock dividends)(1)				16,329			16,042			13,924			46,295
	FIXED CHARGE COVERAGE RATIO (excluding preferred stock dividends)				3.65			2.45			2.58			2.91
(D)	FIXED CHARGES (including preferred stock dividends)(1)				16,329			16,042			15,345			47,716
	FIXED CHARGE COVERAGE RATIO (including preferred stock dividends)				3.65			2.45			2.43			2.85
(E)	STRAIGHT-LINE RENTS (see page 15 for portion from discontinuing operations)				508			537			311			1,356
(E)	TERMINATION FEES				21,107			1,370			1,215			23,692
(E)	SAME-PROPERTY GROWTH: (1)(2)
		OFFICE			0.5	%		2.8	%		-2.3	%
		RETAIL			4.7	%		-7.1	%		4.2	%
			TOTAL		1.3	%		1.1	%		-1.6	%

See Footnotes on Page 19 Page 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
	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
		3301 WINDY RIDGE PARKWAY				763		804		1,122		358
		333 NORTH POINT CENTER EAST				2,197		2,287		2,410		639
		555 NORTH POINT CENTER EAST				0		1,691		2,603		668
		615 PEACHTREE STREET				1,071		1,548		1,930		491
		101 INDEPENDENCE CENTER				8,687		8,484		9,173		2,177
		LAKESHORE PARK PLAZA				1,524		1,346		1,351		304
		333 JOHN CARLYLE				1,525		2,806		3,259		880
		INFORUM				2,846		12,153		13,813		3,476
		101 SECOND STREET				0		9,633		13,616		3,295
		600 UNIVERSITY PARK PLACE				0		401		1,631		430
		THE POINTS AT WATERVIEW				0		14		1,717		209
		ONE GEORGIA CENTER				0		336		3,822		1,003
		1900 DUKE STREET				0		402		2,245		644
		55 SECOND STREET				0		0		0		1,998
				SUBTOTAL		21,316		44,537		61,380		17,231
	MEDICAL OFFICE:
		ATHEROGENICS				780		1,083		1,114		283
		NORTHSIDE/ALPHARETTA I				1,705		1,754		1,641		424
		MERIDIAN MARK PLAZA				1,725		3,439		3,556		960
		NORTHSIDE/ALPHARETTA II				381		1,734		2,335		498
				SUBTOTAL		4,591		8,010		8,646		2,165
	RETAIL:
		GA 400 LAND LEASES				1,293		1,366		1,331		303
		COLONIAL PLAZA MARKETCENTER				4,796		4,861		746		0
		ABBOTTS BRIDGE STATION				130		0		0		0
		LAGUNA NIGUEL PROMENADE				2,046		488		0		0
		THE AVENUE EAST COBB				1,140		4,841		5,396		1,325
		THE AVENUE OF THE PENINSULA				0		1,602		2,522		1,133
		THE AVENUE PEACHTREE CITY				0		0		1,191		549
				SUBTOTAL		9,405		13,158		11,186		3,310
	OTHER RENTAL OPERATIONS:
		KENNESAW				48		0		0		0
		OTHER				178		98		256		24
				SUBTOTAL		226		98		256		24
			TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES			35,538		65,803		81,468		22,730

[Additional columns below]

[Continued from above table, first column(s) repeated]

					2002 2nd		2002 3rd		2002 4th		2002
	CONSOLIDATED ENTITY FFO AND NET INCOME:
(F)	RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES: (1)
	OFFICE:
		3100 WINDY HILL RD —- TREATED AS OWNED 1/97				666		668		700		2,693
		3301 WINDY RIDGE PARKWAY				391		386		382		1,517
		333 NORTH POINT CENTER EAST				578		629		601		2,447
		555 NORTH POINT CENTER EAST				818		491		569		2,546
		615 PEACHTREE STREET				526		494		476		1,987
		101 INDEPENDENCE CENTER				2,237		2,310		2,192		8,916
		LAKESHORE PARK PLAZA				274		283		252		1,113
		333 JOHN CARLYLE				870		880		905		3,535
		INFORUM				3,399		3,276		3,562		13,713
		101 SECOND STREET				4,017		4,791		2,455		14,558
		600 UNIVERSITY PARK PLACE				444		445		438		1,757
		THE POINTS AT WATERVIEW				185		323		323		1,040
		ONE GEORGIA CENTER				803		816		816		3,438
		1900 DUKE STREET				667		703		684		2,698
		55 SECOND STREET				3,521		3,615		3,590		12,724
				SUBTOTAL		19,396		20,110		17,945		74,682
	MEDICAL OFFICE:
		ATHEROGENICS				282		285		284		1,134
		NORTHSIDE/ALPHARETTA I				427		422		546		1,819
		MERIDIAN MARK PLAZA				1,012		986		1,115		4,073
		NORTHSIDE/ALPHARETTA II				609		621		527		2,255
				SUBTOTAL		2,330		2,314		2,472		9,281
	RETAIL:
		GA 400 LAND LEASES				314		338		343		1,298
		COLONIAL PLAZA MARKETCENTER				0		0		0		0
		ABBOTTS BRIDGE STATION				0		0		0		0
		LAGUNA NIGUEL PROMENADE				0		0		0		0
		THE AVENUE EAST COBB				1,329		1,389		1,284		5,327
		THE AVENUE OF THE PENINSULA				1,244		856		1,051		4,284
		THE AVENUE PEACHTREE CITY				1,308		623		680		3,160
				SUBTOTAL		4,195		3,206		3,358		14,069
	OTHER RENTAL OPERATIONS:
		KENNESAW				0		0		0		0
		OTHER				24		26		20		94
				SUBTOTAL		24		26		20		94
			TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES			25,945		25,656		23,795		98,126

[Additional columns below]

[Continued from above table, first column(s) repeated]

					2003 1st		2003 2nd		2003 3rd		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				743		764		758		2,265
		3301 WINDY RIDGE PARKWAY				380		401		386		1,167
		333 NORTH POINT CENTER EAST				589		434		220		1,243
		555 NORTH POINT CENTER EAST				401		1,364		224		1,989
		615 PEACHTREE STREET				490		513		488		1,491
		101 INDEPENDENCE CENTER				2,239		2,299		2,280		6,818
		LAKESHORE PARK PLAZA				284		324		301		909
		333 JOHN CARLYLE				884		1,469		815		3,168
		INFORUM				3,484		3,407		3,504		10,395
		101 SECOND STREET				2,396		2,314		3,584		8,294
		600 UNIVERSITY PARK PLACE				468		456		466		1,390
		THE POINTS AT WATERVIEW				345		405		541		1,291
		ONE GEORGIA CENTER				746		742		697		2,185
		1900 DUKE STREET				694		754		702		2,150
		55 SECOND STREET				22,344		1,545		1,558		25,447
				SUBTOTAL		36,487		17,191		16,524		70,202
	MEDICAL OFFICE:
		ATHEROGENICS				286		293		301		880
		NORTHSIDE/ALPHARETTA I				389		420		412		1,221
		MERIDIAN MARK PLAZA				1,018		1,006		1,081		3,105
		NORTHSIDE/ALPHARETTA II				596		566		475		1,637
				SUBTOTAL		2,289		2,285		2,269		6,843
	RETAIL:
		GA 400 LAND LEASES				374		348		355		1,077
		COLONIAL PLAZA MARKETCENTER				0		0		0		0
		ABBOTTS BRIDGE STATION				0		0		0		0
		LAGUNA NIGUEL PROMENADE				0		0		0		0
		THE AVENUE EAST COBB				1,494		1,406		1,404		4,304
		THE AVENUE OF THE PENINSULA				2,189		668		925		3,782
		THE AVENUE PEACHTREE CITY				799		832		755		2,386
				SUBTOTAL		4,856		3,254		3,439		11,549
	OTHER RENTAL OPERATIONS:
		KENNESAW				0		0		0		0
		OTHER				26		23		29		78
				SUBTOTAL		26		23		29		78
			TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES			43,658		22,753		22,261		88,672

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
(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
		CERRITOS CORPORATE CENTER-PHASE II			0			0			1,415			580
		PRESIDENTIAL MARKETCENTER			2,796			2,755			3,451			913
		MIRA MESA MARKETCENTER			0			2,678			5,636			1,278
		PERIMETER EXPO			3,345			3,400			3,226			789
		SALEM ROAD STATION			0			124			556			152
			TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		7,855			14,767			20,016			5,162
		RESIDENTIAL/LAND DIVISION
(I)	TRACT SALES NET OF COS - WHOLLY OWNED (1)				222			564			2,011			0
(H)(I)	TRACT SALES NET OF COS-JOINT VENTURES (1)				1,229			773			1,098			370
			TOTAL TRACT SALES NET OF COS		1,451			1,337			3,109			370
(I)	LOT SALES NET OF COS - WHOLLY OWNED (1)				2,960			2,267			772			1,065
(H)(I)	LOT SALES NET OF COS - JOINT VENTURES (1)				0			0			645			659
			TOTAL LOT SALES NET OF COS		2,960			2,267			1,417			1,724
(H)(I)	OTHER-JOINT VENTURE (1)				41			(95	)		(23	)		1
			TOTAL RESIDENTIAL/LAND DIVISION		4,452			3,509			4,503			2,095
	DEVELOPMENT INCOME				6,165			4,251			6,179			1,186
	MANAGEMENT FEES				4,743			4,841			7,966			2,354
	LEASING & OTHER FEES				2,991			1,608			5,344			1,157
	INTEREST INCOME & OTHER:
		GNMAs			20			5			5			3
		OTHER INTEREST AND OTHER MISCELLANEOUS			750			773			526			101
		650 MASS AVE NOTES			2,818			3,472			4,126			1,031
		CHARLOTTE GATEWAY VILLAGE, LLC NOTE			0			1,745			1,404			0
			TOTAL INTEREST INCOME		3,588			5,995			6,061			1,135
	GENERAL & ADMINISTRATIVE EXPENSES				(14,961	)		(18,452	)		(27,010	)		(7,295	)
	STOCK APPRECIATION RIGHT EXPENSE				(108	)		(468	)		276			(41	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

					2002 2nd			2002 3rd			2002 4th			2002
(G)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES
	LESS RENTAL PROPERTY OPERATING EXPENSES: (1)
		AT&T WIRELESS SERVICES HEADQUARTERS				1,451			1,450			1,367			5,718
		CERRITOS CORPORATE CENTER-PHASE II				580			580			582			2,322
			PRESIDENTIAL MARKETCENTER			920			908			990			3,731
		MIRA MESA MARKETCENTER				1,556			1,616			1,506			5,956
		PERIMETER EXPO				794			791			804			3,178
		SALEM ROAD STATION				148			153			52			505
				TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		5,449			5,498			5,301			21,410
		RESIDENTIAL/LAND DIVISION
(I)	TRACT SALES NET OF COS - WHOLLY OWNED (1)					0			0			2,338			2,338
(H)(I)	TRACT SALES NET OF COS-JOINT VENTURES (1)					45			254			2			671
				TOTAL TRACT SALES NET OF COS		45			254			2,340			3,009
(I)	LOT SALES NET OF COS - WHOLLY OWNED (1)					77			67			413			1,622
(H)(I)	LOT SALES NET OF COS - JOINT VENTURES (1)					353			164			105			1,281
				TOTAL LOT SALES NET OF COS		430			231			518			2,903
(H)(I)	OTHER-JOINT VENTURE (1)					(1	)		(3	)		0			(3	)
				TOTAL RESIDENTIAL/LAND DIVISION		474			482			2,858			5,909
	DEVELOPMENT INCOME					972			918			1,549			4,625
	MANAGEMENT FEES					2,288			2,308			2,363			9,313
	LEASING & OTHER FEES					696			1,802			642			4,297
	INTEREST INCOME & OTHER:
		GNMAs				(1	)		10			1			13
		OTHER INTEREST AND OTHER MISCELLANEOUS				83			29			41			254
		650 MASS AVE NOTES				1,032			1,031			1,032			4,126
		CHARLOTTE GATEWAY VILLAGE, LLC NOTE				0			0			0			0
				TOTAL INTEREST INCOME		1,114			1,070			1,074			4,393
	GENERAL & ADMINISTRATIVE EXPENSES					(6,972	)		(6,322	)		(7,081	)		(27,670	)
	STOCK APPRECIATION RIGHT EXPENSE					7			7			(2	)		(29	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2003 1st			2003 2nd			2003 3rd			2003
(G)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES
	LESS RENTAL PROPERTY OPERATING EXPENSES: (1)
		AT&T WIRELESS SERVICES HEADQUARTERS			1,448			1,380			0			2,828
		CERRITOS CORPORATE CENTER-PHASE II			576			552			0			1,128
		PRESIDENTIAL MARKETCENTER			950			972			474			2,396
		MIRA MESA MARKETCENTER			1,500			945			(121	)		2,324
		PERIMETER EXPO			874			908			624			2,406
		SALEM ROAD STATION			0			0			0			0
			TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		5,348			4,757			977			11,082
		RESIDENTIAL/LAND DIVISION
(I)	TRACT SALES NET OF COS - WHOLLY OWNED (1)				0			0			2,067			2,067
(H)(I)	TRACT SALES NET OF COS-JOINT VENTURES (1)				0			430			42			472
			TOTAL TRACT SALES NET OF COS		0			430			2,109			2,539
(I)	LOT SALES NET OF COS - WHOLLY OWNED (1)				697			244			867			1,808
(H)(I)	LOT SALES NET OF COS - JOINT VENTURES (1)				544			822			822			2,188
			TOTAL LOT SALES NET OF COS		1,241			1,066			1,689			3,996
(H)(I)	OTHER-JOINT VENTURE (1)				(31	)		(27	)		(46	)		(104	)
			TOTAL RESIDENTIAL/LAND DIVISION		1,210			1,469			3,752			6,431
	DEVELOPMENT INCOME				764			908			558			2,230
	MANAGEMENT FEES				2,105			2,187			2,227			6,519
	LEASING & OTHER FEES				1,111			1,234			772			3,117
	INTEREST INCOME & OTHER:
		GNMAs			1			(1	)		2			2
		OTHER INTEREST AND OTHER MISCELLANEOUS			23			496			272			791
		650 MASS AVE NOTES			1,031			1,031			1,119			3,181
		CHARLOTTE GATEWAY VILLAGE, LLC NOTE			0			0			0			0
			TOTAL INTEREST INCOME		1,055			1,526			1,393			3,974
	GENERAL & ADMINISTRATIVE EXPENSES				(7,214	)		(7,644	)		(7,331	)		(22,189	)
	STOCK APPRECIATION RIGHT EXPENSE				0			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)

				1999			2000			2001			2002 1st
	INTEREST EXPENSE CONSOLIDATED:
		CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70%			(3,039	)		(8,615	)		(9,910	)		(1,304	)
		NOTE PAYABLE, UNSECURED - 8.04%			0			0			0			0
		PERIMETER EXPO DEBT - 8.04%			(1,702	)		(1,683	)		(1,662	)		(411	)
		650 MASS AVE DEBT - 6.53%			(1,422	)		(995	)		0			0
		B OF A PLAZA FINANCING - 6.677%			(5,020	)		(4,854	)		(4,583	)		(868	)
		B OF A PLAZA FINANCING - 6.9575%			0			0			0			(1,084	)
		101 INDEPENDENCE CENTER DEBT - 8.22%			(3,958	)		(3,893	)		(3,827	)		(945	)
		NORTHSIDE/ALPHARETTA I DEBT - 7.70%			(815	)		(804	)		(792	)		(196	)
		LAKESHORE PARK PLAZA DEBT- 6.78%			(736	)		(724	)		(710	)		(175	)
		101 SECOND STREET DEBT- 8.33%			0			(5,112	)		(7,494	)		(1,864	)
		MERIDIAN MARK PLAZA DEBT- 8.27%			0			(710	)		(2,118	)		(526	)
		1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7%			0			0			(579	)		(867	)
		333 & 555 NORTH POINT CENTER DEBT- 7%			0			0			(384	)		(574	)
		THE AVENUE EAST COBB DEBT - 8.39%			0			(1,464	)		(3,277	)		(815	)
		600 UNIVERSITY PARK DEBT - 7.38%			0			0			(492	)		(262	)
		CEDAR GROVE LAKES DEBT- 8%			0			0			0			0
		CALLAWAY GARDENS DEBT- 6%			0			0			0			0
		OTHER			(63	)		(27	)		(22	)		0
		CAPITALIZED			16,155			15,285			9,712			1,897
			TOTAL INTEREST EXPENSE CONSOLIDATED		(600	)		(13,596	)		(26,138	)		(7,994	)
	LOSS ON EXTINGUISHMENT OF DEBT				0			0			0			(3,501	)
	OTHER EXPENSES - CONTINUING OPERATIONS:
		PROPERTY TAXES			(811	)		(40	)		(619	)		(176	)
		MINORITY INTEREST EXPENSE			(2,022	)		(2,931	)		(2,709	)		(598	)
		PREDEVELOPMENT & OTHER			(316	)		(646	)		(708	)		(163	)
			TOTAL OTHER EXPENSES		(3,149	)		(3,617	)		(4,036	)		(937	)
(G)	OTHER EXPENSES - DISCONTINUED OPERATIONS:
	INTEREST EXPENSE				0			0			(1,472	)		(538	)
	MINORITY INTEREST EXPENSE				(43	)		(509	)		(907	)		(226	)
			TOTAL OTHER EXPENSES - DISCONTINUED OPERATIONS		(43	)		(509	)		(2,379	)		(764	)
	INCOME TAX (PROVISION)/BENEFIT
	CONTINUING OPERATIONS				(2,442	)		1,145			691			(986	)
(G)	DISCONTINUED OPERATIONS (1)				0			(31	)		(136	)		(36	)
			TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,442	)		1,114			555			(1,022	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1)
(J)		CONSOLIDATED			(940	)		(1,099	)		(2,166	)		(528	)
			TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(940	)		(1,099	)		(2,166	)		(528	)
(J)	MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)				(335	)		(1,164	)		(95	)		0

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2002 2nd			2002 3rd			2002 4th			2002
	INTEREST EXPENSE CONSOLIDATED:
		CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70%			(977	)		(1,104	)		(1,353	)		(4,738	)
		NOTE PAYABLE, UNSECURED - 8.04%			0			0			0			0
		PERIMETER EXPO DEBT - 8.04%			(411	)		(409	)		(406	)		(1,637	)
		650 MASS AVE DEBT - 6.53%			0			0			0			0
		B OF A PLAZA FINANCING - 6.677%			0			0			0			(868	)
		B OF A PLAZA FINANCING - 6.9575%			(2,640	)		(2,628	)		(2,622	)		(8,974	)
		101 INDEPENDENCE CENTER DEBT - 8.22%			(941	)		(936	)		(933	)		(3,755	)
		NORTHSIDE/ALPHARETTA I DEBT - 7.70%			(195	)		(194	)		(193	)		(778	)
		LAKESHORE PARK PLAZA DEBT- 6.78%			(175	)		(174	)		(172	)		(696	)
		101 SECOND STREET DEBT- 8.33%			(1,859	)		(1,856	)		(1,851	)		(7,430	)
		MERIDIAN MARK PLAZA DEBT- 8.27%			(525	)		(523	)		(523	)		(2,097	)
		1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7%			(869	)		(859	)		(861	)		(3,456	)
		333 & 555 NORTH POINT CENTER DEBT- 7%			(572	)		(569	)		(567	)		(2,282	)
		THE AVENUE EAST COBB DEBT - 8.39%			(813	)		(812	)		(810	)		(3,250	)
		600 UNIVERSITY PARK DEBT - 7.38%			(260	)		(260	)		(260	)		(1,042	)
		CEDAR GROVE LAKES DEBT- 8%			0			0			(148	)		(148	)
		CALLAWAY GARDENS DEBT- 6%			0			0			(13	)		(13	)
		OTHER			(11	)		(4	)		(4	)		(19	)
		CAPITALIZED			1,233			1,365			1,439			5,934
			TOTAL INTEREST EXPENSE CONSOLIDATED		(9,015	)		(8,963	)		(9,277	)		(35,249	)
	LOSS ON EXTINGUISHMENT OF DEBT				0			0			0			(3,501	)
	OTHER EXPENSES - CONTINUING OPERATIONS:
		PROPERTY TAXES			(174	)		(198	)		(127	)		(675	)
		MINORITY INTEREST EXPENSE			(897	)		(601	)		(288	)		(2,384	)
		PREDEVELOPMENT & OTHER			(152	)		(493	)		(750	)		(1,558	)
			TOTAL OTHER EXPENSES		(1,223	)		(1,292	)		(1,165	)		(4,617	)
(G)	OTHER EXPENSES - DISCONTINUED OPERATIONS:
	INTEREST EXPENSE				(542	)		(548	)		(546	)		(2,174	)
	MINORITY INTEREST EXPENSE				(228	)		(231	)		(230	)		(915	)
			TOTAL OTHER EXPENSES - DISCONTINUED OPERATIONS		(770	)		(779	)		(776	)		(3,089	)
	INCOME TAX (PROVISION)/BENEFIT
	CONTINUING OPERATIONS				(117	)		(147	)		(276	)		(1,526	)
(G)	DISCONTINUED OPERATIONS (1)				(35	)		(49	)		(19	)		(139	)
			TOTAL INCOME TAX (PROVISION)/BENEFIT		(152	)		(196	)		(295	)		(1,665	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1)
(J)		CONSOLIDATED			(532	)		(546	)		(542	)		(2,148	)
			TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(532	)		(546	)		(542	)		(2,148	)
(J)	MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)				0			0			0			0

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2003 1st			2003 2nd			2003 3rd			2003
	INTEREST EXPENSE CONSOLIDATED:
		CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70%			(1,408	)		(1,086	)		(423	)		(2,917	)
		NOTE PAYABLE, UNSECURED - 8.04%			0			0			(141	)		(141	)
		PERIMETER EXPO DEBT - 8.04%			(406	)		(404	)		(277	)		(1,087	)
		650 MASS AVE DEBT - 6.53%			0			0			0			0
		B OF A PLAZA FINANCING - 6.677%			0			0			0			0
		B OF A PLAZA FINANCING - 6.9575%			(2,792	)		(2,633	)		(2,652	)		(8,077	)
		101 INDEPENDENCE CENTER DEBT - 8.22%			(926	)		(921	)		(916	)		(2,763	)
		NORTHSIDE/ALPHARETTA I DEBT - 7.70%			(192	)		(191	)		(190	)		(573	)
		LAKESHORE PARK PLAZA DEBT- 6.78%			(172	)		(171	)		(170	)		(513	)
		101 SECOND STREET DEBT- 8.33%			(1,847	)		(1,842	)		(1,838	)		(5,527	)
		MERIDIAN MARK PLAZA DEBT- 8.27%			(521	)		(519	)		(518	)		(1,558	)
		1900 DUKE STREET & 333 JOHN CARLYLE DEBT- 7%			(858	)		(856	)		(854	)		(2,568	)
		333 & 555 NORTH POINT CENTER DEBT- 7%			(565	)		(563	)		(560	)		(1,688	)
		THE AVENUE EAST COBB DEBT - 8.39%			(808	)		(806	)		(804	)		(2,418	)
		600 UNIVERSITY PARK DEBT - 7.38%			(259	)		(258	)		(257	)		(774	)
		CEDAR GROVE LAKES DEBT- 8%			(29	)		(29	)		58			0
		CALLAWAY GARDENS DEBT- 6%			(26	)		40			0			14
		OTHER			(14	)		(15	)		(13	)		(42	)
		CAPITALIZED			1,567			1,858			2,944			6,369
			TOTAL INTEREST EXPENSE CONSOLIDATED		(9,256	)		(8,396	)		(6,611	)		(24,263	)
	LOSS ON EXTINGUISHMENT OF DEBT				0			0			0			0
	OTHER EXPENSES - CONTINUING OPERATIONS:
		PROPERTY TAXES			(185	)		(218	)		(149	)		(552	)
		MINORITY INTEREST EXPENSE			(485	)		(328	)		(397	)		(1,210	)
		PREDEVELOPMENT & OTHER			(420	)		(518	)		(181	)		(1,119	)
			TOTAL OTHER EXPENSES		(1,090	)		(1,064	)		(727	)		(2,881	)
(G)	OTHER EXPENSES - DISCONTINUED OPERATIONS:
	INTEREST EXPENSE				(533	)		(538	)		(265	)		(1,336	)
	MINORITY INTEREST EXPENSE				(226	)		(143	)		0			(369	)
			TOTAL OTHER EXPENSES - DISCONTINUED OPERATIONS		(759	)		(681	)		(265	)		(1,705	)
	INCOME TAX (PROVISION)/BENEFIT
	CONTINUING OPERATIONS				(249	)		(537	)		(231	)		(1,017	)
(G)	DISCONTINUED OPERATIONS (1)				0			0			0			0
			TOTAL INCOME TAX (PROVISION)/BENEFIT		(249	)		(537	)		(231	)		(1,017	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS: (1)
(J)		CONSOLIDATED			(571	)		(602	)		(668	)		(1,841	)
			TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(571	)		(602	)		(668	)		(1,841	)
(J)	MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)				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
(H)	JOINT VENTURE FFO EXCLUDING TEMCO ASSOCIATES: (1)
	WILDWOOD ASSOCIATES				7,397			8,634			9,724			2,616
	WILDWOOD ASSOCIATES - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				0			0			0			0
	CP VENTURE TWO LLC				7,108			2,463			2,435			576
	COUSINS LORET VENTURE, L.L.C				2,871			3,425			3,798			933
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)				809			956			1,038			272
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)				181			228			279			57
	TEN PEACHTREE PLACE ASSOCIATES				352			361			277			(138	)
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)				14,325			14,544			14,614			3,777
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)				0			1,202			3,878			990
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)				0			0			756			679
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)				0			762			620			302
	CRAWFORD LONG - CPI, LLC				0			0			0			210
	HAYWOOD MALL ASSOCIATES				3,069			0			0			0
	OTHER				2,331			1,741			158			0
			TOTAL SHARE OF JOINT VENTURE FFO		38,443			34,316			37,577			10,274
	PREFERRED STOCK DIVIDENDS				0			0			0			0
	FFO AVAILABLE TO COMMON STOCKHOLDERS				81,197			97,299			108,122			24,011
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET
		CONTINUING OPERATIONS			58,767			11,937			23,496			1,029
(I)		LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES			(222	)		(564	)		(2,011	)		0
		DISCONTINUED OPERATIONS			0			0			0			0
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET			58,545			11,373			21,485			1,029
	DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1)
(J)		CONSOLIDATED			(13,960	)		(27,410	)		(36,572	)		(9,919	)
(J)		MINORITY INTEREST SHARE			335			1,164			95			0
(G,J)		DISCONTINUED OPERATIONS			(1,959	)		(4,276	)		(5,914	)		(1,573	)
(H,J)		SHARE OF UNCONSOLIDATED JOINT VENTURES			(20,076	)		(15,542	)		(16,400	)		(4,274	)
			TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(35,660	)		(46,064	)		(58,791	)		(15,766	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE				0			(566	)		0			0
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS				104,082			62,043			70,815			9,274

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2002 2nd			2002 3rd			2002 4th			2002
(H)	JOINT VENTURE FFO EXCLUDING TEMCO ASSOCIATES: (1)
	WILDWOOD ASSOCIATES				2,645			2,637			2,972			10,870
	WILDWOOD ASSOCIATES - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				0			0			0			0
	CP VENTURE TWO LLC				563			553			582			2,274
	COUSINS LORET VENTURE, L.L.C				875			845			1,000			3,653
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)				280			291			277			1,120
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)				92			97			104			350
	TEN PEACHTREE PLACE ASSOCIATES				(98	)		(118	)		(134	)		(488	)
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)				3,879			3,916			3,796			15,368
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)				1,012			1,002			994			3,998
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)				834			835			832			3,180
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)				302			302			302			1,208
	CRAWFORD LONG - CPI, LLC				379			595			544			1,728
	HAYWOOD MALL ASSOCIATES				0			0			0			0
	OTHER				0			0			0			0
			TOTAL SHARE OF JOINT VENTURE FFO		10,763			10,955			11,269			43,261
	PREFERRED STOCK DIVIDENDS				0			0			0			0
	FFO AVAILABLE TO COMMON STOCKHOLDERS				29,044			30,598			29,713			113,366
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET
		CONTINUING OPERATIONS			1,042			1,028			3,155			6,254
(I)		LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES			0			0			(2,143	)		(2,143	)
		DISCONTINUED OPERATIONS			0			0			1,174			1,174
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET			1,042			1,028			2,186			5,285
	DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1)
(J)		CONSOLIDATED			(11,232	)		(13,452	)		(11,282	)		(45,885	)
(J)		MINORITY INTEREST SHARE			0			0			0			0
(G,J)		DISCONTINUED OPERATIONS			(1,583	)		(1,674	)		(1,524	)		(6,354	)
(H,J)		SHARE OF UNCONSOLIDATED JOINT VENTURES			(4,559	)		(4,490	)		(5,217	)		(18,540	)
			TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(17,374	)		(19,616	)		(18,023	)		(70,779	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE				0			0			0			0
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS				12,712			12,010			13,876			47,872

[Additional columns below]

[Continued from above table, first column(s) repeated]

				2003 1st			2003 2nd			2003 3rd			2003
(H)	JOINT VENTURE FFO EXCLUDING TEMCO ASSOCIATES: (1)
	WILDWOOD ASSOCIATES				2,517			2,192			2,205			6,914
	WILDWOOD ASSOCIATES - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				(551	)		0			0			(551	)
	CP VENTURE TWO LLC				526			513			532			1,571
	COUSINS LORET VENTURE, L.L.C				771			812			818			2,401
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)				303			300			309			912
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)				66			120			90			276
	TEN PEACHTREE PLACE ASSOCIATES				30			516			466			1,012
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)				3,978			3,989			3,917			11,884
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)				1,006			1,007			1,007			3,020
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)				840			856			856			2,552
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)				302			302			302			906
	CRAWFORD LONG - CPI, LLC				628			511			262			1,401
	HAYWOOD MALL ASSOCIATES				0			0			0			0
	OTHER				0			0			0			0
			TOTAL SHARE OF JOINT VENTURE FFO		10,416			11,118			10,764			32,298
	PREFERRED STOCK DIVIDENDS				0			0			(1,421	)		(1,421	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS				46,528			27,028			25,450			99,006
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET
		CONTINUING OPERATIONS			1,003			90,956			2,178			94,137
(I)		LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES			0			0			(1,947	)		(1,947	)
		DISCONTINUED OPERATIONS			0			43,012			50,386			93,398
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET			1,003			133,968			50,617			185,588
	DEPRECIATION & AMORTIZATION OF REAL ESTATE: (1)
(J)		CONSOLIDATED			(14,054	)		(12,440	)		(12,183	)		(38,677	)
(J)		MINORITY INTEREST SHARE			0			0			0			0
(G,J)		DISCONTINUED OPERATIONS			(1,451	)		(376	)		(44	)		(1,871	)
(H,J)		SHARE OF UNCONSOLIDATED JOINT VENTURES			(4,432	)		(4,680	)		(4,650	)		(13,762	)
			TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(19,937	)		(17,496	)		(16,877	)		(54,310	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE				0			0			0			0
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS				27,594			143,500			59,190			230,284

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
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
2500 WINDY RIDGE PARKWAY				4,512			4,760			5,037			1,310			1,185			1,191			1,306
3200 WINDY HILL ROAD (WILDWOOD PLAZA)				8,245			9,708			11,462			3,029			3,029			3,044			3,115
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)				3,431			3,441			3,458			927			958			958			960
4200 WILDWOOD PARKWAY (GE)				4,304			4,819			4,711			1,191			1,192			1,198			1,272
BANK/RESTAURANT GROUND LEASES				1,178			1,063			1,161			231			213			219			228
				32,470			34,199			36,632			9,410			9,302			9,335			9,891
INTEREST EXPENSE:
2300 DEBT - 7.56%				(5,126	)		(4,947	)		(4,754	)		(1,156	)		(1,144	)		(1,130	)		(1,116	)
2500 DEBT - 7.45%				(1,826	)		(1,769	)		(1,708	)		(417	)		(413	)		(408	)		(404	)
3200 DEBT - 8.23%				(5,667	)		(5,600	)		(5,524	)		(1,363	)		(1,353	)		(1,342	)		(1,331	)
4100/4300 DEBT - 7.65%				(2,228	)		(2,191	)		(2,150	)		(523	)		(525	)		(526	)		(523	)
4200 DEBT - 6.78%				(2,979	)		(2,934	)		(2,877	)		(699	)		(703	)		(706	)		(704	)
LINE OF CREDIT - FLOATING @ LIBOR + .75%				(5	)		(1	)		0			0			0			0			0
INTEREST CAPITALIZED				0			0			0			0			0			0			0
				(17,831	)		(17,442	)		(17,014	)		(4,158	)		(4,138	)		(4,112	)		(4,078	)
OTHER, NET				161			516			(169	)		(20	)		126			50			130
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(6	)		(6	)		0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				0			0			0			0			0			0			0
FUNDS FROM OPERATIONS				14,794			17,267			19,449			5,232			5,290			5,273			5,943
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(9,861	)		(9,575	)		(9,003	)		(2,115	)		(2,368	)		(2,290	)		(2,249	)
NET INCOME				4,933			7,692			10,446			3,117			2,922			2,983			3,694
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (3):				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
	INTEREST EXPENSE			(8,916	)		(8,721	)		(8,507	)		(2,079	)		(2,069	)		(2,056	)		(2,039	)
	OTHER, NET			81			258			(85	)		(10	)		63			25			65
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(3	)		(3	)		0			0			0			0			0
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY			0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS		7,397			8,634			9,724			2,616			2,645			2,637			2,972
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(4,931	)		(4,788	)		(4,502	)		(1,058	)		(1,184	)		(1,145	)		(1,125	)
		NET INCOME		2,466			3,846			5,222			1,558			1,461			1,492			1,847

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY				11,182			1,868			2,270			2,166			6,304
2500 WINDY RIDGE PARKWAY				4,992			1,184			1,190			1,157			3,531
3200 WINDY HILL ROAD (WILDWOOD PLAZA)				12,217			2,914			2,888			2,901			8,703
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)				3,803			960			965			965			2,890
4200 WILDWOOD PARKWAY (GE)				4,853			1,195			1,106			1,193			3,494
BANK/RESTAURANT GROUND LEASES				891			292			287			250			829
				37,938			8,413			8,706			8,632			25,751
INTEREST EXPENSE:
2300 DEBT - 7.56%				(4,546	)		(1,106	)		(1,095	)		(1,084	)		(3,285	)
2500 DEBT - 7.45%				(1,642	)		(400	)		(395	)		(390	)		(1,185	)
3200 DEBT - 8.23%				(5,389	)		(1,322	)		(1,310	)		(1,299	)		(3,931	)
4100/4300 DEBT - 7.65%				(2,097	)		(508	)		(508	)		(509	)		(1,525	)
4200 DEBT - 6.78%				(2,812	)		(681	)		(683	)		(693	)		(2,057	)
LINE OF CREDIT - FLOATING @ LIBOR + .75%				0			0			0			0			0
INTEREST CAPITALIZED				0			0			0			0			0
				(16,486	)		(4,017	)		(3,991	)		(3,975	)		(11,983	)
OTHER, NET				286			928			(37	)		(15	)		876
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			(11	)		(12	)		(12	)		(35	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY				0			(1,101	)		0			0			(1,101	)
FUNDS FROM OPERATIONS				21,738			4,212			4,666			4,630			13,508
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(9,022	)		(2,117	)		(2,195	)		(2,103	)		(6,415	)
NET INCOME				12,716			2,095			2,471			2,527			7,093
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			18,970			4,068			4,214			4,207			12,489
	INTEREST EXPENSE			(8,243	)		(2,009	)		(1,997	)		(1,988	)		(5,994	)
	OTHER, NET			143			464			(19	)		(8	)		437
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			(6	)		(6	)		(6	)		(18	)
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY			0			(551	)		0			0			(551	)
		FUNDS FROM OPERATIONS		10,870			1,966			2,192			2,205			6,363
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(4,512	)		(1,059	)		(1,097	)		(1,052	)		(3,208	)
		NET INCOME		6,358			907			1,095			1,153			3,155

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
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
GRANDVIEW II					1,980			2,178			2,192			559			574			579			576
100 NORTH POINT CENTER EAST					2,000			2,077			2,213			442			377			330			307
200 NORTH POINT CENTER EAST					2,157			2,217			1,703			248			303			229			267
	SUBTOTAL OFFICE				11,587			11,462			10,963			2,339			2,266			2,188			2,019
MEDICAL OFFICE
PRESYTERIAN MEDICAL PLAZA					890			881			902			251			246			186			229
RETAIL
NORTH POINT MARKETCENTER					4,787			4,875			5,011			1,285			1,194			1,247			1,256
MANSELL CROSSING II					1,075			1,043			1,141			301			315			298			619
GREENBRIER MARKETCENTER					4,592			4,530			4,533			1,176			1,160			1,170			1,181
LOS ALTOS MARKETCENTER					2,819			2,822			2,797			725			736			725			788
	SUBTOTAL RETAIL				13,273			13,270			13,482			3,487			3,405			3,440			3,844
		TOTAL REVENUES LESS OPERATING EXPENSES			25,750			25,613			25,347			6,077			5,917			5,814			6,092
OTHER, NET					118			58			1			(45	)		8			5			(20	)
INTEREST EXPENSE
NORTH POINT MARKETCENTER - 8.50%					(2,415	)		(2,370	)		(2,323	)		(573	)		(570	)		(558	)		(563	)
100 & 200 NORTH POINT CENTER EAST - 7.86%					(1,914	)		(1,884	)		(1,853	)		(451	)		(453	)		(457	)		(454	)
	TOTAL INTEREST EXPENSE				(4,329	)		(4,254	)		(4,176	)		(1,024	)		(1,023	)		(1,015	)		(1,017	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					0			0			0			0			0			0			0
FUNDS FROM OPERATIONS					21,539			21,417			21,172			5,008			4,902			4,804			5,055
DEPRECIATION & AMORTIZATION OF REAL ESTATE					(20,646	)		(15,601	)		(12,383	)		(2,618	)		(2,896	)		(2,495	)		(2,630	)
NET INCOME					893			5,816			8,789			2,390			2,006			2,309			2,425
COUSINS’ SHARE OF CP VENTURE TWO (3):					32.94	%		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
		INTEREST EXPENSE			(1,430	)		(489	)		(480	)		(118	)		(118	)		(117	)		(117	)
		OTHER, NET			39			7			0			(5	)		1			1			(2	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0
			FUNDS FROM OPERATIONS		7,108			2,463			2,435			576			563			553			582
		DEPRECIATION & AMORTIZATION OF REAL ESTATE			(7,017	)		(1,794	)		(1,424	)		(301	)		(333	)		(287	)		(302	)
			NET INCOME		91			669			1,011			275			230			266			280

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES				2002			2003 1st			2003 2nd			2003 3rd			2003
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE
FIRST UNION TOWER					4,021			783			674			767			2,224
GRANDVIEW II					2,288			582			579			595			1,756
100 NORTH POINT CENTER EAST					1,456			330			323			416			1,069
200 NORTH POINT CENTER EAST					1,047			219			146			78			443
	SUBTOTAL OFFICE				8,812			1,914			1,722			1,856			5,492
MEDICAL OFFICE
PRESYTERIAN MEDICAL PLAZA					912			234			233			233			700
RETAIL
NORTH POINT MARKETCENTER					4,982			1,270			1,286			1,292			3,848
MANSELL CROSSING II					1,533			265			305			309			879
GREENBRIER MARKETCENTER					4,687			1,160			1,103			1,168			3,431
LOS ALTOS MARKETCENTER					2,974			743			744			729			2,216
	SUBTOTAL RETAIL				14,176			3,438			3,438			3,498			10,374
		TOTAL REVENUES LESS OPERATING EXPENSES			23,900			5,586			5,393			5,587			16,566
OTHER, NET					(52	)		(55	)		4			(1	)		(52	)
INTEREST EXPENSE
NORTH POINT MARKETCENTER - 8.50%					(2,264	)		(559	)		(556	)		(552	)		(1,667	)
100 & 200 NORTH POINT CENTER EAST - 7.86%					(1,815	)		(442	)		(444	)		(447	)		(1,333	)
	TOTAL INTEREST EXPENSE				(4,079	)		(1,001	)		(1,000	)		(999	)		(3,000	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					0			0			0			0			0
FUNDS FROM OPERATIONS					19,769			4,530			4,397			4,587			13,514
DEPRECIATION & AMORTIZATION OF REAL ESTATE					(10,639	)		(2,496	)		(2,457	)		(2,444	)		(7,397	)
NET INCOME					9,130			2,034			1,940			2,143			6,117
COUSINS’ SHARE OF CP VENTURE TWO (3):					11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
		REVENUES LESS OPERATING EXPENSES			2,749			647			628			647			1,922
		INTEREST EXPENSE			(470	)		(115	)		(115	)		(115	)		(345	)
		OTHER, NET			(5	)		(6	)		0			0			(6	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
			FUNDS FROM OPERATIONS		2,274			526			513			532			1,571
		DEPRECIATION & AMORTIZATION OF REAL ESTATE			(1,223	)		(287	)		(283	)		(281	)		(851	)
			NET INCOME		1,051			239			230			251			720

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
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
THE PINNACLE				4,818			8,830			9,652			2,396			2,404			2,410			2,776
	TOTAL REVENUES LESS OPERATING EXPENSES			9,904			13,923			14,745			3,657			3,534			3,468			3,773
INTEREST EXPENSE				(7,328	)		(7,268	)		(7,192	)		(1,785	)		(1,780	)		(1,774	)		(1,770	)
CAPITALIZED INTEREST				2,142			0			0			0			0			0			0
OTHER, NET				1,024			194			46			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			(4	)		(5	)		(4	)		(4	)		(4	)
FUNDS FROM OPERATIONS				5,742			6,849			7,595			1,867			1,750			1,690			1,999
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(5,635	)		(7,617	)		(7,703	)		(1,867	)		(1,867	)		(1,871	)		(3,075	)
NET INCOME				107			(768	)		(108	)		0			(117	)		(181	)		(1,076	)
COUSINS SHARE OF COUSINS LORET (3):				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
	INTEREST EXPENSE			(2,593	)		(3,634	)		(3,596	)		(893	)		(890	)		(887	)		(885	)
	OTHER, NET			512			97			23			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			(2	)		(3	)		(2	)		(2	)		(2	)
		FUNDS FROM OPERATIONS		2,871			3,425			3,798			933			875			845			1,000
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(2,818	)		(3,809	)		(3,852	)		(934	)		(934	)		(936	)		(1,579	)
		NET INCOME		53			(384	)		(54	)		(1	)		(59	)		(91	)		(579	)
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
INTEREST - 7.0%				(1,615	)		(1,561	)		(1,493	)		(362	)		(357	)		(357	)		(344	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(70	)		(2	)		(1	)		0			0			0			0
FUNDS FROM OPERATIONS				1,619			1,991			2,077			544			561			583			553
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,122	)		(1,126	)		(1,125	)		(288	)		(286	)		(290	)		(262	)
NET INCOME				497			865			952			256			275			293			291
COUSINS SHARE OF CC-JM II (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			1,652			1,738			1,786			453			459			470			449
	INTEREST EXPENSE			(808	)		(781	)		(747	)		(181	)		(179	)		(179	)		(172	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(35	)		(1	)		(1	)		0			0			0			0
		FUNDS FROM OPERATIONS		809			956			1,038			272			280			291			277
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(573	)		(575	)		(575	)		(144	)		(149	)		(148	)		(134	)
		NET INCOME		236			381			463			128			131			143			143

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK				4,446			958			895			946			2,799
THE PINNACLE				9,986			2,352			2,492			2,448			7,292
	TOTAL REVENUES LESS OPERATING EXPENSES			14,432			3,310			3,387			3,394			10,091
INTEREST EXPENSE				(7,109	)		(1,764	)		(1,758	)		(1,753	)		(5,275	)
CAPITALIZED INTEREST				0			0			0			0			0
OTHER, NET				0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(17	)		(4	)		(4	)		(4	)		(12	)
FUNDS FROM OPERATIONS				7,306			1,542			1,625			1,637			4,804
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(8,680	)		(1,780	)		(1,790	)		(1,835	)		(5,405	)
NET INCOME				(1,374	)		(238	)		(165	)		(198	)		(601	)
COUSINS SHARE OF COUSINS LORET (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			7,217			1,655			1,693			1,697			5,045
	INTEREST EXPENSE			(3,555	)		(882	)		(879	)		(877	)		(2,638	)
	OTHER, NET			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(9	)		(2	)		(2	)		(2	)		(6	)
		FUNDS FROM OPERATIONS		3,653			771			812			818			2,401
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(4,383	)		(890	)		(895	)		(918	)		(2,703	)
		NET INCOME		(730	)		(119	)		(83	)		(100	)		(302	)
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				3,661			948			938			952			2,838
INTEREST - 7.0%				(1,420	)		(342	)		(338	)		(333	)		(1,013	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			(1	)		(1	)
FUNDS FROM OPERATIONS				2,241			606			600			618			1,824
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,126	)		(282	)		(281	)		(281	)		(844	)
NET INCOME				1,115			324			319			337			980
COUSINS SHARE OF CC-JM II (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			1,831			474			469			476			1,419
	INTEREST EXPENSE			(711	)		(171	)		(169	)		(167	)		(507	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		1,120			303			300			309			912
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(575	)		(144	)		(144	)		(144	)		(432	)
		NET INCOME		545			159			156			165			480

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)

JOINT VENTURES			1999			2000			2001			2002 1st			2002 2nd			2002 3rd			2002 4th
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				362			456			558			113			183			193			207
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0
FUNDS FROM OPERATIONS				362			456			558			113			183			193			207
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(195	)		(395	)		(691	)		(202	)		(190	)		(192	)		(245	)
NET INCOME				167			61			(133	)		(89	)		(7	)		1			(38	)
COUSINS SHARE OF BRAD COUS GOLF VENTURE (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			181			228			279			57			92			97			104
	INTEREST EXPENSE			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS		181			228			279			57			92			97			104
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(98	)		(198	)		(346	)		(101	)		(95	)		(96	)		(123	)
		NET INCOME		83			30			(67	)		(44	)		(3	)		1			(19	)
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				2,879			2,886			2,569			(122	)		(108	)		(122	)		(166	)
INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75%				(1,452	)		(1,373	)		(1,234	)		(154	)		(88	)		(114	)		(101	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(12	)		(2	)		(11	)		0			0			0			0
FUNDS FROM OPERATIONS				1,415			1,511			1,324			(276	)		(196	)		(236	)		(267	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(543	)		(553	)		(588	)		(182	)		(181	)		(181	)		(183	)
NET INCOME				872			958			736			(458	)		(377	)		(417	)		(450	)
COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (3):				25	%		24	%		50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			1,080			1,048			885			(61	)		(54	)		(61	)		(83	)
	INTEREST EXPENSE			(726	)		(686	)		(606	)		(77	)		(44	)		(57	)		(51	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(2	)		(1	)		(2	)		0			0			0			0
		FUNDS FROM OPERATIONS		352			361			277			(138	)		(98	)		(118	)		(134	)
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(81	)		(76	)		(134	)		(91	)		(91	)		(91	)		(92	)
		NET INCOME		271			285			143			(229	)		(189	)		(209	)		(226	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				696			131			240			179			550
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				696			131			240			179			550
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(829	)		(34	)		(171	)		(171	)		(376	)
NET INCOME				(133	)		97			69			8			174
COUSINS SHARE OF BRAD COUS GOLF VENTURE (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			350			66			120			90			276
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		350			66			120			90			276
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(415	)		(17	)		(85	)		(86	)		(188	)
		NET INCOME		(65	)		49			35			4			88
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				(518	)		128			1,097			988			2,213
INTEREST - 8.0% UNTIL 11/01, BEG 12/01 FLOATING LIBOR + .75%				(457	)		(69	)		(66	)		(55	)		(190	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				(975	)		59			1,031			933			2,023
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(727	)		(292	)		(557	)		(546	)		(1,395	)
NET INCOME				(1,702	)		(233	)		474			387			628
COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			(259	)		64			549			494			1,107
	INTEREST EXPENSE			(229	)		(34	)		(33	)		(28	)		(95	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		(488	)		30			516			466			1,012
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(365	)		(146	)		(278	)		(273	)		(697	)
		NET INCOME		(853	)		(116	)		238			193			315

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
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
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0
FUNDS FROM OPERATIONS				28,650			29,088			29,227			7,554			7,758			7,832			7,591
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(7,694	)		(7,710	)		(7,653	)		(1,915	)		(1,910	)		(1,911	)		(1,918	)
NET INCOME				20,956			21,378			21,574			5,639			5,848			5,921			5,673
COUSINS SHARE OF CSC ASSOCIATES (3):				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
	INTEREST EXPENSE			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS		14,325			14,544			14,614			3,777			3,879			3,916			3,796
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(3,923	)		(3,931	)		(3,903	)		(977	)		(974	)		(975	)		(978	)
		NET INCOME		10,402			10,613			10,711			2,800			2,905			2,941			2,818
285 VENTURE, LLC (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
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0			0			0
FUNDS FROM OPERATIONS				0			2,403			7,756			1,980			2,024			2,003			1,987
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			(720	)		(2,224	)		(541	)		(554	)		(556	)		(560	)
NET INCOME				0			1,683			5,532			1,439			1,470			1,447			1,427
COUSINS SHARE OF 285 VENTURE (3):							50	%		50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			0			1,202			3,878			990			1,012			1,002			994
	INTEREST EXPENSE			0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS		0			1,202			3,878			990			1,012			1,002			994
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			(371	)		(1,282	)		(313	)		(319	)		(320	)		(322	)
		NET INCOME		0			831			2,596			677			693			682			672

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				30,735			7,956			7,977			7,834			23,767
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				30,735			7,956			7,977			7,834			23,767
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(7,654	)		(1,928	)		(1,916	)		(1,925	)		(5,769	)
NET INCOME				23,081			6,028			6,061			5,909			17,998
COUSINS SHARE OF CSC ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			15,368			3,978			3,989			3,917			11,884
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		15,368			3,978			3,989			3,917			11,884
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(3,904	)		(983	)		(977	)		(982	)		(2,942	)
		NET INCOME		11,464			2,995			3,012			2,935			8,942
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				7,994			2,012			2,013			2,014			6,039
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				7,994			2,012			2,013			2,014			6,039
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(2,211	)		(571	)		(553	)		(554	)		(1,678	)
NET INCOME				5,783			1,441			1,460			1,460			4,361
COUSINS SHARE OF 285 VENTURE (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			3,998			1,006			1,007			1,007			3,020
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		3,998			1,006			1,007			1,007			3,020
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(1,274	)		(327	)		(319	)		(319	)		(965	)
		NET INCOME		2,724			679			688			688			2,055

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
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
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0		0			0			0			0			0			0
FUNDS FROM OPERATIONS				0		0			1,512			1,357			1,668			1,669			1,663
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0		0			(738	)		(460	)		(544	)		(467	)		(478	)
NET INCOME				0		0			774			897			1,124			1,202			1,185
COUSINS SHARE OF CPI/FSP I (3):									50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			0		0			756			679			834			835			832
	INTEREST EXPENSE			0		0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0		0			0			0			0			0			0
		FUNDS FROM OPERATIONS		0		0			756			679			834			835			832
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0		0			(382	)		(252	)		(293	)		(256	)		(261	)
		NET INCOME		0		0			374			427			541			579			571
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0		1,486			10,763			5,290			5,288			5,276			5,272
INTEREST				0		(1,501	)		(6,280	)		(3,054	)		(3,022	)		(2,994	)		(2,960	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0		0			0			0			0			0			0
FUNDS FROM OPERATIONS				0		(15	)		4,483			2,236			2,266			2,282			2,312
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0		(578	)		(4,715	)		(1,478	)		(1,468	)		(1,483	)		(1,499	)
NET INCOME				0		(593	)		(232	)		758			798			799			813
COUSINS SHARE OF GATEWAY VILLAGE (3) (4):
	REVENUES LESS OPERATING EXPENSES			0		762			620			302			302			302			302
	INTEREST EXPENSE			0		0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0		0			0			0			0			0			0
		FUNDS FROM OPERATIONS		0		762			620			302			302			302			302
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0		0			0			0			(8	)		(8	)		(9	)
		NET INCOME		0		762			620			302			294			294			293

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				6,357			1,680			1,714			1,713			5,107
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			(1	)		(1	)		(2	)
FUNDS FROM OPERATIONS				6,357			1,680			1,713			1,712			5,105
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,949	)		(451	)		(487	)		(488	)		(1,426	)
NET INCOME				4,408			1,229			1,226			1,224			3,679
COUSINS SHARE OF CPI/FSP I (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			3,180			840			857			857			2,554
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			(1	)		(1	)		(2	)
		FUNDS FROM OPERATIONS		3,180			840			856			856			2,552
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(1,062	)		(255	)		(257	)		(266	)		(778	)
		NET INCOME		2,118			585			599			590			1,774
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				21,126			5,263			5,260			5,251			15,774
INTEREST				(12,030	)		(2,928	)		(2,895	)		(2,862	)		(8,685	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				9,096			2,335			2,365			2,389			7,089
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(5,928	)		(1,505	)		(1,509	)		(1,511	)		(4,525	)
NET INCOME				3,168			830			856			878			2,564
COUSINS SHARE OF GATEWAY VILLAGE (3) (4):
	REVENUES LESS OPERATING EXPENSES			1,208			302			302			302			906
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		1,208			302			302			302			906
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(25	)		(8	)		(8	)		(8	)		(24	)
		NET INCOME		1,183			294			294			294			882

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
CRAWFORD LONG - CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			0		0		419			758			1,189			1,088
INTEREST - 5.9%				0			0		0		0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0		0		0			0			0			0
FUNDS FROM OPERATIONS				0			0		0		419			758			1,189			1,088
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0		0		(205	)		(335	)		(431	)		(559	)
NET INCOME				0			0		0		214			423			758			529
COUSINS SHARE OF CRAWFORD LONG - CPI (3):											50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			0			0		0		210			379			595			544
	INTEREST EXPENSE			0			0		0		0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0		0		0			0			0			0
		FUNDS FROM OPERATIONS		0			0		0		210			379			595			544
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0		0		(103	)		(179	)		(228	)		(292	)
		NET INCOME		0			0		0		107			200			367			252
HAYWOOD MALL ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				6,061			0		0		0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0		0		0			0			0			0
FUNDS FROM OPERATIONS				6,061			0		0		0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,151	)		0		0		0			0			0			0
NET INCOME				4,910			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
	INTEREST EXPENSE			0			0		0		0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0		0		0			0			0			0
		FUNDS FROM OPERATIONS		3,069			0		0		0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(635	)		0		0		0			0			0			0
		NET INCOME		2,434			0		0		0			0			0			0

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
CRAWFORD LONG — CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				3,454			1,255			1,445			1,343			4,043
INTEREST - 5.9%				0			0			(424	)		(820	)		(1,244	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				3,454			1,255			1,021			523			2,799
DEPRECIATION & AMORTIZATION OF REAL ESTATE				(1,530	)		(606	)		(648	)		(620	)		(1,874	)
NET INCOME				1,924			649			373			(97	)		925
COUSINS SHARE OF CRAWFORD LONG — CPI (3):				50	%		50	%		50	%		50	%		50	%
	REVENUES LESS OPERATING EXPENSES			1,728			628			723			672			2,023
	INTEREST EXPENSE			0			0			(212	)		(410	)		(622	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		1,728			628			511			262			1,401
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			(802	)		(316	)		(337	)		(323	)		(976	)
		NET INCOME		926			312			174			(61	)		425
HAYWOOD MALL ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0			0			0			0
NET INCOME				0			0			0			0			0
COUSINS SHARE OF HAYWOOD MALL (3):
	REVENUES LESS OPERATING EXPENSES			0			0			0			0			0
	INTEREST EXPENSE			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0
		NET INCOME		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
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			142			0			0			0			0			0
OTHER, NET				3,418			3,543			453			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				(194	)		(301	)		(64	)		0			0			0			0
FUNDS FROM OPERATIONS				3,224			3,384			389			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0			0			0			0			0			0
NET INCOME				3,224			3,384			389			0			0			0			0
COUSINS SHARE OF OTHER (3):
	REVENUES LESS OPERATING EXPENSES			0			71			0			0			0			0			0
	INTEREST EXPENSE			0			0			0			0			0			0			0
	OTHER, NET			2,428			1,896			206			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			(97	)		(226	)		(48	)		0			0			0			0
		FUNDS FROM OPERATIONS		2,331			1,741			158			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0
	NET INCOME			2,331			1,741			158			0			0			0			0
COUSINS SHARE OF TEMCO ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%		50	%		50	%
	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			1,229			773			1,743			1,029			398			418			107
	OTHER, NET			41			(95	)		(23	)		1			(1	)		(3	)		0
		FUNDS FROM OPERATIONS		1,270			678			1,720			1,030			397			415			107
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0
	NET INCOME			1,270			678			1,720			1,030			397			415			107
COUSINS SHARE OF CL REALTY, LLC (3):
	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			0			0			0			0			0			0			0
	OTHER, NET			0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS		0			0			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0			0			0
	NET INCOME			0			0			0			0			0			0			0

[Additional columns below]

[Continued from above table, first column(s) repeated]

JOINT VENTURES			2002			2003 1st			2003 2nd			2003 3rd			2003
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES				0			0			0			0			0
OTHER, NET				0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS				0			0			0			0			0
FUNDS FROM OPERATIONS				0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE				0			0			0			0			0
NET INCOME				0			0			0			0			0
COUSINS SHARE OF OTHER (3):
	REVENUES LESS OPERATING EXPENSES			0			0			0			0			0
	INTEREST EXPENSE			0			0			0			0			0
	OTHER, NET			0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS			0			0			0			0			0
		FUNDS FROM OPERATIONS		0			0			0			0			0
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0
	NET INCOME			0			0			0			0			0
COUSINS SHARE OF TEMCO ASSOCIATES (3):				50	%		50	%		50	%		50	%		50	%
	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			1,952			544			1,055			605			2,204
	OTHER, NET			(3	)		(13	)		(7	)		(20	)		(40	)
		FUNDS FROM OPERATIONS		1,949			531			1,048			585			2,164
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0
	NET INCOME			1,949			531			1,048			585			2,164
COUSINS SHARE OF CL REALTY, LLC (3):							50	%		50	%		50	%		50	%
	RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS			0			0			197			259			456
	OTHER, NET			0			(18	)		(20	)		(26	)		(64	)
		FUNDS FROM OPERATIONS		0			(18	)		177			233			392
	DEPRECIATION & AMORTIZATION OF REAL ESTATE			0			0			0			0			0
	NET INCOME			0			(18	)		177			233			392

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, percentage and ratios)

	RECONCILIATIONS				1999			2000			2001			2002 1st			2002 2nd			2002 3rd			2002 4th
(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
		ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET				(239,637	)		(111,984	)		(74,539	)		(14,637	)		(6,998	)		(14,199	)		(24,250	)
		ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT				(244	)		(3,376	)		(18,288	)		(1,687	)		(88	)		(510	)		(261	)
		ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT				(7,084	)		(6,688	)		(13,964	)		(4,557	)		(936	)		(2,460	)		(4,047	)
		1ST GENERATION TI & LEASING FEES				(88,188	)		(89,849	)		(22,080	)		(1,037	)		(4,127	)		(424	)		1,883
		FURNITURE & FIXTURES				(2,060	)		(688	)		(6,916	)		(477	)		(355	)		(401	)		(769	)
			CONSOLIDATED SECOND GENERATION RELATED COSTS			748			3,373			4,559			472			822			3,193			3,164
		SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX				904			1,437			1,514			164			105			437			4,282
		2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX				1,652			4,810			6,073			636			927			3,630			7,446
	TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS				1,432			3,876			3,582			303			788			3,517			6,847
		SECOND GENERATION BUILDING IMPROVEMENTS				220			934			2,491			333			139			113			599
						1,652			4,810			6,073			636			927			3,630			7,446
	TOTAL BY SEGMENT:
		OFFICE:
			SECOND GENERATION LEASING RELATED COSTS			1,224			3,239			3,292			290			750			3,384			6,575
			SECOND GENERATION BUILDING IMPROVEMENTS			220			907			2,484			286			103			47			452
						1,444			4,146			5,776			576			853			3,431			7,027
		RETAIL:
			SECOND GENERATION LEASING RELATED COSTS			208			637			290			13			38			133			272
			SECOND GENERATION BUILDING IMPROVEMENTS			0			27			7			47			36			66			147
						208			664			297			60			74			199			419
						1,652			4,810			6,073			636			927			3,630			7,446
(B)	ADJUSTED DEBT:
		CONSOLIDATED DEBT				312,257			485,085			585,275			597,304			600,476			646,390			669,792
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT				218,739			256,292			275,913			273,392			270,955			268,432			265,854
			TOTAL DEBT INCLUDING SHARE OF JV’S			530,996			741,377			861,188			870,696			871,431			914,822			935,646
		SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (5)				(28,504	)		(70,309	)		(94,685	)		(93,728	)		(92,756	)		(91,769	)		(90,766	)
			ADJUSTED DEBT			502,492			671,068			766,503			776,968			778,675			823,053			844,880
		RECOURSE DEBT				143,639			174,522			154,018			84,128			88,946			137,063			160,443
		NON-RECOURSE DEBT				358,853			496,546			612,485			692,840			689,729			685,990			684,437
			ADJUSTED DEBT			502,492			671,068			766,503			776,968			778,675			823,053			844,880
(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
		DISCONTINUED OPERATIONS INTEREST EXPENSE				0			0			1,472			538			542			548			546
		SHARE OF JOINT VENTURE INTEREST EXPENSE				14,473			14,311			13,936			3,348			3,300			3,296			3,264
		CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)				15,073			27,907			41,546			11,880			12,857			12,807			13,087
(D)	FIXED CHARGES:
		CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)				15,073			27,907			41,546			11,880			12,857			12,807			13,087
		PRINCIPAL PAYMENTS:
			CONSOLIDATED			6,120			4,734			5,721			2,618			1,645			1,673			1,696
			SHARE OF JOINT VENTURES			3,565			4,252			4,696			1,565			1,465			1,535			1,575
		GROUND LEASE PAYMENTS:
			CONSOLIDATED			101			147			613			212			208			209			210
			SHARE OF JOINT VENTURES			12			12			12			3			3			3			3
				TOTAL FIXED CHARGES (excluding Preferred Dividends)		24,871			37,052			52,588			16,278			16,178			16,227			16,571
		PREFERRED STOCK DIVIDENDS				0			0			0			0			0			0			0
				TOTAL FIXED CHARGES (including Preferred Dividends)		24,871			37,052			52,588			16,278			16,178			16,227			16,571

[Additional columns below]

[Continued from above table, first column(s) repeated]

	RECONCILIATIONS				2002			2003 1st			2003 2nd			2003 3rd			2003
(A)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
	PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES
		PER CASH FLOWS FROM INVESTING ACTIVITIES				87,988			22,498			20,493			25,856			68,847
		ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET				(60,084	)		(18,061	)		(16,490	)		(21,514	)		(56,065	)
		ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT				(2,546	)		(21	)		(23	)		(7	)		(51	)
		ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT				(12,000	)		(1,881	)		(2,681	)		(4,317	)		(8,879	)
		1ST GENERATION TI & LEASING FEES				(3,705	)		(201	)		23			2,082			1,904
		FURNITURE & FIXTURES				(2,002	)		(377	)		(508	)		(312	)		(1,197	)
			CONSOLIDATED SECOND GENERATION RELATED COSTS			7,651			1,957			814			1,788			4,559
		SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX				4,988			2,401			1,451			536			4,388
		2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX				12,639			4,358			2,265			2,324			8,947
	TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS				11,455			4,287			2,111			2,328			8,726
		SECOND GENERATION BUILDING IMPROVEMENTS				1,184			71			154			(4	)		221
						12,639			4,358			2,265			2,324			8,947
	TOTAL BY SEGMENT:
		OFFICE:
			SECOND GENERATION LEASING RELATED COSTS			10,999			3,873			2,077			1,978			7,928
			SECOND GENERATION BUILDING IMPROVEMENTS			888			22			116			(18	)		120
						11,887			3,895			2,193			1,960			8,048
		RETAIL:
			SECOND GENERATION LEASING RELATED COSTS			456			414			35			351			800
			SECOND GENERATION BUILDING IMPROVEMENTS			296			49			37			13			99
						752			463			72			364			899
						12,639			4,358			2,265			2,324			8,947
(B)	ADJUSTED DEBT:
		CONSOLIDATED DEBT				669,792			686,011			524,883			478,134			478,134
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT				265,854			263,329			288,265			285,573			285,573
			TOTAL DEBT INCLUDING SHARE OF JV’S			935,646			949,340			813,148			763,707			763,707
		SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (5)				(90,766	)		(89,746	)		(88,711	)		(87,658	)		(87,658	)
			ADJUSTED DEBT			844,880			859,595			724,437			676,049			676,049
		RECOURSE DEBT				160,443			178,239			18,842			20,783			20,783
		NON-RECOURSE DEBT				684,437			681,356			705,595			655,266			655,266
			ADJUSTED DEBT			844,880			859,595			724,437			676,049			676,049
(C)	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
		CONSOLIDATED INTEREST EXPENSE				35,249			9,256			8,396			6,611			24,263
		DISCONTINUED OPERATIONS INTEREST EXPENSE				2,174			533			538			265			1,336
		SHARE OF JOINT VENTURE INTEREST EXPENSE				13,208			3,211			3,405			3,585			10,201
		CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)				50,631			13,000			12,339			10,461			35,800
(D)	FIXED CHARGES:
		CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)				50,631			13,000			12,339			10,461			35,800
		PRINCIPAL PAYMENTS:
			CONSOLIDATED			7,632			1,606			1,964			1,736			5,306
			SHARE OF JOINT VENTURES			6,140			1,506			1,528			1,641			4,675
		GROUND LEASE PAYMENTS:
			CONSOLIDATED			839			214			208			83			505
			SHARE OF JOINT VENTURES			12			3			3			3			9
				TOTAL FIXED CHARGES (excluding Preferred Dividends)		65,254			16,329			16,042			13,924			46,295
		PREFERRED STOCK DIVIDENDS				0			0			0			1,421			1,421
				TOTAL FIXED CHARGES (including Preferred Dividends)		65,254			16,329			16,042			15,345			47,716

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, percentage and ratios)

	RECONCILIATIONS					1999			2000			2001			2002 1st			2002 2nd			2002 3rd			2002 4th
(E)	SAME PROPERTY GROWTH:
	PERIOD COMPARED:						Y 00 / 99			Y 00 / 99			Y 02 / 01			2Q02 / 1Q02						4Q02 / 3Q02
	SAME PROPERTY:
		REVENUES LESS OPERATING EXPENSES					58,318			59,702			126,427			37,129			38,495			38,736			37,806
			STRAIGHT-LINE RENTS				(616	)		(1,047	)		2,340			918			116			189			922
			LEASE TERMINATION FEES				0			0			0			25			718			2,067			634
			INTER-COMPANY ACTIVITIES				0			0			0			0			0			0			0
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		57,702			58,655			128,767			38,072			39,329			40,992			39,362
				GROWTH - SAME PROPERTY REVENUES LESS OPERATING EXPENSES						2.4	%								3.7	%					-2.4	%
	NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES				34,926			65,839			23,315			3,329			5,347			4,389			4,196
			STRAIGHT-LINE RENTS				758			2,676			824			0			0			0			0
			LEASE TERMINATION FEES				0			0			0			131			719			0			10
			INTER-COMPANY ACTIVITIES				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
	PERIOD COMPARED:									Y 01 / 00			Y 01 / 00			1Q02 / 4Q01			3Q02 / 2Q02						1Q03 / 4Q02
	SAME PROPERTY:
		REVENUES LESS OPERATING EXPENSES								88,651			93,909			37,129			39,085			38,055			37,806
			STRAIGHT-LINE RENTS							1,336			1,241			918			116			189			922
			LEASE TERMINATION FEES							0			0			25			1,437			2,067			634
			INTER-COMPANY ACTIVITIES							0			0			0			0			0			0
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)					89,987			95,150			38,072			40,638			40,311			39,362
				GROWTH - SAME PROPERTY REVENUES LESS OPERATING EXPENSES									5.9	%		0.5	%					-2.6	%
	NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES							36,890			55,833			3,329			4,758			5,071			4,196
			STRAIGHT-LINE RENTS							293			1,923			131			0			0			0
			LEASE TERMINATION FEES							0			0			0			0			0			10
			INTER-COMPANY ACTIVITIES							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
	ALL PROPERTIES:
			REVENUES LESS OPERATING EXPENSES				93,244			125,541			149,742			40,458			43,842			43,125			42,002
			STRAIGHT-LINE RENTS - CONTINUING OPERATIONS				(140	)		729			2,160			700			(103	)		(30	)		699
			STRAIGHT-LINE RENTS - DISCONTINUED OPERATIONS				282			900			1,004			218			219			219			223
			LEASE TERMINATION FEES				0			0			0			156			1,437			2,067			644
			INTER-COMPANY ACTIVITIES				0			0			0			0			0			0			0
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		93,386			127,170			152,906			41,532			45,395			45,381			43,568
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP):
					OPERATING PROPERTIES		35,538			65,803			81,468			22,730			25,945			25,656			23,795
					DISCONTINUED OPERATIONS		7,855			14,767			20,016			5,162			5,449			5,498			5,301
					SHARE OF UNCONSOLIDATED JOINT VENTURES		49,993			46,600			51,422			13,640			14,001			14,227			14,472
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		93,386			127,170			152,906			41,532			45,395			45,381			43,568

[Additional columns below]

[Continued from above table, first column(s) repeated]

	RECONCILIATIONS					2002			2003 1st			2003 2nd			2003 3rd			2003
(E)	SAME PROPERTY GROWTH:
	PERIOD COMPARED:						Y 02 / 01		2Q03 / 1Q03
	SAME PROPERTY:
		REVENUES LESS OPERATING EXPENSES					127,554			34,996			35,372
			STRAIGHT-LINE RENTS				1,242			248			292
			LEASE TERMINATION FEES				1,185			1,107			1,368
			INTER-COMPANY ACTIVITIES				0			(139	)		(139	)
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		129,981			36,212			36,893			0
				GROWTH - SAME PROPERTY REVENUES LESS OPERATING EXPENSES			0.9	%					1.1	%
	NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES				41,874			6,262			4,921
			STRAIGHT-LINE RENTS				903			260			245
			LEASE TERMINATION FEES				3,119			20,000			2
			INTER-COMPANY ACTIVITIES				0			0			0
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		45,896			26,522			5,168			0
	PERIOD COMPARED:									1Q03 / 4Q02			3Q03 / 2Q03
	SAME PROPERTY:
		REVENUES LESS OPERATING EXPENSES								38,301			35,786			35,227
			STRAIGHT-LINE RENTS							467			263			267
			LEASE TERMINATION FEES							1,107			1,370			1,215
			INTER-COMPANY ACTIVITIES							(139	)		(139	)		(111	)
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)					39,736			37,280			36,598
				GROWTH - SAME PROPERTY REVENUES LESS OPERATING EXPENSES						1.3	%					-1.6	%
	NON-SAME PROPERTY:
			REVENUES LESS OPERATING EXPENSES							2,957			4,507			962
			STRAIGHT-LINE RENTS							41			274			44
			LEASE TERMINATION FEES							20,000			0			0
			INTER-COMPANY ACTIVITIES							0			0			0
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)					22,998			4,781			1,006
	ALL PROPERTIES:
			REVENUES LESS OPERATING EXPENSES				169,427			41,258			40,293			36,189			117,740
			STRAIGHT-LINE RENTS - CONTINUING OPERATIONS				1,266			223			263			267			753
			STRAIGHT-LINE RENTS - DISCONTINUED OPERATIONS				879			285			274			44			603
			LEASE TERMINATION FEES				4,304			21,107			1,370			1,215			23,692
			INTER-COMPANY ACTIVITIES				0			(139	)		(139	)		(111	)		(389	)
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP)		175,876			62,734			42,061			37,604			142,399
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (GAAP):
					OPERATING PROPERTIES		98,126			43,658			22,753			22,261			88,672
					DISCONTINUED OPERATIONS		21,410			5,348			4,757			977			11,082
					SHARE OF UNCONSOLIDATED JOINT VENTURES		56,340			13,728			14,551			14,366			42,645
					RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		175,876			62,734			42,061			37,604			142,399

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
(F)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
			RENTAL PROPERTY REVENUES			52,263			94,568			118,087			32,327			35,931			36,450			34,685
			RENTAL PROPERTY OPERATING EXPENSES			(16,725	)		(28,765	)		(36,619	)		(9,597	)		(9,986	)		(10,794	)		(10,890	)
				RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		35,538			65,803			81,468			22,730			25,945			25,656			23,795
(G)	INCOME FROM DISCONTINUED OPERATIONS:
			RENTAL PROPERTY REVENUES			10,217			19,418			27,382			7,074			7,481			7,514			7,210
			RENTAL PROPERTY OPERATING EXPENSES			(2,362	)		(4,651	)		(7,366	)		(1,912	)		(2,032	)		(2,016	)		(1,909	)
				TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		7,855			14,767			20,016			5,162			5,449			5,498			5,301
			INTEREST EXPENSE			0			0			(1,472	)		(538	)		(542	)		(548	)		(546	)
			MINORITY INTEREST EXPENSE			(43	)		(509	)		(907	)		(226	)		(228	)		(231	)		(230	)
			PROVISION FOR INCOME TAXES			0			(31	)		(136	)		(36	)		(35	)		(49	)		(19	)
				FUNDS FROM OPERATIONS		7,812			14,227			17,501			4,362			4,644			4,670			4,506
			DEPRECIATION AND AMORTIZATION OF REAL ESTATE			(1,959	)		(4,276	)		(5,914	)		(1,573	)		(1,583	)		(1,674	)		(1,524	)
				NET INCOME FROM DISCONTINUED OPERATIONS		5,853			9,951			11,587			2,789			3,061			2,996			2,982
(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
	INTEREST EXPENSE					(14,473	)		(14,311	)		(13,936	)		(3,348	)		(3,300	)		(3,296	)		(3,264	)
	OTHER, NET					3,060			2,258			144			(15	)		64			26			63
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					(137	)		(231	)		(53	)		(3	)		(2	)		(2	)		(2	)
			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
	RESIDENTIAL LOT AND TRACT SALES, NET OF COS					1,270			678			1,720			1,030			397			415			107
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE					0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS				39,713			34,994			39,297			11,304			11,160			11,370			11,376
	DEPRECIATION & AMORTIZATION OF REAL ESTATE					(20,076	)		(15,542	)		(16,400	)		(4,274	)		(4,559	)		(4,490	)		(5,217	)
		NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)				19,637			19,452			22,897			7,030			6,601			6,880			6,159

[Additional columns below]

[Continued from above table, first column(s) repeated]

	RECONCILIATIONS				2002			2003 1st			2003 2nd			2003 3rd			2003
(F)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
			RENTAL PROPERTY REVENUES			139,393			53,918			33,682			33,490			121,090
			RENTAL PROPERTY OPERATING EXPENSES			(41,267	)		(10,260	)		(10,929	)		(11,229	)		(32,418	)
				RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		98,126			43,658			22,753			22,261			88,672
(G)	INCOME FROM DISCONTINUED OPERATIONS:
			RENTAL PROPERTY REVENUES			29,279			7,095			6,222			1,208			14,525
			RENTAL PROPERTY OPERATING EXPENSES			(7,869	)		(1,747	)		(1,465	)		(231	)		(3,443	)
				TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,410			5,348			4,757			977			11,082
			INTEREST EXPENSE			(2,174	)		(533	)		(538	)		(265	)		(1,336	)
			MINORITY INTEREST EXPENSE			(915	)		(226	)		(143	)		0			(369	)
			PROVISION FOR INCOME TAXES			(139	)		0			0			0			0
				FUNDS FROM OPERATIONS		18,182			4,589			4,076			712			9,377
			DEPRECIATION AND AMORTIZATION OF REAL ESTATE			(6,354	)		(1,451	)		(376	)		(44	)		(1,871	)
				NET INCOME FROM DISCONTINUED OPERATIONS		11,828			3,138			3,700			668			7,506
(H)	SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY					56,340			13,728			14,551			14,366			42,645
	INTEREST EXPENSE					(13,208	)		(3,211	)		(3,405	)		(3,585	)		(10,201	)
	OTHER, NET					138			458			(19	)		(8	)		431
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS					(9	)		(8	)		(9	)		(9	)		(26	)
			FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS			43,261			10,967			11,118			10,764			32,849
	RESIDENTIAL LOT AND TRACT SALES, NET OF COS					1,949			512			1,225			818			2,555
	IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE					0			(551	)		0			0			(551	)
		FUNDS FROM OPERATIONS				45,210			10,928			12,343			11,582			34,853
	DEPRECIATION & AMORTIZATION OF REAL ESTATE					(18,540	)		(4,432	)		(4,680	)		(4,650	)		(13,762	)
		NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)				26,670			6,496			7,663			6,932			21,091

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, percentage and ratios)

	RECONCILIATIONS					1999		2000			2001			2002 1st		2002 2nd			2002 3rd			2002 4th
(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
			LOT SALES				17,857		13,951			6,682			4,035		521			2,481			1,542
				TOTAL RESIDENTIAL AND OUTPARCEL SALES			17,857		13,951			6,682			4,035		521			2,481			2,089
	RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED:
			TRACT COST OF SALES				0		0			0			0		0			0			352
			LOT COST OF SALES				14,897		11,684			5,910			2,970		444			2,414			1,129
				TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES			14,897		11,684			5,910			2,970		444			2,414			1,481
	TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES						222		564			2,011			0		0			0			2,143
		RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED					3,182		2,831			2,783			1,065		77			67			2,751
	SUMMARY:
			TRACT SALES NET OF COS - WHOLLY OWNED				222		564			2,011			0		0			0			2,338
			LOT SALES NET OF COS - WHOLLY OWNED				2,960		2,267			772			1,065		77			67			413
				TOTAL WHOLLY OWNED SALES, NET			3,182		2,831			2,783			1,065		77			67			2,751
	SHARE OF UNCONSOLIDATED JOINT VENTURES:
			TRACT SALES LESS COST OF SALES				1,229		773			1,098			370		45			254			2
			LOT SALES LESS COST OF SALES				0		0			645			659		353			164			105
			OTHER - JOINT VENTURE				41		(95	)		(23	)		1		(1	)		(3	)		0
					TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES		1,270		678			1,720			1,030		397			415			107
				TOTAL RESIDENTIAL/LAND DIVISION			4,452		3,509			4,503			2,095		474			482			2,858

[Additional columns below]

[Continued from above table, first column(s) repeated]

	RECONCILIATIONS					2002			2003 1st			2003 2nd			2003 3rd			2003
(I)	CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
	RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED:
			TRACT SALES				547			0			0			600			600
			LOT SALES				8,579			3,928			1,612			2,233			7,773
				TOTAL RESIDENTIAL AND OUTPARCEL SALES			9,126			3,928			1,612			2,833			8,373
	RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED:
			TRACT COST OF SALES				352			0			0			480			480
			LOT COST OF SALES				6,957			3,231			1,368			1,366			5,965
				TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES			7,309			3,231			1,368			1,846			6,445
	TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES						2,143			0			0			1,947			1,947
		RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED					3,960			697			244			2,934			3,875
	SUMMARY:
			TRACT SALES NET OF COS - WHOLLY OWNED				2,338			0			0			2,067			2,067
			LOT SALES NET OF COS - WHOLLY OWNED				1,622			697			244			867			1,808
				TOTAL WHOLLY OWNED SALES, NET			3,960			697			244			2,934			3,875
	SHARE OF UNCONSOLIDATED JOINT VENTURES:
			TRACT SALES LESS COST OF SALES				671			0			430			42			472
			LOT SALES LESS COST OF SALES				1,281			544			822			822			2,188
			OTHER - JOINT VENTURE				(3	)		(31	)		(27	)		(46	)		(104	)
					TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES		1,949			513			1,225			818			2,556
				TOTAL RESIDENTIAL/LAND DIVISION			5,909			1,210			1,469			3,752			6,431

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, percentage and ratios)

	RECONCILIATIONS				1999			2000			2001			2002 1st		2002 2nd		2002 3rd		2002 4th
(J)	DEPRECIATION AND AMORTIZATION:
	REAL ESTATE RELATED:
		CONSOLIDATED				13,960			27,410			36,572			9,919		11,232		13,452		11,282
		DISCONTINUED OPERATIONS				1,959			4,276			5,914			1,573		1,583		1,674		1,524
						15,919			31,686			42,486			11,492		12,815		15,126		12,806
		SHARE OF JOINT VENTURES				20,076			15,542			16,400			4,274		4,559		4,490		5,217
			TOTAL REAL ESTATE RELATED			35,995			47,228			58,886			15,766		17,374		19,616		18,023
	NON-REAL ESTATE RELATED:
		CONSOLIDATED				940			1,099			2,166			528		532		546		542
		DISCONTINUED OPERATIONS				—			—			—			—		—		—		—
						940			1,099			2,166			528		532		546		542
		SHARE OF JOINT VENTURES				137			231			53			3		2		2		2
			TOTAL NON-REAL ESTATE RELATED			1,077			1,330			2,219			531		534		548		544
			TOTAL DEPRECIATION AND AMORTIZATION			37,072			48,558			61,105			16,297		17,908		20,164		18,567
	SUMMARY:
		CONSOLIDATED				14,900			28,509			38,738			10,447		11,764		13,998		11,824
		DISCONTINUED OPERATIONS				1,959			4,276			5,914			1,573		1,583		1,674		1,524
						16,859			32,785			44,652			12,020		13,347		15,672		13,348
		SHARE OF JOINT VENTURES				20,213			15,773			16,453			4,277		4,561		4,492		5,219
			TOTAL DEPRECIATION AND AMORTIZATION			37,072			48,558			61,105			16,297		17,908		20,164		18,567
		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
	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
				SHARE OF JOINT VENTURES		19,229			14,825			15,656			4,084		4,372		4,275		5,031
						34,100			45,227			54,178			14,816		16,835		18,797		17,227
			TENANT SECOND GENERATION:
				CONSOLIDATED		1,048			1,284			3,964			760		352		604		610
				SHARE OF JOINT VENTURES		847			717			744			190		187		215		186
						1,895			2,001			4,708			950		539		819		796
				TOTAL REAL ESTATE RELATED		35,995			47,228			58,886			15,766		17,374		19,616		18,023
		NON-REAL ESTATE RELATED:
			FURNITURE, FIXTURES AND EQUIPMENT:
				CONSOLIDATED		640			799			1,485			522		526		539		535
				SHARE OF JOINT VENTURES		101			231			53			3		2		2		2
						741			1,030			1,538			525		528		541		537
			GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
				CONSOLIDATED		300			300			681			6		6		7		7
				SHARE OF JOINT VENTURES		36			0			0			0		0		0		0
						336			300			681			6		6		7		7
				TOTAL NON-REAL ESTATE RELATED		1,077			1,330			2,219			531		534		548		544
		TOTAL DEPRECIATION & AMORTIZATION				37,072			48,558			61,105			16,297		17,908		20,164		18,567

[Additional columns below]

[Continued from above table, first column(s) repeated]

	RECONCILIATIONS				2002		2003 1st		2003 2nd		2003 3rd		2003
(J)	DEPRECIATION AND AMORTIZATION:
	REAL ESTATE RELATED:
		CONSOLIDATED				45,885		14,054		12,440		12,183		38,677
		DISCONTINUED OPERATIONS				6,354		1,451		376		44		1,871
						52,239		15,505		12,816		12,227		40,548
		SHARE OF JOINT VENTURES				18,540		4,432		4,680		4,650		13,762
			TOTAL REAL ESTATE RELATED			70,779		19,937		17,496		16,877		54,310
	NON-REAL ESTATE RELATED:
		CONSOLIDATED				2,148		571		602		668		1,841
		DISCONTINUED OPERATIONS				—		—		—		—		—
						2,148		571		602		668		1,841
		SHARE OF JOINT VENTURES				9		8		9		9		26
			TOTAL NON-REAL ESTATE RELATED			2,157		579		611		677		1,867
			TOTAL DEPRECIATION AND AMORTIZATION			72,936		20,516		18,107		17,554		56,177
	SUMMARY:
		CONSOLIDATED				48,033		14,625		13,042		12,851		40,518
		DISCONTINUED OPERATIONS				6,354		1,451		376		44		1,871
						54,387		16,076		13,418		12,895		42,389
		SHARE OF JOINT VENTURES				18,549		4,440		4,689		4,659		13,788
			TOTAL DEPRECIATION AND AMORTIZATION			72,936		20,516		18,107		17,554		56,177
		MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION				—		—		—		—		—
		TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE				72,936		20,516		18,107		17,554		56,177
	SUMMARY BY TYPE:
		REAL ESTATE RELATED:
			BUILDING (INCLUDING TENANT FIRST GENERATION):
				CONSOLIDATED		49,913		14,904		12,190		11,633		38,727
				SHARE OF JOINT VENTURES		17,762		4,182		4,230		4,232		12,644
						67,675		19,086		16,420		15,865		51,371
			TENANT SECOND GENERATION:
				CONSOLIDATED		2,326		601		626		594		1,821
				SHARE OF JOINT VENTURES		778		250		450		418		1,118
						3,104		851		1,076		1,012		2,939
				TOTAL REAL ESTATE RELATED		70,779		19,937		17,496		16,877		54,310
		NON-REAL ESTATE RELATED:
			FURNITURE, FIXTURES AND EQUIPMENT:
				CONSOLIDATED		2,122		565		596		661		1,822
				SHARE OF JOINT VENTURES		9		8		9		9		26
						2,131		573		605		670		1,848
			GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
				CONSOLIDATED		26		6		6		7		19
				SHARE OF JOINT VENTURES		0		0		0		0		0
						26		6		6		7		19
				TOTAL NON-REAL ESTATE RELATED		2,157		579		611		677		1,867
		TOTAL DEPRECIATION & AMORTIZATION				72,936		20,516		18,107		17,554		56,177

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			0		0
			RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY 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 Disclosures” 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 Available to Common Stockholders” (“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 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.

     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.

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.

     “2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at 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, ground lease rental payments and preferred stock dividends. 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.

     “Value Creation” is defined as the value or sales price of a property less any applicable closing costs and less the GAAP cost of the property before deducting accumulated depreciation and excluding any straight line rent receivable, all as of the measurement date. Value Creation is useful in determining the economic gain or loss inherent in a property. For example, to the extent that GAAP depreciation is recorded against an asset when the asset has in fact appreciated, it is helpful to eliminate this portion of the GAAP gain in order to reflect the true economic gain. As such, Value Creation is useful to investors as a measure of a company’s ability to create value by developing or acquiring an investment which has a fair market value in excess of the cost incurred by the company to create the investment. Company management considers Value Creation a key objective and core competency of the Company and uses this as an additional measure in assessing performance of the Company and its officers and employees.

Page 3 of 3

Cousins Properties Incorporated
DEVELOPMENT PIPELEINE (1)(2)
As of September 30, 2003

				Leased
		Total		GLA (%)			Venture		Cousins’
Project		GLA		(fully executed)			Partner		Ownership %
Office
Frost Bank Tower			525,000		52	%		N/A		100	%
(Austin, TX)
	SUBTOTAL		525,000
Retail
The Avenue West Cobb			205,000		88	%		N/A		100	%
(Atlanta, GA)
The Shops of Lake Tuscaloosa			62,000		77	%		N/A		100	%
(Tuscaloosa, AL)
	SUBTOTAL		267,000
	TOTAL		792,000

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Approximate		Cousins’		Cousins’		Projected Dates
		Total Cost		Share of		Investment		for Completion and
Project		(000s)		Total Costs		@ 9/30/03		Fully Operational
Office
Frost Bank Tower		$	143,100	$	143,100	$	96,971	const. - 4Q-03
(Austin, TX)								fully operational 1Q-05
	SUBTOTAL		143,100		143,100		96,971
Retail
The Avenue West Cobb			37,700		37,700		25,520	const. - 4Q-03
(Atlanta, GA)								fully operational 4Q-04
The Shops of Lake Tuscaloosa			8,200		8,200		5,051	const. - 4Q-03
(Tuscaloosa, AL)								fully operational 2Q-04
	SUBTOTAL		45,900		45,900		30,571
	TOTAL	$	189,000	$	189,000	$	127,542

(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.
(2)	The Company has a 10% interest in Deerfield Towne Center, a 371,000 square foot retail project currently under construction in Deerfield, Ohio. The Company has no capital invested in the project but is entitled to receive 10% of the operating income and 10% of any distributions on sale.
	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.

Page 1 of 1

COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except share and per share amounts)

				September 30,			December 31,
				2003			2002
				(Unaudited)
ASSETS
PROPERTIES:
	Operating properties, net of accumulated depreciation of $162,166 as of September 30, 2003 and $155,100 as of December 31, 2002			$	671,978		$	757,329
	Land held for investment or future development				16,659			16,632
	Projects under construction				127,542			171,135
	Residential lots under development				23,678			20,100
		Total properties			839,857			965,196
CASH AND CASH EQUIVALENTS, at cost which approximates market					50,540			9,471
NOTES AND OTHER RECEIVABLES					20,842			50,607
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES					184,019			185,516
OTHER ASSETS, including goodwill of $15,696 in 2003 and $15,612 in 2002					41,616			37,287
			TOTAL ASSETS	$	1,136,874		$	1,248,077
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE				$	478,134		$	669,792
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES					37,954			35,445
DEPOSITS AND DEFERRED INCOME					4,111			3,429
MINORITY INTERESTS					19,166			—
			TOTAL LIABILITIES		539,365			708,666
MINORITY INTERESTS					64			26,959
DEFERRED GAIN					11,464			103,568
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ INVESTMENT:
	7.75% Series A cumulative redeemable preferred stock, $1 par value, $25.00 liquidation value, 4,000,000 and 0 shares authorized and issued				100,000			—
	Common stock, $1 par value, authorized 150,000,000 shares, issued 51,263,504 and 50,843,835 shares				51,263			50,844
	Additional paid-in capital				292,320			288,172
	Treasury stock at cost, 2,691,582 and 2,457,482 shares				(64,894	)		(59,356	)
	Unearned compensation				(2,042	)		(2,647	)
	Cumulative undistributed net income				209,334			131,871
			TOTAL STOCKHOLDERS’ INVESTMENT		585,981			408,884
			TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,136,874		$	1,248,077

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

											Percent
											Leased
											(Fully Executed)
								Company’s
				Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description			Area	State	Square Feet		Interest			(6/30/03)			(9/30/03)
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	%		96	%		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	%		85	%
	The Pinnacle			Atlanta			424,000		50.00	%		97	%		98	%
	One Georgia Center			Atlanta			363,000		88.50	%		80	%		79	%
	1155 Perimeter Center West			Atlanta			362,000		50.00	%		99	%		99	%
	2500 Windy Ridge Parkway			Atlanta			316,000		50.00	%		99	%		99	%
	Two Live Oak Center			Atlanta			279,000		50.00	%		85	%		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	%
	555 North Point Center East			Atlanta			152,000		100.00	%		51	%		53	%
	615 Peachtree Street			Atlanta			148,000		100.00	%		88	%		89	%
	200 North Point Center East			Atlanta			130,000		11.50	%		37	%		37	%
	333 North Point Center East			Atlanta			129,000		100.00	%		47	%		48	%
	100 North Point Center East			Atlanta			128,000		11.50	%		69	%		64	%
	3301 Windy Ridge Parkway			Atlanta			107,000		100.00	%		100	%		100	%
					Georgia		8,293,000
	Lakeshore Park Plaza			Birmingham			190,000		100.00	%		80	%		84	%	(a)
	Grandview II			Birmingham			149,000		11.50	%		100	%		100	%
	600 University Park Place			Birmingham			123,000		100.00	%		99	%		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	%		67	%		67	%
					North Carolina		1,915,000
	Frost Bank Tower			Austin			525,000		100.00	%		46	%		52	%	(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	%		90	%		96	%
					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	%		90	%		94	%
	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	%		88	%		85	%	(a)
	55 Second Street			San Francisco			379,000		100.00	%		51	%		55	%	(a)
					California		766,000
		Total Commercial Office					12,994,000					90	%		91	%	(c)
	B. Medical Office
	Emory Crawford Long Medical Office Tower			Atlanta			358,000		50.00	%		87	%		87	%
	Northside/Alpharetta II			Atlanta			198,000		100.00	%		74	%		79	%
	Meridian Mark Plaza			Atlanta			160,000		100.00	%		100	%		100	%
	Northside/Alpharetta I			Atlanta			103,000		100.00	%		98	%		94	%
	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					89	%		90	%	(c)
			TOTAL OFFICE				13,933,000					90	%		91	%	(c)

Page 1 of 2

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

										Percent
										Leased
										(Fully Executed)
							Company’s
			Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description		Area	State	Square Feet		Interest			(6/30/03)			(9/30/03)
II.	RETAIL
	North Point MarketCenter		Atlanta			401,000		11.50	%		100	%		100	%
	The Avenue East Cobb		Atlanta			225,000		100.00	%		98	%		100	%
	The Avenue West Cobb		Atlanta			205,000		100.00	%		61	%		88	%	(b)
	The Avenue Peachtree City		Atlanta			169,000		88.50	%		100	%		98	%	(d)
	Mansell Crossing Phase II		Atlanta			103,000		11.50	%		100	%		100	%
				Georgia		1,103,000
	The Avenue of the Peninsula		Rolling Hills Estates			374,000		100.00	%		87	%		87	%
	Los Altos MarketCenter		Long Beach			157,000		11.50	%		99	%		100	%
				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	%		77	%	(b)
	Greenbrier MarketCenter		Chesapeake	Virginia		376,000		11.50	%		100	%		100	%
		Total Retail (e)				2,152,000					93	%		93	%	(c)
		TOTAL PORTFOLIO				16,085,000					91	%		91	%	(c)

				100%		Weighted		%
SUMMARY BY TYPE
	Commercial Office				12,994,000		8,014,000		81	%
	Medical Office				939,000		699,000		7	%
		Subtotal			13,933,000		8,713,000		88	%
	Retail				2,152,000		1,175,000		12	%
			Total		16,085,000		9,888,000		100	%
SUMMARY BY STATE
	Georgia				10,266,000		5,884,000		60	%
	California				1,297,000		1,158,000		12	%
	North Carolina				1,984,000		1,104,000		11	%
	Texas				1,084,000		905,000		9	%
	Alabama				524,000		392,000		4	%
	Washington D.C.				474,000		362,000		4	%
	Virginia				376,000		43,000		0	%
	Florida				80,000		40,000		0	%
			Total		16,085,000		9,888,000		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.
(e)	The Company has a 10% interest in Deerfield Towne Center, a 371,000 square foot retail project currently under construction in Deerfield, Ohio. The Company has no capital invested in the project but is entitled to receive 10% of the operating income and 10% of any distributions on sale.

Page 2 of 2

Cousins Properties Incorporated
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of September 30, 2003

		Percentage of			Average
		Total Portfolio			Remaining
		at the Company’s			Lease Term
Tenant(1)		Share (2)			(years)
1. Bank of America			12.8	%		9.4
2. IBM			4.9	%		3.4
3. BellSouth			3.1	%		6.0
4. Mirant Corporation			2.0	%		11.7
5. Charles Schwab & Co., Inc.			2.0	%		8.4
6. Northside Hospital			2.0	%		10.3
7. General Electric Company			1.8	%		8.6
8. Thelen, Reid & Priest LLP			1.5	%		8.5
9. Paul Hastings			1.5	%		11.5
10. Ernst & Young U.S. LLP			1.4	%		3.1
11. Georgia Lottery Corporation			1.4	%		9.8
12. Georgia Pacific Corporation			1.4	%		9.3
13. A.T. Kearney, Inc.			1.3	%		5.6
14. AGL Services Company			1.3	%		9.5
15. Coca-Cola Enterprises Inc.			1.3	%		15.1
16. Troutman Sanders LLP			1.2	%		3.7
17. Booz-Allen Hamilton			1.2	%		7.3
18. Infinity Insurance Company			1.2	%		1.3
19. Internap Network Services			1.2	%		16.6
20. Indus International, Inc.			1.2	%		8.5
21. Lockwood Greene Engineers			1.1	%		3.5
22. Bombardier Aerospace Corporation			1.1	%		9.4
23. Robinson Bradshaw & Hinson			1.0	%		11.3
24. SouthTrust Bank of Georgia			1.0	%		0.5
25. Norfolk & Southern			0.9	%		1.0
	Total leased square feet of Top 25 Largest Tenants		50.8	%		7.9

(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.

Page 1 of 1

Cousins Properties Incorporated
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of September 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		68		N/A		100	%
		Office and Commercial		32	IBM			50	%
North Point Land
	(Georgia Highway 400 & Haynes Bridge Road) (3)
	Suburban Atlanta, GA
		Office and Commercial-East Side		13		N/A		100	%
		Office and Commercial-West Side (4)		216		N/A		100	%
Ridenour
	West Cobb County
	Suburban Atlanta, GA
		Office and Commercial		8		N/A		100	%
Salem Road Station
	Suburban Atlanta, GA
		Retail Outparcel		2		N/A		100	%
Temco Associates
	Paulding County
	Suburban Atlanta, GA
		Residential and Commercial	See Note (5)		Temple-Inland Inc. (6)			50	%

(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:

	Nine Months		Year Ended December 31,
	Ended
	9/30/03		2002		2001		2000
Acres purchased and simultaneously sold		97		607		359		461
Acres purchased and held under option for third parties		—		78		128		—
Acres held under option subsequently sold		10		—		—		—
Acres purchased by Temco for residential developments		—		910		—		260
Acres purchased for sale or future development		—		—		—		13
Total option acres exercised		107		1,595		487		734

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

Page 1 of 1

Cousins Properties Incorporated
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 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		51		17		110		246		661
	Fulton County Suburban Atlanta, GA
Longleaf at Callaway (2)				2003		5		138		59		0		3		3		135
	Harris County Pine Mountain, GA
River’s Call				2000		10		107		47		9		12		22		85
	East Cobb County Suburban Atlanta, GA
		Total 100% owned						1,152		157		26		125		271		881
Temco Associates (50% owned) (3)
Bentwater				1999		10		1,660		275		66		259		1,106		554
	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		275		66		259		1,106		3,024

Page 1 of 2

Cousins Properties Incorporated
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 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)
Creekside Oaks				2003		6		305		0		0		0		0		305
	Manatee County Bradenton, FL
Hidden Lakes				2003		2		89		16		16		31		31		58
	Tarrant County Dallas, TX
Long Meadow Farms (37.5% owned)				2003		10		2,707		0		0		0		0		2,707
	Fort Bend County Houston, TX
Manatee River Plantation				2003		5		460		0		0		0		0		460
	Manatee County Tampa, FL
McKinney Village Park (60% owned)				2003		4		564		0		0		0		0		564
	Collin County McKinney, TX
Stillwater Canyon				2003		4		336		119		8		8		8		328
	Dallas County DeSota, TX
Stonebridge (10% owned)				2003		4		622		0		0		0		0		622
	Coweta County Newnan, GA
Summer Creek Ranch				2003		10		2,508		133		44		82		82		2,426
	Dallas County Dallas, TX
		Total CL Realty Lots						7,591		268		68		121		121		7,470
Total Lots								12,873		700		160		505		1,498		11,375
Company Share of Total Lots								5,774		429		93		315		885		4,889

(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 September 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.

Page 2 of 2

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

OFFICE

As of September 30, 2003, the Company’s office portfolio included 34 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 eight years as of September 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:

	2003			2004			2005			2006			2007			2008
Consolidated:
Square Feet Expiring (1)		38,419			151,627			338,356			378,015			131,928			424,153
% of Leased Space		1	%		5	%		10	%		12	%		4	%		13	%
Annual Contractual Rent (000’s) (3)	$	409		$	2,567		$	5,712		$	5,871		$	2,151		$	8,643
Annual Contractual Rent/Sq. Ft. (3)	$	10.65		$	16.93		$	16.88		$	15.53		$	16.30		$	20.38
Joint Venture:
Square Feet Expiring (1)		108,417			360,412			497,184			613,773			659,366			206,724
% of Leased Space		2	%		5	%		7	%		9	%		9	%		3	%
Annual Contractual Rent (000’s) (3)	$	1,894		$	4,584		$	8,394		$	10,999		$	16,217		$	3,416
Annual Contractual Rent/Sq. Ft. (3)	$	17.47		$	12.72		$	16.88		$	17.92		$	24.59		$	16.52
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring (1)		93,028			398,260			550,567			666,354			438,981			513,208
% of Leased Space		1	%		6	%		8	%		10	%		6	%		8	%
Annual Contractual Rent (000’s) (3)	$	1,360		$	5,308		$	9,268		$	11,014		$	9,829		$	10,115
Annual Contractual Rent/Sq. Ft. (3)	$	14.62		$	13.33		$	16.83		$	16.53		$	22.39		$	19.71

[Additional columns below]

[Continued from above table, first column(s) repeated]

										2012
										&
	2009			2010			2011			Thereafter			Total
Consolidated:
Square Feet Expiring (1)		567,417			274,510			57,286			913,983			3,275,694	(2)
% of Leased Space		17	%		8	%		2	%		28	%		100	%
Annual Contractual Rent (000’s) (3)	$	9,899		$	7,666		$	1,193		$	25,507		$	69,618
Annual Contractual Rent/Sq. Ft. (3)	$	17.45		$	27.93		$	20.83		$	27.91		$	21.25
Joint Venture:
Square Feet Expiring (1)		477,646			170,450			244,171			3,647,972			6,986,115	(4)
% of Leased Space		7	%		2	%		4	%		52	%		100	%
Annual Contractual Rent (000’s) (3)	$	10,448		$	3,990		$	4,868		$	77,311		$	142,121
Annual Contractual Rent/Sq. Ft. (3)	$	21.87		$	23.41		$	19.94		$	21.19		$	20.34
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring (1)		801,631			329,612			182,826			2,713,944			6,688,411
% of Leased Space		12	%		5	%		3	%		41	%		100	%
Annual Contractual Rent (000’s) (3)	$	15,033		$	9,076		$	3,629		$	63,730		$	138,362
Annual Contractual Rent/Sq. Ft. (3)	$	18.75		$	27.53		$	19.85		$	23.48		$	20.69

(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 September 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 September 30, 2003 out of approximately 7,484,000 total rentable square feet.

Page 1 of 3

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

MEDICAL OFFICE

As of September 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 nine years as of September 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:

	2003			2004			2005			2006			2007			2008
Consolidated:
Square Feet Expiring		7,786			30,579			23,836			9,534			32,538			38,255
% of Leased Space		2	%		7	%		5	%		2	%		7	%		8	%
Annual Contractual Rent (000’s) (2)	$	144		$	594		$	407		$	170		$	687		$	853
Annual Contractual Rent/Sq. Ft. (2)	$	18.43		$	19.43		$	17.09		$	17.86		$	21.10		$	22.31
Joint Venture:
Square Feet Expiring		3,818			0			3,445			0			68,996			1,017
% of Leased Space		1	%		0	%		1	%		0	%		19	%		0	%
Annual Contractual Rent (000’s) (2)	$	90			0		$	56			0		$	1,263		$	20
Annual Contractual Rent/Sq. Ft. (2)	$	23.49			0		$	16.40			0		$	18.31		$	19.87
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		9,695			30,579			24,232			9,534			57,505			38,764
% of Leased Space		2	%		5	%		4	%		1	%		9	%		6	%
Annual Contractual Rent (000’s) (2)	$	188		$	594		$	414		$	170		$	1,159		$	863
Annual Contractual Rent/Sq. Ft. (2)	$	19.43		$	19.43		$	17.08		$	17.86		$	20.15		$	22.27

[Additional columns below]

[Continued from above table, first column(s) repeated]

										2012
										&
	2009			2010			2011			Thereafter			Total
Consolidated:
Square Feet Expiring		131,276			14,788			30,354			146,207			465,153	(1)
% of Leased Space		28	%		3	%		7	%		31	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,657		$	297		$	810		$	3,411		$	10,030
Annual Contractual Rent/Sq. Ft. (2)	$	20.24		$	20.06		$	26.68		$	23.33		$	21.56
Joint Venture:
Square Feet Expiring		27,269			4,665			2,354			263,523			375,087	(3)
% of Leased Space		7	%		1	%		1	%		70	%		100	%
Annual Contractual Rent (000’s) (2)	$	609		$	101		$	52		$	6,170		$	8,361
Annual Contractual Rent/Sq. Ft. (2)	$	22.34		$	21.65		$	21.99		$	23.41		$	22.29
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		144,911			17,121			31,531			262,375			626,247
% of Leased Space		23	%		3	%		5	%		42	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,962		$	347		$	836		$	6,198		$	13,731
Annual Contractual Rent/Sq. Ft. (2)	$	20.44		$	20.27		$	26.51		$	23.62		$	21.93

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

Page 2 of 3

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

RETAIL

As of September 30, 2003, the Company’s retail portfolio included eight 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 eight years as of September 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:

	2003			2004			2005			2006			2007			2008
Consolidated:
Square Feet Expiring		17,487			26,610			82,984			65,007			14,568			1,941
% of Leased Space		3	%		5	%		15	%		12	%		3	%		0	%
Annual Contractual Rent (000’s) (2)	$	145		$	602		$	2,251		$	1,649		$	191		$	36
Annual Contractual Rent/Sq. Ft. (2)	$	8.28		$	22.64		$	27.12		$	25.36		$	13.13		$	18.67
Joint Venture:
Square Feet Expiring		0			30,600			50,695			167,790			81,228			51,721
% of Leased Space		0	%		3	%		4	%		13	%		7	%		4	%
Annual Contractual Rent (000’s) (2)		0		$	631		$	722		$	2,298		$	1,747		$	1,041
Annual Contractual Rent/Sq. Ft. (2)		0		$	20.61		$	14.25		$	13.70		$	21.51		$	20.12
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		17,487			30,704			90,354			104,532			48,211			42,540
% of Leased Space		2	%		4	%		11	%		12	%		6	%		5	%
Annual Contractual Rent (000’s) (2)	$	145		$	689		$	2,369		$	2,424		$	962		$	856
Annual Contractual Rent /Sq. Ft. (2)	$	8.28		$	22.45		$	26.22		$	23.19		$	19.95		$	20.12

[Additional columns below]

[Continued from above table, first column(s) repeated]

										2012
										&
	2009			2010			2011			Thereafter			Total
Consolidated:
Square Feet Expiring		18,311			82,878			52,406			189,371			551,563	(1)
% of Leased Space		3	%		15	%		10	%		34	%		100	%
Annual Contractual Rent (000’s) (2)	$	608		$	2,146		$	1,188		$	3,926		$	12,742
Annual Contractual Rent/Sq. Ft. (2)	$	33.19		$	25.89		$	22.67		$	20.73		$	23.10
Joint Venture:
Square Feet Expiring		39,155			99,328			142,866			597,709			1,261,092	(3)
% of Leased Space		3	%		8	%		11	%		47	%		100	%
Annual Contractual Rent (000’s) (2)	$	561		$	1,063		$	2,186		$	9,645		$	19,894
Annual Contractual Rent/Sq. Ft. (2)	$	14.33		$	10.70		$	15.30		$	16.14		$	15.78
Total (including Company’s share of Joint Venture Properties):
Square Feet Expiring		27,891			97,090			77,554			310,381			846,744
% of Leased Space		3	%		11	%		9	%		37	%		100	%
Annual Contractual Rent (000’s) (2)	$	804		$	2,317		$	1,697		$	6,174		$	18,437
Annual Contractual Rent /Sq. Ft. (2)	$	28.81		$	23.87		$	21.88		$	19.89		$	21.77

(1)	Gross leasable area leased as of September 30, 2003 out of approximately 599,000 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 September 30, 2003 out of approximately 1,286,000 total gross leasable area.

Page 3 of 3

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003
(In thousands)

			Discontinued Operations
			Office			Retail
						Mira Mesa			Presidential			Perimeter
			Cerritos			MarketCenter			MarketCenter			Expo			Total
Sales Price			$	79,150		$	87,000		$	47,238		$	45,250		$	258,638
Closing costs				(933	)		(2,229	)		(843	)		(874	)		(4,879	)
Cost of property				(75,558	)		(51,673	)		(30,147	)		(20,253	)		(177,631	)
Value Creation				2,659			33,098			16,248			24,123			76,128
Recognition of deferred gain (1)				—			—			—			—			—
Straight-line rent receivable				(3,566	)		—			—			(175	)		(3,741	)
Accumulated depreciation				9,857			4,212			6,220			4,059			24,348
Minority interest				—			(2,292	)		—			—			(2,292	)
Provision for income taxes				—			—			—			(1,045	)		(1,045	)
Gain on Sale of Investment Properties, Net of Applicable Income Tax Provision (GAAP - Consolidated)				8,950			35,018			22,468			26,962			93,398
Tax Adjustments:
	Recognition of deferred gain			—			—			—			—			—
	Straight-line rent receivable			3,566			—			—			175			3,741
	Closing costs			—			700			—			—			700
	Cost of property and accumulated depreciation			4,995			3,310			3,654			29			11,988
	Minority interest			—			(826	)		—						(826	)
	CREC share of gain, net of provision for income taxes (2)			—			—			—			(1,776	)		(1,776	)
		Total Tax Adjustments		8,561			3,184			3,654			(1,572	)		13,827
Cousins Properties (REIT) Tax Gain			$	17,511		$	38,202		$	26,122		$	25,390		$	107,225

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Continuing Operations
			Land
			Wildwood			Deferred						Total
			Land			Gain (1)			Total			Gains
Sales Price			$	2,500		$	—		$	2,500		$	261,138
Closing costs				(13	)		—			(13	)		(4,892	)
Cost of property				(540	)		—			(540	)		(178,171	)
Value Creation				1,947			—			1,947			78,075
Recognition of deferred gain (1)				—			92,190			92,190			92,190
Straight-line rent receivable				—			—			—			(3,741	)
Accumulated depreciation				—			—			—			24,348
Minority interest				—			—			—			(2,292	)
Provision for income taxes				—			—			—			(1,045	)
Gain on Sale of Investment Properties, Net of Applicable Income Tax Provision (GAAP - Consolidated)				1,947			92,190			94,137			187,535
Tax Adjustments:
	Recognition of deferred gain			—			(92,190	)		(92,190	)		(92,190	)
	Straight-line rent receivable			—			—			—			3,741
	Closing costs			—			—			—			700
	Cost of property and accumulated depreciation			(114	)		—			(114	)		11,874
	Minority interest			—			—			—			(826	)
	CREC share of gain, net of provision for income taxes (2)						—			—			(1,776	)
		Total Tax Adjustments		(114	)		(92,190	)		(92,304	)		(78,477	)
Cousins Properties (REIT) Tax Gain			$	1,833		$	—		$	1,833		$	109,058

(1)	Recognition of deferred gain on contribution of properties to CP Venture entities in 1998, for financial reporting purposes only. See Note 6 to “Notes to Consolidated Financial Statements” included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003.
(2)	Elimination of gain associated with Cousins Real Estate Corporation (“CREC”), a taxable entity consolidated with Cousins Properties Incorporated for financial reporting purposes. See Notes 1 and 2 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002.

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EX-99.1

EX-99.1 Press Release Dated October 27, 2003

EX-99.2

EX-99.2 Supplemental Information