Exhibit 99.2

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended September 30, 2004

II. Quarterly Supplemental Information

Net Income and Funds From Operations – Supplemental Detail

Same Property Growth

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

Summary of 2004 Office Asset Sales

Reconciliations of Non-GAAP Financial Measures

Discussion of Non-GAAP Financial Measures

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 and local 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 Company’s Current Report on Form 8-K filed on December 10, 2003. 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
(In thousands, except per share amounts, percentages and ratios)

			2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
		NET INCOME AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)		62,043			70,815			47,872			27,594			143,500			59,190			8,519
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”) - (See Page 5)		97,299			108,122			113,366			46,528			27,028			25,450			25,959
		WEIGHTED AVERAGE COMMON SHARES		48,632			49,205			49,252			48,135			48,267			48,370			48,474
		DILUTED WEIGHTED AVERAGE COMMON SHARES		49,731			50,280			49,937			48,780			49,228			49,643			50,068
		NET INCOME PER COMMON SHARE - BASIC		1.28			1.44			0.97			0.57			2.97			1.22			0.18
		NET INCOME PER COMMON SHARE - DILUTED		1.25			1.41			0.96			0.57			2.92			1.19			0.17
		FFO PER COMMON SHARE - BASIC		2.00			2.20			2.30			0.97			0.56			0.53			0.54
		FFO PER COMMON SHARE - DILUTED		1.96			2.15			2.27			0.95			0.55			0.51			0.52
(A	)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		4,810			6,073			12,988			4,358			1,916			2,324			5,909
		REGULAR COMMON DIVIDENDS		60,315			68,595			73,345			17,834			17,919			17,945			17,996
		SPECIAL COMMON DIVIDEND		—			—			—			—			—			100,544			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.24			1.39			1.48			0.37			0.37			0.37			0.37
		SPECIAL COMMON DIVIDEND PER SHARE		—			—			—			—			—			2.07			—
		COMMON STOCK PRICE AT PERIOD END		27.9375			24.36			24.70			25.85			27.90			27.75			30.60
		NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		49,211			49,425			48,386			48,343			48,491			48,572			48,835
		PREFERRED STOCK PRICE AT PERIOD END		—			—			—			—			—			25.39			27.25
		NUMBER OF PREFERRED SHARES OUTSTANDING AT PERIOD END		—			—			—			—			—			4,000			4,000
		COMMON EQUITY MARKET CAPITALIZATION		1,374,832			1,203,993			1,195,134			1,249,667			1,352,899			1,347,873			1,494,351
		PREFERRED EQUITY MARKET CAPITALIZATION		—			—			—			—			—			101,560			109,000
(B	)	ADJUSTED DEBT (1)		671,068			766,503			844,880			859,595			724,437			679,237			697,050
		TOTAL MARKET CAPITALIZATION		2,045,900			1,970,496			2,040,014			2,109,261			2,077,336			2,128,670			2,300,401
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		39	%		41	%		41	%		35	%		32	%		30	%
(B	)	RECOURSE DEBT (1)		174,522			154,018			160,443			178,239			18,842			20,783			20,697
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		9	%		8	%		8	%		8	%		1	%		1	%		1	%
		COMMON EQUITY MARKET CAPITALIZATION		1,374,832			1,203,993			1,195,134			1,249,667			1,352,899			1,347,873			1,494,351
		PREFERRED EQUITY MARKET CAPITALIZATION		—			—			—			—			—			101,560			109,000
(B	)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		741,377			861,188			935,646			949,340			813,148			766,895			783,638
		TOTAL MARKET CAPITALIZATION		2,116,209			2,065,181			2,130,780			2,199,007			2,166,047			2,216,328			2,386,989
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		35	%		42	%		44	%		43	%		38	%		35	%		33	%
(C	)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		27,907			41,546			50,631			13,000			12,339			10,461			9,974
		FFO BEFORE INTEREST		125,206			149,668			163,997			59,528			39,367			35,911			35,933
		INTEREST EXPENSE COVERAGE RATIO		4.49			3.60			3.24			4.58			3.19			3.43			3.60
(D	)	FIXED CHARGES (excluding preferred dividends)(1)		37,052			52,588			65,254			16,329			15,798			13,924			13,529
		FFO PLUS EXPENSED FIXED CHARGES (excluding preferred dividends)		125,365			150,293			164,848			59,745			39,578			35,997			36,018
		FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		3.38			2.86			2.53			3.66			2.51			2.59			2.66
(D	)	FIXED CHARGES (including preferred dividends)(1)		37,052			52,588			65,254			16,329			15,798			15,345			15,466
		FFO PLUS EXPENSED FIXED CHARGES (including preferred dividends)		125,365			150,293			164,848			59,745			39,578			37,418			37,955
		FIXED CHARGE COVERAGE RATIO (including preferred dividends)		3.38			2.86			2.53			3.66			2.51			2.44			2.45

[Additional columns below]

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

			2003			2004 1st			2004 2nd			2004 3rd			2004
		NET INCOME AVAILABLE TO COMMON STOCKHOLDERS - (See Page 5)		238,803			10,842			45,707			224,739			281,288
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”) - (See Page 5)		124,965			26,995			25,266			29,336			81,597
		WEIGHTED AVERAGE COMMON SHARES		48,313			48,637			48,750			49,060			48,818
		DILUTED WEIGHTED AVERAGE COMMON SHARES		49,415			50,421			50,405			50,943			50,633
		NET INCOME PER COMMON SHARE - BASIC		4.94			0.22			0.94			4.58			5.76
		NET INCOME PER COMMON SHARE - DILUTED		4.83			0.22			0.91			4.41			5.56
		FFO PER COMMON SHARE - BASIC		2.59			0.56			0.52			0.60			1.67
		FFO PER COMMON SHARE - DILUTED		2.53			0.54			0.50			0.58			1.61
(A	)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		14,507			739			1,687			9,098			11,524
		REGULAR COMMON DIVIDENDS		71,694			18,096			18,133			18,191			54,420
		SPECIAL COMMON DIVIDEND		100,544			—			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			0.37			0.37			0.37			1.11
		SPECIAL COMMON DIVIDEND PER SHARE		2.07			—			—			—			—
		COMMON STOCK PRICE AT PERIOD END		30.60			32.79			32.95			34.31			34.31
		NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		48,835			48,996			49,095			49,740			49,740
		PREFERRED STOCK PRICE AT PERIOD END		27.25			27.50			25.20			25.79			25.79
		NUMBER OF PREFERRED SHARES OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000
		COMMON EQUITY MARKET CAPITALIZATION		1,494,351			1,606,579			1,617,680			1,706,579			1,706,579
		PREFERRED EQUITY MARKET CAPITALIZATION		109,000			110,000			100,800			103,160			103,160
(B	)	ADJUSTED DEBT (1)		697,050			741,630			702,534			430,517			430,517
		TOTAL MARKET CAPITALIZATION		2,300,401			2,458,209			2,421,014			2,240,256			2,240,256
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		30	%		30	%		29	%		19	%		19	%
(B	)	RECOURSE DEBT (1)		20,697			57,555			101,269			50,365			50,365
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		1	%		2	%		4	%		2	%		2	%
		COMMON EQUITY MARKET CAPITALIZATION		1,494,351			1,606,579			1,617,680			1,706,579			1,706,579
		PREFERRED EQUITY MARKET CAPITALIZATION		109,000			110,000			100,800			103,160			103,160
(B	)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		783,638			827,172			786,931			513,792			513,792
		TOTAL MARKET CAPITALIZATION		2,386,989			2,543,751			2,505,411			2,323,531			2,323,531
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		33	%		31	%		22	%		22	%
(C	)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		45,774			10,255			10,115			7,522			27,892
		FFO BEFORE INTEREST		170,739			37,250			35,381			36,858			109,489
		INTEREST EXPENSE COVERAGE RATIO		3.73			3.63			3.50			4.90			3.93
(D	)	FIXED CHARGES (excluding preferred dividends)(1)		59,580			13,831			13,800			10,681			38,312
		FFO PLUS EXPENSED FIXED CHARGES (excluding preferred dividends)		171,338			37,340			35,518			37,003			109,861
		FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		2.88			2.70			2.57			3.46			2.87
(D	)	FIXED CHARGES (including preferred dividends)(1)		62,938			15,769			15,737			12,618			44,124
		FFO PLUS EXPENSED FIXED CHARGES (including preferred dividends)		174,696			39,278			37,455			38,940			115,673
		FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.78			2.49			2.38			3.09			2.62

See Footnotes on Page 14 Page 1 of 14

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

			2000		2001		2002		2003 1st		2003 2nd		2003 3rd		2003 4th
		CONSOLIDATED ENTITY FFO AND NET INCOME:
(E	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
		OPERATING EXPENSES (1):
		OFFICE:
		3100 WINDY HILL RD		2,632		2,688		2,693		743		764		758		723
		3301 WINDY RIDGE PARKWAY		804		1,122		1,517		380		401		386		388
		100 NORTH POINT CENTER EAST		0		0		0		0		0		0		73
		200 NORTH POINT CENTER EAST		0		0		0		0		0		0		23
		333 NORTH POINT CENTER EAST		2,287		2,410		2,447		589		434		220		205
		555 NORTH POINT CENTER EAST		1,691		2,603		2,546		401		1,364		224		249
		615 PEACHTREE STREET		1,548		1,930		1,987		490		513		488		431
		101 INDEPENDENCE CENTER		8,484		9,173		8,916		2,239		2,299		2,280		2,267
		LAKESHORE PARK PLAZA		1,346		1,351		1,113		284		324		301		322
		333 JOHN CARLYLE		2,806		3,259		3,535		884		1,469		815		784
		INFORUM		12,153		13,813		13,714		3,484		3,407		3,503		3,449
		600 UNIVERSITY PARK PLACE		401		1,631		1,757		468		456		466		481
		THE POINTS AT WATERVIEW		14		1,717		1,040		345		405		541		511
		ONE GEORGIA CENTER		336		3,822		3,438		746		742		697		758
		1900 DUKE STREET		402		2,245		2,698		694		754		702		782
		FROST BANK TOWER		0		0		0		0		0		0		0
		GALLERIA 75		0		0		0		0		0		0		0
		COLUMBUS BAZAAR		0		0		0		0		0		0		0
		SUBTOTAL		34,904		47,764		47,401		11,747		13,332		11,381		11,446
		MEDICAL OFFICE:
		ATHEROGENICS		1,083		1,114		1,134		286		293		301		301
		MERIDIAN MARK PLAZA		3,439		3,556		4,073		1,018		1,006		1,081		1,048
		SUBTOTAL		4,522		4,670		5,207		1,304		1,299		1,382		1,349
		RETAIL:
		GA 400 LAND LEASES		1,366		1,331		1,298		374		348		355		322
		COLONIAL PLAZA MARKETCENTER		4,861		746		0		0		0		0		0
		LAGUNA NIGUEL PROMENADE		488		0		0		0		0		0		0
		THE AVENUE EAST COBB		4,841		5,396		5,327		1,494		1,406		1,404		1,516
		THE AVENUE OF THE PENINSULA		1,602		2,522		4,284		2,189		668		925		790
		THE AVENUE PEACHTREE CITY		0		1,191		3,160		799		832		755		643
		THE AVENUE WEST COBB		0		0		0		0		0		0		655
		THE SHOPS OF LAKE TUSCALOOSA		0		0		0		0		0		0		18
		SUBTOTAL		13,158		11,186		14,069		4,856		3,254		3,439		3,944
		OTHER RENTAL OPERATIONS:
		OTHER		12		156		0		0		0		0		0
		SUBTOTAL		12		156		0		0		0		0		0
		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		52,596		63,776		66,677		17,907		17,885		16,202		16,739

[Additional columns below]

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

			2003		2004 1st		2004 2nd			2004 3rd			2004
		CONSOLIDATED ENTITY FFO AND NET INCOME:
(E	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
		OPERATING EXPENSES (1):
		OFFICE:
		3100 WINDY HILL RD		2,988		746		748			752			2,246
		3301 WINDY RIDGE PARKWAY		1,555		389		430			429			1,248
		100 NORTH POINT CENTER EAST		73		212		241			281			734
		200 NORTH POINT CENTER EAST		23		102		97			95			294
		333 NORTH POINT CENTER EAST		1,448		214		216			302			732
		555 NORTH POINT CENTER EAST		2,238		1,908		275			228			2,411
		615 PEACHTREE STREET		1,922		440		464			264			1,168
		101 INDEPENDENCE CENTER		9,085		2,275		2,351			647			5,273
		LAKESHORE PARK PLAZA		1,231		351		382			374			1,107
		333 JOHN CARLYLE		3,952		856		460			(3	)		1,313
		INFORUM		13,843		3,581		3,491			3,063			10,135
		600 UNIVERSITY PARK PLACE		1,871		457		460			457			1,374
		THE POINTS AT WATERVIEW		1,802		833		523			545			1,901
		ONE GEORGIA CENTER		2,943		736		332			363			1,431
		1900 DUKE STREET		2,932		742		390			(2	)		1,130
		FROST BANK TOWER		0		21		711			1,172			1,904
		GALLERIA 75		0		124		245			277			646
		COLUMBUS BAZAAR		0		0		5			(43	)		(38	)
		SUBTOTAL		47,906		13,987		11,821			9,201			35,009
		MEDICAL OFFICE:
		ATHEROGENICS		1,181		303		306			307			916
		MERIDIAN MARK PLAZA		4,153		1,044		1,059			1,065			3,168
		SUBTOTAL		5,334		1,347		1,365			1,372			4,084
		RETAIL:
		GA 400 LAND LEASES		1,399		385		365			365			1,115
		COLONIAL PLAZA MARKETCENTER		0		0		0			0			0
		LAGUNA NIGUEL PROMENADE		0		0		0			0			0
		THE AVENUE EAST COBB		5,820		1,405		1,401			1,487			4,293
		THE AVENUE OF THE PENINSULA		4,572		1,001		1,193			968			3,162
		THE AVENUE PEACHTREE CITY		3,029		993		833			749			2,575
		THE AVENUE WEST COBB		655		882		953			1,068			2,903
		THE SHOPS OF LAKE TUSCALOOSA		18		131		145			151			427
		SUBTOTAL		15,493		4,797		4,890			4,788			14,475
		OTHER RENTAL OPERATIONS:
		OTHER		0		0		(1	)		0			(1	)
		SUBTOTAL		0		0		(1	)		0			(1	)
		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		68,733		20,131		18,075			15,361			53,567

See Footnotes on Page 14 Page 2 of 14

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

		2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
(F)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	NORTHSIDE/ALPHARETTA I		1,754			1,641			1,819			389			420			412			385
	NORTHSIDE/ALPHARETTA II		1,734			2,335			2,255			596			566			475			523
	101 SECOND STREET		9,633			13,616			14,557			2,396			2,314			3,585			2,337
	55 SECOND STREET		0			0			12,724			22,344			1,545			1,558			1,626
	AT&T WIRELESS SERVICES HEADQUARTERS		5,810			5,732			5,718			1,448			1,380			0			0
	CERRITOS CORPORATE CENTER-PHASE II		0			1,415			2,322			576			552			0			0
	PRESIDENTIAL MARKETCENTER		2,755			3,451			3,731			950			972			474			0
	MIRA MESA MARKETCENTER		2,678			5,636			5,956			1,500			945			(121	)		(26	)
	PERIMETER EXPO		3,400			3,226			3,178			874			908			624			(2	)
	SALEM ROAD STATION		124			556			505			0			0			0			0
	OTHER		86			100			94			26			23			29			20
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		27,974			37,708			52,859			31,099			9,625			7,036			4,863
	RESIDENTIAL LOT/TRACT FFO:
(H)	TRACT SALES NET OF COST OF SALES - WHOLLY OWNED (1)		564			2,011			2,338			0			0			2,067			5,323
(G)(H)	TRACT SALES NET OF COST OF SALES - JOINT VENTURES (1)		773			1,098			671			0			430			42			0
	TOTAL TRACT SALES NET OF COS		1,337			3,109			3,009			0			430			2,109			5,323
(H)	LOT SALES NET OF COST OF SALES - WHOLLY OWNED (1)		2,267			772			1,622			697			244			867			995
(G)(H)	LOT SALES NET OF COST OF SALES - JOINT VENTURES (1)		0			645			1,281			544			822			822			1,240
	TOTAL LOT SALES NET OF COS		2,267			1,417			2,903			1,241			1,066			1,689			2,235
(G)(H)	INTEREST - JOINT VENTURE (1)		0			0			0			0			0			0			0
(G)(H)	OTHER - JOINT VENTURE (1)		(95	)		(23	)		(3	)		(31	)		(27	)		(46	)		(52	)
	TOTAL RESIDENTIAL LOT/TRACT FFO		3,509			4,503			5,909			1,210			1,469			3,752			7,506
	DEVELOPMENT INCOME		4,251			6,179			4,625			764			908			558			640
	MANAGEMENT FEES		4,841			7,966			9,313			2,105			2,187			2,227			2,000
	LEASING & OTHER FEES		1,608			5,344			4,297			1,111			1,234			772			3,874
	INTEREST INCOME & OTHER:
	GNMAs		5			5			13			1			(1	)		2			2
	OTHER INTEREST AND OTHER MISCELLANEOUS		773			526			254			23			496			272			(36	)
	650 MASS AVE NOTES		3,472			4,126			4,126			1,031			1,031			1,119			0
	CHARLOTTE GATEWAY VILLAGE, LLC NOTE		1,745			1,404			0			0			0			0			0
	TOTAL INTEREST INCOME		5,995			6,061			4,393			1,055			1,526			1,393			(34	)
	GENERAL & ADMINISTRATIVE EXPENSES		(18,452	)		(27,010	)		(27,670	)		(7,214	)		(7,644	)		(7,331	)		(7,417	)
	STOCK APPRECIATION RIGHT EXPENSE		(468	)		276			(29	)		0			0			0			0

[Additional columns below]

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

		2003			2004 1st			2004 2nd			2004 3rd			2004
(F)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	NORTHSIDE/ALPHARETTA I		1,606			386			411			463			1,260
	NORTHSIDE/ALPHARETTA II		2,160			579			592			605			1,776
	101 SECOND STREET		10,632			2,320			2,322			2,150			6,792
	55 SECOND STREET		27,073			1,652			1,950			1,495			5,097
	AT&T WIRELESS SERVICES HEADQUARTERS		2,828			0			0			0			0
	CERRITOS CORPORATE CENTER-PHASE II		1,128			0			0			0			0
	PRESIDENTIAL MARKETCENTER		2,396			0			0			0			0
	MIRA MESA MARKETCENTER		2,298			0			0			0			0
	PERIMETER EXPO		2,404			0			0			0			0
	SALEM ROAD STATION		0			0			0			0			0
	OTHER		98			22			0			0			22
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		52,623			4,959			5,275			4,713			14,947
	RESIDENTIAL LOT/TRACT FFO:
(H)	TRACT SALES NET OF COST OF SALES - WHOLLY OWNED (1)		7,390			1,967			1,267			8,836			12,070
(G)(H)	TRACT SALES NET OF COST OF SALES - JOINT VENTURES (1)		472			991			80			937			2,008
	TOTAL TRACT SALES NET OF COS		7,862			2,958			1,347			9,773			14,078
(H)	LOT SALES NET OF COST OF SALES - WHOLLY OWNED (1)		2,803			1,398			1,188			1,122			3,708
(G)(H)	LOT SALES NET OF COST OF SALES - JOINT VENTURES (1)		3,428			1,724			1,389			1,011			4,124
	TOTAL LOT SALES NET OF COS		6,231			3,122			2,577			2,133			7,832
(G)(H)	INTEREST - JOINT VENTURE (1)		0			(20	)		(37	)		(39	)		(96	)
(G)(H)	OTHER - JOINT VENTURE (1)		(156	)		(38	)		(7	)		(43	)		(88	)
	TOTAL RESIDENTIAL LOT/TRACT FFO		13,937			6,022			3,880			11,824			21,726
	DEVELOPMENT INCOME		2,870			512			1,045			624			2,181
	MANAGEMENT FEES		8,519			2,074			2,140			2,242			6,456
	LEASING & OTHER FEES		6,991			643			782			1,518			2,943
	INTEREST INCOME & OTHER:
	GNMAs		4			0			0			1			1
	OTHER INTEREST AND OTHER MISCELLANEOUS		755			448			107			1,093			1,648
	650 MASS AVE NOTES		3,181			0			0			0			0
	CHARLOTTE GATEWAY VILLAGE, LLC NOTE		0			0			0			0			0
	TOTAL INTEREST INCOME		3,940			448			107			1,094			1,649
	GENERAL & ADMINISTRATIVE EXPENSES		(29,606	)		(7,983	)		(8,605	)		(8,431	)		(25,019	)
	STOCK APPRECIATION RIGHT EXPENSE		0			0			0			0			0

See Footnotes on Page 14 Page 3 of 14

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

		2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
	INTEREST EXPENSE CONSOLIDATED:
	CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70%		(8,615	)		(9,910	)		(4,738	)		(1,408	)		(1,086	)		(423	)		(403	)
	CREDIT FACILITY - FLOATING @ LIBOR + .90% to 1.50%		0			0			0			0			0			0			0
	NOTE PAYABLE, UNSECURED - 8.04%		0			0			0			0			0			(141	)		(457	)
	PERIMETER EXPO DEBT - 8.04%		(1,683	)		(1,662	)		(1,637	)		(406	)		(404	)		(277	)		0
	650 MASS AVE DEBT - 6.53%		(995	)		0			0			0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.677%		(4,854	)		(4,583	)		(868	)		0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.9575%		0			0			(8,974	)		(2,792	)		(2,633	)		(2,652	)		(2,641	)
	101 INDEPENDENCE CENTER DEBT - 8.22%		(3,893	)		(3,827	)		(3,755	)		(926	)		(921	)		(916	)		(910	)
	LAKESHORE PARK PLAZA DEBT - 6.78%		(724	)		(710	)		(696	)		(172	)		(171	)		(170	)		(169	)
	MERIDIAN MARK PLAZA DEBT - 8.27%		(710	)		(2,118	)		(2,097	)		(521	)		(519	)		(518	)		(516	)
	1900 DUKE STREET & 333 JOHN CARLYLE DEBT - 7%		0			(579	)		(3,456	)		(858	)		(856	)		(854	)		(851	)
	100 NORTH POINT CENTER EAST DEBT - 7.86%		0			0			0			0			0			0			(79	)
	200 NORTH POINT CENTER EAST DEBT - 7.86%		0			0			0			0			0			0			(70	)
	333 & 555 NORTH POINT CENTER DEBT - 7%		0			(384	)		(2,282	)		(565	)		(563	)		(560	)		(558	)
	THE AVENUE EAST COBB DEBT - 8.39%		(1,464	)		(3,277	)		(3,250	)		(808	)		(806	)		(804	)		(802	)
	600 UNIVERSITY PARK DEBT - 7.38%		0			(492	)		(1,042	)		(259	)		(258	)		(257	)		(258	)
	CEDAR GROVE LAKES DEBT - 8%		0			0			(148	)		(29	)		(29	)		58			0
	CALLAWAY GARDENS DEBT - 6%		0			0			(13	)		(26	)		40			0			0
	OTHER		(27	)		(22	)		(19	)		(14	)		(15	)		(13	)		(13	)
	CAPITALIZED		15,285			9,712			5,934			1,567			1,858			2,944			3,314
	TOTAL INTEREST EXPENSE CONSOLIDATED		(7,680	)		(17,852	)		(27,041	)		(7,217	)		(6,363	)		(4,583	)		(4,413	)
	LOSS ON EXTINGUISHMENT OF DEBT		0			0			(3,501	)		0			0			0			0
	OTHER EXPENSES - CONTINUING OPERATIONS:
	PROPERTY TAXES		(40	)		(619	)		(675	)		(185	)		(218	)		(149	)		(216	)
	MINORITY INTEREST EXPENSE		(2,931	)		(1,553	)		(1,589	)		(482	)		(328	)		(397	)		(406	)
	PREDEVELOPMENT & OTHER		(646	)		(708	)		(1,558	)		(420	)		(518	)		(181	)		(558	)
	TOTAL OTHER EXPENSES		(3,617	)		(2,880	)		(3,822	)		(1,087	)		(1,064	)		(727	)		(1,180	)
(F)	OTHER EXPENSES - DISCONTINUED OPERATIONS:
	INTEREST EXPENSE		(5,916	)		(9,758	)		(10,382	)		(2,572	)		(2,571	)		(2,293	)		(2,023	)
	MINORITY INTEREST EXPENSE		(509	)		(2,063	)		(1,710	)		(229	)		(143	)		0			(252	)
	TOTAL OTHER EXPENSES - DISCONTINUED OPERATIONS		(6,425	)		(11,821	)		(12,092	)		(2,801	)		(2,714	)		(2,293	)		(2,275	)
	INCOME TAX (PROVISION)/BENEFIT:
	CONTINUING OPERATIONS		1,145			691			(1,526	)		(249	)		(537	)		(231	)		(1,579	)
(F)	DISCONTINUED OPERATIONS (1)		(31	)		(136	)		(139	)		0			0			0			0
	TOTAL INCOME TAX (PROVISION)/BENEFIT		1,114			555			(1,665	)		(249	)		(537	)		(231	)		(1,579	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I)	CONSOLIDATED		(1,099	)		(2,166	)		(2,148	)		(571	)		(602	)		(668	)		(670	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(1,099	)		(2,166	)		(2,148	)		(571	)		(602	)		(668	)		(670	)
(I)	MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)		(1,164	)		(95	)		0			0			0			0			0

[Additional columns below]

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

		2003			2004 1st			2004 2nd			2004 3rd			2004
	INTEREST EXPENSE CONSOLIDATED:
	CREDIT FACILITY - FLOATING @ LIBOR + 1.05% to 1.70%		(3,320	)		(472	)		(753	)		(106	)		(1,331	)
	CREDIT FACILITY - FLOATING @ LIBOR + .90% to 1.50%		0			0			0			(356	)		(356	)
	NOTE PAYABLE, UNSECURED - 8.04%		(598	)		(489	)		(466	)		(466	)		(1,421	)
	PERIMETER EXPO DEBT - 8.04%		(1,087	)		0			0			0			0
	650 MASS AVE DEBT - 6.53%		0			0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.677%		0			0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,718	)		(2,605	)		(2,592	)		(2,610	)		(7,807	)
	101 INDEPENDENCE CENTER DEBT - 8.22%		(3,673	)		(905	)		(899	)		(269	)		(2,073	)
	LAKESHORE PARK PLAZA DEBT - 6.78%		(682	)		(168	)		(167	)		(166	)		(501	)
	MERIDIAN MARK PLAZA DEBT - 8.27%		(2,074	)		(515	)		(513	)		(511	)		(1,539	)
	1900 DUKE STREET & 333 JOHN CARLYLE DEBT - 7%		(3,419	)		(849	)		(440	)		0			(1,289	)
	100 NORTH POINT CENTER EAST DEBT - 7.86%		(79	)		(232	)		(232	)		(233	)		(697	)
	200 NORTH POINT CENTER EAST DEBT - 7.86%		(70	)		(205	)		(205	)		(209	)		(619	)
	333 & 555 NORTH POINT CENTER DEBT - 7%		(2,246	)		(556	)		(553	)		(550	)		(1,659	)
	THE AVENUE EAST COBB DEBT - 8.39%		(3,220	)		(800	)		(798	)		(796	)		(2,394	)
	600 UNIVERSITY PARK DEBT - 7.38%		(1,032	)		(256	)		(255	)		(255	)		(766	)
	CEDAR GROVE LAKES DEBT - 8%		0			0			0			0			0
	CALLAWAY GARDENS DEBT - 6%		14			0			0			0			0
	OTHER		(55	)		(7	)		(4	)		(4	)		(15	)
	CAPITALIZED		9,683			3,340			3,433			3,778			10,551
	TOTAL INTEREST EXPENSE CONSOLIDATED		(22,576	)		(4,719	)		(4,444	)		(2,753	)		(11,916	)
	LOSS ON EXTINGUISHMENT OF DEBT		0			0			0			0			0
	OTHER EXPENSES - CONTINUING OPERATIONS:
	PROPERTY TAXES		(768	)		(166	)		(222	)		(124	)		(512	)
	MINORITY INTEREST EXPENSE		(1,613	)		(398	)		(397	)		(401	)		(1,196	)
	PREDEVELOPMENT & OTHER		(1,677	)		(226	)		(305	)		(453	)		(984	)
	TOTAL OTHER EXPENSES		(4,058	)		(790	)		(924	)		(978	)		(2,692	)
(F)	OTHER EXPENSES - DISCONTINUED OPERATIONS:
	INTEREST EXPENSE		(9,459	)		(2,017	)		(2,011	)		(1,780	)		(5,808	)
	MINORITY INTEREST EXPENSE		(624	)		0			0			0			0
	TOTAL OTHER EXPENSES - DISCONTINUED OPERATIONS		(10,083	)		(2,017	)		(2,011	)		(1,780	)		(5,808	)
	INCOME TAX (PROVISION)/BENEFIT:
	CONTINUING OPERATIONS		(2,596	)		(836	)		(17	)		(713	)		(1,566	)
(F)	DISCONTINUED OPERATIONS (1)		0			0			0			0			0
	TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,596	)		(836	)		(17	)		(713	)		(1,566	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I)	CONSOLIDATED		(2,511	)		(635	)		(700	)		(659	)		(1,994	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,511	)		(635	)		(700	)		(659	)		(1,994	)
(I)	MINORITY INTEREST SHARE OF REAL ESTATE DEPRECIATION (1)		0			0			0			0			0

See Footnotes on Page 14 Page 4 of 14

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

		2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
(G)	JOINT VENTURE FFO EXCLUDING TEMCO & CL REALTY (1):
	WILDWOOD ASSOCIATES		8,634			9,724			10,870			2,517			2,192			2,205			3,137
	WILDWOOD ASSOCIATES - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			(551	)		0			0			0
	CP VENTURE TWO LLC		2,463			2,435			2,274			526			513			532			509
	CP VENTURE TWO LLC - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			(985	)
	COUSINS LORET VENTURE, L.L.C.		3,425			3,798			3,653			771			812			818			841
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		956			1,038			1,120			303			300			309			291
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		228			279			350			66			120			90			89
	TEN PEACHTREE PLACE ASSOCIATES		361			277			(488	)		30			516			466			527
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		14,544			14,614			15,368			3,978			3,989			3,917			3,905
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		1,202			3,878			3,998			1,006			1,007			1,007			82
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		0			756			3,180			840			856			856			860
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		762			620			1,208			302			302			302			302
	CRAWFORD LONG - CPI, LLC		0			0			1,728			628			511			262			284
	OTHER		1,741			158			0			0			0			0			0
	TOTAL SHARE OF JOINT VENTURE FFO		34,316			37,577			43,261			10,416			11,118			10,764			9,842
	PREFERRED STOCK DIVIDENDS		0			0			0			0			0			(1,421	)		(1,937	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS		97,299			108,122			113,366			46,528			27,028			25,450			25,959
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
	CONTINUING OPERATIONS		11,937			23,496			6,254			1,003			90,956			2,178			6,421
(H)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(564	)		(2,011	)		(2,143	)		0			0			(1,947	)		(5,323	)
	DISCONTINUED OPERATIONS		0			0			1,174			0			43,012			50,386			61
	SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			0			0			0			0			0
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		11,373			21,485			5,285			1,003			133,968			50,617			1,159
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I)	CONSOLIDATED		(23,083	)		(30,624	)		(34,154	)		(9,779	)		(10,078	)		(8,330	)		(8,787	)
(I)	MINORITY INTEREST SHARE		1,164			95			0			0			0			0			0
(F,I)	DISCONTINUED OPERATIONS		(8,603	)		(11,862	)		(18,085	)		(5,726	)		(2,738	)		(3,897	)		(2,309	)
(G,I)	SHARE OF UNCONSOLIDATED JOINT VENTURES		(15,542	)		(16,400	)		(18,540	)		(4,432	)		(4,680	)		(4,650	)		(7,503	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(46,064	)		(58,791	)		(70,779	)		(19,937	)		(17,496	)		(16,877	)		(18,599	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		(566	)		0			0			0			0			0			0
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		62,043			70,815			47,872			27,594			143,500			59,190			8,519

[Additional columns below]

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

		2003			2004 1st			2004 2nd			2004 3rd			2004
(G)	JOINT VENTURE FFO EXCLUDING TEMCO & CL REALTY (1):
	WILDWOOD ASSOCIATES		10,051			2,105			2,374			2,216			6,695
	WILDWOOD ASSOCIATES - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			0			0			0
	CP VENTURE TWO LLC		2,080			520			530			536			1,586
	CP VENTURE TWO LLC - IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		0			0			0			0
	COUSINS LORET VENTURE, L.L.C.		3,242			869			904			299			2,072
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		1,203			333			290			335			958
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		365			73			112			88			273
	TEN PEACHTREE PLACE ASSOCIATES		1,539			482			349			353			1,184
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		15,789			3,904			3,891			3,796			11,591
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		3,102			445			2,587			231			3,263
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		3,412			856			904			706			2,466
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			302			302			302			906
	CRAWFORD LONG - CPI, LLC		1,685			311			357			349			1,017
	OTHER		0			924			0			0			924
	TOTAL SHARE OF JOINT VENTURE FFO		42,140			11,124			12,600			9,211			32,935
	PREFERRED STOCK DIVIDENDS		(3,358	)		(1,938	)		(1,937	)		(1,937	)		(5,812	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS		124,965			26,995			25,266			29,336			81,597
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
	CONTINUING OPERATIONS		100,558			2,066			36,500			50,082			88,648
(H)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(7,270	)		(1,967	)		(1,267	)		(8,836	)		(12,070	)
	DISCONTINUED OPERATIONS		93,459			648			0			67,291			67,939
	SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			0			99,300			99,300
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		186,747			747			35,233			207,837			243,817
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I)	CONSOLIDATED		(36,974	)		(9,909	)		(8,132	)		(7,730	)		(25,771	)
(I)	MINORITY INTEREST SHARE		0			0			0			0			0
(F,I)	DISCONTINUED OPERATIONS		(14,670	)		(2,266	)		(1,831	)		(1,003	)		(5,100	)
(G,I)	SHARE OF UNCONSOLIDATED JOINT VENTURES		(21,265	)		(4,725	)		(4,829	)		(3,701	)		(13,255	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(72,909	)		(16,900	)		(14,792	)		(12,434	)		(44,126	)
	CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		0			0			0			0			0
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		238,803			10,842			45,707			224,739			281,288

See Footnotes on Page 14 Page 5 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY		10,408			10,803			11,182			1,868			2,270			2,166			2,158
2500 WINDY RIDGE PARKWAY		4,760			5,037			4,992			1,184			1,190			1,157			1,142
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		9,708			11,462			12,217			2,914			2,888			2,901			4,478
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,441			3,458			3,803			960			965			965			961
4200 WILDWOOD PARKWAY (GE)		4,819			4,711			4,853			1,195			1,106			1,193			1,196
BANK/RESTAURANT GROUND LEASES		1,063			1,161			1,081			320			325			324			318
		34,199			36,632			38,128			8,441			8,744			8,706			10,253
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,947	)		(4,754	)		(4,546	)		(1,106	)		(1,095	)		(1,084	)		(1,074	)
2500 DEBT - 7.45%		(1,769	)		(1,708	)		(1,642	)		(400	)		(395	)		(390	)		(386	)
3200 DEBT - 8.23%		(5,600	)		(5,524	)		(5,389	)		(1,322	)		(1,310	)		(1,299	)		(1,287	)
4100/4300 DEBT - 7.65%		(2,191	)		(2,150	)		(2,097	)		(508	)		(508	)		(509	)		(505	)
4200 DEBT - 6.78%		(2,934	)		(2,877	)		(2,812	)		(681	)		(683	)		(693	)		(680	)
LINE OF CREDIT - FLOATING @ LIBOR + .75%		(1	)		0			0			0			0			0			0
INTEREST CAPITALIZED		0			0			0			0			0			0			0
		(17,442	)		(17,014	)		(16,486	)		(4,017	)		(3,991	)		(3,975	)		(3,932	)
OTHER, NET		516			(169	)		96			900			(75	)		(89	)		(258	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(6	)		0			0			(11	)		(12	)		(12	)		(10	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			(1,101	)		0			0			0
FUNDS FROM OPERATIONS		17,267			19,449			21,738			4,212			4,666			4,630			6,053
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,575	)		(9,003	)		(9,022	)		(2,117	)		(2,195	)		(2,103	)		(2,949	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		7,692			10,446			12,716			2,095			2,471			2,527			3,104
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		17,100			18,316			19,065			4,082			4,233			4,244			5,237
INTEREST EXPENSE		(8,721	)		(8,507	)		(8,243	)		(2,009	)		(1,997	)		(1,988	)		(1,966	)
OTHER, NET		258			(85	)		48			450			(38	)		(45	)		(129	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(3	)		0			0			(6	)		(6	)		(6	)		(5	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			(551	)		0			0			0
FUNDS FROM OPERATIONS		8,634			9,724			10,870			1,966			2,192			2,205			3,137
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,788	)		(4,502	)		(4,512	)		(1,059	)		(1,097	)		(1,052	)		(1,474	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		3,846			5,222			6,358			907			1,095			1,153			1,663

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY		8,462			2,197			2,254			2,268			6,719
2500 WINDY RIDGE PARKWAY		4,673			1,069			1,183			921			3,173
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		13,181			2,571			2,847			2,939			8,357
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,851			960			962			843			2,765
4200 WILDWOOD PARKWAY (GE)		4,690			1,193			1,194			1,048			3,435
BANK/RESTAURANT GROUND LEASES		1,287			326			336			321			983
		36,144			8,316			8,776			8,340			25,432
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,359	)		(1,064	)		(1,054	)		(1,042	)		(3,160	)
2500 DEBT - 7.45%		(1,571	)		(381	)		(376	)		(348	)		(1,105	)
3200 DEBT - 8.23%		(5,218	)		(1,275	)		(1,263	)		(1,252	)		(3,790	)
4100/4300 DEBT - 7.65%		(2,030	)		(493	)		(489	)		(431	)		(1,413	)
4200 DEBT - 6.78%		(2,737	)		(665	)		(659	)		(574	)		(1,898	)
LINE OF CREDIT - FLOATING @ LIBOR + .75%		0			0			0			0			0
INTEREST CAPITALIZED		0			0			0			0			0
		(15,915	)		(3,878	)		(3,841	)		(3,647	)		(11,366	)
OTHER, NET		478			(102	)		(41	)		(110	)		(253	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(45	)		(8	)		(10	)		(9	)		(27	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(1,101	)		0			0			0			0
FUNDS FROM OPERATIONS		19,561			4,328			4,884			4,574			13,786
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,364	)		(2,151	)		(2,197	)		(2,037	)		(6,385	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			84,008			84,008
NET INCOME		10,197			2,177			2,687			86,545			91,409
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		17,796			4,099			4,321			4,100			12,520
INTEREST EXPENSE		(7,960	)		(1,939	)		(1,921	)		(1,824	)		(5,684	)
OTHER, NET		238			(51	)		(21	)		(55	)		(127	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(23	)		(4	)		(5	)		(5	)		(14	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			0			0			0
FUNDS FROM OPERATIONS		9,500			2,105			2,374			2,216			6,695
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,682	)		(1,076	)		(1,097	)		(1,012	)		(3,185	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			41,577			41,577
NET INCOME		4,818			1,029			1,277			42,781			45,087

See Footnotes on Page 14 Page 6 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th			2003
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		4,990			4,855			4,021			783			674			767			720			2,944
GRANDVIEW II		2,178			2,192			2,288			582			579			595			603			2,359
100 NORTH POINT CENTER EAST		2,077			2,213			1,456			330			323			416			170			1,239
200 NORTH POINT CENTER EAST		2,217			1,703			1,047			219			146			78			41			484
SUBTOTAL OFFICE		11,462			10,963			8,812			1,914			1,722			1,856			1,534			7,026
MEDICAL OFFICE:
PRESBYTERIAN MEDICAL PLAZA		881			902			912			234			233			233			238			938
RETAIL:
NORTH POINT MARKETCENTER		4,875			5,011			4,982			1,270			1,286			1,292			1,308			5,156
MANSELL CROSSING II		1,043			1,141			1,533			265			305			309			311			1,190
GREENBRIER MARKETCENTER		4,530			4,533			4,687			1,160			1,103			1,168			1,088			4,519
LOS ALTOS MARKETCENTER		2,822			2,797			2,974			743			744			729			760			2,976
SUBTOTAL RETAIL		13,270			13,482			14,176			3,438			3,438			3,498			3,467			13,841
TOTAL REVENUES LESS OPERATING EXPENSES		25,613			25,347			23,900			5,586			5,393			5,587			5,239			21,805
OTHER, NET		58			1			(52	)		(55	)		4			(1	)		(19	)		(71	)
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(2,370	)		(2,323	)		(2,264	)		(559	)		(556	)		(552	)		(549	)		(2,216	)
100 & 200 NORTH POINT CENTER EAST - 7.86%		(1,884	)		(1,853	)		(1,815	)		(442	)		(444	)		(447	)		(295	)		(1,628	)
TOTAL INTEREST EXPENSE		(4,254	)		(4,176	)		(4,079	)		(1,001	)		(1,000	)		(999	)		(844	)		(3,844	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			(8,567	)		(8,567	)
FUNDS FROM OPERATIONS		21,417			21,172			19,769			4,530			4,397			4,587			(4,191	)		9,323
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(15,601	)		(12,383	)		(10,639	)		(2,496	)		(2,457	)		(2,444	)		(2,330	)		(9,727	)
NET INCOME		5,816			8,789			9,130			2,034			1,940			2,143			(6,521	)		(404	)
COUSINS’ SHARE OF CP VENTURE TWO (2):		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		2,945			2,915			2,749			647			628			647			608			2,530
INTEREST EXPENSE		(489	)		(480	)		(470	)		(115	)		(115	)		(115	)		(97	)		(442	)
OTHER, NET		7			0			(5	)		(6	)		0			0			(2	)		(8	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			(985	)		(985	)
FUNDS FROM OPERATIONS		2,463			2,435			2,274			526			513			532			(476	)		1,095
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,794	)		(1,424	)		(1,223	)		(287	)		(283	)		(281	)		(268	)		(1,119	)
NET INCOME		669			1,011			1,051			239			230			251			(744	)		(24	)

[Additional columns below]

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

JOINT VENTURES	2004 1st			2004 2nd			2004 3rd			2004
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		733			664			691			2,088
GRANDVIEW II		606			609			613			1,828
100 NORTH POINT CENTER EAST		6			1			0			7
200 NORTH POINT CENTER EAST		10			3			0			13
SUBTOTAL OFFICE		1,355			1,277			1,304			3,936
MEDICAL OFFICE:
PRESBYTERIAN MEDICAL PLAZA		240			235			234			709
RETAIL:
NORTH POINT MARKETCENTER		1,249			1,359			1,345			3,953
MANSELL CROSSING II		310			319			313			942
GREENBRIER MARKETCENTER		1,143			1,119			1,194			3,456
LOS ALTOS MARKETCENTER		753			849			807			2,409
SUBTOTAL RETAIL		3,455			3,646			3,659			10,760
TOTAL REVENUES LESS OPERATING EXPENSES		5,050			5,158			5,197			15,405
OTHER, NET		(19	)		(52	)		0			(71	)
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(546	)		(541	)		(538	)		(1,625	)
100 & 200 NORTH POINT CENTER EAST - 7.86%		0									0
TOTAL INTEREST EXPENSE		(546	)		(541	)		(538	)		(1,625	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0
FUNDS FROM OPERATIONS		4,485			4,565			4,659			13,709
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,926	)		(1,923	)		(1,920	)		(5,769	)
NET INCOME		2,559			2,642			2,739			7,940
COUSINS’ SHARE OF CP VENTURE TWO (2):		11.50	%		11.50	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		583			592			597			1,772
INTEREST EXPENSE		(63	)		(62	)		(61	)		(186	)
OTHER, NET		0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0
FUNDS FROM OPERATIONS		520			530			536			1,586
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(222	)		(220	)		(221	)		(663	)
NET INCOME		298			310			315			923

See Footnotes on Page 14 Page 7 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK		5,093			5,093			4,446			958			895			946			972
THE PINNACLE		8,830			9,652			9,986			2,352			2,492			2,448			2,459
TOTAL REVENUES LESS OPERATING EXPENSES		13,923			14,745			14,432			3,310			3,387			3,394			3,431
INTEREST EXPENSE		(7,268	)		(7,192	)		(7,109	)		(1,764	)		(1,758	)		(1,753	)		(1,747	)
CAPITALIZED INTEREST		0			0			0			0			0			0			0
OTHER, NET		194			46			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(4	)		(17	)		(4	)		(4	)		(4	)		(4	)
FUNDS FROM OPERATIONS		6,849			7,595			7,306			1,542			1,625			1,637			1,680
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,617	)		(7,703	)		(8,680	)		(1,780	)		(1,790	)		(1,835	)		(1,385	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		(768	)		(108	)		(1,374	)		(238	)		(165	)		(198	)		295
COUSINS SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		6,962			7,373			7,217			1,655			1,693			1,697			1,716
INTEREST EXPENSE		(3,634	)		(3,596	)		(3,555	)		(882	)		(879	)		(877	)		(873	)
OTHER, NET		97			23			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(2	)		(9	)		(2	)		(2	)		(2	)		(2	)
FUNDS FROM OPERATIONS		3,425			3,798			3,653			771			812			818			841
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,809	)		(3,852	)		(4,383	)		(890	)		(895	)		(918	)		(692	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		(384	)		(54	)		(730	)		(119	)		(83	)		(100	)		149
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,554			3,571			3,661			948			938			952			909
INTEREST - 7.0%		(1,561	)		(1,493	)		(1,420	)		(342	)		(338	)		(333	)		(328	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(2	)		(1	)		0			0			0			(1	)		(1	)
FUNDS FROM OPERATIONS		1,991			2,077			2,241			606			600			618			580
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,126	)		(1,125	)		(1,126	)		(282	)		(281	)		(281	)		(281	)
NET INCOME		865			952			1,115			324			319			337			299
COUSINS SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,738			1,786			1,831			474			469			476			455
INTEREST EXPENSE		(781	)		(747	)		(711	)		(171	)		(169	)		(167	)		(164	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(1	)		(1	)		0			0			0			0			0
FUNDS FROM OPERATIONS		956			1,038			1,120			303			300			309			291
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(575	)		(575	)		(575	)		(144	)		(144	)		(144	)		(144	)
NET INCOME		381			463			545			159			156			165			147

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK		3,771			1,029			1,075			357			2,461
THE PINNACLE		9,751			2,455			2,469			841			5,765
TOTAL REVENUES LESS OPERATING EXPENSES		13,522			3,484			3,544			1,198			8,226
INTEREST EXPENSE		(7,022	)		(1,741	)		(1,735	)		(596	)		(4,072	)
CAPITALIZED INTEREST		0			0			0			0			0
OTHER, NET		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(4	)		(4	)		(1	)		(9	)
FUNDS FROM OPERATIONS		6,484			1,739			1,805			601			4,145
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(6,790	)		(1,867	)		(1,872	)		(44	)		(3,783	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			89,919			89,919
NET INCOME		(306	)		(128	)		(67	)		90,476			90,281
COUSINS SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		6,761			1,742			1,774			598			4,114
INTEREST EXPENSE		(3,511	)		(871	)		(868	)		(298	)		(2,037	)
OTHER, NET		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(8	)		(2	)		(2	)		(1	)		(5	)
FUNDS FROM OPERATIONS		3,242			869			904			299			2,072
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,395	)		(933	)		(936	)		(20	)		(1,889	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			45,364			45,364
NET INCOME		(153	)		(64	)		(32	)		45,643			45,547
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,747			988			972			980			2,940
INTEREST - 7.0%		(1,341	)		(323	)		(316	)		(310	)		(949	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(2	)		0			0			(1	)		(1	)
FUNDS FROM OPERATIONS		2,404			665			656			669			1,990
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,125	)		(281	)		(282	)		(281	)		(844	)
NET INCOME		1,279			384			374			388			1,146
COUSINS SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,874			494			448			490			1,432
INTEREST EXPENSE		(671	)		(161	)		(158	)		(155	)		(474	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		1,203			333			290			335			958
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(576	)		(144	)		(144	)		(144	)		(432	)
NET INCOME		627			189			146			191			526

See Footnotes on Page 14 Page 8 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		456			558			696			131			240			179			177
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		456			558			696			131			240			179			177
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(395	)		(691	)		(829	)		(34	)		(171	)		(171	)		(171	)
NET INCOME		61			(133	)		(133	)		97			69			8			6
COUSINS SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		228			279			350			66			120			90			89
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		228			279			350			66			120			90			89
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(198	)		(346	)		(415	)		(17	)		(85	)		(86	)		(86	)
NET INCOME		30			(67	)		(65	)		49			35			4			3
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		2,886			2,569			(518	)		128			1,097			988			1,111
INTEREST - 5.39%		(1,373	)		(1,234	)		(457	)		(69	)		(66	)		(55	)		(56	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(2	)		(11	)		0			0			0			0			0
FUNDS FROM OPERATIONS		1,511			1,324			(975	)		59			1,031			933			1,055
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(553	)		(588	)		(727	)		(292	)		(557	)		(546	)		(621	)
NET INCOME		958			736			(1,702	)		(233	)		474			387			434
COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		24	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,048			885			(259	)		64			549			494			555
INTEREST EXPENSE		(686	)		(606	)		(229	)		(34	)		(33	)		(28	)		(28	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(1	)		(2	)		0			0			0			0			0
FUNDS FROM OPERATIONS		361			277			(488	)		30			516			466			527
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(76	)		(134	)		(365	)		(146	)		(278	)		(273	)		(310	)
NET INCOME		285			143			(853	)		(116	)		238			193			217

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		727			146			224			176			546
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		727			146			224			176			546
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(547	)		(171	)		(171	)		(170	)		(512	)
NET INCOME		180			(25	)		53			6			34
COUSINS SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		365			73			112			88			273
INTEREST EXPENSE		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		365			73			112			88			273
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(274	)		(86	)		(86	)		(85	)		(257	)
NET INCOME		91			(13	)		26			3			16
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,324			1,078			1,114			1,119			3,311
INTEREST - 5.39%		(246	)		(115	)		(414	)		(414	)		(943	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		3,078			963			700			705			2,368
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,016	)		(571	)		(569	)		(569	)		(1,709	)
NET INCOME		1,062			392			131			136			659
COUSINS SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,662			539			556			560			1,655
INTEREST EXPENSE		(123	)		(57	)		(207	)		(207	)		(471	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		1,539			482			349			353			1,184
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,007	)		(286	)		(285	)		(280	)		(851	)
NET INCOME		532			196			64			73			333

See Footnotes on Page 14 Page 9 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		29,088			29,227			30,735			7,956			7,977			7,834			7,810
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		29,088			29,227			30,735			7,956			7,977			7,834			7,810
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,710	)		(7,653	)		(7,654	)		(1,928	)		(1,916	)		(1,925	)		(1,847	)
NET INCOME		21,378			21,574			23,081			6,028			6,061			5,909			5,963
COUSINS SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		14,544			14,614			15,368			3,978			3,989			3,917			3,905
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		14,544			14,614			15,368			3,978			3,989			3,917			3,905
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,931	)		(3,903	)		(3,904	)		(983	)		(977	)		(982	)		(943	)
NET INCOME		10,613			10,711			11,464			2,995			3,012			2,935			2,962
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		2,403			7,756			7,994			2,012			2,013			2,014			163
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,403			7,756			7,994			2,012			2,013			2,014			163
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(720	)		(2,224	)		(2,211	)		(571	)		(553	)		(554	)		(5,880	)
NET INCOME		1,683			5,532			5,783			1,441			1,460			1,460			(5,717	)
COUSINS SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,202			3,878			3,998			1,006			1,007			1,007			82
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		1,202			3,878			3,998			1,006			1,007			1,007			82
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(371	)		(1,282	)		(1,274	)		(327	)		(319	)		(319	)		(2,982	)
NET INCOME		831			2,596			2,724			679			688			688			(2,900	)

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		31,577			7,813			7,789			7,602			23,204
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(6	)		(8	)		(10	)		(24	)
FUNDS FROM OPERATIONS		31,577			7,807			7,781			7,592			23,180
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,616	)		(1,900	)		(1,866	)		(1,837	)		(5,603	)
NET INCOME		23,961			5,907			5,915			5,755			17,577
COUSINS SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		15,789			3,907			3,895			3,801			11,603
INTEREST EXPENSE		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		(4	)		(5	)		(12	)
FUNDS FROM OPERATIONS		15,789			3,904			3,891			3,796			11,591
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,885	)		(969	)		(952	)		(937	)		(2,858	)
NET INCOME		11,904			2,935			2,939			2,859			8,733
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,202			891			5,176			(94	)		5,973
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		6,202			891			5,176			(94	)		5,973
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,558	)		(702	)		(837	)		(920	)		(2,459	)
NET INCOME		(1,356	)		189			4,339			(1,014	)		3,514
COUSINS SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,102			445			2,587			231			3,263
INTEREST EXPENSE		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		3,102			445			2,587			231			3,263
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,947	)		(393	)		(460	)		(502	)		(1,355	)
NET INCOME		(845	)		52			2,127			(271	)		1,908

See Footnotes on Page 14 Page 10 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			1,512			6,357			1,680			1,714			1,713			1,721
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			(1	)		(1	)		(1	)
FUNDS FROM OPERATIONS		0			1,512			6,357			1,680			1,713			1,712			1,720
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(738	)		(1,949	)		(451	)		(487	)		(488	)		(488	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		0			774			4,408			1,229			1,226			1,224			1,232
COUSINS SHARE OF CPI/FSP I (2):					50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			756			3,180			840			857			857			861
INTEREST EXPENSE		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			(1	)		(1	)		(1	)
FUNDS FROM OPERATIONS		0			756			3,180			840			856			856			860
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(382	)		(1,062	)		(255	)		(257	)		(266	)		(266	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0
NET INCOME		0			374			2,118			585			599			590			594
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		1,486			10,763			21,126			5,263			5,260			5,251			5,249
INTEREST		(1,501	)		(6,280	)		(12,030	)		(2,928	)		(2,895	)		(2,862	)		(2,828	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(15	)		4,483			9,096			2,335			2,365			2,389			2,421
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(578	)		(4,715	)		(5,928	)		(1,505	)		(1,509	)		(1,511	)		(1,512	)
NET INCOME		(593	)		(232	)		3,168			830			856			878			909
COUSINS SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		762			620			1,208			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		762			620			1,208			302			302			302			302
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(25	)		(8	)		(8	)		(8	)		(8	)
NET INCOME		762			620			1,183			294			294			294			294

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,828			1,714			1,755			1,413			4,882
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(3	)		(1	)		5			0			4
FUNDS FROM OPERATIONS		6,825			1,713			1,760			1,413			4,886
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,914	)		(493	)		(539	)		(248	)		(1,280	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			27,183			27,183
NET INCOME		4,911			1,220			1,221			28,348			30,789
COUSINS SHARE OF CPI/FSP I (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,415			857			901			706			2,464
INTEREST EXPENSE		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(3	)		(1	)		3			0			2
FUNDS FROM OPERATIONS		3,412			856			904			706			2,466
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,044	)		(268	)		(291	)		(132	)		(691	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			12,359			12,359
NET INCOME		2,368			588			613			12,933			14,134
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,023			5,248			5,246			5,245			15,739
INTEREST		(11,513	)		(2,793	)		(2,758	)		(2,723	)		(8,274	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		9,510			2,455			2,488			2,522			7,465
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(6,037	)		(1,522	)		(1,530	)		(1,537	)		(4,589	)
NET INCOME		3,473			933			958			985			2,876
COUSINS SHARE OF GATEWAY VILLAGE (2) (3):
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		(32	)		(8	)		(8	)		(8	)		(24	)
NET INCOME		1,176			294			294			294			882

See Footnotes on Page 14 Page 11 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
CRAWFORD LONG - CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			0			3,454			1,255			1,445			1,343			1,388
INTEREST - 5.9%		0			0			0			0			(424	)		(820	)		(818	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			3,454			1,255			1,021			523			570
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(1,530	)		(606	)		(648	)		(620	)		(633	)
NET INCOME		0			0			1,924			649			373			(97	)		(63	)
COUSINS SHARE OF CRAWFORD LONG - CPI (2):								50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			1,728			628			723			672			694
INTEREST EXPENSE		0			0			0			0			(212	)		(410	)		(410	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			1,728			628			511			262			284
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(802	)		(316	)		(337	)		(323	)		(330	)
NET INCOME		0			0			926			312			174			(61	)		(46	)
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		142			0			0			0			0			0			0
OTHER, NET		3,543			453			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(301	)		(64	)		0			0			0			0			0
FUNDS FROM OPERATIONS		3,384			389			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0
NET INCOME		3,384			389			0			0			0			0			0
COUSINS SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		71			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0
OTHER, NET		1,896			206			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(226	)		(48	)		0			0			0			0			0
FUNDS FROM OPERATIONS		1,741			158			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0
NET INCOME		1,741			158			0			0			0			0			0

[Additional columns below]

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

JOINT VENTURES	2003			2004 1st			2004 2nd			2004 3rd			2004
CRAWFORD LONG - CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		5,431			1,438			1,527			1,507			4,472
INTEREST - 5.9%		(2,062	)		(815	)		(813	)		(810	)		(2,438	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		3,369			623			714			697			2,034
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,507	)		(632	)		(638	)		(659	)		(1,929	)
NET INCOME		862			(9	)		76			38			105
COUSINS SHARE OF CRAWFORD LONG - CPI (2):		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,717			719			764			754			2,237
INTEREST EXPENSE		(1,032	)		(408	)		(407	)		(405	)		(1,220	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		1,685			311			357			349			1,017
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,306	)		(329	)		(332	)		(343	)		(1,004	)
NET INCOME		379			(18	)		25			6			13
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			0			0			0			0
OTHER, NET		0			1,848			0			0			1,848
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		0			1,848			0			0			1,848
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0
NET INCOME		0			1,848			0			0			1,848
COUSINS SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0
OTHER, NET		0			924			0			0			924
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0
FUNDS FROM OPERATIONS		0			924			0			0			924
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0
NET INCOME		0			924			0			0			924

See Footnotes on Page 14 Page 12 of 14

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

JOINT VENTURES	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th
COUSINS SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS		773			1,743			1,952			544			1,055			605			995
INTEREST EXPENSE		0			0			0			0			0			0			0
OTHER, NET		(95	)		(23	)		(3	)		(13	)		(7	)		(20	)		(22	)
FUNDS FROM OPERATIONS		678			1,720			1,949			531			1,048			585			973
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0
NET INCOME		678			1,720			1,949			531			1,048			585			973
COUSINS SHARE OF CL REALTY, LLC (2):											50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS		0			0			0			0			197			259			245
OTHER, NET		0			0			0			(18	)		(20	)		(26	)		(30	)
FUNDS FROM OPERATIONS		0			0			0			(18	)		177			233			215
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0
NET INCOME		0			0			0			(18	)		177			233			215
COUSINS SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):											50	%		50	%		50	%		50	%
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	2003			2004 1st			2004 2nd			2004 3rd			2004
COUSINS SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS		3,199			2,105			781			1,383			4,269
INTEREST EXPENSE		0			(20	)		(37	)		(39	)		(96	)
OTHER, NET		(62	)		24			35			9			68
FUNDS FROM OPERATIONS		3,137			2,109			779			1,353			4,241
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(11	)		(17	)		(17	)		(45	)
NET INCOME		3,137			2,098			762			1,336			4,196
COUSINS SHARE OF CL REALTY, LLC (2):		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS		701			610			606			381			1,597
OTHER, NET		(94	)		(62	)		(42	)		(52	)		(156	)
FUNDS FROM OPERATIONS		607			548			564			329			1,441
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0
NET INCOME		607			548			564			329			1,441
COUSINS SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND OUTPARCEL SALES, NET OF COS		0			0			82			184			266
OTHER, NET		0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			82			184			266
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0
NET INCOME		0			0			82			184			266

See Footnotes on Page 14 Page 13 of 14

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

                  FOOTNOTES

(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	Cousins’ share of income from unconsolidated joint ventures has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.
(3)	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, 2003.

See Footnotes on Page 14 Page 14 of 14

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH

	Third Quarter 2004 vs									Third Quarter									Nine Months
	Second Quarter 2004									2004 vs 2003									2004 vs 2003
	Office			Retail			Total			Office			Retail			Total			Office			Retail			Total
Adjusted Rental Property Revenues (1)		-1.9	%		-0.7	%		-1.7	%		-7.0	%		1.1	%		-5.7	%		-5.1	%		1.0	%		-4.1	%
Rental Property Operating Expenses		1.4	%		12.4	%		2.9	%		-3.1	%		-3.8	%		-3.2	%		-1.0	%		-5.9	%		-1.8	%
Adjusted Rental Property Revenues less Operating Expenses		-3.6	%		-5.3	%		-4.0	%		-9.0	%		3.4	%		-6.9	%		-7.1	%		4.1	%		-5.2	%
Cash Basis Rental Property Revenues (2)		-1.4	%		-0.7	%		-1.2	%		-6.1	%		1.2	%		-5.0	%		-4.9	%		1.4	%		-3.8	%
Rental Property Operating Expenses		1.4	%		12.4	%		2.9	%		-3.1	%		-3.8	%		-3.2	%		-1.0	%		-5.9	%		-1.8	%
Cash Basis Rental Property Revenues less Operating Expenses		-2.8	%		-5.3	%		-3.3	%		-7.7	%		3.5	%		-5.8	%		-6.7	%		4.6	%		-4.8	%

(1)	Adjusted Rental Property Revenues is Total Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees and inter-company activities.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.

Page 1 of 4

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Third Quarter 2004 Compared to Second Quarter 2004
(in thousands, except percentages)

	Same Property
	Office									Retail							Total
	2q 2004			3q 2004			% Change			2q 2004		3q 2004		% Change			2q 2004			3q 2004			% Change
RENTAL PROPERTY REVENUES	$	31,255		$	28,578					$	5,832	$	5,781				$	37,087		$	34,359
Less: LEASE TERMINATION FEES		2,589			462						56		43					2,645			505
INTER-COMPANY ACTIVITIES		0			0						0		0					0			0
ADJUSTED RENTAL PROPERTY REVENUES (1)		28,666			28,116			-1.9	%		5,776		5,738		-0.7	%		34,442			33,854			-1.7	%
RENTAL PROPERTY OPERATING EXPENSES		9,775			9,914			1.4	%		1,513		1,701		12.4	%		11,288			11,615			2.9	%
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	18,891		$	18,202			-3.6	%	$	4,263	$	4,037		-5.3	%	$	23,154		$	22,239			-4.0	%
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	28,666		$	28,116					$	5,776	$	5,738				$	34,442		$	33,854
Less: STRAIGHT-LINE RENTS		117			(41	)					1		1					118			(40	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(170	)		(170	)					0		0					(170	)		(170	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		28,719			28,327			-1.4	%		5,775		5,737		-0.7	%		34,494			34,064			-1.2	%
RENTAL PROPERTY OPERATING EXPENSES		9,775			9,914			1.4	%		1,513		1,701		12.4	%		11,288			11,615			2.9	%
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	18,944		$	18,413			-2.8	%	$	4,262	$	4,036		-5.3	%	$	23,206		$	22,449			-3.3	%
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	31,255		$	28,578					$	5,832	$	5,781				$	37,087		$	34,359
RENTAL PROPERTY OPERATING EXPENSES		9,775			9,914						1,513		1,701					11,288			11,615
	$	21,480		$	18,664					$	4,319	$	4,080				$	25,799		$	22,744
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)
DISCONTINUED OPERATIONS (4)
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES

[Additional columns below]

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

	Non-Same						All Properties
	2q 2004			3q 2004			2q 2004			3q 2004
RENTAL PROPERTY REVENUES	$	19,536		$	14,371		$	56,623		$	48,730
Less: LEASE TERMINATION FEES		82			7			2,727			512
INTER-COMPANY ACTIVITIES		(69	)		(69	)		(69	)		(69	)
ADJUSTED RENTAL PROPERTY REVENUES (1)		19,523			14,433			53,965			48,287
RENTAL PROPERTY OPERATING EXPENSES		5,733			4,814			17,021			16,429
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,790		$	9,619		$	36,944		$	31,858
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	19,523		$	14,433		$	53,965		$	48,287
Less: STRAIGHT-LINE RENTS		462			520			580			480
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(38	)		(35	)		(208	)		(205	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		19,099			13,948			53,593			48,012
RENTAL PROPERTY OPERATING EXPENSES		5,733			4,814			17,021			16,429
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,366		$	9,134		$	36,572		$	31,583
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	19,536		$	14,371		$	56,623		$	48,730
RENTAL PROPERTY OPERATING EXPENSES		5,733			4,814			17,021			16,429
	$	13,803		$	9,557		$	39,602		$	32,301
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)							$	18,075		$	15,361
DISCONTINUED OPERATIONS (4)								5,275			4,713
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)								16,252			12,227
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES							$	39,602		$	32,301

(1)	Adjusted Rental Property Revenues is Total Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees and inter-company activities.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.

(3) See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.

(4) See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.

(5) See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.

Page 2 of 4

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Third Quarter 2004 Compared to Third Quarter 2003
(in thousands, except percentages)

	Same Property
	Office								Retail							Total
	3q 2003		3q 2004			% Change			3q 2003		3q 2004		% Change			3q 2003		3q 2004			% Change
RENTAL PROPERTY REVENUES	$	29,410	$	27,795					$	5,703	$	5,781				$	35,113	$	33,576
Less: LEASE TERMINATION FEES		14		462						30		43					44		505
INTER-COMPANY ACTIVITIES		0		0						0		0					0		0
ADJUSTED RENTAL PROPERTY REVENUES (1)		29,396		27,333			-7.0	%		5,673		5,738		1.1	%		35,069		33,071			-5.7	%
RENTAL PROPERTY OPERATING EXPENSES		9,807		9,506			-3.1	%		1,769		1,701		-3.8	%		11,576		11,207			-3.2	%
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	19,589	$	17,827			-9.0	%	$	3,904	$	4,037		3.4	%	$	23,493	$	21,864			-6.9	%
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	29,396	$	27,333					$	5,673	$	5,738				$	35,069	$	33,071
Less: STRAIGHT-LINE RENTS		167		(100	)					3		1					170		(99	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		0		0						0		0					0		0
CASH BASIS RENTAL PROPERTY REVENUES (2)		29,229		27,433			-6.1	%		5,670		5,737		1.2	%		34,899		33,170			-5.0	%
RENTAL PROPERTY OPERATING EXPENSES		9,807		9,506			-3.1	%		1,769		1,701		-3.8	%		11,576		11,207			-3.2	%
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	19,422	$	17,927			-7.7	%	$	3,901	$	4,036		3.5	%	$	23,323	$	21,963			-5.8	%
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	29,410	$	27,795					$	5,703	$	5,781				$	35,113	$	33,576
RENTAL PROPERTY OPERATING EXPENSES		9,807		9,506						1,769		1,701					11,576		11,207
	$	19,603	$	18,289					$	3,934	$	4,080				$	23,537	$	22,369
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)
DISCONTINUED OPERATIONS (4)
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES

[Additional columns below]

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

	Non-Same						All Properties
	3q 2003			3q 2004			3q 2003			3q 2004
RENTAL PROPERTY REVENUES	$	20,376		$	15,154		$	55,489		$	48,730
Less: LEASE TERMINATION FEES		1,171			7			1,215			512
INTER-COMPANY ACTIVITIES		(111	)		(69	)		(111	)		(69	)
ADJUSTED RENTAL PROPERTY REVENUES (1)		19,316			15,216			54,385			48,287
RENTAL PROPERTY OPERATING EXPENSES		6,272			5,222			17,848			16,429
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,044		$	9,994		$	36,537		$	31,858
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	19,316		$	15,216		$	54,385		$	48,287
Less: STRAIGHT-LINE RENTS		141			579			311			480
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		0			(205	)		0			(205	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		19,175			14,842			54,074			48,012
RENTAL PROPERTY OPERATING EXPENSES		6,272			5,222			17,848			16,429
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	12,903		$	9,620		$	36,226		$	31,583
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	20,376		$	15,154		$	55,489		$	48,730
RENTAL PROPERTY OPERATING EXPENSES		6,272			5,222			17,848			16,429
	$	14,104		$	9,932		$	37,641		$	32,301
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)							$	16,202		$	15,361
DISCONTINUED OPERATIONS (4)								7,036			4,713
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)								14,403			12,227
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES							$	37,641		$	32,301

(1)	Adjusted Rental Property Revenues is Total Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees and inter-company activities.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(3)	See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.
(5)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.

Page 3 of 4

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Nine Months 2004 Compared to Nine Months 2003
(in thousands, except percentages)

	Same Property
	Office							Retail							Total							Non-Same						All Properties
	2003		2004		% Change			2003		2004		% Change			2003		2004		% Change			2003			2004			2003			2004
RENTAL PROPERTY REVENUES	$	85,783	$	85,753				$	18,236	$	17,560				$	104,019	$	103,313				$	93,184		$	58,753		$	197,203		$	162,066
Less: LEASE TERMINATION FEES		789		5,134					1,092		238					1,881		5,372					21,811			109			23,692			5,481
INTER-COMPANY ACTIVITIES		0		0					0		0					0		0					(389	)		(197	)		(389	)		(197	)
ADJUSTED RENTAL PROPERTY REVENUES (1)		84,994		80,619		-5.1	%		17,144		17,322		1.0	%		102,138		97,941		-4.1	%		71,762			58,841			173,900			156,782
RENTAL PROPERTY OPERATING EXPENSES		27,745		27,460		-1.0	%		5,208		4,899		-5.9	%		32,953		32,359		-1.8	%		21,781			18,954			54,734			51,313
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	57,249	$	53,159		-7.1	%	$	11,936	$	12,423		4.1	%	$	69,185	$	65,582		-5.2	%	$	49,981		$	39,887		$	119,166		$	105,469
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	84,994	$	80,619				$	17,144	$	17,322				$	102,138	$	97,941				$	71,762		$	58,841		$	173,900		$	156,782
Less: STRAIGHT-LINE RENTS		366		106					65		2					431		108					926			1,523			1,357			1,631
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		0		0					0		0					0		0					0			(600	)		0			(600	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		84,628		80,513		-4.9	%		17,079		17,320		1.4	%		101,707		97,833		-3.8	%		70,836			57,918			172,543			155,751
RENTAL PROPERTY OPERATING EXPENSES		27,745		27,460		-1.0	%		5,208		4,899		-5.9	%		32,953		32,359		-1.8	%		21,781			18,954			54,734			51,313
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	56,883	$	53,053		-6.7	%	$	11,871	$	12,421		4.6	%	$	68,754	$	65,474		-4.8	%	$	49,055		$	38,964		$	117,809		$	104,438
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	85,783	$	85,753				$	18,236	$	17,560				$	104,019	$	103,313				$	93,184		$	58,753		$	197,203		$	162,066
RENTAL PROPERTY OPERATING EXPENSES		27,745		27,460					5,208		4,899					32,953		32,359					21,781			18,954			54,734			51,313
	$	58,038	$	58,293				$	13,028	$	12,661				$	71,066	$	70,954				$	71,403		$	39,799		$	142,469		$	110,753
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)																												$	51,994		$	53,567
DISCONTINUED OPERATIONS (4)																													47,760			14,947
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)																													42,715			42,239
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																												$	142,469		$	110,753

(1)	Adjusted Rental Property Revenues is Total Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees and inter-company activities.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and the Company’s pro rata share of Rental Property Revenues of unconsolidated joint ventures, adjusted to exclude termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(3)	See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.
(5)	See reconciliation (G) of Reconciliations of Non-GAAP Financial Measures.

Page 4 of 4

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of September 30, 2004
($ in thousands)

			Leased
	Company owned		GLA (%)			Venture		Cousins’
Project	GLA		(fully executed)			Partner		Ownership %
OFFICE & MEDICAL OFFICE
Frost Bank Tower (2) (Austin, TX)		529,000		61	%		N/A		100	%
Inhibitex (Atlanta, GA)		51,000		100	%		N/A		100	%
TOTAL OFFICE & MEDICAL OFFICE		580,000
RETAIL
The Avenue Viera (Viera, FL)		286,000		72	%		N/A		100	%
Hanover Square South (Richmond, VA)		69,000		27	%		N/A		100	%
The Avenue Carriage Crossing (3) (Memphis, TN)		599,000		45	%	Jim Wilson & Associates			99	%
TOTAL RETAIL		954,000
Accumulated Depreciation on Partially Operational Properties		—
TOTAL PORTFOLIO		1,534,000

[Additional columns below]

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

								Actual or
			Cousins’		Cousins’			Projected Dates
	Approximate		Share of		Investment			for Completion and
Project	Total Cost		Total Costs		@ 9/30/04			Fully Operational
OFFICE & MEDICAL OFFICE
Frost Bank Tower (2) (Austin, TX)	$	143,600	$	143,600	$	129,582		const. - 4Q-03 fully operational 4Q-06
Inhibitex (Atlanta, GA)		6,900		6,900		2,784		const. - 1Q-05 fully operational 2Q-05
TOTAL OFFICE & MEDICAL OFFICE		150,500		150,500		132,366
RETAIL
The Avenue Viera (Viera, FL)		52,600		52,600		31,985		const. - 4Q-04 fully operational 3Q-05
Hanover Square South (Richmond, VA)		12,200		12,200		7,155		const. - 1Q-05 fully operational 3Q-05
The Avenue Carriage Crossing (3) (Memphis, TN)		103,200		100,700		25,824		const. - 4Q-05 (3) fully operational 4Q-06 (3)
TOTAL RETAIL		168,000		165,500		64,964
Accumulated Depreciation on Partially Operational Properties		—		—		(1,104	)
TOTAL PORTFOLIO	$	318,500	$	316,000	$	196,226

(1)	This schedule includes all projects currently under construction from the commencement of construction until the projects become fully operational. 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)	This property is Partially Operational for financial reporting purposes and therefore, depreciation has commenced.
(3)	The Avenue Carriage Crossing will be constructed in two phases. Phase 1 represents approximately 545,000 square feet. The completion and operational dates in the above schedule relate only to Phase 1. Phase 2 represents approximately 54,000 square feet and is anticipated to have construction completed in the fourth quarter of 2006, with fully operational status occurring fourth quarter 2007.
Note:	Certain matters herein 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 and local 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 Company’s Current Report on Form 8-K filed on December 10, 2003. The words “believes”, “expects”, “anticipates”, “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

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

	September 30,			December 31,
	2004			2003
	(Unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $130,828 in 2004 and $162,955 in 2003	$	409,782		$	686,788
Operating properties held for sale, net of accumulated depreciation of $7,354 in 2004		28,009			—
Land held for investment or future development		26,795			17,435
Projects under construction		196,226			152,042
Residential lots under development		21,451			22,496
Total properties		682,263			878,761
CASH AND CASH EQUIVALENTS, at cost which approximates market		269,317			13,061
RESTRICTED CASH		1,076			3,661
NOTES AND OTHER RECEIVABLES		26,483			19,847
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		179,852			184,221
OTHER ASSETS, including goodwill of $9,915 in 2004 and $15,696 in 2003		43,858			40,863
TOTAL ASSETS	$	1,202,849		$	1,140,414
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	303,654		$	497,981
NOTES PAYABLE - HELD FOR SALE PROPERTIES		9,554			—
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		36,330			29,909
DEPOSITS AND DEFERRED INCOME		3,598			5,341
TOTAL LIABILITIES		353,136			533,231
MINORITY INTERESTS		25,216			19,346
DEFERRED GAIN		8,787			9,060
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ INVESTMENT:
7.75% Series A cumulative redeemable preferred stock, $1 par value, $25 liquidation value; 20,000,000 shares authorized, 4,000,000 shares issued		100,000			100,000
Common stock, $1 par value, 150,000,000 shares authorized, 52,432,610 and 51,526,647 shares issued		52,433			51,527
Additional paid-in capital		306,417			298,542
Treasury stock at cost, 2,691,582 shares		(64,894	)		(64,894	)
Unearned compensation		(4,519	)		(5,803	)
Cumulative undistributed net income		426,273			199,405
TOTAL STOCKHOLDERS’ INVESTMENT		815,710			578,777
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,202,849		$	1,140,414

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 30, 2004

										Percent Leased
							Company’s			(Fully Executed)
			Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description			Area	State	Square Feet		Interest			(6/30/04)			(9/30/04)
	I.	OFFICE
		A. Commercial Office
		Bank of America Plaza	Atlanta			1,253,000		50.00	%		100	%		100	%
		One Ninety One Peachtree Tower	Atlanta			1,215,000		9.80	%		96	%		96	%
		Inforum	Atlanta			983,000		100.00	%		85	%		85	%
		3200 Windy Hill Road	Atlanta			698,000		50.00	%		100	%		94	%
		2300 Windy Ridge Parkway	Atlanta			635,000		50.00	%		86	%		86	%
		1155 Perimeter Center West	Atlanta			365,000		50.00	%		59	%		59	%
		One Georgia Center	Atlanta			347,000		88.50	%		48	%		41	%
		Ten Peachtree Place	Atlanta			259,000		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	%		84	%		80	%
		615 Peachtree Street	Atlanta			138,000		100.00	%		56	%		57	%
		200 North Point Center East	Atlanta			130,000		100.00	%		43	%		43	%
		333 North Point Center East	Atlanta			129,000		100.00	%		69	%		71	%
		100 North Point Center East	Atlanta			128,000		100.00	%		81	%		81	%
		Galleria 75	Atlanta			114,000		100.00	%		83	%		84	%
		3301 Windy Ridge Parkway	Atlanta			107,000		100.00	%		100	%		100	%
				Georgia		6,841,000					83	%		82	%
		Gateway Village	Charlotte			1,065,000		50.00	%		100	%		100	%
		Wachovia Tower	Greensboro			324,000		11.50	%		68	%		66	%
				North Carolina		1,389,000					98	%		98	%
		Frost Bank Tower	Austin			529,000		100.00	%		61	%(b)		61	%(b)
		The Points at Waterview	Dallas			203,000		100.00	%		95	%		96	%
				Texas		732,000					95	%		96	%
		Lakeshore Park Plaza (a)	Birmingham			190,000		100.00	%		92	%		92	%
		Grandview II	Birmingham			149,000		11.50	%		100	%		100	%
		600 University Park Place (a)	Birmingham			123,000		100.00	%		99	%		100	%
				Alabama		462,000					95	%		95	%
		John Marshall-II	Washington, D.C.			224,000		50.00	%		100	%		100	%
		Total Commercial Office				9,648,000					86	%(c)		85	%(c)
		B. Medical Office
		Emory Crawford Long Medical Office Tower	Atlanta			358,000		50.00	%		97	%		98	%
		Northside/Alpharetta II	Atlanta			198,000		100.00	%		82	%		82	%
		Meridian Mark Plaza	Atlanta			160,000		100.00	%		100	%		100	%
		Northside/Alpharetta I	Atlanta			103,000		100.00	%		92	%		92	%
		AtheroGenics	Atlanta			51,000		100.00	%		100	%		100	%
		Inhibitex	Atlanta			51,000		100.00	%		100	%(b)		100	%(b)
				Georgia		921,000					93	%		93	%
		Presbyterian Medical Plaza at University	Charlotte	North Carolina		69,000		11.50	%		100	%		100	%
		Total Medical Office				990,000					93	%(c)		93	%(c)
		TOTAL OFFICE				10,638,000					87	%(c)		86	%(c)

Page 1 of 3

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 30, 2004

										Percent Leased
							Company’s			(Fully Executed)
		Metropolitan		Rentable			Ownership			Prior Quarter			Current Quarter
Property Description		Area	State	Square Feet			Interest			(6/30/04)			(9/30/04)
II.	RETAIL
	North Point MarketCenter	Atlanta			401,000			11.50	%		100	%		100	%
	The Avenue East Cobb	Atlanta			230,000			100.00	%		99	%		98	%
	The Avenue West Cobb	Atlanta			205,000			100.00	%		96	%		96	%
	The Avenue Peachtree City	Atlanta			182,000			88.50	%		98	%(d)		99	%(d)
	Mansell Crossing Phase II	Atlanta			103,000			11.50	%		100	%		100	%
			Georgia		1,121,000						98	%		98	%
	The Avenue of the Peninsula	Rolling Hills Estates			374,000			100.00	%		82	%		84	%
	Los Altos MarketCenter	Long Beach			157,000			11.50	%		100	%		100	%
			California		531,000						83	%		84	%
	Greenbrier MarketCenter	Chesapeake			376,000			11.50	%		100	%		100	%
	Hanover Square South	Richmond			69,000			100.00	%		27	%(b)		27	%(b)
			Virginia		445,000						100	%		100	%
	The Avenue Viera	Viera			286,000			100.00	%		58	%(b)		72	%(b)
	The Shops at World Golf Village	St. Augustine			80,000			50.00	%		74	%		72	%
			Florida		366,000						74	%		72	%
	The Avenue Carriage Crossing	Memphis	Tennessee		599,000			99.00	%		33	%(b)		45	%(b)
	The Shops of Lake Tuscaloosa	Tuscaloosa	Alabama		62,000			100.00	%		90	%		90	%
	TOTAL RETAIL				3,124,000	(e)					92	%(c)		92	%(c)
	TOTAL PORTFOLIO				13,762,000						88	%(c)		87	%(c)

Page 2 of 3

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 30, 2004

								Percent Leased
			Company Share of		Weighted Average			(Fully Executed)
	Rentable		Rentable		Ownership			Prior Quarter			Current Quarter
	Square Feet		Square Feet		%			(6/30/04)			(9/30/04)
SUMMARY BY TYPE
Commercial Office		9,648,000		5,844,000		67	%		86	%		85	%
Medical Office		990,000		750,000		9	%		93	%		93	%
Subtotal		10,638,000		6,594,000		76	%		87	%		86	%
Retail		3,124,000		2,139,000		24	%		92	%		92	%
TOTAL		13,762,000		8,733,000		100	%		88	%		87	%(c)
SUMMARY BY STATE
Georgia		8,883,000		5,496,000		63	%		86	%		85	%
North Carolina		1,458,000		578,000		7	%		98	%		98	%
Texas		732,000		732,000		8	%		95	%		96	%
Tennessee		599,000		593,000		7	%		33	%		45	%
California		531,000		392,000		5	%		83	%		84	%
Alabama		524,000		392,000		4	%		94	%		94	%
Virginia		445,000		112,000		1	%		100	%		100	%
Florida		366,000		326,000		4	%		74	%		72	%
Washington, D.C.		224,000		112,000		1	%		100	%		100	%
		13,762,000		8,733,000		100	%		88	%		87	%(c)

(a)	This project is owned through a joint venture with a third party, 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. Also, an expansion of 13,000 square feet is currently under construction and lease-up. The expansion space is included in rentable square feet for the property, but excluded from percent leased calculations.
(e)	The Company has a 10% interest in Deerfield Towne Center, a 371,000 square foot retail project that is 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 residuals upon sale.

Page 3 of 3

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of September 30, 2004

		Percentage of Total Portfolio at the			Average Remaining
	Tenant (1)	Company’s Share (2)			Lease Term (Years)
1.	Bank of America		11.1	%		10.11
2.	IBM		6.1	%		2.4
3.	BellSouth		3.9	%		5.0
4.	Northside Hospital		2.5	%		9.3
5.	Georgia Lottery Corporation		1.8	%		8.8
6.	AGL Services Company		1.6	%		8.5
7.	Troutman Sanders LLP		1.6	%		2.7
8.	Booz-Allen Hamilton		1.6	%		6.3
9.	Infinity Insurance Company		1.6	%		0.3
10.	Internap Network Services		1.6	%		15.6
11.	Mirant Corporation		1.5	%		2.3
12.	Indus International, Inc.		1.5	%		7.5
13.	Ernst & Young U.S. LLP		1.5	%		2.6
14.	Bombardier Aerospace Corporation		1.4	%		8.4
15.	Norfolk & Southern		1.1	%		0.1
16.	Emory University		1.1	%		12.4
17.	The Gap Inc.		0.9	%		2.4
18.	General Electric Company		0.9	%		9.5
19.	Turner Broadcasting System, Inc.		0.8	%		1.7
20.	Sapient Corporation		0.8	%		4.7
21.	Paul Hastings		0.8	%		8.1
22.	Regal Cinemas, Inc.		0.8	%		10.6
23.	KIDS II, Inc.		0.7	%		11.0
24.	AtheroGenics		0.7	%		4.4
25.	Hunton & Williams LLP		0.7	%		4.4
	Total leased square feet of Top 25 Largest Tenants		48.6	%		6.7

(1)	In some cases, the actual tenant may be an affiliate of the company shown.
(2)	Percentages are based on square footage amounts of completed projects only. One Ninety One Peachtree Tower is excluded, as it is less than 10% owned by the Company.

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1) and Residential Communities (2))
As of September 30, 2004

						Company’s
		Developable		Joint Venture		Ownership
Description and Location	Zoned Use	Land Area (3)		Partner		Interest
Wildwood Office Park			68		N/A		100	%
Suburban Atlanta, GA	Office and Commercial		32	IBM			50	%
North Point Land (4) Suburban Atlanta, GA	Office and Commercial-East Side		13		N/A		100	%
(Georgia Highway 400 & Haynes Bridge Road)	Mixed Use-West Side		129		N/A		100	%
50 Biscayne Boulevard Miami, FL	Mixed Use		1		N/A		100	%
Salem Road Station Suburban Atlanta, GA	Retail Outparcel		2		N/A		100	%
The Avenue West Cobb Suburban Atlanta, GA	Commercial		8		N/A		100	%
The Shops of Lake Tuscaloosa Tuscaloosa, AL	Retail Outparcel		1		N/A		100	%
Hanover Square Richmond, VA	Retail Outparcels		5		N/A		100	%
Austin Research Park				CommonWealth Pacific
Austin, TX	Commercial		6	LLC and CalPERS			50	%
905 Juniper Atlanta, GA	Residential		1	Gellerstedt (5)			90	%
Temco Associates		See Notes		Temple-Inland
Suburban Atlanta, GA	Residential and Commercial	(2) and (6)		Inc. (5)			50	%

Page 1 of 2

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1) and Residential Communities (2))
As of September 30, 2004

(1) The following properties include adjacent building pads, the basis of which are 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. The square footage of potential office buildings which could be built on the land is as follows:

	Ownership
	Interest			Square Footage
Ten Peachtree Place		50	%		400,000
One Georgia Center		100	%		300,000
The Points at Waterview		100	%		60,000

(2)	Certain residential communities have adjacent land either owned or under option that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development. See the Inventory of Residential Lots Under Development schedule for a detail of such land.
(3)	In acres, based upon management’s current estimates.
(4)	The North Point property is located both east and west of Georgia Highway 400. 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. 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 on the west side has been rezoned to mixed use to include residential as well as office and commercial. The Company sold approximately 40 and 42 acres of land on the west side in the nine months ended September 30, 2004 and the year ended December 31, 2003, respectively. The Company also transferred approximately 5 acres of land to Projects Under Construction during the nine months ended September 30, 2004.
(5)	Joint venture partner is an affiliate of the entity shown.
(6)	Temco Associates has an option through March 2006, with no carrying costs, to acquire the fee simple interest in approximately 6,900 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 $1,173 per acre at January 1, 2004, 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 Ended		Year Ended December 31,
	9/30/2004		2003		2002		2001
Acres purchased and simultaneously sold		161		97		607		359
Acres purchased and held under option for third parties		—		—		78		128
Acres held under option or for sale or future development subsequently sold		149		10		—		—
Acres purchased by Temco for residential developments		—		21		910		—
Acres purchased for sale or future development		—		149		—		—
Total option acres exercised		310		277		1,595		487

Page 2 of 2

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 30, 2004

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining		Additional
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Land
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		(acres) (2)
Cousins Real Estate Corporation (100% owned)
The Lakes at Cedar Grove		2001		10		906		141		14		89		405		501		88
Fulton County Suburban Atlanta, GA
Longleaf at Callaway (3)		2002		5		138		17		10		26		45		93		0
Harris County Pine Mountain, GA
River’s Call		2000		10		107		41		6		24		49		58		0
East Cobb County Suburban Atlanta, GA
Total 100% owned						1,151		199		30		139		499		652		88
Temco Associates (50% owned) (4)
Bentwater		1999		10		1,650		82		37		160		1,350		300		1
Paulding County Suburban Atlanta, GA
The Georgian (75% owned)		2003		9		1,386		241		3		113		126		1,260		0
Paulding County Suburban Atlanta, GA
Seven Hills at Bentwater		2003		8		996		16		41		70		70		926		1,089
Paulding County Suburban Atlanta, GA
Happy Valley (50% owned)		2004		5		399		0		0		0		0		399		0
Paulding County Suburban Atlanta, GA
Paul Harris Estates		2004		3		27		0		0		0		0		27		0
Paulding County Suburban Atlanta, GA
Total Temco						4,458		339		81		343		1,546		2,912		1,090
CL Realty, LLC (50% owned) (4)
Long Meadow Farms (37.5% owned)		2003		10		2,711		0		8		8		8		2,703		134
Fort Bend County Houston, TX
Summer Creek Ranch		2003		10		2,445		163		63		272		400		2,045		374
Tarrant County Fort Worth, TX
Bar C Ranch		2004		8		1,180		0		0		0		0		1,180		0
Tarrant County Forth Worth, TX

Page 1 of 2

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 30, 2004

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining			Additional
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Land
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			(acres) (2)
CL Realty, LLC, continued
Summer Lakes		2003		5		1,160			0			0			0			0			1,160			50
Fort Bend County Rosenberg, TX
Stonebridge (10% owned)		2003		4		619			115			0			63			63			556			0
Coweta County Newnan, GA
McKinney Village Park (60% owned)		2003		4		564			0			81			81			81			483			8
Collin County McKinney, TX
Manatee River Plantation		2003		5		460			0			0			0			0			460			0
Manatee County Tampa, FL
Stillwater Canyon		2003		4		336			56			13			49			71			265			0
Dallas County DeSota, TX
Creekside Oaks		2003		6		305			37			0			40			40			265			0
Manatee County Bradenton, FL
Hidden Lakes		2003		2		89			1			0			5			46			43			0
Tarrant County Keller, TX
Gardinier Estates		2004		5		86			0			0			0			0			86			0
Hillsborough County Tampa, FL
Total CL Realty						9,955			372			165			518			709			9,246			566
Total						15,564			910			276			1,000			2,754			12,810			1,744
Company Share of Total						6,846			473			134			508			1,564			5,282			873
Company Weighted Average Ownership						44	%		52	%		49	%		51	%		57	%		41	%		50	%

(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)	This estimate represents the acreage on both owned land and land under option that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development.
(3)	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, 2004, 15 houses have been sold.
(4)	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, 2003 for a description of Temco Associates and CL Realty.

Page 2 of 2

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2004

OFFICE

As of September 30, 2004, the Company’s office portfolio included 22 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 seven years as of September 30, 2004. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2004			2005			2006			2007			2008			2009
Consolidated:
Square Feet Expiring (1)		54,344			275,504			398,085			117,730			149,425			445,877
% of Leased Space		3	%		13	%		18	%		5	%		7	%		21	%
Annual Contractual Rent (000’s) (3)	$	972		$	4,456		$	6,193		$	2,158		$	2,379		$	6,653
Annual Contractual Rent/Sq. Ft. (3)	$	17.89		$	16.17		$	15.56		$	18.33		$	15.92		$	14.92
Joint Venture:
Square Feet Expiring (1)		129,617			438,122			255,322			691,716			213,486			232,101
% of Leased Space		3	%		9	%		5	%		15	%		5	%		5	%
Annual Contractual Rent (000’s) (3)	$	1,212		$	7,211		$	7,703		$	14,744		$	3,492		$	4,150
Annual Contractual Rent/Sq. Ft. (3)	$	9.35		$	16.46		$	30.17		$	21.32		$	16.36		$	17.88
Total(including only Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		149,100			458,493			523,050			467,543			246,866			556,584
% of Leased Space		3	%		10	%		12	%		11	%		6	%		13	%
Annual Contractual Rent (000’s) (3)	$	1,840		$	7,429		$	9,984		$	9,572		$	3,951		$	8,611
Annual Contractual Rent/Sq. Ft. (3)	$	12.34		$	16.20		$	19.09		$	20.47		$	16.00		$	15.47

[Additional columns below]

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

										2013
										&
	2010			2011			2012			Thereafter			Total
Consolidated:
Square Feet Expiring (1)		96,218			69,998			130,724			428,267			2,166,172	(2)
% of Leased Space		4	%		3	%		6	%		20	%		100	%
Annual Contractual Rent (000’s) (3)	$	1,597		$	1,019		$	2,190		$	8,574		$	36,191
Annual Contractual Rent/Sq. Ft. (3)	$	16.59		$	14.56		$	16.76		$	20.02		$	16.71
Joint Venture:
Square Feet Expiring (1)		106,000			225,924			755,761			1,670,495			4,718,544	(4)
% of Leased Space		2	%		5	%		16	%		35	%		100	%
Annual Contractual Rent (000’s) (3)	$	1,909		$	4,663		$	19,485		$	30,427		$	94,996
Annual Contractual Rent/Sq. Ft. (3)	$	18.01		$	20.64		$	25.78		$	18.21		$	20.13
Total(including only Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		108,408			182,960			507,621			1,239,405			4,440,030
% of Leased Space		2	%		4	%		11	%		28	%		100	%
Annual Contractual Rent (000’s) (3)	$	1,816		$	3,350		$	11,933		$	23,356		$	81,842
Annual Contractual Rent/Sq. Ft. (3)	$	16.75		$	18.31		$	23.51		$	18.84		$	18.43

(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, 2004 out of approximately 2,585,000 total rentable square feet.
(3)	Annual Contractual Rent is the estimated rental rate in the year of expiration, excluding 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.
(4)	Rentable square feet leased as of September 30, 2004 out of approximately 5,315,000 total rentable square feet.

Page 1 of 3

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2004

MEDICAL OFFICE

As of September 30, 2004, the Company’s medical office portfolio included six medical office buildings, excluding all properties currently under construction and/or in lease-up. The weighted average remaining lease term of these medical office properties was approximately eight years as of September 30, 2004. The medical office properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2004			2005			2006			2007			2008			2009
Consolidated:
Square Feet Expiring		15,031			30,025			15,272			29,830			41,075			138,775
% of Leased Space		3	%		6	%		3	%		6	%		9	%		30	%
Annual Contractual Rent (000’s) (2)	$	353		$	535		$	260		$	637		$	900		$	2,830
Annual Contractual Rent/Sq. Ft. (2)	$	23.51		$	17.82		$	17.03		$	21.34		$	21.91		$	20.39
Joint Venture:
Square Feet Expiring		—			3,445			—			68,996			1,178			35,041
% of Leased Space		0	%		1	%		0	%		16	%		0	%		8	%
Annual Contractual Rent (000’s) (2)	$	—		$	56		$	—		$	1,263		$	24		$	767
Annual Contractual Rent/Sq. Ft. (2)	$	—		$	16.40		$	—		$	18.31		$	20.01		$	21.88
Total(including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		15,031			30,421			15,272			54,797			41,664			156,296
% of Leased Space		2	%		5	%		2	%		8	%		6	%		24	%
Annual Contractual Rent (000’s) (2)	$	353		$	541		$	260		$	1,109		$	912		$	3,213
Annual Contractual Rent/Sq. Ft. (2)	$	23.51		$	17.80		$	17.03		$	20.24		$	21.88		$	20.56

[Additional columns below]

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

										2013
										&
	2010			2011			2012			Thereafter			Total
Consolidated:
Square Feet Expiring		18,397			30,354			5,801			144,975			469,535	(1)
% of Leased Space		4	%		6	%		1	%		32	%		100	%
Annual Contractual Rent (000’s) (2)	$	351		$	810		$	130		$	3,368		$	10,174
Annual Contractual Rent/Sq. Ft. (2)	$	19.07		$	26.68		$	22.39		$	23.23		$	21.67
Joint Venture:
Square Feet Expiring		7,175			14,735			82,677			207,336			420,583	(3)
% of Leased Space		2	%		4	%		20	%		49	%		100	%
Annual Contractual Rent (000’s) (2)	$	155		$	359		$	1,708		$	5,028		$	9,360
Annual Contractual Rent/Sq. Ft. (2)	$	21.59		$	24.37		$	20.66		$	24.25		$	22.25
Total(including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		21,985			37,722			31,546			248,643			653,377
% of Leased Space		3	%		6	%		5	%		39	%		100	%
Annual Contractual Rent (000’s) (2)	$	428		$	989		$	686		$	5,882		$	14,373
Annual Contractual Rent/Sq. Ft. (2)	$	19.48		$	26.23		$	21.76		$	23.66		$	22.00

(1)	Rentable square feet leased as of September 30, 2004 out of approximately 512,000 total rentable square feet.
(2)	Annual Contractual Rent is the estimated rental rate in the year of expiration, excluding 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.
(3)	Rentable square feet leased as of September 30, 2004 out of approximately 427,000 total rentable square feet.

Page 2 of 3

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2004

RETAIL

As of September 30, 2004, the Company’s retail portfolio included ten retail properties, excluding all properties currently under construction and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately eight years as of September 30, 2004. 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:

Retail	2004			2005			2006			2007			2008			2009
Consolidated:
Square Feet Expiring		20,467			43,474			65,007			15,868			11,796			34,302
% of Leased Space		3	%		5	%		8	%		2	%		1	%		4	%
Annual Contractual Rent (000’s) (2)	$	315		$	1,259		$	1,595		$	191		$	349		$	982
Annual Contractual Rent/Sq. Ft. (2)	$	15.41		$	28.96		$	24.54		$	12.02		$	29.56		$	28.64
Joint Venture:
Square Feet Expiring		21,694			50,695			162,790			79,004			55,721			42,829
% of Leased Space		2	%		4	%		13	%		6	%		4	%		3	%
Annual Contractual Rent (000’s) (2)	$	472		$	722		$	2,167		$	1,688		$	1,106		$	659
Annual Contractual Rent/Sq. Ft. (2)	$	21.75		$	14.25		$	13.31		$	21.37		$	19.84		$	15.39
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		23,537			50,844			103,957			49,255			52,855			45,594
% of Leased Space		2	%		5	%		10	%		5	%		5	%		4	%
Annual Contractual Rent (000’s) (2)	$	384		$	1,378		$	2,325		$	954		$	1,176		$	1,224
Annual Contractual Rent/Sq. Ft. (2)	$	16.32		$	27.09		$	22.36		$	19.38		$	22.25		$	26.85

[Additional columns below]

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

										2013
										&
Retail	2010			2011			2012			Thereafter			Total
Consolidated:
Square Feet Expiring		127,143			35,461			18,004			419,927			791,449	(1)
% of Leased Space		16	%		4	%		2	%		55	%		100	%
Annual Contractual Rent (000’s) (2)	$	3,139		$	634		$	564		$	9,045		$	18,073
Annual Contractual Rent/Sq. Ft. (2)	$	24.69		$	17.89		$	31.35		$	21.54		$	22.84
Joint Venture:
Square Feet Expiring		103,151			141,969			235,511			365,860			1,259,224	(3)
% of Leased Space		8	%		11	%		19	%		30	%		100	%
Annual Contractual Rent (000’s) (2)	$	1,186		$	2,203		$	3,735		$	6,193		$	20,131
Annual Contractual Rent/Sq. Ft. (2)	$	11.50		$	15.52		$	15.86		$	16.93		$	15.99
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		141,794			59,815			77,382			481,498			1,086,531
% of Leased Space		13	%		6	%		7	%		43	%		100	%
Annual Contractual Rent (000’s) (2)	$	3,325		$	1,123		$	1,730		$	10,151		$	23,770
Annual Contractual Rent/Sq. Ft. (2)	$	23.45		$	18.77		$	22.36		$	21.08		$	21.88

(1)	Gross leasable area leased as of September 30, 2004 out of approximately 871,000 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, 2004 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 (1)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004
(In thousands, except square footage)

	Discontinued Operations
	Retail			Office			Office
										Total
	Rocky									Discontinued
	Creek			55 Second Street			101 Second Street			Operations
Square Footage
Total square footage		—			379,000			387,000			766,000
Company share of square footage		—			379,000			387,000			766,000
Value Creation & GAAP Gain:
Sales Price	$	650		$	146,400		$	140,600		$	287,650
Adjustment to sales price (3)
Cost of property and closing costs		(147	)		(125,583	)		(95,714	)		(221,444	)
Recognition of deferred gain (4)		—			—			—			—
Minority Interest		—			(7,506	)		(10,720	)		(18,226	)
Value Creation		503			13,311			34,166			47,980
Recognition of deferred gain (4) (5)		—			—			—			—
Straight-line rent receivable		—			(74	)		(3,438	)		(3,512	)
Accumulated depreciation		145			8,395			14,931			23,471
Provision for income taxes		—			—			—			—
Gain on Sale of Investment Properties, Net (6)	$	648		$	21,632		$	45,659		$	67,939
Estimated Tax Gain:
Sales Price	$	650		$	146,400		$	140,600			287,650
Adjustment to sales price (3)
Cost of property and closing costs		(35	)		(106,991	)		(96,064	)		(203,090	)
Accumulated depreciation & amortization of leasing costs		—			8,256			19,340			27,596
Additional capitalized interest write-off at NBV		—			(7,854	)		(3,787	)		(11,641	)
Built-in Gain (CPI)		—			—			—			—
Minority interest		—			(7,506	)		(10,428	)		(17,934	)
Cousins Properties (REIT) Tax Gain	$	615		$	32,305		$	49,661		$	82,581

[Additional columns below]

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

	Continuing Operations (2)
	Office			Office
				101			Undepreciated					Total
	333 John Carlyle/			Independence			Investment					Continuing
	1900 Duke Street			Center			Properties			Other		Operations
Square Footage
Total square footage		250,000			526,000			—			—		776,000
Company share of square footage		250,000			526,000			—			—		776,000
Value Creation & GAAP Gain:
Sales Price	$	80,000		$	100,000		$	12,232		$	—	$	192,232
Adjustment to sales price (3)													—
Cost of property and closing costs		(53,928	)		(85,588	)		(5,513	)		—		(145,029	)
Recognition of deferred gain (4)		—			—			—			—		—
Minority Interest		—			—			—			—		—
Value Creation		26,072			14,412			6,719			—		47,203
Recognition of deferred gain (4) (5)		—			—			5,351			273		5,624
Straight-line rent receivable		(154	)		(1,916	)		—			—		(2,070	)
Accumulated depreciation		8,610			23,317			—			—		31,927
Provision for income taxes		—			—			—			611		611
Gain on Sale of Investment Properties, Net (6)	$	34,528		$	35,813		$	12,070		$	884	$	83,295
Estimated Tax Gain:
Sales Price	$	80,000		$	100,000		$	12,232		$	—	$	192,232
Adjustment to sales price (3)													—
Cost of property and closing costs		(53,906	)		(72,730	)		(5,634	)		—		(132,270	)
Accumulated depreciation & amortization of leasing costs		8,781			11,885			—			—		20,666
Additional capitalized interest write-off at NBV		—			—			—			—		—
Built-in Gain (CPI)		—			—			—			—		—
Minority interest		—			—			—			—		—
Cousins Properties (REIT) Tax Gain	$	34,875		$	39,155		$	6,598		$	—	$	80,628

Page 1 of 2

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES (1)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004
(In thousands, except square footage)

	Unconsolidated Joint Ventures
	Office			Office			Office
	2500 Wildwood			Two Live Oak			Austin			Total
	4100/4300 Wildwood			&			Research			Unconsolidated
	4200 Wildwood			The Pinnacle			Park			Joint Ventures
Square Footage
Total square footage		825,000			702,000			358,000			1,885,000
Company share of square footage		412,500			351,000			179,000			942,500
Value Creation & GAAP Gain:
Sales Price	$	86,250		$	100,000		$	39,350		$	225,600
Adjustment to sales price (3)		(5,791	)								(5,791	)
Cost of property and closing costs		(54,485	)		(74,330	)		(30,177	)		(158,992	)
Recognition of deferred gain (4)		5,353			—			—			5,353
Minority Interest		—			—			—			—
Value Creation		31,327			25,670			9,173			66,170
Recognition of deferred gain (4) (5)		—			—			—			—
Straight-line rent receivable		(2,076	)		(346	)		—			(2,422	)
Accumulated depreciation		17,679			20,040			3,186			40,905
Provision for income taxes		—			—			—			—
Gain on Sale of Investment Properties, Net (6)	$	46,930		$	45,364		$	12,359		$	104,653
Estimated Tax Gain:
Sales Price	$	86,250		$	100,000		$	39,350		$	225,600
Adjustment to sales price (3)		(5,791	)		—			—			(5,791	)
Cost of property and closing costs		(45,775	)		(72,958	)		(30,101	)		(148,834	)
Accumulated depreciation & amortization of leasing costs		19,448			18,351			4,906			42,704
Additional capitalized interest write-off at NBV		—			—			(811	)		(811	)
Built-in Gain (CPI)		6,455			—			—			6,455
Minority interest		—			—			—			—
Cousins Properties (REIT) Tax Gain	$	60,587		$	45,393		$	13,344		$	119,323

[Additional columns below]

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

	Total			Total
	Discontinued			Continuing
	Operations			Operations			Total
Square Footage
Total square footage		766,000			776,000			3,427,000
Company share of square footage		766,000			776,000			2,484,500
Value Creation & GAAP Gain:
Sales Price	$	287,650		$	192,232		$	705,482
Adjustment to sales price (3)		—			—			(5,791	)
Cost of property and closing costs		(221,444	)		(145,029	)		(525,465	)
Recognition of deferred gain (4)		—			—			5,353
Minority Interest		(18,226	)		—			(18,226	)
Value Creation		47,980			47,203			161,353
Recognition of deferred gain (4) (5)		—			5,624			5,624
Straight-line rent receivable		(3,512	)		(2,070	)		(8,004	)
Accumulated depreciation		23,471			31,927			96,303
Provision for income taxes		—			611			611
Gain on Sale of Investment Properties, Net (6)	$	67,939		$	83,295		$	255,887
Estimated Tax Gain:
Sales Price	$	287,650		$	192,232		$	705,482
Adjustment to sales price (3)		—			—			(5,791	)
Cost of property and closing costs		(203,090	)		(132,270	)		(484,194	)
Accumulated depreciation & amortization of leasing costs		27,596			20,666			90,966
Additional capitalized interest write-off at NBV		(11,641	)		—			(12,452	)
Built-in Gain (CPI)		—			—			6,455
Minority interest		(17,934	)		—			(17,934	)
Cousins Properties (REIT) Tax Gain	$	82,581		$	80,628		$	282,532

(1)	Includes Cousins’ share of gains on sales of investment properties from unconsolidated joint ventures.
(2)	Continuing operations includes sold properties for which the Company retained management.
(3)	Adjustment to sales price represents pre-payment penalties on notes payable that were paid by the buyer at closing.
(4)	Deferred gain includes $10.7 million gain on sale of Wildwood land associated with Wildwood office properties. This land was originally contributed upon formation of Wildwood Associates. One half of this gain was attributable to land and is included in gain on sale of undepreciated investment properties.
(5)	Recognition of deferred gain of $273 on contribution of properties to CP Venture entities in 1998, for financial reporting purposes only. 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, 2003.
(6)	See page 5 of the Net Income and Funds From Operations - Supplemental Detail schedule included in the Quarterly Information Package. Total for Unconsolidated Joint Ventures differs by the deferred gain recognized on the Wildwood Associates sales. This amount is recorded in Gain on Sale of Investment Properties in the Consolidated Statements of Income.

Page 2 of 2

Cousins Properties Incorporated
Summary of 2004 Office Asset Sales (1)
As of November 1, 2004

				Rental Property Revenues less Operating Expenses (2)												Adjustments
																							Contract		Trailing NOI/
	Ownership			Quarter 2		Quarter 3		Quarter 4		Quarter 1		Quarter 2		Quarter 3		Termination		Straight			Trailing		Sales		Contract
Properties	Percentage			2003		2003		2003		2004		2004		2004		Fees		Line			NOI (3)		Price		Sales Price
333 John Carlyle/1900 Duke Street		100	%	$	2,223	$	1,517	$	1,566	$	1,598	$	—	$	—	$	611	$	143		$	6,150	$	80,000		7.69	%
101 Independence Center		100	%		—		2,280		2,267		2,275		2,351		—		—		(36	)		9,209		100,000		9.21	%
The Pinnacle and Two Live Oak Center		50	%		—		1,697		1,716		1,742		1,772		—		63		(65	)		6,929		100,000		6.93	%
Austin Research Park		50	%		—		857		861		857		878		—		—		—			3,453		39,350		8.78	%
2500 Windy Ridge Parkway		50	%		—		579		571		535		592		—		62		231			1,984		29,000		6.84	%
4100/4300 Wildwood Parkway		50	%		—		483		481		480		482		—		—		—			1,926		25,375		7.59	%
4200 Wildwood Parkway		50	%		—		597		598		597		597		—		—		170			2,219		31,875		6.96	%
101 Second Street		100	%		—		3,585		2,337		2,320		2,322		—		1,159		82			9,323		140,600		6.63	%
55 Second Street		100	%		—		1,558		1,626		1,652		1,950		—		—		67			6,719		146,400		4.59	%
2300 Windy Ridge Parkway		50	%		—		—		1,079		1,099		1,127		1,134		—		(29	)		4,468		52,000		8.59	%
3200 Windy Hill Road		50	%		—		—		2,239		1,285		1,424		1,470		1,056		496			4,866		62,500		7.79	%
Wildwood Ground leases		50	%		—		—		159		163		169		161		—		22			630		9,250		6.81	%
John Marshall-II		50	%		—		—		455		494		447		490		—		48			1,838		29,625		6.20	%
Northside/Alpharetta I and II		100	%		—		—		908		965		1,003		1,068		44		9			3,891		41,400		9.40	%
				$	2,223	$	13,153	$	16,863	$	16,062	$	15,114	$	4,323	$	2,995	$	1,138		$	63,605	$	887,375		7.17	%

(1)	Amounts above reflect the Company’s share of operations, adjustments and sales prices.
(2)	See definition contained in Discussion of Non-GAAP Financial Measures. See reconciliations to Net Income contained in the Net Income and Funds From Operations Supplemental Detail schedule.
(3)	Trailing NOI is calculated as Rental Property Revenues less Operating Expenses adjusted for termination fees and straight line rental revenue for the four quarters immediately preceeding the asset sale.

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

RECONCILIATIONS	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th			2003
(A)  2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES PER CASH FLOWS
FROM INVESTING ACTIVITIES		215,958			140,346			88,127			22,498			20,493			25,856			40,911			109,758
ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET		(50,784	)		(74,539	)		(58,504	)		(18,061	)		(16,490	)		(21,514	)		(30,366	)		(86,431	)
ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT		(3,376	)		(18,288	)		(2,899	)		(21	)		(23	)		(7	)		(2,691	)		(2,742	)
ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT		(6,688	)		(13,964	)		(12,000	)		(1,881	)		(2,681	)		(4,317	)		(2,185	)		(11,064	)
PROPERTY ACQUISITIONS		(61,200	)		0			0			0			0			0			0			0
1ST GENERATION TI & LEASING FEES		(89,849	)		(22,080	)		(4,722	)		(201	)		(326	)		2,058			(2,549	)		(1,018	)
FURNITURE & FIXTURES		(688	)		(6,916	)		(2,002	)		(377	)		(508	)		(312	)		(313	)		(1,510	)
CONSOLIDATED SECOND GENERATION RELATED COSTS		3,373			4,559			8,000			1,957			465			1,764			2,807			6,993
SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		1,437			1,514			4,988			2,401			1,451			560			3,102			7,514
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		4,810			6,073			12,988			4,358			1,916			2,324			5,909			14,507
TOTAL BY TYPE:
SECOND GENERATION LEASING RELATED COSTS		3,876			3,582			11,804			4,287			1,762			2,328			4,970			13,347
SECOND GENERATION BUILDING IMPROVEMENTS		934			2,491			1,184			71			154			(4	)		939			1,160
		4,810			6,073			12,988			4,358			1,916			2,324			5,909			14,507
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		3,239			3,292			11,348			3,873			1,728			1,978			4,778			12,357
SECOND GENERATION BUILDING IMPROVEMENTS		907			2,484			888			22			116			(18	)		818			938
		4,146			5,776			12,236			3,895			1,844			1,960			5,596			13,295
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		637			290			456			414			35			351			192			992
SECOND GENERATION BUILDING IMPROVEMENTS		27			7			296			49			37			13			121			220
		664			297			752			463			72			364			313			1,212
		4,810			6,073			12,988			4,358			1,916			2,324			5,909			14,507
(B)  ADJUSTED DEBT:
CONSOLIDATED DEBT		485,085			585,275			669,792			686,011			524,883			478,134			497,981			497,981
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		256,292			275,913			265,854			263,329			288,265			288,761			285,657			285,657
TOTAL DEBT INCLUDING SHARE OF JV’S		741,377			861,188			935,646			949,340			813,148			766,895			783,638			783,638
SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (1)		(70,309	)		(94,685	)		(90,766	)		(89,746	)		(88,711	)		(87,658	)		(86,588	)		(86,588	)
ADJUSTED DEBT		671,068			766,503			844,880			859,595			724,437			679,237			697,050			697,050
RECOURSE DEBT		174,522			154,018			160,443			178,239			18,842			20,783			20,697			20,697
NON-RECOURSE DEBT		496,546			612,485			684,437			681,356			705,595			658,454			676,353			676,353
ADJUSTED DEBT		671,068			766,503			844,880			859,595			724,437			679,237			697,050			697,050

[Additional columns below]

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

RECONCILIATIONS	2004 1st			2004 2nd			2004 3rd			2004
(A)  2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
PROPERTY ACQUISITION AND DEVELOPMENT EXPENDITURES
PER CASH FLOWS FROM INVESTING ACTIVITIES		39,518			56,434			46,965			142,917
ADDITIONS TO PROJECTS UNDER CONSTRUCTION, NET		(22,687	)		(38,946	)		(25,544	)		(87,177	)
ADDITIONS TO LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT		(2,515	)		(13,387	)		(371	)		(16,273	)
ADDITIONS TO RESIDENTIAL LOTS UNDER DEVELOPMENT		(905	)		(1,935	)		(2,028	)		(4,868	)
PROPERTY ACQUISITIONS		(11,415	)		0			0			(11,415	)
1ST GENERATION TI & LEASING FEES		(724	)		(936	)		(11,520	)		(13,180	)
FURNITURE & FIXTURES		(407	)		(578	)		(217	)		(1,202	)
CONSOLIDATED SECOND GENERATION RELATED COSTS		865			652			7,285			8,802
SHARE OF JOINT VENTURE 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		(126	)		1,035			1,813			2,722
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		739			1,687			9,098			11,524
TOTAL BY TYPE:
SECOND GENERATION LEASING RELATED COSTS		1,166			1,574			8,912			11,652
SECOND GENERATION BUILDING IMPROVEMENTS		(427	)		113			186			(128	)
		739			1,687			9,098			11,524
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		1,143			1,567			8,848			11,558
SECOND GENERATION BUILDING IMPROVEMENTS		(452	)		113			176			(163	)
		691			1,680			9,024			11,395
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		23			7			64			94
SECOND GENERATION BUILDING IMPROVEMENTS		25			0			10			35
		48			7			74			129
		739			1,687			9,098			11,524
(B)  ADJUSTED DEBT:
CONSOLIDATED DEBT		533,082			495,268			313,208			313,208
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		294,090			291,663			200,584			200,584
TOTAL DEBT INCLUDING SHARE OF JV’S		827,172			786,931			513,792			513,792
SHARE OF CHARLOTTE GATEWAY VILLAGE DEBT (1)		(85,542	)		(84,397	)		(83,275	)		(83,275	)
ADJUSTED DEBT		741,630			702,534			430,517			430,517
RECOURSE DEBT		57,555			101,269			50,365			50,365
NON-RECOURSE DEBT		684,075			601,265			380,152			380,152
ADJUSTED DEBT		741,630			702,534			430,517			430,517

(1) The Charlotte Gateway Village (“Gateway”) 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 1 of 4

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

RECONCILIATIONS	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th			2003
(C)  CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
CONSOLIDATED INTEREST EXPENSE		7,680			17,852			27,041			7,217			6,363			4,583			4,413			22,576
DISCONTINUED OPERATIONS INTEREST EXPENSE		5,916			9,758			10,382			2,572			2,571			2,293			2,023			9,459
SHARE OF JOINT VENTURE INTEREST EXPENSE		14,311			13,936			13,208			3,211			3,405			3,585			3,538			13,739
CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		27,907			41,546			50,631			13,000			12,339			10,461			9,974			45,774
(D)  FIXED CHARGES:
CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		27,907			41,546			50,631			13,000			12,339			10,461			9,974			45,774
PRINCIPAL PAYMENTS:
CONSOLIDATED		4,734			5,721			7,632			1,606			1,720			1,736			1,800			6,862
SHARE OF JOINT VENTURES		4,252			4,696			6,140			1,506			1,528			1,641			1,670			6,345
GROUND LEASE PAYMENTS:
CONSOLIDATED		147			613			839			214			208			83			82			587
SHARE OF JOINT VENTURES		12			12			12			3			3			3			3			12
TOTAL FIXED CHARGES (excluding Preferred Dividends)		37,052			52,588			65,254			16,329			15,798			13,924			13,529			59,580
PREFERRED STOCK DIVIDENDS		0			0			0			0			0			1,421			1,937			3,358
TOTAL FIXED CHARGES (including Preferred Dividends)		37,052			52,588			65,254			16,329			15,798			15,345			15,466			62,938
(E)  RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		76,340			94,281			97,290			25,413			25,967			24,394			25,639			101,413
RENTAL PROPERTY OPERATING EXPENSES		(23,744	)		(30,505	)		(30,613	)		(7,506	)		(8,082	)		(8,192	)		(8,900	)		(32,680	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		52,596			63,776			66,677			17,907			17,885			16,202			16,739			68,733
(F)  INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		37,646			51,188			71,382			35,600			13,937			10,304			7,597			67,438
RENTAL PROPERTY OPERATING EXPENSES		(9,672	)		(13,480	)		(18,523	)		(4,501	)		(4,312	)		(3,268	)		(2,734	)		(14,815	)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		27,974			37,708			52,859			31,099			9,625			7,036			4,863			52,623
INTEREST EXPENSE		(5,916	)		(9,758	)		(10,382	)		(2,572	)		(2,571	)		(2,293	)		(2,023	)		(9,459	)
MINORITY INTEREST EXPENSE		(509	)		(2,063	)		(1,710	)		(229	)		(143	)		0			(252	)		(624	)
PROVISION FOR INCOME TAXES		(31	)		(136	)		(139	)		0			0			0			0			0
FUNDS FROM OPERATIONS		21,518			25,751			40,628			28,298			6,911			4,743			2,588			42,540
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(8,603	)		(11,862	)		(18,085	)		(5,726	)		(2,738	)		(3,897	)		(2,309	)		(14,670	)
NET INCOME FROM DISCONTINUED OPERATIONS		12,915			13,889			22,543			22,572			4,173			846			279			27,870

[Additional columns below]

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

RECONCILIATIONS	2004 1st			2004 2nd			2004 3rd			2004
(C)  CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
CONSOLIDATED INTEREST EXPENSE		4,719			4,444			2,753			11,916
DISCONTINUED OPERATIONS INTEREST EXPENSE		2,017			2,011			1,780			5,808
SHARE OF JOINT VENTURE INTEREST EXPENSE		3,519			3,660			2,989			10,168
CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		10,255			10,115			7,522			27,892
(D)  FIXED CHARGES:
CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		10,255			10,115			7,522			27,892
PRINCIPAL PAYMENTS:
CONSOLIDATED		1,789			1,748			1,637			5,174
SHARE OF JOINT VENTURES		1,697			1,800			1,377			4,874
GROUND LEASE PAYMENTS:
CONSOLIDATED		87			134			142			363
SHARE OF JOINT VENTURES		3			3			3			9
TOTAL FIXED CHARGES (excluding Preferred Dividends)		13,831			13,800			10,681			38,312
PREFERRED STOCK DIVIDENDS		1,938			1,937			1,937			5,812
TOTAL FIXED CHARGES (including Preferred Dividends)		15,769			15,737			12,618			44,124
(E)  RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		28,918			26,579			23,607			79,104
RENTAL PROPERTY OPERATING EXPENSES		(8,787	)		(8,504	)		(8,246	)		(25,537	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		20,131			18,075			15,361			53,567
(F)  INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		7,781			7,506			7,269			22,556
RENTAL PROPERTY OPERATING EXPENSES		(2,822	)		(2,231	)		(2,556	)		(7,609	)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		4,959			5,275			4,713			14,947
INTEREST EXPENSE		(2,017	)		(2,011	)		(1,780	)		(5,808	)
MINORITY INTEREST EXPENSE		0			0			0			0
PROVISION FOR INCOME TAXES		0			0			0			0
FUNDS FROM OPERATIONS		2,942			3,264			2,933			9,139
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(2,266	)		(1,831	)		(1,003	)		(5,100	)
NET INCOME FROM DISCONTINUED OPERATIONS		676			1,433			1,930			4,039

Page 2 of 4

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

RECONCILIATIONS	2000			2001			2002			2003 1st			2003 2nd			2003 3rd			2003 4th			2003
(G)  SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES,
NET OF CONSOLIDATING ENTRY		46,600			51,422			56,435			13,742			14,570			14,403			14,504			57,219
INTEREST EXPENSE		(14,311	)		(13,936	)		(13,208	)		(3,211	)		(3,405	)		(3,585	)		(3,538	)		(13,739	)
OTHER, NET		2,258			144			43			444			(38	)		(45	)		(131	)		230
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(231	)		(53	)		(9	)		(8	)		(9	)		(9	)		(8	)		(34	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE		0			0			0			(551	)		0			0			(985	)		(1,536	)
FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		34,316			37,577			43,261			10,416			11,118			10,764			9,842			42,140
RESIDENTIAL LOT AND TRACT FFO		678			1,720			1,949			513			1,225			818			1,188			3,744
FUNDS FROM OPERATIONS		34,994			39,297			45,210			10,929			12,343			11,582			11,030			45,884
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(15,542	)		(16,400	)		(18,540	)		(4,432	)		(4,680	)		(4,650	)		(7,503	)		(21,265	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0
NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		19,452			22,897			26,670			6,497			7,663			6,932			3,527			24,619
(H)  CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED:
TRACT SALES		0			0			547			0			0			600			0			600
LOT SALES		13,951			6,682			8,579			3,928			1,612			2,233			4,572			12,345
TOTAL RESIDENTIAL AND OUTPARCEL SALES		13,951			6,682			9,126			3,928			1,612			2,833			4,572			12,945
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED:
TRACT COST OF SALES		0			0			352			0			0			480			0			480
LOT COST OF SALES		11,684			5,910			6,957			3,231			1,368			1,366			3,577			9,542
TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		11,684			5,910			7,309			3,231			1,368			1,846			3,577			10,022
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		564			2,011			2,143			0			0			1,947			5,323			7,270
RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED		2,831			2,783			3,960			697			244			2,934			6,318			10,193
SUMMARY:
TRACT SALES NET OF COS - WHOLLY OWNED		564			2,011			2,338			0			0			2,067			5,323			7,390
LOT SALES NET OF COS - WHOLLY OWNED		2,267			772			1,622			697			244			867			995			2,803
TOTAL WHOLLY OWNED SALES, NET		2,831			2,783			3,960			697			244			2,934			6,318			10,193
SHARE OF UNCONSOLIDATED JOINT VENTURES:
TRACT SALES LESS COST OF SALES		773			1,098			671			0			430			42			0			472
LOT SALES LESS COST OF SALES		0			645			1,281			544			822			822			1,240			3,428
INTEREST EXPENSE		0			0			0			0			0			0			0			0
OTHER - JOINT VENTURE		(95	)		(23	)		(3	)		(31	)		(27	)		(46	)		(52	)		(156	)
TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES		678			1,720			1,949			513			1,225			818			1,188			3,744
TOTAL RESIDENTIAL LOT/TRACT FFO		3,509			4,503			5,909			1,210			1,469			3,752			7,506			13,937

[Additional columns below]

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

RECONCILIATIONS	2004 1st			2004 2nd			2004 3rd			2004
(G)  SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY		13,760			16,252			12,227			42,239
INTEREST EXPENSE		(3,499	)		(3,623	)		(2,950	)		(10,072	)
OTHER, NET		873			(21	)		(55	)		797
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(10	)		(8	)		(11	)		(29	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY - JOINT VENTURE		0			0			0			0
FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		11,124			12,600			9,211			32,935
RESIDENTIAL LOT AND TRACT FFO		2,657			1,425			1,866			5,948
FUNDS FROM OPERATIONS		13,781			14,025			11,077			38,883
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,725	)		(4,829	)		(3,701	)		(13,255	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			99,300			99,300
NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		9,056			9,196			106,676			124,928
(H)  CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
RESIDENTIAL LOT AND OUTPARCEL SALES - WHOLLY OWNED:
TRACT SALES		0			0			0			0
LOT SALES		3,888			4,366			3,341			11,595
TOTAL RESIDENTIAL AND OUTPARCEL SALES		3,888			4,366			3,341			11,595
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - WHOLLY-OWNED:
TRACT COST OF SALES		0			0			0			0
LOT COST OF SALES		2,490			3,178			2,219			7,887
TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		2,490			3,178			2,219			7,887
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		1,967			1,267			8,836			12,070
RESIDENTIAL LOT AND OUTPARCEL SALES, NET -WHOLLY OWNED		3,365			2,455			9,958			15,778
SUMMARY:
TRACT SALES NET OF COS - WHOLLY OWNED		1,967			1,267			8,836			12,070
LOT SALES NET OF COS - WHOLLY OWNED		1,398			1,188			1,122			3,708
TOTAL WHOLLY OWNED SALES, NET		3,365			2,455			9,958			15,778
SHARE OF UNCONSOLIDATED JOINT VENTURES:
TRACT SALES LESS COST OF SALES		991			80			937			2,008
LOT SALES LESS COST OF SALES		1,724			1,389			1,011			4,124
INTEREST EXPENSE		(20	)		(37	)		(39	)		(96	)
OTHER - JOINT VENTURE		(38	)		(7	)		(43	)		(88	)
TRACT AND LOT SALES, NET - SHARE OF JOINT VENTURES		2,657			1,425			1,866			5,948
TOTAL RESIDENTIAL LOT/TRACT FFO		6,022			3,880			11,824			21,726

Page 3 of 4

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

RECONCILIATIONS	2000			2001			2002		2003 1st		2003 2nd		2003 3rd		2003 4th		2003
(I)  DEPRECIATION AND AMORTIZATION:
REAL ESTATE RELATED:
CONSOLIDATED		23,083			30,624			34,154		9,779		10,078		8,330		8,787		36,974
DISCONTINUED OPERATIONS		8,603			11,862			18,085		5,726		2,738		3,897		2,309		14,670
		31,686			42,486			52,239		15,505		12,816		12,227		11,096		51,644
SHARE OF JOINT VENTURES		15,542			16,400			18,540		4,432		4,680		4,650		7,503		21,265
TOTAL REAL ESTATE RELATED		47,228			58,886			70,779		19,937		17,496		16,877		18,599		72,909
NON-REAL ESTATE RELATED:
CONSOLIDATED		1,099			2,166			2,148		571		602		668		670		2,511
DISCONTINUED OPERATIONS		0			0			0		0		0		0		0		0
		1,099			2,166			2,148		571		602		668		670		2,511
SHARE OF JOINT VENTURES		231			53			9		8		9		9		8		34
TOTAL NON-REAL ESTATE RELATED		1,330			2,219			2,157		579		611		677		678		2,545
TOTAL DEPRECIATION AND AMORTIZATION		48,558			61,105			72,936		20,516		18,107		17,554		19,277		75,454
SUMMARY:
CONSOLIDATED		24,182			32,790			36,302		10,350		10,680		8,998		9,457		39,485
DISCONTINUED OPERATIONS		8,603			11,862			18,085		5,726		2,738		3,897		2,309		14,670
		32,785			44,652			54,387		16,076		13,418		12,895		11,766		54,155
SHARE OF JOINT VENTURES		15,773			16,453			18,549		4,440		4,689		4,659		7,511		21,299
TOTAL DEPRECIATION AND AMORTIZATION		48,558			61,105			72,936		20,516		18,107		17,554		19,277		75,454
MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		(1,164	)		(95	)		0		0		0		0		0		0
TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		47,394			61,010			72,936		20,516		18,107		17,554		19,277		75,454
SUMMARY BY TYPE:
REAL ESTATE RELATED:
BUILDING (INCLUDING TENANT FIRST GENERATION):
CONSOLIDATED		30,402			38,522			49,913		14,904		12,190		11,633		9,900		48,627
SHARE OF JOINT VENTURES		14,825			15,656			17,762		4,182		4,230		4,232		7,065		19,709
		45,227			54,178			67,675		19,086		16,420		15,865		16,965		68,336
TENANT SECOND GENERATION:
CONSOLIDATED		1,284			3,964			2,326		601		626		594		1,196		3,017
SHARE OF JOINT VENTURES		717			744			778		250		450		418		438		1,556
		2,001			4,708			3,104		851		1,076		1,012		1,634		4,573
TOTAL REAL ESTATE RELATED		47,228			58,886			70,779		19,937		17,496		16,877		18,599		72,909
NON-REAL ESTATE RELATED:
FURNITURE, FIXTURES AND EQUIPMENT:
CONSOLIDATED		799			1,485			2,122		565		596		661		663		2,485
SHARE OF JOINT VENTURES		231			53			9		8		9		9		8		34
		1,030			1,538			2,131		573		605		670		671		2,519
GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
CONSOLIDATED		300			681			26		6		6		7		7		26
SHARE OF JOINT VENTURES		0			0			0		0		0		0		0		0
		300			681			26		6		6		7		7		26
TOTAL NON-REAL ESTATE RELATED		1,330			2,219			2,157		579		611		677		678		2,545
TOTAL DEPRECIATION & AMORTIZATION		48,558			61,105			72,936		20,516		18,107		17,554		19,277		75,454

[Additional columns below]

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

RECONCILIATIONS	2004 1st			2004 2nd		2004 3rd		2004
(I)  DEPRECIATION AND AMORTIZATION:
REAL ESTATE RELATED:
CONSOLIDATED		9,909			8,132		7,730		25,771
DISCONTINUED OPERATIONS		2,266			1,831		1,003		5,100
		12,175			9,963		8,733		30,871
SHARE OF JOINT VENTURES		4,725			4,829		3,701		13,255
TOTAL REAL ESTATE RELATED		16,900			14,792		12,434		44,126
NON-REAL ESTATE RELATED:
CONSOLIDATED		635			700		659		1,994
DISCONTINUED OPERATIONS		0			0		0		0
		635			700		659		1,994
SHARE OF JOINT VENTURES		10			8		11		29
TOTAL NON-REAL ESTATE RELATED		645			708		670		2,023
TOTAL DEPRECIATION AND AMORTIZATION		17,545			15,500		13,104		46,149
SUMMARY:
CONSOLIDATED		10,544			8,832		8,389		27,765
DISCONTINUED OPERATIONS		2,266			1,831		1,003		5,100
		12,810			10,663		9,392		32,865
SHARE OF JOINT VENTURES		4,735			4,837		3,712		13,284
TOTAL DEPRECIATION AND AMORTIZATION		17,545			15,500		13,104		46,149
MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		0			0		0		0
TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		17,545			15,500		13,104		46,149
SUMMARY BY TYPE:
REAL ESTATE RELATED:
BUILDING (INCLUDING TENANT FIRST GENERATION):
CONSOLIDATED		11,568			9,217		8,107		28,892
SHARE OF JOINT VENTURES		4,152			4,214		2,915		11,281
		15,720			13,431		11,022		40,173
TENANT SECOND GENERATION:
CONSOLIDATED		607			746		626		1,979
SHARE OF JOINT VENTURES		573			615		786		1,974
		1,180			1,361		1,412		3,953
TOTAL REAL ESTATE RELATED		16,900			14,792		12,434		44,126
NON-REAL ESTATE RELATED:
FURNITURE, FIXTURES AND EQUIPMENT:
CONSOLIDATED		643			695		655		1,993
SHARE OF JOINT VENTURES		10			8		11		29
		653			703		666		2,022
GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
CONSOLIDATED		(8	)		5		4		1
SHARE OF JOINT VENTURES		0			0		0		0
		(8	)		5		4		1
TOTAL NON-REAL ESTATE RELATED		645			708		670		2,023
TOTAL DEPRECIATION & AMORTIZATION		17,545			15,500		13,104		46,149

Page 4 of 4

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.

     “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.

     “Fixed Charge Coverage Ratio” is defined as FFO plus those fixed charges which have been expensed in calculating FFO (“FFO Plus Expensed Fixed Charges”), 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 or capital.

     “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 available to common

Page 1 of 3

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

     FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. 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.

     “Interest Expense Coverage Ratio” is defined as the ratio of FFO plus consolidated interest expense (“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.

     “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.

Page 2 of 3

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     “Same-Property Growth” represents the percentage change in Adjusted Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Adjusted Rental Property Revenues is defined as rental property revenues, excluding lease termination fees, which are generally one-time payments that may distort results of operations for comparable periods, and inter-company activities. Cash Basis Rental Property Revenues excludes lease termination fees and inter-company activities and also excludes straight-line rents and amortization of acquired above market rents. Same Properties include those properties that have been fully operational in each of the comparable reporting periods. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

     “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. Where the ownership entity is a venture, the Company’s share of these items is used in these calculations. 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