Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended March 31, 2006

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	5
Funds From Operations	6
Condensed Consolidated Balance Sheets	7
Key Ratios and Supplemental Information	8
Net Income and Funds From Operations — Supplemental Detail	9
Development Pipeline	23
Portfolio Listing	25
Same Property Information	28
Square Feet Expiring:
Office	29
Retail	30
Top 25 Largest Tenants	31
Inventory of Land Held for Investment or Future Development	32
Inventory of Residential Lots Under Development	34
Debt Outstanding	36
Reconciliations of Non-GAAP Financial Measures	37
Discussion of Non-GAAP Financial Measures	43

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 risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), 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 Annual Report on Form 10-K for the year ended December 31, 2005. 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.

News Release

FOR IMMEDIATE RELEASE

CONTACT:

James A. Fleming	Patrick T. Hickey, Jr.
Executive Vice President and	Vice President
Chief Financial Officer	(770) 857-2503
(770) 857-2416	pathickey@cousinsproperties.com
jimfleming@cousinsproperties.com

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED MARCH 31, 2006

          ATLANTA (May 3, 2006) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months ended March 31, 2006. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

          Net Income Available to Common Stockholders (“Net Income Available”) was $8.4 million, or $0.16 per share, for the first quarter of 2006 compared with $5.5 million, or $0.11 per share, for the first quarter of 2005. Funds from Operations to Common Stockholders (“FFO”) was $19.1 million, or $0.37 per share, for the first quarter of 2006 compared with $16.3 million, or $0.32 per share, for the first quarter of 2005.

          The increase in Net Income Available and FFO is primarily attributable to the recognition of revenues on the Company’s two multi-family projects, revenues on development projects that have become fully or partially operational and increases in income from joint ventures offset by a decrease in gains on sale of investment properties.

          First quarter highlights of the Company included the following:

• Opening of Target, Marshall’s, PETsMART, Michael’s, Office Depot and Cost Plus at San Jose MarketCenter ®, a 360,000 square foot power center in San Jose, California, of which the Company owns 217,000 square feet.

2500 Windy Ridge Parkway  •  Suite 1600  •  Atlanta, Georgia 30339-5683  •  770/955-2200  •  FAX 770/857-2360

1

CUZ Reports First Quarter Results
Page 2
May 3, 2006

• Sold 7 acres of land in its North Point Westside project for $1.3 million, generating GAAP gains and FFO of approximately $740,000.

• Recognition of a lease termination fee of approximately $2.3 million related to approximately 62,000 square feet of space in its 3301 Windy Ridge Parkway office building.

• Recast its credit facility resulting in $75 million of additional capacity, a reduction in its interest rate spread over LIBOR, and additional flexibility in certain financial covenants.

• Closed a $100 million unsecured construction facility for funding of Terminus 100.

• Through Brad Cous Golf Venture, Ltd., sold World Golf Village, an 80,000 square foot retail center in St. Augustine, Florida, for $13.5 million. The Company’s share of the net proceeds from the sale was $6.3 million and its share of the gain was $1.0 million.

• Sold 490 residential lots in wholly-owned and joint venture projects, a 50% increase over lots sold in the first quarter of 2005.

• Through its Temco joint venture, sold 855 acres in its Seven Hills project. The Company’s share of pre-tax GAAP gains and FFO from this sale was $3.2 million.

• Acquired 22 acres in Austin, Texas, for an office development expected to commence in the second half of 2006.

• Acquired 260 acres in Jackson County, Georgia, for the development of Jefferson Mill Business Park, an anticipated 3.2 million square foot industrial project. In addition, the Company acquired an adjacent 44 acres that it intends to sell to potential retail users.

• Executed a five-year 287,400 square foot lease with Snapper Products at King Mill Distribution Park’s Phase I.

• Began construction of a 379,000 square foot addition to the first building at the Company’s King Mill project.

          Other developments subsequent to quarter-end:

• Closed 44 units at its 905 Juniper project during April. The Company expects to close remaining units under contract by early in the third quarter.

• Execute a new lease amendment at Terminus 100, bringing pre-leasing of the building to 46%.

          At March 31, 2006, the Company’s portfolio of operational office buildings was 86% leased compared with 88% at December 31, 2005, and its portfolio of operational retail centers was 95% leased, consistent with the percentage at December 31, 2005.

          At March 31, 2006, the Company and its joint ventures had 8 retail, office and industrial projects under development totaling 2.8 million Company-owned square feet, and two condominium projects under development containing a total of 622 units. The Company estimates the total cost of these projects will be $688 million and expects completion of these projects throughout the next three years. In addition, the Company had 24 residential communities under development directly or through

2

CUZ Reports First Quarter Results
Page 3
May 3, 2006

investments in unconsolidated entities in which approximately 11,900 lots remain to be developed and/or sold.

          “As a development-oriented business, our FFO will vary from quarter to quarter depending upon the stabilization of new development projects and the sale of mature assets. We have communicated this fundamental difference in our strategy to investors for many years. This quarter, for instance, our FFO was higher than in the first three quarters of last year but lower than the fourth quarter. I am pleased to report this year is starting out on a great note with positive news coming from every division,” said Tom Bell, president and CEO of Cousins. “Leasing progress continues at Terminus 100, our retail team opened a major new center in San Jose, California and the industrial division inked its first lease at King Mill Distribution Park while also taking down approximately 300 acres in the northeastern suburbs of Atlanta for our next industrial project.”

          “On the residential front, our land team remains quite active selling lots and land at a strong pace. And sales at our condominium projects have exceeded our already high expectations,” Bell added. “We will continue to monitor market and interest rate conditions closely to assess whether we are delivering the right amount of residential product at the right time, but we do expect to have additional opportunities in the residential market later this year, both for single-family homes and for intown condominiums.”

          The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (770) 857-2503.

          The Company will conduct a conference call at 2:00 p.m. (Eastern time) on Thursday, May, 4 2006, to discuss the results of the quarter ended March 31, 2006. The number to call for this interactive teleconference is (913) 981-5559. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the pass code, 4697319. The Company will also provide an online Web simulcast and rebroadcast of its first quarter 2006 earnings release conference call. The live broadcast will be available through the “Q1 2006 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page of the Company’s Web site, as well as at www.streetevents.com and www.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s Web site for 30 days.

          Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, multi-family, retail, industrial and land development projects. The Company’s portfolio consists of interests in 7.4 million square feet of office

3

CUZ Reports First Quarter Results
Page 4
May 3, 2006

space, 3.8 million square feet of retail space, 0.8 million square feet of industrial space, over 9,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. The Company also provides leasing and management services to third-party investors; its client-services portfolio comprises 12.7 million square feet of office space. The Company is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol “CUZ.” For more information on the Company, please visit its Web site at www.cousinsproperties.com.

Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), 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, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2005. 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.

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts)

	Three Months Ended March 31,
	2006			2005
REVENUES:
Rental property revenues	$	28,444		$	23,750
Fee income		4,737			3,852
Multi-family residential unit sales		6,579			—
Residential lot and outparcel sales		4,505			1,611
Interest and other		2,683			411
		46,948			29,624
COSTS AND EXPENSES:
Rental property operating expenses		11,028			9,112
General and administrative expenses		9,932			8,676
Depreciation and amortization		10,823			9,372
Multi-family residential unit cost of sales		5,358			—
Residential lot and outparcel cost of sales		3,203			1,119
Interest expense		3,613			2,781
Other		454			42
		44,411			31,102
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		2,537			(1,478	)
PROVISION FOR INCOME TAXES FROM OPERATIONS		(2,370	)		(869	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(1,078	)		(392	)
INCOME FROM UNCONSOLIDATED JOINT VENTURES		12,123			5,175
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		11,212			2,436
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		805			6,827
INCOME FROM CONTINUING OPERATIONS		12,017			9,263
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income from discontinued operations		—			38
Gain on sale of investment properties		191			37
		191			75
NET INCOME		12,208			9,338
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,813	)		(3,813	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	8,395		$	5,525
PER SHARE INFORMATION — BASIC:
Income from continuing operations	$	0.17		$	0.11
Income from discontinued operations		0.00			0.00
Net income available to common stockholders	$	0.17		$	0.11
PER SHARE INFORMATION — DILUTED:
Income from continuing operations	$	0.16		$	0.11
Income from discontinued operations		0.00			0.00
Net income available to common stockholders	$	0.16		$	0.11
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37
WEIGHTED AVERAGE SHARES — BASIC		50,289			49,788
WEIGHTED AVERAGE SHARES — DILUTED		52,002			51,653

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited, in thousands, except per share amounts)

	Three Months Ended
	March 31,
	2006			2005
Net Income Available to Common Stockholders	$	8,395		$	5,525
Depreciation and amortization:
Consolidated properties		10,823			9,372
Discontinued properties		—			37
Share of unconsolidated joint ventures		2,062			2,543
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(821	)		(678	)
Share of unconsolidated joint ventures		(4	)		(66	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated properties		(805	)		(6,827	)
Discontinued properties		(191	)		(37	)
Share of unconsolidated joint ventures		(1,053	)		(348	)
Gain on sale of undepreciated investment properties		740			6,766
Funds From Operations Available to Common Stockholders	$	19,146		$	16,287
Per Common Share — Basic:
Net Income Available	$	.17		$	.11
Funds From Operations	$	.38		$	.33
Weighted Average Shares		50,289			49,788
Per Common Share — Diluted:
Net Income Available	$	.16		$	.11
Funds From Operations	$	.37		$	.32
Diluted Weighted Average Shares		52,002			51,653

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

     FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates 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.

6

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

	March 31,			December 31,
	2006			2005
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $160,882 at March 31, 2006 and $158,700 at December 31, 2005	$	561,029		$	572,466
Land held for investment or future development		93,626			62,059
Projects under development		301,654			241,711
Residential lots under development		9,048			11,577
Total properties		965,357			887,813
CASH AND CASH EQUIVALENTS		9,479			9,336
RESTRICTED CASH		4,038			3,806
NOTES AND OTHER RECEIVABLES		47,724			40,014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		208,305			217,232
OTHER ASSETS, including goodwill of $8,326 at March 31, 2006 and $8,324 at December 31, 2005		33,247			30,073
TOTAL ASSETS	$	1,268,150		$	1,188,274
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	551,182		$	467,516
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		58,665			55,791
DEFERRED GAIN		5,885			5,951
DEPOSITS AND DEFERRED INCOME		2,553			2,551
TOTAL LIABILITIES		618,285			531,809
MINORITY INTERESTS		24,967			24,185
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ INVESTMENT:
Preferred Stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 4,000,000 shares issued and outstanding		100,000			100,000
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 4,000,000 shares issued and outstanding		100,000			100,000
Common stock, $1 par value, 150,000,000 shares authorized, 53,423,471 and 53,357,151 shares issued at March 31, 2006 and December 31, 2005, respectively		53,423			53,357
Additional paid-in capital		316,169			321,747
Treasury stock at cost, 2,691,582 shares		(64,894	)		(64,894	)
Unearned compensation		—			(8,495	)
Cumulative undistributed net income		120,200			130,565
TOTAL STOCKHOLDERS’ INVESTMENT		624,898			632,280
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,268,150		$	1,188,274

7

COUSINS PROPERTIES INCORPORATED
KEY RATIOS AND SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts, percentages and ratios)

		2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
	NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,466			9,923			12,577			34,491			8,395
	FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”)		113,366			124,965			108,878			16,287			17,585			17,039			22,835			73,746			19,146
	BASIC WEIGHTED AVERAGE COMMON SHARES		49,252			48,313			49,005			49,788			49,924			50,079			50,160			49,989			50,289
	DILUTED WEIGHTED AVERAGE COMMON SHARES		49,937			49,415			51,016			51,653			51,586			52,013			51,825			51,747			52,002
	NET INCOME PER COMMON SHARE — BASIC		0.97			4.94			8.16			0.11			0.13			0.20			0.25			0.69			0.17
	NET INCOME PER COMMON SHARE — DILUTED		0.96			4.83			7.84			0.11			0.13			0.19			0.24			0.67			0.16
	FFO PER COMMON SHARE — BASIC		2.30			2.59			2.22			0.33			0.35			0.34			0.46			1.48			0.38
	FFO PER COMMON SHARE — DILUTED		2.27			2.53			2.13			0.32			0.34			0.33			0.44			1.43			0.37
(H)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		12,988			14,507			19,258			2,207			1,321			2,564			3,347			9,439			3,158
	REGULAR COMMON DIVIDENDS		73,345			71,694			72,869			18,611			18,621			18,689			18,728			74,649			18,760
	SPECIAL COMMON DIVIDEND		—			100,544			356,493			—			—			—			—			—			—
	REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37
	SPECIAL COMMON DIVIDEND PER SHARE		—			2.07			7.15			—			—			—			—			—			—
	COMMON STOCK PRICE AT PERIOD END		24.70			30.60			30.27			25.87			29.58			30.22			28.30			28.30			33.43
	NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		48,386			48,835			50,092			50,324			50,460			50,550			50,665			50,665			50,732
	PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		—			27.25			26.15			25.25			25.70			26.00			25.75			25.75			25.54
	NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		—			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		—			—			25.00			25.00			25.45			25.60			25.40			25.40			25.38
	NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		—			—			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	COMMON EQUITY MARKET CAPITALIZATION		1,195,134			1,494,351			1,516,285			1,301,882			1,492,607			1,527,621			1,433,820			1,433,820			1,695,971
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680
(A)	ADJUSTED DEBT (1)		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460
	TOTAL MARKET CAPITALIZATION		2,040,014			2,300,401			2,071,231			1,863,096			2,096,479			2,145,779			2,152,980			2,152,980			2,497,111
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		41	%		30	%		17	%		19	%		19	%		19	%		24	%		24	%		24	%
(A)	RECOURSE DEBT (1)		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		8	%		1	%		2	%		3	%		5	%		5	%		9	%		9	%		11	%
	COMMON EQUITY MARKET CAPITALIZATION		1,195,134			1,494,351			1,516,285			1,301,882			1,492,607			1,527,621			1,433,820			1,433,820			1,695,971
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680
(A)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		935,646			783,638			438,050			447,791			491,568			511,988			615,645			615,645			698,263
	TOTAL MARKET CAPITALIZATION		2,130,780			2,386,989			2,158,935			1,950,673			2,188,775			2,246,009			2,254,065			2,254,065			2,597,914
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		44	%		33	%		20	%		23	%		22	%		23	%		27	%		27	%		27	%
(B)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,447
	FFO BEFORE INTEREST		163,997			170,739			140,534			19,776			20,393			19,417			26,068			85,654			23,593
	INTEREST EXPENSE COVERAGE RATIO		3.24			3.73			4.44			5.67			7.26			8.17			8.06			7.19			5.31
(C)	FIXED CHARGES (excluding preferred dividends)(1)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,443
	FFO PLUS FIXED CHARGES (excluding preferred dividends)		164,848			171,338			131,854			19,932			20,577			19,587			26,241			86,337			23,772
	FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		2.53			2.88			3.22			3.81			4.71			4.72			3.88			4.21			3.19
(C)	FIXED CHARGES (including preferred dividends)(1)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,256
	FFO PLUS FIXED CHARGES (including preferred dividends)		164,848			174,696			139,896			23,745			24,389			23,399			30,054			101,587			27,585
	FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.53			2.78			2.87			2.63			2.98			2.94			2.84			2.84			2.45

8

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

			2002		2003		2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
		CONSOLIDATED ENTITY FFO AND NET INCOME:
(D	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
		3100 WINDY HILL RD		2,693		2,988		2,974			734			734			737			739			2,944			722
		3301 WINDY RIDGE PARKWAY		1,517		1,555		1,659			404			423			440			426			1,693			247
		100 NORTH POINT CENTER EAST		0		73		1,010			277			234			237			272			1,020			221
		200 NORTH POINT CENTER EAST		0		23		417			48			36			164			115			363			233
		333 NORTH POINT CENTER EAST		2,397		1,398		1,036			321			403			352			319			1,395			321
		555 NORTH POINT CENTER EAST		2,359		1,541		945			346			377			400			383			1,506			401
		615 PEACHTREE STREET		1,985		1,919		1,395			273			254			212			18			757			20
		LAKESHORE PARK PLAZA		1,113		1,231		1,459			426			224			40			32			722			200
		INFORUM		13,444		13,843		12,808			2,836			2,726			2,879			2,935			11,376			2,936
		600 UNIVERSITY PARK PLACE		1,757		1,871		1,797			431			417			421			432			1,701			355
		THE POINTS AT WATERVIEW		1,040		1,778		1,949			533			432			454			453			1,872			584
		ONE GEORGIA CENTER		3,381		2,913		1,369			(308	)		(261	)		(414	)		(378	)		(1,361	)		35
		FROST BANK TOWER		0		0		3,486			1,311			1,152			1,206			1,454			5,123			1,578
		GALLERIA 75		0		0		899			206			274			272			284			1,036			281
		505 & 511 PEACHTREE STREET		0		0		38			76			60			64			70			270			66
		ATHEROGENICS		1,134		1,181		1,222			308			311			311			311			1,241			313
		INHIBITEX		0		0		0			0			189			246			231			666			228
		MERIDIAN MARK PLAZA		4,073		4,153		4,224			1,080			1,164			1,114			1,129			4,487			1,128
		SUBTOTAL		36,893		36,467		38,687			9,302			9,149			9,135			9,225			36,811			9,869
		RETAIL:
		GA 400 LAND LEASES		1,298		1,392		1,463			361			352			351			368			1,432			394
		THE AVENUE EAST COBB		5,327		5,424		5,635			1,416			1,381			1,398			1,520			5,715			1,502
		THE AVENUE OF THE PENINSULA		4,284		3,722		3,997			1,078			1,092			898			1,077			4,145			1,233
		THE AVENUE PEACHTREE CITY		3,160		3,029		3,430			963			872			843			995			3,673			933
		THE AVENUE WEST COBB		0		655		3,925			1,095			1,073			1,108			1,085			4,361			1,148
		AVENUE VIERA		0		0		189			421			610			804			891			2,726			713
		VIERA MARKET CENTER		0		0		0			0			0			0			148			148			152
		THE AVENUE CARRIAGE CROSSING		0		0		0			0			0			0			743			743			1,212
		SAN JOSE MARKETCENTER		0		0		0			0			0			0			0			0			220
		SUBTOTAL		14,069		14,222		18,639			5,334			5,380			5,402			6,827			22,943			7,507
		OTHER RENTAL OPERATIONS:
		OTHER		0		0		(1	)		0			0			(6	)		0			(6	)		40
		SUBTOTAL		0		0		(1	)		0			0			(6	)		0			(6	)		40
		PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS
		RENTAL REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		101 INDEPENDENCE CENTER		8,866		9,085		5,294			2			0			0			0			2			0
		333 JOHN CARLYLE		3,535		3,952		1,316			0			0			0			0			0			0
		1900 DUKE STREET		2,698		2,932		1,129			0			0			0			0			0			0
		COLONIAL PLAZA MARKETCENTER		0		0		0			0			0			0			0			0			0
		COLUMBUS BAZAAR		0		0		(124	)		0			0			0			0			0			0
		TOTAL PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		15,099		15,969		7,615			2			0			0			0			2			0
		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		66,061		66,658		64,940			14,638			14,529			14,531			16,052			59,750			17,416

9

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

			2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
(E	)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES
		LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		NORTHSIDE/ALPHARETTA I		1,819			1,606			1,339			(4	)		(5	)		0			(3	)		(12	)		0
		NORTHSIDE/ALPHARETTA II		2,255			2,160			1,992			(6	)		(16	)		44			17			39			0
		101 SECOND STREET		14,557			10,632			6,770			7			53			5			1			66			0
		55 SECOND STREET		12,724			27,073			5,067			2			9			160			2			173			0
		AT&T WIRELESS SERVICES HEADQUARTERS		5,718			2,828			0			0			0			0			0			0			0
		CERRITOS CORPORATE CENTER-PHASE II		2,322			1,128			0			0			0			0			0			0			0
		PRESIDENTIAL MARKETCENTER		3,731			2,396			0			0			0			0			0			0			0
		MIRA MESA MARKETCENTER		5,956			2,298			0			69			0			0			(13	)		56			0
		PERIMETER EXPO		3,178			2,404			0			0			0			0			(5	)		(5	)		0
		SALEM ROAD STATION		505			0			0			0			0			0			0			0			0
		THE SHOPS OF LAKE TUSCALOOSA		0			18			570			0			0			0			5			5			0
		HANOVER SQUARE SOUTH		0			0			0			(10	)		140			268			(2	)		396			0
		OTHER		94			98			22			0			0			0			0			0			0
		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		52,859			52,641			15,760			58			181			477			2			718			0
		RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO:
(G	)	OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		195			120			471			0			0			1,381			(14	)		1,367			0
(G	)	TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740
(G	)	TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		671			472			2,198			82			(1	)		1,517			1,792			3,390			4,164
		TOTAL TRACT & OUTPARCEL SALES NET OF COS		2,814			7,742			31,825			6,848			5,511			2,249			4,265			18,873			4,904
(G	)	LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		1,622			2,803			4,222			492			1,426			1,215			1,029			4,162			1,302
(G	)	LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		1,281			3,428			6,993			1,979			1,859			3,357			3,284			10,479			2,089
		TOTAL LOT SALES NET OF COS		2,903			6,231			11,215			2,471			3,285			4,572			4,313			14,641			3,391
(G	)	INTEREST — JOINT VENTURE (1)		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)
(G	)	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0
(G	)	OTHER — JOINT VENTURE (1)		(3	)		(156	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)
		TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO		5,909			13,937			43,150			9,007			8,734			8,019			8,379			34,139			7,944
		MULTI-FAMILY FFO:
(J	)	MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		0			0			0			0			0			712			1,116			1,828			1,221
(J	)	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		0			0			0			0			514			0			6,668			7,182			1,797
		TOTAL MULTI-FAMILY FFO		0			0			0			0			514			712			7,784			9,010			3,018
		DEVELOPMENT INCOME		4,625			2,870			3,310			497			684			623			1,252			3,056			1,752
		MANAGEMENT FEES		9,313			8,519			8,704			2,307			2,287			2,141			2,207			8,942			2,098
		LEASING & OTHER FEES		4,297			6,991			4,463			1,048			998			2,037			4,001			8,084			887
		TERMINATION FEES		616			2,057			2,348			106			328			143			270			847			2,721
		INTEREST INCOME & OTHER		4,393			3,940			2,528			305			414			740			427			1,886			(38	)
		GENERAL & ADMINISTRATIVE EXPENSES		(27,699	)		(29,606	)		(33,702	)		(8,676	)		(8,217	)		(8,943	)		(14,867	)		(40,703	)		(9,932	)

10

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

			2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
		INTEREST EXPENSE CONSOLIDATED:
		CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			0			(764	)		(452	)		(751	)		(1,030	)		(1,746	)		(3,979	)		(2,103	)
		CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(781	)
		TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(118	)
		BANK OF AMERICA PLAZA FINANCING - 6.9575%		(8,974	)		(10,718	)		(10,406	)		(2,532	)		(2,548	)		(2,564	)		(2,553	)		(10,197	)		(2,485	)
		THE AVENUE EAST COBB DEBT - 8.39%		(3,250	)		(3,220	)		(3,188	)		(792	)		(789	)		(787	)		(785	)		(3,153	)		(782	)
		333 & 555 NORTH POINT CENTER DEBT - 7%		(2,282	)		(2,246	)		(2,207	)		(545	)		(543	)		(540	)		(537	)		(2,165	)		(534	)
		MERIDIAN MARK PLAZA DEBT - 8.27%		(2,097	)		(2,074	)		(2,048	)		(507	)		(506	)		(505	)		(503	)		(2,021	)		(501	)
		NOTE PAYABLE, UNSECURED - 8.04%		0			(598	)		(1,882	)		(458	)		(452	)		(238	)		0			(1,148	)		0
		600 UNIVERSITY PARK DEBT - 7.38%		(1,042	)		(1,032	)		(1,020	)		(254	)		(253	)		(251	)		(251	)		(1,009	)		(250	)
		100 NORTH POINT CENTER EAST DEBT - 7.86%		0			(79	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(230	)
		200 NORTH POINT CENTER EAST DEBT - 7.86%		0			(70	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(204	)
		LAKESHORE PARK PLAZA DEBT - 6.78%		(696	)		(682	)		(666	)		(164	)		(163	)		(161	)		(160	)		(648	)		(160	)
		905 JUNIPER DEBT		0			0			0			0			0			0			(155	)		(155	)		(194	)
		KING MILL DEBT		0			0			0			0			0			0			(34	)		(34	)		(44	)
		WATERVIEW DEBT - 5.66%		0			0			0			0			0			0			(11	)		(11	)		(265	)
		CREDIT FACILITY — FLOATING @ LIBOR + 1.05% to 1.70%		(4,738	)		(3,320	)		(1,331	)		0			0			0			0			0			0
		PERIMETER EXPO DEBT - 8.04%		(1,637	)		(1,087	)		0			0			0			0			0			0			0
		BANK OF AMERICA PLAZA FINANCING - 6.677%		(868	)		0			0			0			0			0			0			0			0
		101 INDEPENDENCE CENTER DEBT - 8.22%		(3,755	)		(3,673	)		(2,073	)		0			0			0			0			0			0
		1900 DUKE STREET & 333 JOHN CARLYLE DEBT - 7%		(3,456	)		(3,419	)		(1,289	)		0			0			0			0			0			0
		OTHER		(180	)		(41	)		(19	)		(3	)		2			(5	)		(3	)		(9	)		(3	)
		CAPITALIZED		5,934			9,683			14,028			3,360			4,338			4,849			4,646			17,193			5,041
		TOTAL INTEREST EXPENSE CONSOLIDATED		(27,041	)		(22,576	)		(14,623	)		(2,781	)		(2,103	)		(1,675	)		(2,535	)		(9,094	)		(3,613	)
		LOSS ON EXTINGUISHMENT OF DEBT		(3,501	)		0			0			0			0			0			0			0			0
		OTHER EXPENSES — CONTINUING OPERATIONS:
		PROPERTY TAXES		(675	)		(768	)		(664	)		(119	)		(160	)		(136	)		(339	)		(754	)		(189	)
		MINORITY INTEREST EXPENSE		(1,589	)		(1,613	)		(1,417	)		(392	)		(397	)		(560	)		(1,688	)		(3,037	)		(1,078	)
		PREDEVELOPMENT & OTHER		(1,558	)		(1,677	)		(1,284	)		77			(226	)		(130	)		(289	)		(568	)		(265	)
		TOTAL OTHER EXPENSES		(3,822	)		(4,058	)		(3,365	)		(434	)		(783	)		(826	)		(2,316	)		(4,359	)		(1,532	)
(E	)	OTHER EXPENSES — DISCONTINUED OPERATIONS:
		INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0
		MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(605	)		0			0			0			0			0			0
		MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0
		TOTAL OTHER EXPENSES — DISCONTINUED OPERATIONS		(12,092	)		(10,083	)		(6,475	)		0			0			0			0			0			0
		INCOME TAX (PROVISION)/BENEFIT:
		CONTINUING OPERATIONS		(1,526	)		(2,596	)		(2,744	)		(869	)		(1,057	)		(2,021	)		(3,809	)		(7,756	)		(2,370	)
(E	)	DISCONTINUED OPERATIONS (1)		(139	)		0			0			17			(41	)		(102	)		0			(126	)		0
		TOTAL INCOME TAX (PROVISION)/BENEFIT		(1,665	)		(2,596	)		(2,744	)		(852	)		(1,098	)		(2,123	)		(3,809	)		(7,882	)		(2,370	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I	)	CONSOLIDATED		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)

11

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

			2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
(F	)	JOINT VENTURE FFO (EXCLUDING TEMCO, CL REALTY,
		905 JUNIPER, 50 BISCAYNE, HANDY ROAD & VERDE) (1):
		WILDWOOD ASSOCIATES		10,870			10,051			4,897			(18	)		(69	)		12			(9	)		(84	)		(24	)
		WILDWOOD ASSOCIATES — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(551	)		0			0			0			0			0			0			0
		CP VENTURE TWO LLC		2,274			2,080			2,070			442			463			407			410			1,722			423
		CP VENTURE TWO LLC — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0
		COUSINS LORET VENTURE, L.L.C.		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0
		CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0
		BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		350			365			407			115			115			82			111			423			58
		TEN PEACHTREE PLACE ASSOCIATES		(488	)		1,539			1,533			348			373			406			379			1,506			385
		CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		15,368			15,789			15,281			3,666			3,706			3,748			3,798			14,918			3,708
		285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		3,998			3,102			3,492			257			260			(6	)		13			524			1
		CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		3,180			3,412			2,465			2			0			0			1			3			0
		CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,208			302			285			302			302			1,191			302
		CRAWFORD LONG — CPI, LLC		1,728			1,685			1,447			440			483			484			458			1,865			486
		OTHER		0			0			924			0			0			310			5,204			5,514			90
		TOTAL SHARE OF JOINT VENTURE FFO		43,261			42,140			35,278			5,555			5,615			5,725			10,658			27,553			5,429
		PREFERRED STOCK DIVIDENDS		0			(3,358	)		(8,042	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS		113,366			124,965			108,878			16,287			17,585			17,039			22,835			73,746			19,146
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
		CONTINUING OPERATIONS		6,254			100,558			118,056			6,827			5,578			796			2,532			15,733			805
(G	)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(2,143	)		(7,270	)		(29,627	)		(6,766	)		(5,512	)		(732	)		(2,473	)		(15,483	)		(740	)
		DISCONTINUED OPERATIONS		1,174			93,459			81,927			37			0			1,070			(70	)		1,037			191
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		5,285			186,747			346,621			446			30			2,767			(21	)		3,222			1,309
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I	)	CONSOLIDATED		(34,154	)		(36,966	)		(34,579	)		(8,694	)		(8,837	)		(7,842	)		(8,194	)		(33,567	)		(10,002	)
(E,I	)	DISCONTINUED OPERATIONS		(18,085	)		(14,678	)		(5,298	)		(37	)		(31	)		0			0			(68	)		0
(G,I	)	SHARE OF UNCONSOLIDATED JOINT VENTURES		(18,540	)		(21,265	)		(15,880	)		(2,477	)		(2,281	)		(2,041	)		(2,043	)		(8,842	)		(2,058	)
		TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(70,779	)		(72,909	)		(55,757	)		(11,208	)		(11,149	)		(9,883	)		(10,237	)		(42,477	)		(12,060	)
		NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,466			9,923			12,577			34,491			8,395

12

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

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY		11,182			8,462			7,130			2			(3	)		19			(9	)		9			0
2500 WINDY RIDGE PARKWAY		4,992			4,673			3,164			0			(1	)		4			0			3			0
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		12,217			13,181			8,861			(10	)		(4	)		18			0			4			0
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,803			3,851			2,764			0			0			2			0			2			0
4200 WILDWOOD PARKWAY (GE)		4,853			4,690			3,434			0			0			23			0			23			0
BANK/RESTAURANT GROUND LEASES		1,081			1,287			1,041			14			(16	)		(1	)		0			(3	)		0
		38,128			36,144			26,394			6			(24	)		65			(9	)		38			0
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,546	)		(4,359	)		(3,382	)		0			0			0			0			0			0
2500 DEBT - 7.45%		(1,642	)		(1,571	)		(1,105	)		0			0			0			0			0			0
3200 DEBT - 8.23%		(5,389	)		(5,218	)		(4,056	)		0			0			0			0			0			0
4100/4300 DEBT - 7.65%		(2,097	)		(2,030	)		(1,413	)		0			0			0			0			0			0
4200 DEBT - 6.78%		(2,812	)		(2,737	)		(1,898	)		0			0			0			0			0			0
		(16,486	)		(15,915	)		(11,854	)		0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(3,843	)		0			0			0			0			0			0
OTHER, NET		96			478			(265	)		(43	)		(113	)		(41	)		(8	)		(205	)		(47	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(45	)		(30	)		0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(1,101	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		21,738			19,561			10,402			(37	)		(137	)		24			(17	)		(167	)		(47	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,022	)		(9,364	)		(6,398	)		(9	)		(9	)		(8	)		(10	)		(36	)		(8	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			200,835			0			0			0			0			0			0
NET INCOME		12,716			10,197			204,839			(46	)		(146	)		16			(27	)		(203	)		(55	)
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		19,065			17,796			12,895			3			(12	)		33			(5	)		19			0
INTEREST EXPENSE		(8,243	)		(7,960	)		(5,928	)		0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,922	)		0			0			0			0			0			0
OTHER, NET		48			238			(133	)		(21	)		(57	)		(21	)		(4	)		(103	)		(24	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(23	)		(15	)		0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(551	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		10,870			9,500			4,897			(18	)		(69	)		12			(9	)		(84	)		(24	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,512	)		(4,682	)		(3,191	)		(4	)		(5	)		(4	)		(5	)		(18	)		(4	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			99,360			0			0			0			0			0			0
NET INCOME		6,358			4,818			101,066			(22	)		(74	)		8			(14	)		(102	)		(28	)

13

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

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		4,021			2,944			2,659			2			15			0			0			17			0
GRANDVIEW II		2,288			2,359			2,400			444			303			208			255			1,210			417
100 NORTH POINT CENTER EAST		1,456			1,239			7			0			0			15			0			15			0
200 NORTH POINT CENTER EAST		1,047			484			13			0			0			17			0			17			0
PRESBYTERIAN MEDICAL PLAZA		912			938			966			247			248			237			241			973			248
SUBTOTAL OFFICE		9,724			7,964			6,045			693			566			477			496			2,232			665
RETAIL:
NORTH POINT MARKETCENTER		4,982			5,156			5,142			1,459			1,426			1,298			1,430			5,613			1,373
MANSELL CROSSING II		1,533			1,190			1,227			314			306			314			300			1,234			329
GREENBRIER MARKETCENTER		4,687			4,519			4,513			1,149			1,269			1,019			1,043			4,480			1,165
LOS ALTOS MARKETCENTER		2,974			2,976			3,101			774			832			728			626			2,960			755
SUBTOTAL RETAIL		14,176			13,841			13,983			3,696			3,833			3,359			3,399			14,287			3,622
TOTAL REVENUES LESS OPERATING EXPENSES		23,900			21,805			20,028			4,389			4,399			3,836			3,895			16,519			4,287
OTHER, NET		(52	)		(71	)		(71	)		(56	)		(28	)		0			(60	)		(144	)		(88	)
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(2,264	)		(2,216	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)
100 & 200 NORTH POINT CENTER EAST - 7.86%		(1,815	)		(1,628	)		0			0			0			0			0			0			0
TOTAL INTEREST EXPENSE		(4,079	)		(3,844	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(8,567	)		(1,535	)		0			0			60			0			60			0
FUNDS FROM OPERATIONS		19,769			9,323			16,263			3,803			3,849			3,376			3,319			14,347			3,688
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(10,639	)		(9,727	)		(7,417	)		(1,497	)		(1,495	)		(1,428	)		(1,378	)		(5,798	)		(1,775	)
NET INCOME		9,130			(404	)		8,846			2,306			2,354			1,948			1,941			8,549			1,913
COUSINS’ SHARE OF CP VENTURE TWO (2):		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		2,749			2,530			2,318			510			526			467			476			1,979			492
INTEREST EXPENSE		(470	)		(442	)		(248	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)
OTHER, NET		(5	)		(8	)		0			(7	)		(3	)		0			(7	)		(17	)		(10	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,274			1,095			1,861			442			463			407			410			1,722			423
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,223	)		(1,119	)		(852	)		(172	)		(172	)		(164	)		(159	)		(667	)		(204	)
NET INCOME		1,051			(24	)		1,009			270			291			243			251			1,055			219

14

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK		4,446			3,771			2,454			0			(2	)		(8	)		(17	)		(27	)		0
THE PINNACLE		9,986			9,751			5,756			0			0			(4	)		0			(4	)		0
TOTAL REVENUES LESS OPERATING EXPENSES		14,432			13,522			8,210			0			(2	)		(12	)		(17	)		(31	)		0
INTEREST EXPENSE		(7,109	)		(7,022	)		(4,072	)		0			0			0			0			0			0
CAPITALIZED INTEREST		0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(17	)		(16	)		(9	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		7,306			6,484			4,129			0			(2	)		(12	)		(17	)		(31	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,680	)		(6,790	)		(3,783	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			89,922			0			(72	)		(16	)		0			(88	)		0
NET INCOME		(1,374	)		(306	)		90,268			0			(74	)		(28	)		(17	)		(119	)		0
COUSINS’ SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		7,217			6,761			4,106			0			(1	)		(2	)		(9	)		(12	)		0
INTEREST EXPENSE		(3,555	)		(3,511	)		(2,037	)		0			0			0			0			0			0
OTHER, NET		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(9	)		(8	)		(5	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,383	)		(3,395	)		(1,889	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			45,340			0			(36	)		(12	)		0			(48	)		0
NET INCOME		(730	)		(153	)		45,515			0			(37	)		(14	)		(9	)		(60	)		0
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,661			3,747			3,155			0			0			(37	)		0			(37	)		0
INTEREST - 7.0%		(1,420	)		(1,341	)		(1,025	)		0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(2,657	)		0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(2	)		(1	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,241			2,404			(528	)		0			0			(37	)		0			(37	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,126	)		(1,125	)		(844	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			38,917			696			0			0			0			696			0
NET INCOME		1,115			1,279			37,545			696			0			(37	)		0			659			0
COUSINS’ SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,831			1,874			1,540			1			0			(18	)		0			(17	)		0
INTEREST EXPENSE		(711	)		(671	)		(513	)		0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,328	)		0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(575	)		(576	)		(435	)		0			(1	)		0			0			(1	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			19,212			348			0			0			0			348			7
NET INCOME		545			627			18,476			349			(1	)		(18	)		0			330			7

15

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		696			727			815			230			231			163			222			846			116
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		696			727			815			230			231			163			222			846			116
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(829	)		(547	)		(686	)		(125	)		(166	)		(165	)		(119	)		(575	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			3,008
NET INCOME		(133	)		180			129			105			65			(2	)		103			271			3,124
COUSINS’ SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		350			365			407			115			115			82			111			423			58
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		350			365			407			115			115			82			111			423			58
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(415	)		(274	)		(343	)		(62	)		(83	)		(83	)		(60	)		(288	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			1,046
NET INCOME		(65	)		91			64			53			32			(1	)		51			135			1,104
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		(518	)		3,324			4,422			1,107			1,155			1,221			1,166			4,649			1,176
INTEREST - 5.39%		(457	)		(246	)		(1,356	)		(411	)		(410	)		(409	)		(407	)		(1,637	)		(406	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(975	)		3,078			3,066			696			745			812			759			3,012			770
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(727	)		(2,016	)		(2,278	)		(569	)		(569	)		(569	)		(569	)		(2,276	)		(568	)
NET INCOME		(1,702	)		1,062			788			127			176			243			190			736			202
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		(259	)		1,662			2,211			554			578			611			583			2,326			588
INTEREST EXPENSE		(229	)		(123	)		(678	)		(206	)		(205	)		(205	)		(204	)		(820	)		(203	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(488	)		1,539			1,533			348			373			406			379			1,506			385
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(365	)		(1,007	)		(1,134	)		(282	)		(282	)		(282	)		(282	)		(1,128	)		(282	)
NET INCOME		(853	)		532			399			66			91			124			97			378			103

16

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		30,735			31,577			30,593			7,339			7,422			7,504			7,604			29,869			7,424
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(34	)		(8	)		(8	)		(9	)		(8	)		(33	)		(8	)
FUNDS FROM OPERATIONS		30,735			31,577			30,559			7,331			7,414			7,495			7,596			29,836			7,416
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,654	)		(7,616	)		(7,440	)		(1,940	)		(1,940	)		(1,941	)		(1,943	)		(7,764	)		(1,942	)
NET INCOME		23,081			23,961			23,119			5,391			5,474			5,554			5,653			22,072			5,474
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		15,368			15,789			15,298			3,670			3,710			3,752			3,802			14,934			3,712
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(17	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)
FUNDS FROM OPERATIONS		15,368			15,789			15,281			3,666			3,706			3,748			3,798			14,918			3,708
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,904	)		(3,885	)		(3,795	)		(989	)		(988	)		(989	)		(990	)		(3,956	)		(989	)
NET INCOME		11,464			11,904			11,486			2,677			2,718			2,759			2,808			10,962			2,719
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		7,994			6,202			6,431			514			511			(7	)		25			1,043			1
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		7,994			6,202			6,431			514			511			(7	)		25			1,043			1
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,211	)		(7,558	)		(3,821	)		(949	)		(386	)		0			0			(1,335	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			3,289			(19	)		3,270			0
NET INCOME		5,783			(1,356	)		2,610			(435	)		125			3,282			6			2,978			1
COUSINS’ SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,998			3,102			3,492			257			260			(6	)		13			524			1
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,998			3,102			3,492			257			260			(6	)		13			524			1
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,274	)		(3,947	)		(2,077	)		(517	)		(234	)		0			0			(751	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			1,645			(10	)		1,635			0
NET INCOME		2,724			(845	)		1,415			(260	)		26			1,639			3			1,408			1

17

COUSINS PROPERTIES INCORPORATED

NET INCOME AND FUNDS FROM OPERATIONS — SUPPLEMENTAL DETAIL

(in thousands, except per share amounts, percentages and ratios)

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,357			6,828			4,881			3			1			0			2			6			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		4			0			0			0			0			0			0
FUNDS FROM OPERATIONS		6,357			6,825			4,885			3			1			0			2			6			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,949	)		(1,914	)		(1,280	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			27,170			0			0			0			0			0			0
NET INCOME		4,408			4,911			30,775			3			1			0			2			6			0
COUSINS’ SHARE OF CPI/FSP I (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,180			3,415			2,463			2			0			0			1			3			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		2			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,180			3,412			2,465			2			0			0			1			3			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,062	)		(1,044	)		(691	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			12,353			0			0			0			0			0			0
NET INCOME		2,118			2,368			14,127			2			0			0			1			3			0
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,126			21,023			20,997			5,254			5,256			5,265			5,264			21,039			5,240
INTEREST - 6.41%		(12,030	)		(11,513	)		(10,961	)		(2,650	)		(2,613	)		(2,574	)		(2,536	)		(10,373	)		(2,497	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		9,096			9,510			10,036			2,604			2,643			2,691			2,728			10,666			2,743
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(5,928	)		(6,037	)		(6,130	)		(1,546	)		(1,548	)		(1,550	)		(1,553	)		(6,197	)		(1,556	)
NET INCOME		3,168			3,473			3,906			1,058			1,095			1,141			1,175			4,469			1,187
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,208			1,208			302			285			302			302			1,191			302
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,208			1,208			1,208			302			285			302			302			1,191			302
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(25	)		(32	)		(32	)		(8	)		(9	)		(8	)		(8	)		(33	)		(8	)
NET INCOME		1,183			1,176			1,176			294			276			294			294			1,158			294

18

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

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
CRAWFORD LONG — CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,454			5,431			6,139			1,686			1,768			1,767			1,712			6,933			1,766
INTEREST — 5.9%		0			(2,062	)		(3,246	)		(805	)		(802	)		(799	)		(796	)		(3,202	)		(794	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,454			3,369			2,893			881			966			968			916			3,731			972
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,530	)		(2,507	)		(2,598	)		(691	)		(699	)		(697	)		(707	)		(2,794	)		(709	)
NET INCOME		1,924			862			295			190			267			271			209			937			263
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,728			2,717			3,071			843			884			884			856			3,467			883
INTEREST EXPENSE		0			(1,032	)		(1,624	)		(403	)		(401	)		(400	)		(398	)		(1,602	)		(397	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,728			1,685			1,447			440			483			484			458			1,865			486
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(802	)		(1,306	)		(1,352	)		(358	)		(362	)		(361	)		(366	)		(1,447	)		(367	)
NET INCOME		926			379			95			82			121			123			92			418			119
905 JUNIPER, LLC (100%):
MULTI-FAMILY, NET OF COS		0			0			0			0			714			0			0			714			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			714			0			0			714			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			714			0			0			714			0
COUSINS’ SHARE OF 905 JUNIPER, LLC:														72	%								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			514			0			0			514			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			514			0			0			514			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			514			0			0			514			0
50 BISCAYNE, LLC (100%):
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			16,516			16,516			4,554
OTHER, NET		0			0			0			0			0			0			367			367			125
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			16,883			16,883			4,679
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			16,883			16,883			4,679
COUSINS’ SHARE OF 50 BISCAYNE, LLC:																				40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			6,515			6,515			1,745
OTHER, NET		0			0			0			0			0			0			153			153			52
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			6,668			6,668			1,797
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			6,668			6,668			1,797

19

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

JOINT VENTURES	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			1,848			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			1,848			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			1,848			0			0			0			0			0			0
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			924			0			0			310			5,204			5,514			90
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			924			0			0			310			5,204			5,514			90
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			0			924			0			0			310			5,204			5,514			90
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		2,074			3,201			5,336			727			556			1,811			998			4,092			3,877
INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(37	)
OTHER, NET		(125	)		(64	)		(6	)		(45	)		96			44			10			105			11
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,949			3,137			5,195			644			613			1,817			971			4,045			3,851
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(88	)		(29	)		(28	)		(29	)		(28	)		(114	)		(29	)
NET INCOME		1,949			3,137			5,107			615			585			1,788			943			3,931			3,822
COUSINS’ SHARE OF CL REALTY, LLC (2):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			701			3,457			1,119			1,174			2,846			3,913			9,052			2,251
OTHER, NET		0			(94	)		(220	)		(51	)		(4	)		(42	)		(53	)		(150	)		(48	)
FUNDS FROM OPERATIONS		0			607			3,237			1,068			1,170			2,804			3,860			8,902			2,203
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			607			3,237			1,068			1,170			2,804			3,860			8,902			2,203

20

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

JOINT VENTURES	2002		2003		2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):						50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		398			215			128			217			165			725			125
OTHER, NET		0		0		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		398			215			128			217			165			725			125
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		398			215			128			217			165			725			125
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):																								50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0			0			0			0			0			0			0
INTEREST EXPENSE		0		0		0			0			0			0			0			0			(138	)
OTHER, NET		0		0		0			0			0			0			0			0			(21	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		0			0			0			0			0			0			(159	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		0			0			0			0			0			0			(159	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):									8	%		5.18	%		4.99	%		4.94	%		4.94	%		4.94	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0			0			0			0			0			0			0
OTHER, NET		0		0		0			(116	)		(115	)		(147	)		(105	)		(483	)		(118	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0			(62	)		0			0			0			(62	)		0
FUNDS FROM OPERATIONS		0		0		0			(178	)		(115	)		(147	)		(105	)		(545	)		(118	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			(56	)		(117	)		(121	)		(145	)		(439	)		(175	)
NET INCOME		0		0		0			(234	)		(232	)		(268	)		(250	)		(984	)		(293	)

21

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 4 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005.

22

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of MARCH 31, 2006
($ in thousands)

																	Actual or
	Company			Total		Leased GLA (%)								Cousins’	Cousins’		Projected Dates
	Owned			Project		Total Project			Cousins’			Approximate		Share of	Investment		for Completion and
Project	GLA (2)			GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost	@ 3/31/06		Fully Operational/Sold
OFFICE
Terminus 100 (Atlanta, GA)		648,000			648,000		41	%		100	%	$	169,300	$          169,300	$	58,958	const. — 2Q-07 fully operational 2Q-08
TOTAL OFFICE		648,000			648,000								169,300	169,300		58,958
MULTI-FAMILY
905 Juniper (Atlanta, GA)	93 units		(4)	93 units			N/A			72	%		29,400	22,700		19,252	const. — 2Q-06 fully sold 3Q-06 (4)
50 Biscayne (Miami, FL)	529 units		(4)	529 units			N/A			40	%		161,500	64,600		24,769	const. — 3Q-07 fully sold 4Q-07 (4)
TOTAL MULTI-FAMILY	622 units			622 units									190,900	87,300		44,021
RETAIL
The Avenue Viera Expansion (Viera, FL)		46,000			46,000		95	%		100	%		8,100	8,100		7,544	const. — 2Q-06 fully operational 2Q-06
Viera MarketCenter Expansion (Viera, FL)		82,000			82,000		73	%		100	%		10,300	10,300		8,181	const. — 4Q-06 fully operational 4Q-06
The Avenue Carriage Crossing (5) (Suburban Memphis, TN)
Phase I		492,000			692,000		91	%		100	%						const. — 4Q-05 fully operational 4Q-06
Phase I — Expansion		54,000			54,000		0	%		100	%						const. — 4Q-07 fully operational 1Q-08
Phase II		40,000			40,000		0	%		100	%						const. — 2Q-07 fully operational 3Q-07
Total — Avenue Carriage Crossing		586,000			786,000								104,100	101,600		88,923
The Avenue Webb Gin (Suburban Atlanta, GA)
Phase I		360,000			360,000		36	%		100	%						const. — 4Q-06 fully operational 4Q-07
Phase II		20,000			20,000		0	%		100	%						const. — 2Q-08 fully operational 3Q-08
Total — Webb Gin		380,000			380,000								83,300	83,300		38,758
San Jose MarketCenter (San Jose, CA)		217,000			360,000		83	%		100	%		83,900	83,900		71,553	const. — 4Q-06 fully operational 2Q-07
The Avenue West Cobb Expansion (Suburban Atlanta, GA)		46,000			46,000		80	%		100	%		12,500	12,500		5,457	const. — 4Q-06 fully operational 4Q-06
TOTAL RETAIL		1,357,000			1,700,000								302,200	299,700		220,416

23

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of MARCH 31, 2006
($ in thousands)

																	Actual or
	Company		Total		Leased GLA (%)								Cousins’	Cousins’			Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of	Investment			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost	@ 3/31/06			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA)
Building 3 A (6)		417,000		417,000		69	%		75	%		13,200	9,900		8,114		const. — 2Q-06 fully operational 4Q-06
Building 3 B (6)		379,000		379,000		0	%		75	%		12,000	9,000		2,320		const. — 4Q-06 fully operational 2Q-07
TOTAL INDUSTRIAL		796,000		796,000								25,200	18,900		10,434
Accumulated Depreciation on
Partially Operational Properties		—		—								—	—		(1,999	)
TOTAL PORTFOLIO		2,801,000		3,144,000							$	687,600	$575,200	$	331,830	(7)

(1)	This schedule includes all projects under construction, although some expansion construction may not have commenced, excluding residential projects included on a separate schedule, from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Total costs is the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are estimates and are subject to change as the projects proceed through the development process.
(2)	Company Owned GLA includes square footage owned either directly by the Company or by a joint venture in which the Company is a partner.
(3)	Total project GLA includes anchor stores who may own their own property and other non-owned property contained within the named development.
(4)	98% of the units at 905 Juniper are under non-cancelable contracts and 1% of the units are under cancelable contracts. 94% of the units at 50 Biscayne Boulevard are under non-cancelable third party contracts, 4% of the units are under cancelable contracts, and the remaining 2% of the units are under non-cancelable contracts to the Company’s partner in the venture. The number of units for 905 Juniper changed from 117 to 93 due to the combination of units during the construction and sales process.
(5)	Jim Wilson & Associates contributed $2.5 million of equity to the entity and will share in the results of operations and any gain on sale of the property.
(6)	Cousins’ venture partner, Weeks Properties Group, LLC, has exercised its right to participate in King Mill Building 3 A at a 25% ownership level. Weeks intends to participate in King Mill Building 3 B but has not exercised its right to participate as of March 31, 2006.
(7)	Reconciliation to Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	331,830
Less: Unconsolidated Projects — 50 Biscayne		(24,769	)
Less: Cousins 72% Cost of Sales — 905 Juniper		(10,944	)
Add: Gellerstedt 28% interest in 905 Juniper (net of cost of sales)		3,107
Add: Weeks 25% interest in King Mill- Bldg 3 A		2,430
Consolidated projects under development per balance sheet	$	301,654

24

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2006

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			(12/31/05)			(3/31/06)
I.	OFFICE OPERATING PROPERTIES
	Bank of America Plaza	Atlanta	Georgia		1,253,000		50.00	%		100	%		100	%
	Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
	Inforum	Atlanta	Georgia		983,000		100.00	%		88	%		87	%
	Frost Bank Tower	Austin	Texas		530,000		90.25	%		78	%		81	%
	Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		99	%		99	%
	One Georgia Center	Atlanta	Georgia		345,000		88.50	%		36	%		40	%
	Ten Peachtree Place	Atlanta	Georgia		259,000		50.00	%		100	%		100	%
	The Points at Waterview	Dallas	Texas		203,000		100.00	%		99	%		99	%
	Lakeshore Park Plaza (a)	Birmingham	Alabama		190,000		100.00	%		55	%		60	%
	3100 Windy Hill Road	Atlanta	Georgia		188,000		100.00	%		100	%		100	%
	Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		100	%		100	%
	555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		85	%		88	%
	Grandview II	Birmingham	Alabama		149,000		11.50	%		88	%		88	%
	333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		77	%		77	%
	200 North Point Center East	Atlanta	Georgia		129,000		100.00	%		70	%		70	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		91	%		97	%
	600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		100	%		69	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		97	%		99	%
	3301 Windy Ridge Parkway	Atlanta	Georgia		107,000		100.00	%		100	%		42	%
	Presbyterian Medical Plaza at University	Charlotte	North Carolina		69,000		11.50	%		100	%		100	%
	AtheroGenics	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
	Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
	Total Office Operating Portfolio				6,737,000					88	%		86	%
	OFFICE DEVELOPMENT PROPERTIES (b)
	Terminus 100	Atlanta	Georgia		648,000		100.00	%		41	%		41	%
	Total Office Development Properties				648,000
	TOTAL OFFICE, OPERATING AND DEVELOPMENT				7,385,000

25

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2006

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			(12/31/05)			(3/31/06)
II.	RETAIL OPERATING PROPERTIES
	North Point MarketCenter	Atlanta	Georgia		401,000		11.50	%		99	%		88	%
	Greenbrier MarketCenter	Chesapeake	Virginia		376,000		11.50	%		100	%		100	%
	The Avenue of the Peninsula	Rolling Hills Estates	California		374,000		100.00	%		94	%		97	%
	The Avenue Viera (a)	Viera	Florida		286,000		100.00	%		88	%		84	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		100.00	%		100	%		100	%
	The Avenue West Cobb	Atlanta	Georgia		205,000		100.00	%		98	%		95	%
	The Avenue Peachtree City (a)	Atlanta	Georgia		182,000		88.50	%		99	%		99	%
	Los Altos MarketCenter	Long Beach	California		157,000		11.50	%		100	%		100	%
	Mansell Crossing Phase II	Atlanta	Georgia		103,000		11.50	%		100	%		100	%
	Viera MarketCenter (a)	Viera	Florida		96,000		100.00	%		97	%		97	%
	Total Retail Operating Properties				2,411,000					95	%		95	%
	RETAIL DEVELOPMENT PROPERTIES (b)
	The Avenue Carriage Crossing (a,c)	Memphis	Tennessee		586,000		100.00	%		89	%		87	%
	The Avenue Webb Gin (c)	Atlanta	Georgia		380,000		100.00	%		26	%		36	%
	San Jose MarketCenter	San Jose	California		217,000		100.00	%		64	%		71	%
	Viera MarketCenter Expansion (a)	Viera	Florida		82,000		100.00	%		73	%		73	%
	The Avenue Viera Expansion (a)	Viera	Florida		46,000		100.00	%		85	%		95	%
	The Avenue West Cobb Expansion	Atlanta	Georgia		46,000		100.00	%		61	%		80	%
	Total Retail Development Properties				1,357,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				3,768,000
III.	INDUSTRIAL DEVELOPMENT PROPERTIES (b)
	King Mill Distribution Center — Building 3A	Atlanta	Georgia		417,000		75.00	%		0	%		69	%
	King Mill Distribution Center — Building 3B (d)	Atlanta	Georgia		379,000		75.00	%(d)		N/A			0	%
	Total Industrial Development Projects				796,000
	TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				11,949,000
	TOTAL OPERATING PORTFOLIO PERCENT LEASED									89	%(e)		88	%(e)

26

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of March 31, 2006

			Company		Weighted			Percent Leased — Fully Executed
			Share of		Portfolio			Excludes Development Properties
	Rentable		Rentable		Ownership			Prior Quarter			Current Quarter
	Square Feet		Square Feet		%			(12/31/05)			(3/31/06)
SUMMARY BY TYPE
Office		7,385,000		5,633,000		62	%		88	%		86	%
Retail		3,768,000		2,829,000		31	%		95	%		95	%
Industrial		796,000		597,000		7	%		N/A			N/A
TOTAL		11,949,000		9,059,000		100	%		89	%(e)		88	%(e)
SUMMARY BY STATE
Georgia		7,400,000		5,762,000		63	%		89	%		88	%
North Carolina		1,134,000		541,000		6	%		100	%		100	%
California		748,000		609,000		7	%		94	%		97	%
Texas		733,000		681,000		8	%		84	%		86	%
Tennessee		586,000		586,000		6	%		N/A			N/A
Florida		510,000		510,000		6	%		88	%		88	%
Alabama		462,000		330,000		4	%		73	%		65	%
Virginia		376,000		43,000		0	%		100	%		100	%
		11,949,000		9,059,000		100	%		89	%(e)		88	%(e)

(a)	These projects are owned either (1) through a joint venture with a third party providing a participation in operations and on sale of the property or (2) subject to a contract with a third party providing a participation in operations and on sale of the property, even though they may be shown as 100% owned.
(b)	Under construction and/or in lease up.
(c)	Total square footage for these properties includes anticipated expansions; however, the percent leased excludes their expansions.
(d)	Cousins’ venture partner, Weeks Properties Group, LLC, intends to participate in this project at a 25% ownership level. However,at March 31, 2006, Weeks had not exercised the option to participate in this project.
(e)	Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up.

27

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	First Quarter 2006 vs									First Quarter
	Fourth Quarter 2005									2006 vs 2005
	Office			Retail			Total			Office			Retail			Total
Adjusted Rental Property Revenues(1) less Operating Expenses		3.9	%		3.1	%		3.7	%		5.5	%		5.0	%		5.4	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		6.8	%		2.0	%		5.7	%		5.7	%		5.5	%		5.6	%

Note: The following properties are included in the same property portfolio:	Consolidated Office	Joint Venture Office
	3100 Windy Hill Road	Grandview II
	3301 Windy Ridge Parkway	Presbyterian Medical Plaza
	100 Northpoint Center East	Bank of America Plaza
	200 Northpoint Center East	Ten Peachtree Place
	333 Northpoint Center East	Gateway Village
	555 Northpoint Center East	Emory Crawford Long Medical Office Tower
	Lakeshore Park Plaza
	Inforum
	600 University Park Place
	The Points at Waterview
	One Georgia Center
	AtheroGenics
	Meridian Mark Plaza
	Frost Bank Tower
	Galleria 75
	505 & 511Peachtree
	Inhibitex (1Q to 4Q only)
	Consolidated Retail	Joint Venture Retail
	The Avenue East Cobb	Northpoint MarketCenter
	The Avenue of the Peninsula	Mansell Crossing Phase II
	The Avenue Peachtree City	Greenbrier MarketCenter
	The Avenue West Cobb	Los Altos MarketCenter

(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.

28

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2006

OFFICE

As of March 31, 2006, the Company’s office portfolio included 22 commercial office buildings, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these office buildings was approximately seven years as of March 31, 2006. 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:

																												2015 &
	2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		283,634			235,884			228,454			646,273			171,884			301,260			528,688			479,656			305,437			1,124,238			4,305,408
% of Leased Space		7	%		5	%		5	%		15	%		4	%		7	%		12	%		11	%		7	%		27	%		100	%
Annual Contractual
Rent (000’s) (2)	$	4,454		$	5,147		$	3,586		$	10,438		$	2,681		$	4,444		$	12,070		$	8,241		$	7,218		$	24,380		$	82,659
Annual Contractual
Rent/Sq. Ft. (2)	$	15.70		$	21.82		$	15.70		$	16.15		$	15.60		$	14.75		$	22.83		$	17.18		$	23.63		$	21.69		$	19.20
Wholly Owned:
Square Feet Expiring (1)		262,586			86,384			203,253			540,912			136,760			260,491			153,239			300,251			114,942			251,933			2,310,751	(3)
% of Leased Space		11	%		4	%		9	%		23	%		6	%		11	%		7	%		13	%		5	%		11	%		100	%
Annual Contractual
Rent (000’s) (2)	$	4,074		$	1,511		$	3,246		$	8,398		$	2,164		$	3,757		$	2,221		$	5,240		$	2,423		$	6,106		$	39,140
Annual Contractual
Rent/Sq. Ft. (2)	$	15.52		$	17.49		$	15.97		$	15.53		$	15.82		$	14.42		$	14.49		$	17.45		$	21.08		$	24.24		$	16.94
Joint Venture:
Square Feet Expiring (1)		43,697			310,894			67,202			213,686			85,925			53,158			768,554			310,064			215,355			1,625,562			3,694,097	(4)
% of Leased Space		1	%		8	%		2	%		6	%		2	%		1	%		21	%		8	%		6	%		45	%		100	%
Annual Contractual
Rent (000’s) (2)	$	813		$	7,509		$	1,099		$	4,118		$	1,325		$	925		$	20,101		$	5,431		$	5,414		$	33,794		$	80,528
Annual Contractual
Rent/Sq. Ft. (2)	$	18.60		$	24.15		$	16.35		$	19.27		$	15.42		$	17.40		$	26.15		$	17.52		$	25.14		$	20.79		$	21.80

(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)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of March 31, 2006 out of approximately 2,709,000 total rentable square feet.
(4)	Rentable square feet leased as of March 31, 2006 out of approximately 4,028,000 total rentable square feet.

29

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2006

RETAIL

As of March 31, 2006, the Company’s retail portfolio included ten retail properties, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately nine years as of March 31, 2006. 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:

																												2015 &
	2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter			Total
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		69,442			54,554			55,561			51,872			169,698			81,281			95,472			93,672			168,685			556,343			1,396,580
% of Leased Space		5	%		4	%		4	%		3	%		12	%		6	%		7	%		7	%		12	%		40	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,253		$	1,157		$	1,309		$	1,441		$	4,242		$	1,973		$	2,272		$	2,491		$	4,143		$	9,291		$	29,572
Annual Contractual
Rent/Sq. Ft. (2)	$	18.04		$	21.20		$	23.57		$	27.78		$	25.00		$	24.27		$	23.80		$	26.59		$	24.56		$	16.70		$	21.17
Wholly Owned:
Square Feet Expiring		52,033			26,978			18,589			34,221			159,035			41,697			32,504			92,292			147,382			519,117			1,123,848	(1)
% of Leased Space		5	%		2	%		2	%		3	%		14	%		4	%		3	%		8	%		13	%		46	%		100	%
Annual Contractual
Rent (000’s) (2)	$	923		$	522		$	568		$	1,037		$	4,097		$	1,195		$	1,011		$	2,467		$	3,676		$	8,581		$	24,077
Annual Contractual
Rent/Sq. Ft. (2)	$	17.73		$	19.34		$	30.53		$	30.31		$	25.76		$	28.67		$	31.10		$	26.74		$	24.94		$	16.53		$	21.42
Joint Venture:
Square Feet Expiring		75,806			62,112			52,494			62,142			92,723			215,732			249,758			12,000			82,258			262,486			1,167,511	(3)
% of Leased Space		7	%		5	%		5	%		5	%		8	%		18	%		21	%		1	%		7	%		23	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,031		$	1,434		$	1,042		$	1,163		$	1,260		$	3,215		$	4,007		$	205		$	1,399		$	4,513		$	19,269
Annual Contractual
Rent/Sq. Ft. (2)	$	13.60		$	23.09		$	19.84		$	18.72		$	13.59		$	14.90		$	16.04		$	17.05		$	17.01		$	17.19		$	16.50

(1)	Gross leasable area leased as of March 31, 2006 out of approximately 1,192,000 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 March 31, 2006 out of approximately 1,219,000 total gross leasable area.

30

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of March 31, 2006

		Percentage of			Average
		Total Portfolio at			Remaining Lease
	Tenant Name (1)	the Company’s Share (2)			Term (Years)
1.	Bank of America		12.1	%		8.7
2.	BellSouth		4.3	%		3.6
3.	IBM		2.9	%		0.7
4.	Georgia Lottery Corporation		2.0	%		7.3
5.	Ernst & Young U.S. LLP		1.9	%		1.9
6.	Internap Network Services		1.9	%		13.0
7.	AGL Services Company		1.8	%		7.0
8.	Troutman Sanders LLP		1.7	%		14.2
9.	Bombardier Aerospace Corporation		1.5	%		7.0
10.	The Gap, Inc.		1.3	%		3.3
11.	Emory University		1.2	%		11.0
12.	Graves, Dougherty, Hearon & Moody, P.C.		0.9	%		8.0
13.	Turner Broadcasting Systems, Inc.		0.9	%		5.2
14.	Sapient Corporation		0.9	%		3.2
15.	Paul Hastings		0.9	%		6.6
16.	Regal Cinemas, Inc.		0.9	%		9.1
17.	Bed, Bath & Beyond		0.8	%		6.4
18.	Kids II, Inc.		0.8	%		9.8
19.	Inhibitex		0.8	%		9.1
20.	AtheroGenics		0.8	%		3.0
21.	Northside Hospital		0.7	%		7.3
22.	The Frost National Bank		0.7	%		8.1
23.	Winstead Sechrest		0.7	%		8.2
24.	Indus International, Inc.		0.7	%		1.9
25.	Hunton & Williams LLP		0.7	%		3.1
	Total leased square feet of Top 25 Largest Tenants		43.8	%		6.8

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Percentages are based on square footage amounts of operating properties only, and thus exclude properties under development, held for development, and properties in the lease-up stage.

31

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of March 31, 2006

		Company’s			Developable			Cost
		Ownership			Land Area		Year	Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired	($000)(2)
North Point
Suburban Atlanta, GA	Mixed Use		100	%		80	1970-1985	$	6,479
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		100	%		28	1971-1989		1,389
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%(3)		133	2005		9,783
Land Adjacent to The Avenue West Cobb
Suburban Atlanta, GA	Retail and Commercial		100	%		2	2003		418
Land Adjacent to The Avenue Carriage Crossing
Memphis, TN	Retail and Commercial		100	%(4)		44	2004		5,127
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial		100	%		45	2005		12,807
The Lakes at Cedar Grove (5)
Suburban Atlanta, GA	Mixed Use		100	%(4)		14	2002		—	(5)
Terminus
Atlanta, GA	Mixed Use		100	%		6	2005		20,396
505 & 511 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1	2004		3,389
615 Peachtree Street (6)
Atlanta, GA	Mixed Use		100	%		2	1996		7,250
Jefferson Mill Distribution Park
Suburban Atlanta, GA	Industrial and Retail		100	%(3)		304	2006		14,433
Palisades
Austin, TX	Office and Commercial		100	%		22	2006		11,050
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Commercial and Institutional		100	%		6	2005		1,105
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT								$	93,626
CL REALTY TRACTS (5)
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		374	2002	$	—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		134	2002		—	(5)
Summer Lakes
Rosenberg, TX	Commercial		50	%		9	2003		—	(5)

32

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of March 31, 2006

		Company’s			Developable			Cost
		Ownership			Land Area		Year	Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired	($000)(2)
McKinney Village Park
McKinney, TX	Residential		30	%		8	2003-2005	$	—	(5)
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15	2005		11,539
TEMCO TRACTS (5)
Seven Hills at Bentwater
Suburban Atlanta, GA	Residential and Mixed Use		50	%		90	2002-2005		—	(5)
Happy Valley
Suburban Atlanta, GA	Residential		50	%		213	2003		1,822
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,594	2005		14,966
OTHER JOINT VENTURES
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187	2004		5,561
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		33	1971-1989		21,333
Austin Research Park
Austin, TX	Commercial		50	%		6	1998		3,113
Total Acres						9,350

(1) The following properties include adjacent building pads. The aggregate cost of these pads is included in 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		88.5	%		300,000
The Points at Waterview		100	%		60,000

(2)	For consolidated properties reflects the Company’s basis. For joint venture properties reflects the venture basis.
(3)	Weeks Properties Group, LLC has the option to invest up to 25% of project equity in future indsutrial development on this land.
(4)	This project is consolidated but owned through a joint venture with a third party.
(5)	Residential communities with adjacent land that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts as well as lot inventory are included on the Inventory of Residential Lots Under Development schedule.
(6)	During the first quarter of 2006, 615 Peachtree Street was reclassified from an operating property to land held for investment or future development.

33

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of March 31, 2006

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Cost
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		Basis (2)
Cousins Real Estate Corporation (100% owned)
The Lakes at Cedar Grove (3)		2001		11		906		63		52		52		620		286	$	5,866
Fulton County
Suburban Atlanta, GA
Longleaf at Callaway (4)		2002		4		138		28		2		2		110		28		1,463
Harris County
Pine Mountain, GA
River’s Call		1999		10		107		22		4		4		85		22		1,719
East Cobb County
Suburban Atlanta, GA
Total 100% owned						1,151		113		58		58		815		336		9,048
Temco Associates (50% owned) (5)
Bentwater		1998		9		1,674		82		13		13		1,543		131		1,227
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		10		1,386		238		15		15		268		1,118		18,024
Paulding County
Suburban Atlanta, GA
Seven Hills at Bentwater		2003		7		1,017		228		56		56		420		597		8,878
Paulding County
Suburban Atlanta, GA
Happy Valley		2004		4		110		—		110		110		110		—		—
Paulding County
Suburban Atlanta, GA
Paul Harris Estates		2004		4		27		13		—		—		14		13		817
Paulding County
Suburban Atlanta, GA
Total Temco						4,214		561		194		194		2,355		1,859		28,946
CL Realty, LLC (50% owned) (5)
Long Meadow Farms (37.5% owned)		2003		10		2,712		160		5		5		292		2,420		24,409
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		9		2,445		77		49		49		712		1,733		19,862
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		8		1,181		112		26		26		65		1,116		7,567
Tarrant County
Forth Worth, TX
Summer Lakes		2003		5		1,144		19		—		—		294		850		6,530
Fort Bend County
Rosenberg, TX

34

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of March 31, 2006

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Cost
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			Basis (2)
CL Realty, LLC, continued
Southern Trails (80% owned)		2005		6		1,059			93			22			22			121			938		$	19,913
Brazoria County
Pearland, TX
Stonebridge (10% owned)		2003		4		627			92			47			47			339			288			6,110
Coweta County
Newnan, GA
McKinney Village Park (60% owned)		2003		4		569			135			36			36			221			348			11,510
Collin County
McKinney, TX
Summer Creek II		2005		3		525			—			—			—			—			525			5,742
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		5		386			—			—			—			—			386			4,482
Bexar County
San Antonio, TX
Manatee River Plantation		2003		5		457			151			39			39			306			151			3,878
Manatee County
Tampa, FL
Stillwater Canyon		2003		5		336			80			14			14			151			185			3,926
Dallas County
DeSota, TX
Creekside Oaks		2003		5		301			—			—			—			125			176			3,739
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		3		197			28			—			—			—			197			28,468
Cherokee & Fulton Counties
Alpharetta, GA
McKinney Village Park North (75% owned)		2005		4		194			—			—			—			—			194			3,925
Collin County
McKinney, TX
Gardinier Estates		2004		7		87			—			—			—			—			87			4,007
Hillsborough County
Tampa, FL
West Park		2005		3		82			—			—			—			—			82			2,300
Cobb County
Suburban Atlanta, GA
Total CL Realty						12,302			947			238			238			2,626			9,676			156,368
Total						17,667			1,621			490			490			5,796			11,871		$	194,362
Company Share of Total						7,692			699			240			240			2,972			4,720		$	72,495
Company Weighted Average Ownership						44	%		43	%		49	%		49	%		51	%		40	%		37	%

(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)	Includes cost basis of land tracts as detailed on the Inventory of Land Held for Investment or Future Development schedule.
(3)	A third party has a participation in this project after certain thresholds are met.
(4)	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 March 31, 2006, 74 houses have been sold.
(5)	CREC owns 50% of Temco Associates and CL Realty, LLC (“CL Realty”). See the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 for a description of Temco Associates and CL Realty.

35

COUSINS PROPERTIES INCORPORATED
SCHEDULE OF THE COMPANY’S SHARE OF OUTSTANDING DEBT
AS OF MARCH 31, 2006

											Company’s		Company’s			Total		Weighted
	Total		Ownership			Maturity		Rate end of			Share		Share			Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage			Date		Quarter			Recourse		Non-Recourse (1)			Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)	$	201,933		100	%		3/7/2010		5.72	%	$	201,933				$	201,933
CONSTRUCTION CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)		35,133		100	%		3/7/2010		5.72	%		35,133					35,133
905 JUNIPER (LIBOR + 2%)		16,847		72	%		12/1/2007		6.82	%		12,130	$	4,717	(2)		16,847
CSC ASSOCIATES , L.P. INTEREST		140,408		100	%		3/1/2012		6.96	%				140,408			140,408
THE AVENUE EAST COBB		36,944		100	%		8/1/2010		8.39	%				36,944			36,944
333/555 NORTH POINT CENTER EAST		30,071		100	%		11/1/2011		7.00	%		30,071					30,071
MERIDIAN MARK PLAZA		23,884		100	%		9/1/2010		8.27	%				23,884			23,884
100/200 NORTH POINT CENTER (INTEREST ONLY UNTIL 12/31/06)		22,365		100	%		8/1/2007		7.86	%				22,365			22,365
600 UNIVERSITY PARK		13,306		100	%		8/10/2011		7.38	%				13,306			13,306
LAKESHORE PARK PLAZA		9,292		100	%		11/1/2008		6.78	%				9,292			9,292
KING MILL PROJECT I (3)		2,038		75	%		8/30/2008		9.00	%				2,038			2,038
THE POINTS AT WATERVIEW		18,444		100	%		1/1/2016		5.66	%				18,444			18,444
VARIOUS		517		100	%	VARIOUS		VARIOUS				117		400			517
TOTAL CONSOLIDATED		551,182							6.58	%		279,384		271,798			551,182		4.6
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		53,006		50	%		6/1/2013		5.90	%				26,503			26,503
TEN PEACHTREE PLACE		29,190		50	%		4/1/2015		5.39	%				14,595			14,595
HANDY ROAD ASSOCIATES (3 MTH LIBOR + 3.25%)		3,204		50	%		11/2/2007		8.24	%				1,602			1,602
PINE MOUNTAIN BUILDERS (PRIME)		1,392		50	%		12/13/2006		7.75	%				696			696
TEMCO:
THE GEORGIAN (PRIME + 0.25%)		515		37.5	%		2/14/2007		8.00	%		193					193
BENTWATER LINKS		3,534		50	%		1/22/2009		7.98	%				1,767			1,767
BENTWATER LINKS, EQUIPMENT NOTE		177		50	%		1/15/2009		7.00	%				89			89
CL REALTY:
SUMMER LAKES (PRIME + 3%)		1,415		50	%		6/30/2006		10.75	%				708			708
SOUTHERN TRAILS (LIBOR + 0.25%)		312		40	%		6/30/2008		5.07	%				125			125
TOTAL UNCONSOLIDATED		92,745							6.29	%		193		46,085			46,278		7.1
TOTAL ADJUSTED DEBT	$	643,927							6.55	%	$	279,577	$	317,883		$	597,460		4.7
INVESTMENT ENTITY DEBT (4)
CHARLOTTE GATEWAY VILLAGE	$	152,305		50	%		12/1/2016		6.41	%			$	76,153		$	76,153
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		30,139		40	%		6/9/2008		6.57	%				12,056			12,056
NORTH POINT MARKETCENTER		24,046		11.50	%		6/30/2006		8.50	%				2,765			2,765
CL REALTY:
MCKINNEY VILLAGE PARK (> OF 10% OR PRIME + 2%)		5,706		30	%		5/15/2007		10.00	%				1,712			1,712
MCKINNEY VILLAGE PARK NORTH (PRIME + 1%)		1,884		37.5	%		1/14/2008		8.75	%				358			358
LONG MEADOW FARMS (PRIME + 0.50%)		8,240		18.75	%		6/8/2007		8.25	%				1,545			1,545
STONEBRIDGE (PRIME)		3,091		5	%		7/20/2007		7.75	%				155			155
BLUE VALLEY (PRIME)		18,132		12.5	%		5/11/2006		7.75	%				4,533			4,533
BLUE VALLEY (> OF PRIME OR 5.5%)		4,600		12.5	%		3/5/2007		7.75	%				1,150			1,150
STONEWALL ESTATES		1,504		25.0	%		5/31/2010		7.75	%				376			376
TOTAL INVESTMENT ENTITY DEBT		249,647							6.70	%		—		100,803			100,803		8.4
TOTAL	$	893,574							6.57	%	$	279,577	$	418,686		$	698,263		5.3

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	The joint venture partner guarantees 28% of the debt and therefore this amount is shown as non-recourse.
(3)	Represents a secured note payable with Weeks Properties CW Holdings, LLC, the Company’s 25% partner in the development of King Mill Project I.
(4)	An investment entity is defined as an entity where the Company has a fixed commitment to the venture, it has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings, and the Company is not the managing member of the venture. Investment entity debt is not included in any of the financial covenants calculations in the Company’s credit facility. In addition, debt for 191 Peachtree and Verde are not included on this schedule.

36

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

RECONCILIATIONS	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
(A) ADJUSTED DEBT:
CONSOLIDATED DEBT		669,792			497,981			302,286			311,862			350,066			363,677			467,516			467,516			551,182
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		265,854			285,657			135,764			135,929			141,502			148,311			148,129			148,129			147,081
TOTAL DEBT INCLUDING SHARE OF JV’S		935,646			783,638			438,050			447,791			491,568			511,988			615,645			615,645			698,263
SHARE OF INVESTMENT ENTITY DEBT		(90,766	)		(86,588	)		(87,704	)		(87,577	)		(92,296	)		(100,230	)		(101,085	)		(101,085	)		(100,803	)
								.
ADJUSTED DEBT		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460
RECOURSE DEBT		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577
NON-RECOURSE DEBT		684,437			676,353			305,677			299,303			299,021			298,407			317,736			317,736			317,883
ADJUSTED DEBT		844,880			697,050			355,915			360,214			399,272			411,758			514,560			514,560			597,460
(B) CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
CONSOLIDATED INTEREST EXPENSE		27,041			22,576			14,623			2,781			2,103			1,675			2,535			9,094			3,613
DISCONTINUED OPERATIONS INTEREST EXPENSE		10,382			9,459			5,870			0			0			0			0			0			0
SHARE OF JOINT VENTURE INTEREST EXPENSE		13,208			13,739			11,163			708			705			703			698			2,814			834
CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,447
(C) FIXED CHARGES:
CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,447
LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			0			(124	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)
PRINCIPAL PAYMENTS:
CONSOLIDATED		7,632			6,862			6,560			1,344			1,244			1,384			1,389			5,361			1,282
SHARE OF JOINT VENTURES		6,140			6,345			5,257			299			189			278			2,027			2,793			1,594
GROUND LEASE PAYMENTS:
CONSOLIDATED		839			587			493			153			181			167			170			671			176
SHARE OF JOINT VENTURES		12			12			12			3			3			3			3			12			3
TOTAL FIXED CHARGES (excluding Preferred Dividends)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,443
PREFERRED STOCK DIVIDENDS		0			3,358			8,042			3,813			3,812			3,812			3,813			15,250			3,813
TOTAL FIXED CHARGES (including Preferred Dividends)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,256
(D) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		96,674			99,332			98,754			23,750			24,252			24,509			27,244			99,755			28,444
RENTAL PROPERTY OPERATING EXPENSES		(30,613	)		(32,674	)		(33,814	)		(9,112	)		(9,723	)		(9,978	)		(11,192	)		(40,005	)		(11,028	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		66,061			66,658			64,940			14,638			14,529			14,531			16,052			59,750			17,416
(E) INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		71,382			67,462			23,688			77			209			486			7			779			0
RENTAL PROPERTY OPERATING EXPENSES		(18,523	)		(14,821	)		(7,928	)		(19	)		(28	)		(9	)		(5	)		(61	)		0
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		52,859			52,641			15,760			58			181			477			2			718			0
INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0
MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(605	)		0			0			0			0			0			0
PROVISION FOR INCOME TAXES		(139	)		0			0			17			(41	)		(102	)		0			(126	)		0
FUNDS FROM OPERATIONS		40,628			42,558			9,285			75			140			375			2			592			0
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(18,085	)		(14,678	)		(5,298	)		(37	)		(31	)		0			0			(68	)		0
INCOME FROM DISCONTINUED OPERATIONS		22,543			27,880			3,987			38			109			375			2			524			0

37

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

RECONCILIATIONS	2002			2003			2004			2005 1st			2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
(F) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY
OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY		56,435			57,219			49,009			6,257			6,345			6,105			6,130			24,837			6,036
INTEREST EXPENSE		(13,208	)		(13,739	)		(11,028	)		(670	)		(666	)		(665	)		(661	)		(2,662	)		(659	)
LOSS ON EXTINGUISHMENT OF DEBT		0			0			(3,250	)		0			0			0			0			0			0
OTHER, NET		43			230			791			(28	)		(60	)		289			5,193			5,394			56
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(9	)		(34	)		(35	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE		0			(1,536	)		(209	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		43,261			42,140			35,278			5,555			5,615			5,725			10,658			27,553			5,429
MULTI-FAMILY FFO		0			0			0			0			514			0			6,668			7,182			1,797
RESIDENTIAL LOT AND TRACT FFO		1,949			3,744			8,830			1,749			1,796			4,691			4,891			13,127			5,902
FUNDS FROM OPERATIONS		45,210			45,884			44,108			7,304			7,925			10,416			22,217			47,862			13,128
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(18,540	)		(21,265	)		(15,880	)		(2,477	)		(2,281	)		(2,041	)		(2,043	)		(8,842	)		(2,058	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053
NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		26,670			24,619			204,493			5,175			5,608			10,008			20,164			40,955			12,123
(G) CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
OUTPARCEL SALES		547			600			1,400			0			0			7,004			0			7,004			0
LOT SALES		8,579			12,345			15,300			1,611			4,449			3,942			4,927			14,929			4,505
TOTAL RESIDENTIAL AND OUTPARCEL SALES		9,126			12,945			16,700			1,611			4,449			10,946			4,927			21,933			4,505
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
OUTPARCEL COST OF SALES		352			480			929			0			0			5,623			14			5,637			0
LOT COST OF SALES		6,957			9,542			11,078			1,119			3,023			2,727			3,898			10,767			3,203
TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		7,309			10,022			12,007			1,119			3,023			8,350			3,912			16,404			3,203
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740
OUTPARCEL SALES, TRACT SALES AND RESIDENTIAL LOT SALES, NET -WHOLLY OWNED		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		195			120			471			0			0			1,381			(14	)		1,367			0
TRACT SALES NET OF COS — WHOLLY OWNED		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740
LOT SALES NET OF COS — WHOLLY OWNED		1,622			2,803			4,222			492			1,426			1,215			1,029			4,162			1,302
TOTAL WHOLLY OWNED SALES, NET		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042
SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL
LOT AND TRACT SALES AND COST OF SALES:
RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
LOT SALES		5,922			12,581			32,116			9,413			8,713			10,857			12,249			41,232			11,029
TRACT SALES		1,309			538			3,434			113			5			2,272			3,828			6,218			10,439
TOTAL RESIDENTIAL LOT AND TRACT SALES-JOINT VENTURES		7,231			13,119			35,550			9,526			8,718			13,129			16,077			47,450			21,468
RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
LOT COST OF SALES		4,519			9,151			25,123			7,434			6,854			7,500			8,965			30,753			8,940
TRACT COST OF SALES		638			66			1,236			31			6			755			2,036			2,828			6,275
TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES-JOINT VENTURES		5,157			9,217			26,359			7,465			6,860			8,255			11,001			33,581			15,215
RESIDENTIAL LOT SALES AND TRACT SALES, NET —JOINT VENTURES		2,074			3,902			9,191			2,061			1,858			4,874			5,076			13,869			6,253
SHARE OF UNCONSOLIDATED JOINT VENTURES:
LOT SALES LESS COST OF SALES		1,403			3,430			6,993			1,979			1,859			3,357			3,284			10,479			2,089
TRACT SALES LESS COST OF SALES		671			472			2,198			82			(1	)		1,517			1,792			3,390			4,164
INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0
OTHER — JOINT VENTURE		(125	)		(158	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)
RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		1,949			3,744			8,830			1,749			1,796			4,691			4,891			13,127			5,902
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO		5,909			13,937			43,150			9,007			8,734			8,019			8,379			34,139			7,944

38

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

RECONCILIATIONS	2002		2003		2004			2005 1st		2005 2nd		2005 3rd		2005 4th		2005 YTD		2006 1st
(H) 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY TYPE:
SECOND GENERATION LEASING RELATED COSTS		11,804		13,347		19,210			2,143		1,223		2,182		2,874		8,422		2,846
SECOND GENERATION BUILDING IMPROVEMENTS		1,184		1,160		48			64		98		382		473		1,017		312
		12,988		14,507		19,258			2,207		1,321		2,564		3,347		9,439		3,158
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		11,348		12,357		18,882			2,073		1,125		2,043		2,579		7,820		2,206
SECOND GENERATION BUILDING IMPROVEMENTS		888		938		(30	)		64		98		380		473		1,015		312
		12,236		13,295		18,852			2,137		1,223		2,423		3,052		8,835		2,518
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		456		992		328			70		98		139		295		602		640
SECOND GENERATION BUILDING IMPROVEMENTS		296		220		78			0		0		2		0		2		0
		752		1,212		406			70		98		141		295		604		640
TOTAL 2ND GENERATION TI & LEASING & BUILDING CAPEX		12,988		14,507		19,258			2,207		1,321		2,564		3,347		9,439		3,158
(I) DEPRECIATION AND AMORTIZATION:
REAL ESTATE RELATED:
CONSOLIDATED		34,154		36,966		34,579			8,694		8,837		7,842		8,194		33,567		10,002
DISCONTINUED OPERATIONS		18,085		14,678		5,298			37		31		0		0		68		0
		52,239		51,644		39,877			8,731		8,868		7,842		8,194		33,635		10,002
SHARE OF JOINT VENTURES		18,540		21,265		15,880			2,477		2,281		2,041		2,043		8,842		2,058
TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060
NON-REAL ESTATE RELATED:
CONSOLIDATED		2,148		2,511		2,652			678		686		730		857		2,951		821
DISCONTINUED OPERATIONS		0		0		0			0		0		0		0		0		0
		2,148		2,511		2,652			678		686		730		857		2,951		821
SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4
TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825
TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885
SUMMARY:
CONSOLIDATED		36,302		39,477		37,231			9,372		9,523		8,572		9,051		36,518		10,823
DISCONTINUED OPERATIONS		18,085		14,678		5,298			37		31		0		0		68		0
		54,387		54,155		42,529			9,409		9,554		8,572		9,051		36,586		10,823
SHARE OF JOINT VENTURES		18,549		21,299		15,915			2,543		2,285		2,045		2,047		8,920		2,062
TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885
MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		0		0		0			0		0		0		0		0		0
TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885
SUMMARY BY TYPE:
REAL ESTATE RELATED:
BUILDING (INCLUDING TENANT FIRST GENERATION):
CONSOLIDATED		49,913		48,627		37,241			7,934		8,160		7,102		7,624		30,820		9,149
SHARE OF JOINT VENTURES		17,762		19,709		13,629			2,154		1,957		1,717		1,717		7,545		1,730
		67,675		68,336		50,870			10,088		10,117		8,819		9,341		38,365		10,879
TENANT SECOND GENERATION:
CONSOLIDATED		2,326		3,017		2,636			797		708		740		571		2,816		853
SHARE OF JOINT VENTURES		778		1,556		2,251			323		324		324		325		1,296		328
		3,104		4,573		4,887			1,120		1,032		1,064		896		4,112		1,181
TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060
NON-REAL ESTATE RELATED:
FURNITURE, FIXTURES AND EQUIPMENT:
CONSOLIDATED		2,122		2,485		2,647			674		682		726		852		2,934		816
SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4
		2,131		2,519		2,682			740		686		730		856		3,012		820
GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
CONSOLIDATED		26		26		5			4		4		4		5		17		5
SHARE OF JOINT VENTURES		0		0		0			0		0		0		0		0		0
		26		26		5			4		4		4		5		17		5
TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825
TOTAL DEPRECIATION & AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885

39

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

RECONCILIATIONS	2002		2003		2004		2005 1st		2005 2nd			2005 3rd			2005 4th			2005 YTD			2006 1st
(J) CONSOLIDATED MULTI-FAMILY SALES AND COST OF SALES:
MULTI-FAMILY SALES — CONSOLIDATED:
MULTI-FAMILY SALES		0		0		0		0		0			4,986			6,247			11,233			6,579
MULTI-FAMILY COST OF SALES		0		0		0		0		0			(4,274	)		(5,131	)		(9,405	)		(5,358	)
MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0		0		0		0			712			1,116			1,828			1,221
MULTI-FAMILY SALES — JOINT VENTURES:
MULTI-FAMILY SALES		0		0		0		0		2,086			0			24,194			26,280			6,955
MULTI-FAMILY COST OF SALES		0		0		0		0		(1,572	)		0			(17,526	)		(19,098	)		(5,158	)
MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0		0		0		0		514			0			6,668			7,182			1,797
TOTAL MULTI-FAMILY FFO		0		0		0		0		514			712			7,784			9,010			3,018

40

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2006 Compared to Fourth Quarter 2005
(in thousands, except percentages)

													Same Property
				Office									Retail									Total						Non-Same				All Properties
	4q 2005			1q 2006			% Change			4q 2005			1q 2006			% Change			4q 2005			1q 2006			% Change			4q 2005		1q 2006		4q 2005			1q 2006
RENTAL PROPERTY REVENUES	$	24,574		$	24,855					$	7,389		$	7,236					$	31,963		$	32,091					$	3,927	$	4,773	$	35,890		$	36,864
INTER-COMPANY ACTIVITIES		0			0						0			0						0			0								0		0			0
ADJUSTED RENTAL PROPERTY REVENUES (1)		24,574			24,855			1.1	%		7,389			7,236			-2.1	%		31,963			32,091			0.4	%		3,927		4,773		35,890			36,864
RENTAL PROPERTY OPERATING EXPENSES		9,753			9,452			-3.1	%		2,315			2,005			-13.4	%		12,068			11,457			-5.1	%		1,638		1,954		13,706			13,411
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	14,821		$	15,403			3.9	%	$	5,074		$	5,231			3.1	%	$	19,895		$	20,634			3.7	%	$	2,289	$	2,819	$	22,184		$	23,453
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	24,574		$	24,855					$	7,389		$	7,236					$	31,963		$	32,091					$	3,927	$	4,773	$	35,890		$	36,864
Less: STRAIGHT-LINE RENTS		1,289			934						49			95						1,338			1,029						193		302		1,531			1,331
AMORTIZATION OF LEASE INDUCEMENTS		(49	)		(47	)					(26	)		(15	)					(49	)		(62	)					0		0		(49	)		(62	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(153	)		(152	)					0			0						(153	)		(152	)					0		0		(153	)		(152	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		23,487			24,120			2.7	%		7,366			7,156			-2.9	%		30,827			31,276			1.5	%		3,734		4,471		34,561			35,747
RENTAL PROPERTY OPERATING EXPENSES		9,753			9,452			-3.1	%		2,315			2,005			-13.4	%		12,068			11,457			-5.1	%		1,638		1,954		13,706			13,411
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,734		$	14,668			6.8	%	$	5,051		$	5,151			2.0	%	$	18,759		$	19,819			5.7	%	$	2,096	$	2,517	$	20,855		$	22,336
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	24,574		$	24,855					$	7,389		$	7,236					$	31,963		$	32,091					$	3,927	$	4,773	$	35,890		$	36,864
RENTAL PROPERTY OPERATING EXPENSES		9,753			9,452						2,315			2,005						12,068			11,457						1,638		1,954		13,706			13,411
	$	14,821		$	15,403					$	5,074		$	5,231					$	19,895		$	20,634					$	2,289	$	2,819	$	22,184		$	23,453
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)																																$	16,052		$	17,416
DISCONTINUED OPERATIONS (4)																																	2			0
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)																																	6,130			6,037
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	22,184		$	23,453

(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.

41

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2006 Compared to First Quarter 2005
(in thousands, except percentages)

												Same Property
				Office								Retail									Total						Non-Same					All Properties
	1q 2005			1q 2006			% Change			1q 2005		1q 2006			% Change			1q 2005			1q 2006			% Change			1q 2005			1q 2006		1q 2005			1q 2006
RENTAL PROPERTY REVENUES	$	23,025		$	24,642					$	7,035	$	7,236					$	30,060		$	31,878					$	2,749		$	4,986	$	32,809		$	36,864
INTER-COMPANY ACTIVITIES		0			0						0		0						0			0						0			0		0			0
ADJUSTED RENTAL PROPERTY REVENUES (1)		23,025			24,642			7.0	%		7,035		7,236			2.9	%		30,060			31,878			6.0	%		2,749			4,986		32,809			36,864
RENTAL PROPERTY OPERATING EXPENSES		8,622			9,450			9.6	%		2,054		2,005			-2.4	%		10,676			11,455			7.3	%		1,180			1,956		11,856			13,411
ADJUSTED RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	14,403		$	15,192			5.5	%	$	4,981	$	5,231			5.0	%	$	19,384		$	20,423			5.4	%	$	1,569		$	3,030	$	20,953		$	23,453
ADJUSTED RENTAL PROPERTY REVENUES (1)	$	23,025		$	24,642					$	7,035	$	7,236					$	30,060		$	31,878					$	2,749		$	4,986	$	32,809		$	36,864
Less: STRAIGHT-LINE RENTS		946			909						97		95						1,043			1,004						(117	)		327		926			1,331
AMORTIZATION OF LEASE INDUCEMENTS		(44	)		(47	)					0		(15	)					(44	)		(62	)					0			0		(44	)		(62	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(201	)		(152	)					0		0						(201	)		(152	)					0			0		(201	)		(152	)
CASH BASIS RENTAL PROPERTY REVENUES (2)		22,324			23,932			7.2	%		6,938		7,156			3.1	%		29,262			31,088			6.2	%		2,866			4,659		32,128			35,747
RENTAL PROPERTY OPERATING EXPENSES		8,622			9,450			9.6	%		2,054		2,005			-2.4	%		10,676			11,455			7.3	%		1,180			1,956		11,856			13,411
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,702		$	14,482			5.7	%	$	4,884	$	5,151			5.5	%	$	18,586		$	19,633			5.6	%	$	1,686		$	2,703	$	20,272		$	22,336
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	23,025		$	24,642					$	7,035	$	7,236					$	30,060		$	31,878					$	2,749		$	4,986	$	32,809		$	36,864
RENTAL PROPERTY OPERATING EXPENSES		8,622			9,450						2,054		2,005						10,676			11,455						1,180			1,956		11,856			13,411
	$	14,403		$	15,192					$	4,981	$	5,231					$	19,384		$	20,423					$	1,569		$	3,030	$	20,953		$	23,453
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (3)																																$	14,638		$	17,416
DISCONTINUED OPERATIONS (4)																																	58			0
SHARE OF UNCONSOLIDATED JOINT VENTURES (5)																																	6,257			6,037
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	20,953		$	23,453

(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.

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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 Investment Entities. Investment Entities are unconsolidated joint ventures where the Company has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings, and the Company is not the managing member of the venture. Investment Entities are not included in any of the financial covenant calculations in the Company’s credit facility. A significant component of Investment Entity debt is the debt of Gateway Village. This 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. Adjusted Debt 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 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 Investment Entity 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.

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     “Funds From Operations Available to Common Stockholders” (“FFO”) is a supplemental operating performance measure used in the real estate industry. For periods other than 2005, the Company calculated FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of FFO, which is net income available to common stockholders (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding extraordinary items, cumulative effect of change in accounting principle and gains or losses from sales of depreciable property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis. For the 2005 periods, the Company modified its NAREIT defined calculations of FFO to include $5.0 million in income from a real estate venture related to the sale of real estate. The Company included this amount in FFO because, based on the nature of the investment, the Company believes that, for FFO purposes, this income should not be considered gain on the sale of depreciable property.

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

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

     “Same-Property Growth” represents the percentage change in 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.

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