Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

CONTACT:
James A. Fleming	Patrick T. Hickey, Jr.
Executive Vice President and	Vice President, Investor Relations
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
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2006

          ATLANTA (February 5, 2007) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months and year ended December 31, 2006. All per share amounts are reported on a diluted basis; basic per share data is included in the Consolidated Statements of Income accompanying this release.

          Funds from Operations to Common Stockholders (“FFO”) was $26.7 million, or $0.50 per share, for the fourth quarter of 2006 compared with FFO of $22.8 million, or $0.44 per share, for the fourth quarter of 2005. FFO was $73.6 million, or $1.40 per share, for the year ended December 31, 2006 after a supplemental adjustment to exclude loss on extinguishment of debt. This compares to FFO of $73.7 million, or $1.43 per share, for the year ended December 31, 2005. Loss on extinguishment of debt was $18.2 million, or $0.35 per share, for the year ended December 31, 2006 and relates to defeasance costs on a mortgage loan repaid upon a property sale and an adjustment to mark to market the debt associated with a property contributed to a venture.

          Net Income Available to Common Stockholders (“Net Income Available”) was $37.3 million, or $0.70 per share, for the fourth quarter of 2006 compared with Net Income Available of $12.6 million, or $0.24 per share, for the fourth quarter of 2005. Net Income Available was $216.6 million, or $4.13 per share, for the year ended December 31, 2006 compared with $34.5 million, or $0.67 per share, for the year ended December 31, 2005.

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

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CUZ Reports Fourth Quarter Results
Page 2
February 5, 2007

Fourth quarter highlights of the Company included the following:

• Sold The Avenue of the Peninsula, a 373,000 square foot specialty retail center in Rolling Hills Estates, California, for approximately $96 million and recognized a gain of approximately $20 million.

• Opened the second phase of The Avenue West Cobb. This phase is 46,000 square feet and was 94% leased at December 31, 2006.

• Formed a joint venture and commenced development of Palisades West, a two-building, 360,000 square-foot office project in Austin, Texas; 210,000 square feet is pre-leased to Dimensional Fund Advisors, a partner in the joint venture.

• Sold seven ground leased outparcels at the Company’s North Point property for an aggregate price of $14.3 million. The $11.9 million aggregate gain on the sale of these outparcels was included in the Company’s calculation of FFO, as these properties had not previously been depreciated.

• Sold 13 acres at its North Point property for $2.7 million resulting in a gain of $1.6 million.

• Paid a special dividend of $3.40 per share to common shareholders.

Other developments subsequent to quarter-end:

• Sold 41 acres of land adjacent to The Avenue Carriage Crossing for $11.7 million.

• Purchased 109 acres of land in Forsyth County, Georgia for $36.2 million for potential future development.

          At December 31, 2006, the Company’s portfolio of operational office buildings was 84% leased, its portfolio of operational retail centers was 95% leased and its operational industrial building was 100% leased.

          At December 31, 2006, the Company and its joint ventures had ten retail, office and industrial projects under development and redevelopment totaling 5.3 million Company-owned square feet, and one condominium project under development containing a total of 529 units. The Company estimates the total cost of these projects will be approximately $1 billion and expects completion of these projects throughout the next four years. In addition, the Company and its joint ventures had 24 residential communities under development in which approximately 11,561 lots are available for future development or sale.

          “With our third special dividend in the past four years and new development projects and acquisition starts of more than $475 million, Cousins’ 2006 performance will go down as one of our best years ever,” said Tom Bell, chairman and CEO of Cousins Properties. “From our purchase and pending move to 191 Peachtree Tower in downtown Atlanta to starting our largest Avenue yet, we were able to identify value creation opportunities across each of our product types and move quickly to take advantage of them.”

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CUZ Reports Fourth Quarter Results
Page 3
February 5, 2007

          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 10:00 a.m. (Eastern Time) on Tuesday, February 6, 2007, to discuss the results of the quarter ended December 31, 2006. The number to call for this interactive teleconference is (913) 981-5543. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the passcode 7641964. The Company will also provide an online Web simulcast and rebroadcast of its fourth quarter 2006 earnings release conference call. The live broadcast will be available through the “Q4 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 14 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 7.2 million square feet of office space, 4.2 million square feet of retail space, 2.0 million square feet of industrial space, a 529 unit for-sale multi-family project under development, 24 residential communities under development, over 9,000 acres of strategically located land tracts, 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 14.8 million square feet of office and retail 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, the ability of the Company to close properties under contract 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

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CUZ Reports Fourth Quarter Results
Page 4
February 5, 2007

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						Years ended
	December 31,						December 31,
	2006			2005			2006			2005
REVENUES:
Rental property revenues	$	23,107		$	21,776		$	89,484		$	79,223
Fee income		12,008			11,992			35,465			35,198
Multi-family residential unit sales		393			6,247			23,134			11,233
Residential lot and outparcel sales		5,078			4,927			17,284			21,933
Interest and other		542			646			3,673			2,431
		41,128			45,588			169,040			150,018
COSTS AND EXPENSES:
Rental property operating expenses		10,467			8,622			36,103			30,173
General and administrative expenses		18,556			19,399			58,592			55,819
Depreciation and amortization		9,671			6,712			32,415			27,289
Multi-family residential unit cost of sales		322			5,131			19,403			9,405
Residential lot and outparcel cost of sales		3,825			3,912			12,751			16,404
Interest expense		—			2,535			11,119			9,094
Loss on extinguishment of debt		—			—			18,207			—
Other		1,460			628			2,809			1,322
		44,301			46,939			191,399			149,506
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		(3,173	)		(1,351	)		(22,359	)		512
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		108			(3,809	)		(4,193	)		(7,756	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(840	)		(1,688	)		(4,130	)		(3,037	)
INCOME FROM UNCONSOLIDATED JOINT VENTURES		10,201			20,164			173,083			40,955
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		6,296			13,316			142,401			30,674
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		1,902			2,532			3,012			15,733
INCOME FROM CONTINUING OPERATIONS		8,198			15,848			145,413			46,407
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income (loss) from discontinued operations		767			612			(38	)		2,297
Gain (loss) on sale of investment properties		32,101			(70	)		86,495			1,037
		32,868			542			86,457			3,334
NET INCOME		41,066			16,390			231,870			49,741
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,813	)		(3,813	)		(15,250	)		(15,250	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	37,253		$	12,577		$	216,620		$	34,491
PER SHARE INFORMATION — BASIC:
Income from continuing operations	$	0.09		$	0.24		$	2.57		$	0.62
Income from discontinued operations		0.64			0.01			1.71			0.07
Net income available to common stockholders	$	0.73		$	0.25		$	4.28		$	0.69
PER SHARE INFORMATION — DILUTED:
Income from continuing operations	$	0.08		$	0.23		$	2.48		$	0.60
Income from discontinued operations		0.62			0.01			1.65			0.07
Net income available to common stockholders	$	0.70		$	0.24		$	4.13		$	0.67
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	3.77		$	0.37		$	4.88		$	1.48
WEIGHTED AVERAGE SHARES — BASIC		51,306			50,160			50,655			49,989
WEIGHTED AVERAGE SHARES — DILUTED		53,286			51,825			52,513			51,747

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COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2006			2005			2006			2005
Net Income Available to Common Stockholders	$	37,253		$	12,577		$	216,620		$	34,491
Depreciation and amortization:
Consolidated properties		9,671			6,712			32,415			27,289
Discontinued properties		452			2,339			11,275			9,297
Share of unconsolidated joint ventures		1,821			2,047			8,831			8,920
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(520	)		(857	)		(2,911	)		(2,951	)
Share of unconsolidated joint ventures		—			(4	)		(12	)		(78	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(1,902	)		(2,532	)		(3,012	)		(15,733	)
Discontinued properties		(32,101	)		70			(86,495	)		(1,037	)
Share of unconsolidated joint ventures		(1,372	)		10			(135,618	)		(1,935	)
Gain on sale of undepreciated investment properties		13,434			2,473			14,348			15,483
Funds From Operations Available to Common Stockholders, as defined		26,736			22,835			55,441			73,746
Loss on extinguishment of debt		—			—			18,207			—
Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt	$	26,736		$	22,835		$	73,648		$	73,746
Per Common Share — Basic:
Net Income Available	$	.73		$	.25		$	4.28		$	.69
Funds From Operations	$	.52		$	.46		$	1.09		$	1.48
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.52		$	.46		$	1.45		$	1.48
Weighted Average Shares — Basic		51,306			50,160			50,655			49,989
Per Common Share — Diluted:
Net Income Available	$	.70		$	.24		$	4.13		$	.67
Funds From Operations	$	.50		$	.44		$	1.06		$	1.43
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.50		$	.44		$	1.40		$	1.43
Weighted Average Shares-Diluted		53,286			51,825			52,513			51,747

     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. For the 2005 periods, the Company modified its NAREIT defined calculations of FFO to include $5.0 million ($0.10 per share) in income from a real estate venture related to the sale of real estate in its NAREIT-defined calculation of FFO. 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. The Company presented Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt to exclude the effect of the losses incurred during the year ended December 31, 2006. The Company views those losses as components of the sale or exchange of real estate and therefore believes they should be excluded from the FFO calculation. See further detail within Discussion of Non-GAAP Financial Measures herein.

     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.

6

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

	December 31,
	2006			2005
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $115,723 and $158,700 in 2006 and 2005, respectively	$	472,375		$	572,466
Operating properties held-for-sale		1,470			—
Land held for investment or future development		101,390			62,059
Projects under development		300,382			241,711
Residential lots under development		27,624			11,577
Total properties		903,241			887,813
CASH AND CASH EQUIVALENTS		11,538			9,336
RESTRICTED CASH		2,824			3,806
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $501 and $781 in 2006 and 2005, respectively		32,138			40,014
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		181,918			217,232
OTHER ASSETS		65,094			30,073
TOTAL ASSETS	$	1,196,753		$	1,188,274
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	315,149		$	467,516
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		56,359			55,791
DEFERRED GAIN		154,104			5,951
DEPOSITS AND DEFERRED INCOME		2,062			2,551
TOTAL LIABILITIES		527,674			531,809
MINORITY INTERESTS		43,985			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, 54,439,310 and 53,357,151 shares issued in 2006 and 2005, respectively		54,439			53,357
Additional paid-in capital		336,974			321,747
Treasury stock at cost, 2,691,582 shares		(64,894	)		(64,894	)
Unearned compensation		—			(8,495	)
Cumulative undistributed net income		98,575			130,565
TOTAL STOCKHOLDERS’ INVESTMENT		625,094			632,280
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,196,753		$	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			2006 2nd			2006 3rd			2006 4th			2006 YTD
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,467			9,922			12,577			34,491			8,395			(3,483	)		174,455			37,253			216,620
	FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT(4)		116,867			124,965			109,483			16,287			17,586			17,038			22,835			73,746			19,146			13,913			13,853			26,736			73,648
	BASIC WEIGHTED AVERAGE COMMON SHARES		49,252			48,313			49,005			49,788			49,924			50,079			50,160			49,989			50,289			50,385			50,630			51,306			50,655
	DILUTED WEIGHTED AVERAGE COMMON SHARES		49,937			49,415			51,016			51,653			51,586			52,013			51,825			51,747			52,002			52,031			52,428			53,286			52,513
	NET INCOME (LOSS) PER COMMON SHARE - BASIC(A)		0.97			4.94			8.16			0.11			0.13			0.20			0.25			0.69			0.17			(0.07	)		3.45			0.73			4.28
	NET INCOME (LOSS) PER COMMON SHARE - DILUTED(A)		0.96			4.83			7.84			0.11			0.13			0.19			0.24			0.67			0.16			(0.07	)		3.33			0.70			4.13
	FFO PER COMMON SHARE - BASIC (4)		2.37			2.59			2.23			0.33			0.35			0.34			0.46			1.48			0.38			0.28			0.27			0.52			1.45
	FFO PER COMMON SHARE - DILUTED (4)		2.34			2.53			2.15			0.32			0.34			0.33			0.44			1.43			0.37			0.27			0.26			0.50			1.40
(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			5,120			3,907			1,236			13,421
	REGULAR COMMON DIVIDENDS		73,345			71,694			72,869			18,611			18,621			18,689			18,728			74,649			18,760			18,788			18,839			19,108			75,495
	SPECIAL COMMON DIVIDEND		—			100,544			356,493			—			—			—			—			—			—			—			—			175,470			175,470
	REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.37			0.37			1.48
	SPECIAL COMMON DIVIDEND PER SHARE		—			2.07			7.15			—			—			—			—			—			—			—			—			3.40			3.40
	COMMON STOCK PRICE AT PERIOD END		24.70			30.60			30.27			25.87			29.58			30.22			28.30			28.30			33.43			30.93			34.21			35.27			35.27
	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			50,873			51,518			51,748			51,748
	PREFERRED STOCK - SERIES A - PRICE AT PERIOD END		—			27.25			26.15			25.25			25.70			26.00			25.75			25.75			25.54			24.96			25.85			25.90			25.90
	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			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			25.00			25.42			25.53			25.53
	NUMBER OF PREFERRED SHARES - SERIES B - OUTSTANDING AT PERIOD END		—			—			4,000			4,000			4,000			4,000			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			1,573,502			1,762,431			1,825,152			1,825,152
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680			199,840			205,080			205,720			205,720
(A)	ADJUSTED DEBT (1)		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460			470,662			350,780			376,516			376,516
	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			2,244,004			2,318,291			2,407,388			2,407,388
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		41	%		30	%		17	%		19	%		19	%		19	%		24	%		24	%		24	%		21	%		15	%		16	%		16	%
(A)	RECOURSE DEBT (1)		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577			174,552			197,095			226,855			226,855
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		8	%		1	%		2	%		3	%		5	%		5	%		9	%		9	%		11	%		8	%		9	%		9	%		9	%
	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			1,573,502			1,762,431			1,825,152			1,825,152
	PREFERRED EQUITY MARKET CAPITALIZATION		—			109,000			204,600			201,000			204,600			206,400			204,600			204,600			203,680			199,840			205,080			205,720			205,720
(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			574,844			454,661			487,234			487,234
	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			2,348,186			2,422,172			2,518,106			2,518,106
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		44	%		33	%		20	%		23	%		22	%		23	%		27	%		27	%		27	%		24	%		19	%		19	%		19	%
(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			4,448			5,581			3,703			921			14,653
	FFO BEFORE INTEREST		167,498			170,739			141,139			19,776			20,394			19,416			26,068			85,654			23,594			19,494			17,556			27,657			88,301
	INTEREST EXPENSE COVERAGE RATIO		3.31			3.73			4.46			5.67			7.26			8.16			8.06			7.19			5.30			3.49			4.74			30.03			6.03
(C)	FIXED CHARGES (excluding preferred dividends) (1)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,444			8,130			5,926			2,589			24,089
	FFO PLUS FIXED CHARGES (excluding preferred dividends)		168,349			171,338			131,854			19,932			20,578			19,586			26,241			86,337			23,773			19,672			17,686			27,685			88,816
	FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		2.58			2.88			3.22			3.81			4.71			4.72			3.88			4.21			3.19			2.42			2.98			10.69			3.69
(C)	FIXED CHARGES (including preferred dividends) (1)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,257			11,942			9,738			6,402			39,339
	FFO PLUS FIXED CHARGES (including preferred dividends)		168,349			174,696			139,896			23,745			24,390			23,398			30,054			101,587			27,586			23,484			21,498			31,498			104,066
	FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.58			2.78			2.87			2.63			2.98			2.94			2.84			2.84			2.45			1.97			2.21			4.92			2.65

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		2006 2nd			2006 3rd			2006 4th			2006 YTD
	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		733			717			504			2,676
	3301 WINDY RIDGE PARKWAY		1,517		1,555		1,659			404			423			440			426			1,693			247		26			80			97			450
	100 NORTH POINT CENTER EAST		0		73		1,010			277			234			237			272			1,020			221		276			253			285			1,035
	200 NORTH POINT CENTER EAST		0		23		417			48			36			164			115			363			233		192			212			202			839
	333 NORTH POINT CENTER EAST		2,397		1,398		1,036			321			403			352			319			1,395			321		269			304			289			1,183
	555 NORTH POINT CENTER EAST		2,359		1,541		945			346			377			400			383			1,506			401		458			451			461			1,771
	615 PEACHTREE STREET		1,985		1,919		1,395			273			254			212			18			757			20		74			(53	)		(69	)		(28	)
	LAKESHORE PARK PLAZA		1,113		1,231		1,459			426			224			40			32			722			200		209			219			294			922
	INFORUM		13,444		13,843		12,808			2,836			2,726			2,879			2,935			11,376			2,936		2,887			2,844			3,107			11,774
	600 UNIVERSITY PARK PLACE		1,757		1,871		1,797			431			417			421			432			1,701			355		250			257			245			1,107
	THE POINTS AT WATERVIEW		1,040		1,778		1,949			533			432			454			453			1,872			584		530			521			489			2,124
	ONE GEORGIA CENTER		3,381		2,913		1,369			(308	)		(261	)		(414	)		(378	)		(1,361	)		35		(9	)		(174	)		(71	)		(219	)
	GALLERIA 75		0		0		899			206			274			272			284			1,036			281		240			200			176			897
	SONO RENAISSANCE		0		0		38			76			60			64			70			270			66		66			60			31			223
	ATHEROGENICS		1,134		1,181		1,222			308			311			311			311			1,241			313		316			317			317			1,263
	INHIBITEX		0		0		0			0			189			246			231			666			228		229			230			230			917
	MERIDIAN MARK PLAZA		4,073		4,153		4,224			1,080			1,164			1,114			1,129			4,487			1,128		1,147			1,110			1,090			4,475
	COSMOPOLITAN CENTER		0		0		0			0			0			0			0			0			0		0			43			(30	)		13
	191 PEACHTREE		0		0		0			0			0			0			0			0			0		0			402			741			1,143
	SUBTOTAL		36,893		36,467		35,201			7,991			7,997			7,929			7,771			31,688			8,291		7,893			7,993			8,388			32,565
	RETAIL:
	THE AVENUE EAST COBB		5,327		5,424		5,635			1,416			1,381			1,398			1,520			5,715			1,502		1,580			(23	)		(5	)		3,054
	THE AVENUE PEACHTREE CITY		3,160		3,029		3,430			963			872			843			995			3,673			933		885			(3	)		0			1,815
	THE AVENUE WEST COBB		0		655		3,925			1,095			1,073			1,108			1,085			4,361			1,148		1,072			5			(30	)		2,195
	AVENUE VIERA		0		0		189			421			610			804			891			2,726			713		1,047			(6	)		(13	)		1,741
	VIERA MARKET CENTER		0		0		0			0			0			0			148			148			152		121			(10	)		0			263
	THE AVENUE CARRIAGE CROSSING		0		0		0			0			0			0			743			743			1,212		1,413			1,553			1,657			5,835
	SAN JOSE MARKETCENTER		0		0		0			0			0			0			0			0			220		1,006			1,223			1,397			3,846
	THE AVENUE WEBB GIN		0		0		0			0			0			0			0			0			0		0			616			1,037			1,653
	SUBTOTAL		8,487		9,108		13,179			3,895			3,936			4,153			5,382			17,366			5,880		7,124			3,355			4,043			20,402
	INDUSTRIAL:
	KING MILL		0		0		0			0			0			0			0			0			0		(1	)		217			189			405
	SUBTOTAL		0		0		0			0			0			0			0			0			0		(1	)		217			189			405
	OTHER RENTAL OPERATIONS:
	OTHER		0		0		(1	)		0			0			(6	)		0			(6	)		22		0			(34	)		20			8
	SUBTOTAL		0		0		(1	)		0			0			(6	)		0			(6	)		22		0			(34	)		20			8
	PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		15,099		15,359		7,615			2			0			0			0			2			0		0			0			0			0
	TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,479		60,934		55,994			11,888			11,933			12,076			13,153			49,050			14,193		15,017			11,531			12,640			53,381

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
(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			0			0			0			0
	NORTHSIDE/ALPHARETTA II		2,255			2,160			1,992			(6	)		(16	)		44			17			39			17			17			6			0			40
	101 SECOND STREET		14,557			10,632			6,770			7			53			5			1			66			2			(2	)		0			0			0
	55 SECOND STREET		12,724			27,073			5,067			2			9			160			2			173			0			(1	)		0			0			(1	)
	AT&T WIRELESS SERVICES HEADQUARTERS		5,718			2,828			0			0			0			0			0			0			0			0			0			0			0
	CERRITOS CORPORATE CENTER-PHASE II		2,322			1,128			0			0			0			0			0			0			0			0			0			0			0
	PRESIDENTIAL MARKETCENTER		3,731			2,396			0			0			0			0			0			0			0			0			0			0			0
	MIRA MESA MARKETCENTER		5,956			2,298			0			69			0			0			(13	)		56			0			0			0			0			0
	PERIMETER EXPO		3,178			2,404			0			0			0			0			(5	)		(5	)		0			0			0			0			0
	SALEM ROAD STATION		505			0			0			0			0			0			0			0			0			0			0			0			0
	THE SHOPS OF LAKE TUSCALOOSA		0			18			570			0			0			0			5			5			0			(2	)		0			0			(2	)
	HANOVER SQUARE SOUTH		0			0			0			(10	)		140			268			(2	)		396			0			5			(1	)		0			4
	GA 400 LAND LEASES		1,298			1,399			1,463			361			352			351			368			1,432			395			372			365			405			1,537
	FROST BANK TOWER		0			0			3,486			1,311			1,152			1,206			1,454			5,123			1,578			1,527			1,505			(62	)		4,548
	THE AVENUE OF THE PENINSULA		4,284			4,572			4,213			1,158			1,235			925			1,128			4,446			1,253			1,890			1,095			876			5,114
	OTHER		94			98			22			0			0			0			0			0			0			0			0			0			0
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		58,441			58,612			24,922			2,888			2,920			2,959			2,952			11,719			3,245			3,806			2,970			1,219			11,240
	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			62			798			796			1,656
(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			(5	)		179			1,567			2,481
(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			294			59			2,158			6,675
	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			289			238			3,725			9,156
(G)	OTHER INVESTMENT PROPERTY NET OF COST OF SALES — WHOLLY OWNED (1)		0			0			0			0			0			0			0			0			0			0			0			11,867			11,867
	TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			0			0			0			0			0			0			0			0			0			11,867			11,867
(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			769			349			457			2,877
(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			2,074			1,558			2,496			8,217
	TOTAL LOT SALES NET OF COS		2,903			6,231			11,215			2,471			3,285			4,572			4,313			14,641			3,391			2,843			1,907			2,953			11,094
(G)	INTEREST — JOINT VENTURE (1)		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)
(G)	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0			0			0			0			0
(G)	OTHER — JOINT VENTURE (1)		(3	)		(156	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)		5			(34	)		(176	)		(381	)
	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			3,162			2,873			19,129			33,108
	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			2,759			(320	)		71			3,731
(J)	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		0			0			0			0			514			0			6,668			7,182			1,797			2,629			2,986			2,931			10,343
	TOTAL MULTI-FAMILY FFO		0			0			0			0			514			712			7,784			9,010			3,018			5,388			2,666			3,002			14,074
	DEVELOPMENT INCOME		4,625			2,870			3,310			497			684			623			1,252			3,056			1,752			825			772			1,236			4,585
	MANAGEMENT FEES		19,931			19,140			21,931			5,655			5,770			5,894			6,739			24,058			5,742			5,542			5,942			7,211			24,437
	LEASING & OTHER FEES		4,297			6,991			4,463			1,048			998			2,037			4,001			8,084			887			1,388			607			3,561			6,443
	TERMINATION FEES		616			1,810			2,132			26			185			115			219			545			2,699			36			196			0			2,931
	INTEREST INCOME & OTHER		4,393			3,940			2,528			305			414			740			427			1,886			(38	)		55			183			542			742
	GENERAL & ADMINISTRATIVE EXPENSES:
	GENERAL & ADMINISTRATIVE EXPENSES		(27,324	)		(29,464	)		(33,515	)		(8,331	)		(7,784	)		(8,598	)		(14,477	)		(39,190	)		(9,336	)		(9,342	)		(8,486	)		(12,307	)		(39,471	)
	THIRD PARTY MANAGEMENT DIRECT OPERATING EXPENSES		(10,993	)		(10,763	)		(13,414	)		(3,693	)		(3,915	)		(4,098	)		(4,922	)		(16,628	)		(4,239	)		(4,134	)		(4,499	)		(6,249	)		(19,121	)
	TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(38,317	)		(40,227	)		(46,929	)		(12,024	)		(11,699	)		(12,696	)		(19,399	)		(55,818	)		(13,575	)		(13,476	)		(12,985	)		(18,556	)		(58,592	)

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
	INTEREST EXPENSE CONSOLIDATED:
	CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			0			(764	)		(452	)		(751	)		(1,030	)		(1,746	)		(3,979	)		(2,103	)		0			0			0			(2,103	)
	CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(781	)		(3,494	)		(2,680	)		(1,797	)		(8,752	)
	TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			0			0			0			0			0			(118	)		(664	)		(836	)		(980	)		(2,598	)
	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	)		(2,501	)		(2,461	)		0			(7,447	)
	THE AVENUE EAST COBB DEBT - 8.39%		(3,250	)		(3,220	)		(3,188	)		(792	)		(789	)		(787	)		(785	)		(3,153	)		(782	)		(764	)		0			0			(1,546	)
	333 & 555 NORTH POINT CENTER DEBT - 7%		(2,282	)		(2,246	)		(2,207	)		(545	)		(543	)		(540	)		(537	)		(2,165	)		(534	)		(532	)		(529	)		(526	)		(2,121	)
	MERIDIAN MARK PLAZA DEBT - 8.27%		(2,097	)		(2,074	)		(2,048	)		(507	)		(506	)		(505	)		(503	)		(2,021	)		(501	)		(498	)		(498	)		(494	)		(1,991	)
	NOTE PAYABLE, UNSECURED - 8.04%		0			(598	)		(1,882	)		(458	)		(452	)		(238	)		0			(1,148	)		0			0			0			0			0
	600 UNIVERSITY PARK DEBT - 7.38%		(1,042	)		(1,032	)		(1,020	)		(254	)		(253	)		(251	)		(251	)		(1,009	)		(250	)		(249	)		(248	)		(248	)		(995	)
	100 NORTH POINT CENTER EAST DEBT - 7.86%		0			(79	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)
	200 NORTH POINT CENTER EAST DEBT - 7.86%		0			(70	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)
	LAKESHORE PARK PLAZA DEBT - 6.78%		(696	)		(682	)		(666	)		(164	)		(163	)		(161	)		(160	)		(648	)		(160	)		(158	)		(157	)		(156	)		(631	)
	905 JUNIPER DEBT		0			0			0			0			0			0			(155	)		(155	)		(194	)		(157	)		0			0			(351	)
	KING MILL DEBT		0			0			0			0			0			0			(34	)		(34	)		(44	)		(52	)		(92	)		(105	)		(293	)
	JEFFERSON MILL DEBT		0			0			0			0			0			0			0			0			0			0			(1	)		(22	)		(23	)
	WATERVIEW DEBT - 5.66%		0			0			0			0			0			0			(11	)		(11	)		(265	)		(264	)		(261	)		(261	)		(1,051	)
	CREDIT FACILITY — FLOATING @ LIBOR + 1.05% to 1.70%		(4,738	)		(3,320	)		(1,331	)		0			0			0			0			0			0			0			0			0			0
	PERIMETER EXPO DEBT - 8.04%		(1,637	)		(1,087	)		0			0			0			0			0			0			0			0			0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.677%		(868	)		0			0			0			0			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			0			0			0			0
	1900 DUKE STREET & 333 JOHN CARLYLE DEBT - 7%		(3,456	)		(3,419	)		(1,289	)		0			0			0			0			0			0			0			0			0			0
	OTHER		(180	)		(41	)		(19	)		(3	)		2			(5	)		(3	)		(9	)		(4	)		(3	)		(2	)		(3	)		(12	)
	CAPITALIZED		5,934			9,683			14,028			3,360			4,338			4,849			4,646			17,193			5,041			4,894			5,583			5,035			20,553
	TOTAL INTEREST EXPENSE CONSOLIDATED		(27,041	)		(22,576	)		(14,623	)		(2,781	)		(2,103	)		(1,675	)		(2,535	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		0			(11,119	)
	OTHER EXPENSES — CONTINUING OPERATIONS:
	PROPERTY TAXES		(675	)		(768	)		(664	)		(119	)		(160	)		(136	)		(339	)		(754	)		(189	)		(170	)		(203	)		38			(524	)
	MINORITY INTEREST EXPENSE		(1,589	)		(1,613	)		(1,417	)		(392	)		(397	)		(560	)		(1,688	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(840	)		(4,130	)
	PREDEVELOPMENT & OTHER		(1,558	)		(1,677	)		(1,284	)		77			(226	)		(130	)		(289	)		(568	)		(265	)		(311	)		(212	)		(1,499	)		(2,287	)
	TOTAL OTHER EXPENSES		(3,822	)		(4,058	)		(3,365	)		(434	)		(783	)		(826	)		(2,316	)		(4,359	)		(1,532	)		(1,794	)		(1,314	)		(2,301	)		(6,941	)
(E)	OTHER EXPENSES — DISCONTINUED OPERATIONS:
	INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0			0
	MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0			0			0			0			0
	TOTAL OTHER EXPENSES — DISCONTINUED OPERATIONS		(12,092	)		(10,083	)		(5,870	)		0			0			0			0			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	)		(1,924	)		(7	)		108			(4,193	)
(E)	DISCONTINUED OPERATIONS (1)		(139	)		0			0			17			(41	)		(102	)		0			(126	)		0			(2	)		0			0			(2	)
	TOTAL INCOME TAX (PROVISION)/BENEFIT		(1,665	)		(2,596	)		(2,744	)		(852	)		(1,098	)		(2,123	)		(3,809	)		(7,882	)		(2,370	)		(1,926	)		(7	)		108			(4,195	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I)	CONSOLIDATED		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,148	)		(2,511	)		(2,652	)		(678	)		(686	)		(730	)		(857	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
(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	)		(17	)		(29	)		(18	)		(88	)
	WILDWOOD ASSOCIATES — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(551	)		0			0			0			0			0			0			0			0			0			0			0
	CP VENTURE TWO LLC		2,274			2,080			2,070			442			463			407			410			1,722			423			458			432			412			1,725
	CP VENTURE TWO LLC — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0			0			0			0			0
	CP VENTURE FIVE LLC		0			0			0			0			0			0			0			0			0			49			2,332			1,468			3,849
	COUSINS LORET VENTURE, L.L.C.		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0			0			0			0			0
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0			(1	)		0			0			(1	)
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		350			365			407			115			115			82			111			423			58			4			(9	)		(2	)		51
	TEN PEACHTREE PLACE ASSOCIATES		(488	)		1,539			1,533			348			373			406			379			1,506			385			397			344			307			1,433
	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			3,756			3,668			160			11,292
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		3,998			3,102			3,492			257			260			(6	)		13			524			1			1			0			0			2
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		3,180			3,412			2,465			2			0			0			1			3			0			0			0			(23	)		(23	)
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			302			1,208
	CRAWFORD LONG - CPI, LLC		1,728			1,685			1,447			440			483			484			458			1,865			486			501			518			502			2,007
	OTHER		0			0			924			0			0			310			5,204			5,514			90			0			0			170			260
	TOTAL SHARE OF JOINT VENTURE FFO		43,261			42,140			35,278			5,555			5,615			5,725			10,658			27,553			5,429			5,450			7,558			3,278			21,715
	PREFERRED STOCK DIVIDENDS		0			(3,358	)		(8,042	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT (4)		116,867			124,965			109,483			16,287			17,586			17,038			22,835			73,746			19,146			13,913			13,853			26,736			73,648
	LOSS ON EXTINGUISHMENT OF DEBT		(3,501	)		0			(605	)		0			0			0			0			0			0			(2,764	)		(15,443	)		0			(18,207	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		113,366			124,965			108,878			16,287			17,586			17,038			22,835			73,746			19,146			11,149			(1,590	)		26,736			55,441
	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			61			244			1,902			3,012
(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	)		5			(179	)		(13,434	)		(14,348	)
	DISCONTINUED OPERATIONS		1,174			93,459			81,927			37			0			1,070			(70	)		1,037			191			135			54,068			32,101			86,495
	SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053			1			133,192			1,372			135,618
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		5,285			186,747			346,621			446			30			2,767			(21	)		3,222			1,309			202			187,325			21,941			210,777
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I)	CONSOLIDATED		(29,667	)		(31,088	)		(27,463	)		(6,382	)		(6,553	)		(5,548	)		(5,855	)		(24,338	)		(7,335	)		(6,893	)		(6,125	)		(9,151	)		(29,504	)
(E,I)	DISCONTINUED OPERATIONS		(22,572	)		(20,556	)		(12,414	)		(2,349	)		(2,315	)		(2,294	)		(2,339	)		(9,297	)		(2,667	)		(5,929	)		(2,227	)		(452	)		(11,275	)
(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	)		(2,012	)		(2,928	)		(1,821	)		(8,819	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(70,779	)		(72,909	)		(55,757	)		(11,208	)		(11,149	)		(9,883	)		(10,237	)		(42,477	)		(12,060	)		(14,834	)		(11,280	)		(11,424	)		(49,598	)
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		47,872			238,803			399,742			5,525			6,467			9,922			12,577			34,491			8,395			(3,483	)		174,455			37,253			216,620

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			0			0			0			0
2500 WINDY RIDGE PARKWAY		4,992			4,673			3,164			0			(1	)		4			0			3			0			0			0			0			0
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		12,217			13,181			8,861			(10	)		(4	)		18			0			4			0			0			0			0			0
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,803			3,851			2,764			0			0			2			0			2			0			0			0			0			0
4200 WILDWOOD PARKWAY (GE)		4,853			4,690			3,434			0			0			23			0			23			0			0			0			0			0
BANK/RESTAURANT GROUND LEASES		1,081			1,287			1,041			14			(16	)		(1	)		0			(3	)		0			0			0			0			0
		38,128			36,144			26,394			6			(24	)		65			(9	)		38			0			0			0			0			0
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,546	)		(4,359	)		(3,382	)		0			0			0			0			0			0			0			0			0			0
2500 DEBT - 7.45%		(1,642	)		(1,571	)		(1,105	)		0			0			0			0			0			0			0			0			0			0
3200 DEBT - 8.23%		(5,389	)		(5,218	)		(4,056	)		0			0			0			0			0			0			0			0			0			0
4100/4300 DEBT - 7.65%		(2,097	)		(2,030	)		(1,413	)		0			0			0			0			0			0			0			0			0			0
4200 DEBT - 6.78%		(2,812	)		(2,737	)		(1,898	)		0			0			0			0			0			0			0			0			0			0
		(16,486	)		(15,915	)		(11,854	)		0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(3,843	)		0			0			0			0			0			0			0			0
OTHER, NET		96			478			(265	)		(43	)		(113	)		(41	)		(8	)		(205	)		(47	)		(34	)		(57	)		(35	)		(173	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(45	)		(30	)		0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(1,101	)		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		21,738			19,561			10,402			(37	)		(137	)		24			(17	)		(167	)		(47	)		(34	)		(57	)		(35	)		(173	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,022	)		(9,364	)		(6,398	)		(9	)		(9	)		(8	)		(10	)		(36	)		(8	)		(8	)		(9	)		(9	)		(34	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			200,835			0			0			0			0			0			0			0			0			22			22
NET INCOME (LOSS)		12,716			10,197			204,839			(46	)		(146	)		16			(27	)		(203	)		(55	)		(42	)		(66	)		(22	)		(185	)
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		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			0			0			0			0
INTEREST EXPENSE		(8,243	)		(7,960	)		(5,928	)		0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,922	)		0			0			0			0			0			0			0			0			0			0
OTHER, NET		48			238			(133	)		(21	)		(57	)		(21	)		(4	)		(103	)		(24	)		(17	)		(29	)		(18	)		(88	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(23	)		(15	)		0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(551	)		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		10,870			9,500			4,897			(18	)		(69	)		12			(9	)		(84	)		(24	)		(17	)		(29	)		(18	)		(88	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,512	)		(4,682	)		(3,191	)		(4	)		(5	)		(4	)		(5	)		(18	)		(4	)		(4	)		(5	)		(5	)		(18	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			99,360			0			0			0			0			0			0			0			0			12			12
NET INCOME (LOSS)		6,358			4,818			101,066			(22	)		(74	)		8			(14	)		(102	)		(28	)		(21	)		(34	)		(11	)		(94	)

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			0			0			0			0
GRANDVIEW II		2,288			2,359			2,400			444			303			208			255			1,210			417			432			448			86			1,383
100 NORTH POINT CENTER EAST		1,456			1,239			7			0			0			15			0			15			0			0			0			0			0
200 NORTH POINT CENTER EAST		1,047			484			13			0			0			17			0			17			0			0			0			0			0
PRESBYTERIAN MEDICAL PLAZA		912			938			966			247			248			237			241			973			248			233			246			247			974
SUBTOTAL OFFICE		9,724			7,964			6,045			693			566			477			496			2,232			665			665			694			333			2,357
RETAIL:
NORTH POINT MARKETCENTER		4,982			5,156			5,142			1,459			1,426			1,298			1,430			5,613			1,373			1,263			1,429			1,466			5,531
MANSELL CROSSING II		1,533			1,190			1,227			314			306			314			300			1,234			329			338			320			327			1,314
GREENBRIER MARKETCENTER		4,687			4,519			4,513			1,149			1,269			1,019			1,043			4,480			1,165			1,215			1,167			1,103			4,650
LOS ALTOS MARKETCENTER		2,974			2,976			3,101			774			832			728			626			2,960			755			781			734			731			3,001
SUBTOTAL RETAIL		14,176			13,841			13,983			3,696			3,833			3,359			3,399			14,287			3,622			3,597			3,650			3,627			14,496
TOTAL REVENUES LESS OPERATING EXPENSES		23,900			21,805			20,028			4,389			4,399			3,836			3,895			16,519			4,287			4,262			4,344			3,960			16,853
OTHER, NET		(52	)		(71	)		(71	)		(56	)		(28	)		0			(60	)		(144	)		(88	)		(11	)		1			(60	)		(158	)
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(2,264	)		(2,216	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)		(507	)		(507	)		(484	)		(2,009	)
100 & 200 NORTH POINT CENTER EAST - 7.86%		(1,815	)		(1,628	)		0			0			0			0			0			0			0			0			0			0			0
TOTAL INTEREST EXPENSE		(4,079	)		(3,844	)		(2,159	)		(530	)		(522	)		(520	)		(516	)		(2,088	)		(511	)		(507	)		(507	)		(484	)		(2,009	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			0			0			0			0
FUNDS FROM OPERATIONS		19,769			9,323			16,263			3,803			3,849			3,376			3,319			14,347			3,688			3,744			3,838			3,416			14,686
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(10,639	)		(9,727	)		(7,417	)		(1,497	)		(1,495	)		(1,428	)		(1,378	)		(5,798	)		(1,775	)		(1,467	)		(1,442	)		(1,141	)		(5,825	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			0			0			0			6,402			6,402
NET INCOME (LOSS)		9,130			(404	)		8,846			2,306			2,354			1,948			1,941			8,549			1,913			2,277			2,396			8,677			15,263
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	%		11.50	%		11.50	%		10.60	%		10.60	%
REVENUES LESS OPERATING EXPENSES		2,749			2,530			2,318			510			526			467			476			1,979			492			517			490			477			1,976
INTEREST EXPENSE		(470	)		(442	)		(248	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)
OTHER, NET		(5	)		(8	)		0			(7	)		(3	)		0			(7	)		(17	)		(10	)		(1	)		0			(9	)		(20	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			(985	)		(209	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,274			1,095			1,861			442			463			407			410			1,722			423			458			432			412			1,725
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,223	)		(1,119	)		(852	)		(172	)		(172	)		(164	)		(159	)		(667	)		(204	)		(169	)		(166	)		(131	)		(670	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			0			0			0			736			736
NET INCOME (LOSS)		1,051			(24	)		1,009			270			291			243			251			1,055			219			289			266			1,017			1,791

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
CP VENTURE FIVE, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		0			0			0			0			0			0			0			0			0			37			1,539			1,794			3,370
THE AVENUE PEACHTREE CITY		0			0			0			0			0			0			0			0			0			20			910			1,146			2,076
THE AVENUE WEST COBB		0			0			0			0			0			0			0			0			0			31			1,095			1,748			2,874
AVENUE VIERA		0			0			0			0			0			0			0			0			0			24			1,044			1,216			2,284
VIERA MARKET CENTER		0			0			0			0			0			0			0			0			0			2			175			319			496
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			114			4,763			6,223			11,100
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			(46	)		(46	)
INTEREST EXPENSE:
THE AVENUE EAST COBB		0			0			0			0			0			0			0			0			0			(14	)		(602	)		(594	)		(1,210	)
TOTAL INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(14	)		(602	)		(594	)		(1,210	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			100			4,161			5,629			9,844
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(88	)		(4,477	)		(3,341	)		(7,906	)
NET INCOME		0			0			0			0			0			0			0			0			0			12			(316	)		2,288			1,938
COUSINS’ SHARE OF CP VENTURE FIVE (2):																													50.84	%		31.20	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			58			2,722			1,722			4,502
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			(9	)		(390	)		(235	)		(634	)
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			(19	)		(19	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			49			2,332			1,468			3,849
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			(20	)		(965	)		(1,033	)		(2,018	)
NET INCOME (LOSS)		0			0			0			0			0			0			0			0			0			29			1,367			435			1,831
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			0			0			0			0
THE PINNACLE		9,986			9,751			5,756			0			0			(4	)		0			(4	)		0			0			0			0			0
TOTAL REVENUES LESS OPERATING EXPENSES		14,432			13,522			8,210			0			(2	)		(12	)		(17	)		(31	)		0			0			0			0			0
INTEREST EXPENSE		(7,109	)		(7,022	)		(4,072	)		0			0			0			0			0			0			0			0			0			0
CAPITALIZED INTEREST		0			0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			0			0			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			0			0			0			0
FUNDS FROM OPERATIONS		7,306			6,484			4,129			0			(2	)		(12	)		(17	)		(31	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(8,680	)		(6,790	)		(3,783	)		0			0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			89,922			0			(72	)		(16	)		0			(88	)		0			0			0			6			6
NET INCOME (LOSS)		(1,374	)		(306	)		90,268			0			(74	)		(28	)		(17	)		(119	)		0			0			0			6			6
COUSINS’ SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		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			0			0			0			0
INTEREST EXPENSE		(3,555	)		(3,511	)		(2,037	)		0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			0			0			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			0			0			0			0
FUNDS FROM OPERATIONS		3,653			3,242			2,064			0			(1	)		(2	)		(9	)		(12	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,383	)		(3,395	)		(1,889	)		0			0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			45,340			0			(36	)		(12	)		0			(48	)		0			0			0			3			3
NET INCOME		(730	)		(153	)		45,515			0			(37	)		(14	)		(9	)		(60	)		0			0			0			3			3

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			(1	)		0			0			(1	)
INTEREST - 7.0%		(1,420	)		(1,341	)		(1,025	)		0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(2,657	)		0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(2	)		(1	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,241			2,404			(528	)		0			0			(37	)		0			(37	)		0			(1	)		0			0			(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,126	)		(1,125	)		(844	)		0			0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			38,917			696			0			0			0			696			0			0			0			5			5
NET INCOME (LOSS)		1,115			1,279			37,545			696			0			(37	)		0			659			0			(1	)		0			5			4
COUSINS’ SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		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			(1	)		0			0			(1	)
INTEREST EXPENSE		(711	)		(671	)		(513	)		0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(1,328	)		0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,120			1,203			(301	)		1			0			(18	)		0			(17	)		0			(1	)		0			0			(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(575	)		(576	)		(435	)		0			(1	)		0			0			(1	)		0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			19,212			348			0			0			0			348			7			0			0			3			10
NET INCOME (LOSS)		545			627			18,476			349			(1	)		(18	)		0			330			7			(1	)		0			3			9
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			7			(18	)		(4	)		101
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		696			727			815			230			231			163			222			846			116			7			(18	)		(4	)		101
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(829	)		(547	)		(686	)		(125	)		(166	)		(165	)		(119	)		(575	)		0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			3,008			0			14			8			3,030
NET INCOME (LOSS)		(133	)		180			129			105			65			(2	)		103			271			3,124			7			(4	)		4			3,131
COUSINS’ SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		350			365			407			115			115			82			111			423			58			4			(9	)		(2	)		51
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		350			365			407			115			115			82			111			423			58			4			(9	)		(2	)		51
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(415	)		(274	)		(343	)		(62	)		(83	)		(83	)		(60	)		(288	)		0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			1,046			0			7			4			1,057
NET INCOME (LOSS)		(65	)		91			64			53			32			(1	)		51			135			1,104			4			(2	)		2			1,108

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			1,198			1,088			1,016			4,478
INTEREST - 5.39%		(457	)		(246	)		(1,356	)		(411	)		(410	)		(409	)		(407	)		(1,637	)		(406	)		(404	)		(403	)		(401	)		(1,614	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(975	)		3,078			3,066			696			745			812			759			3,012			770			794			685			615			2,864
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(727	)		(2,016	)		(2,278	)		(569	)		(569	)		(569	)		(569	)		(2,276	)		(568	)		(569	)		(555	)		(508	)		(2,200	)
NET INCOME (LOSS)		(1,702	)		1,062			788			127			176			243			190			736			202			225			130			107			664
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		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			599			544			508			2,239
INTEREST EXPENSE		(229	)		(123	)		(678	)		(206	)		(205	)		(205	)		(204	)		(820	)		(203	)		(202	)		(200	)		(201	)		(806	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		(488	)		1,539			1,533			348			373			406			379			1,506			385			397			344			307			1,433
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(365	)		(1,007	)		(1,134	)		(282	)		(282	)		(282	)		(282	)		(1,128	)		(282	)		(246	)		(282	)		(250	)		(1,060	)
NET INCOME (LOSS)		(853	)		532			399			66			91			124			97			378			103			151			62			57			373
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			7,518			7,343			177			22,462
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(34	)		(8	)		(8	)		(9	)		(8	)		(33	)		(8	)		(8	)		(9	)		0			(25	)
FUNDS FROM OPERATIONS		30,735			31,577			30,559			7,331			7,414			7,495			7,596			29,836			7,416			7,510			7,334			177			22,437
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,654	)		(7,616	)		(7,440	)		(1,940	)		(1,940	)		(1,941	)		(1,943	)		(7,764	)		(1,942	)		(2,055	)		(364	)		0			(4,361	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			0			0			0			0			271,201			88			271,289
NET INCOME		23,081			23,961			23,119			5,391			5,474			5,554			5,653			22,072			5,474			5,455			278,171			265			289,365
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		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			3,760			3,672			160			11,304
INTEREST EXPENSE		0			0			0			0			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	)		(4	)		(4	)		0			(12	)
FUNDS FROM OPERATIONS		15,368			15,789			15,281			3,666			3,706			3,748			3,798			14,918			3,708			3,756			3,668			160			11,292
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET																										0			0			133,185			604			133,789
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,904	)		(3,885	)		(3,795	)		(989	)		(988	)		(989	)		(990	)		(3,956	)		(989	)		(992	)		(992	)		0			(2,973	)
NET INCOME		11,464			11,904			11,486			2,677			2,718			2,759			2,808			10,962			2,719			2,764			135,861			764			142,108
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			3			0			0			4
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			3			0			0			4
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,211	)		(7,558	)		(3,821	)		(949	)		(386	)		0			0			(1,335	)		0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			3,289			(19	)		3,270			0			0			0			0			0
NET INCOME (LOSS)		5,783			(1,356	)		2,610			(435	)		125			3,282			6			2,978			1			3			0			0			4
COUSINS’ SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		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			1			0			0			2
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,998			3,102			3,492			257			260			(6	)		13			524			1			1			0			0			2
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,274	)		(3,947	)		(2,077	)		(517	)		(234	)		0			0			(751	)		0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			1,645			(10	)		1,635			0			1			0			10			11
NET INCOME (LOSS)		2,724			(845	)		1,415			(260	)		26			1,639			3			1,408			1			2			0			10			13

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			0			0			(46	)		(46	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(3	)		4			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		6,357			6,825			4,885			3			1			0			2			6			0			0			0			(46	)		(46	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,949	)		(1,914	)		(1,280	)		0			0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			27,170			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		4,408			4,911			30,775			3			1			0			2			6			0			0			0			(46	)		(46	)
COUSINS’ SHARE OF CPI/FSP I (2):		50	%		50	%		50	%		50	%		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			0			0			(23	)		(23	)
INTEREST EXPENSE		0			0			0			0			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			0			0			0			0
FUNDS FROM OPERATIONS		3,180			3,412			2,465			2			0			0			1			3			0			0			0			(23	)		(23	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,062	)		(1,044	)		(691	)		0			0			0			0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			12,353			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		2,118			2,368			14,127			2			0			0			1			3			0			0			0			(23	)		(23	)
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			5,277			5,263			5,266			21,046
INTEREST - 6.41%		(12,030	)		(11,513	)		(10,961	)		(2,650	)		(2,613	)		(2,574	)		(2,536	)		(10,373	)		(2,497	)		(2,457	)		(2,417	)		(2,376	)		(9,747	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			2,820			2,846			2,890			11,299
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(5,928	)		(6,037	)		(6,130	)		(1,546	)		(1,548	)		(1,550	)		(1,553	)		(6,197	)		(1,556	)		(1,562	)		(1,565	)		(1,567	)		(6,250	)
NET INCOME		3,168			3,473			3,906			1,058			1,095			1,141			1,175			4,469			1,187			1,258			1,281			1,323			5,049
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			302			1,208
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,208			1,208			1,208			302			285			302			302			1,191			302			302			302			302			1,208
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(25	)		(32	)		(32	)		(8	)		(9	)		(8	)		(8	)		(33	)		(8	)		(8	)		(8	)		(8	)		(32	)
NET INCOME		1,183			1,176			1,176			294			276			294			294			1,158			294			294			294			294			1,176

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
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			1,789			1,825			1,790			7,170
INTEREST - 5.9%		0			(2,062	)		(3,246	)		(805	)		(802	)		(799	)		(796	)		(3,202	)		(794	)		(790	)		(788	)		(785	)		(3,157	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			999			1,037			1,005			4,013
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,530	)		(2,507	)		(2,598	)		(691	)		(699	)		(697	)		(707	)		(2,794	)		(709	)		(709	)		(709	)		(709	)		(2,836	)
NET INCOME		1,924			862			295			190			267			271			209			937			263			290			328			296			1,177
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		50	%		50	%		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			896			912			895			3,586
INTEREST EXPENSE		0			(1,032	)		(1,624	)		(403	)		(401	)		(400	)		(398	)		(1,602	)		(397	)		(395	)		(394	)		(393	)		(1,579	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			501			518			502			2,007
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(802	)		(1,306	)		(1,352	)		(358	)		(362	)		(361	)		(366	)		(1,447	)		(367	)		(367	)		(367	)		(367	)		(1,468	)
NET INCOME		926			379			95			82			121			123			92			418			119			134			151			135			539
905 JUNIPER, LLC (100%):
MULTI-FAMILY, NET OF COS		0			0			0			0			714			0			0			714			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			714			0			0			714			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			714			0			0			714			0			0			0			0			0
COUSINS’ SHARE OF 905 JUNIPER, LLC:														72	%								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			514			0			0			514			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			514			0			0			514			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			514			0			0			514			0			0			0			0			0
50 BISCAYNE, LLC (100%):
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			16,516			16,516			4,554			6,082			8,059			8,047			26,742
OTHER, NET		0			0			0			0			0			0			367			367			125			843			0			0			968
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			16,883			16,883			4,679			6,925			8,059			8,047			27,710
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			16,883			16,883			4,679			6,925			8,059			8,047			27,710
COUSINS’ SHARE OF 50 BISCAYNE, LLC:																				40	%		40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		0			0			0			0			0			0			6,515			6,515			1,745			2,279			3,325			2,823			10,172
OTHER, NET		0			0			0			0			0			0			153			153			52			350			(339	)		108			171
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			0			0			0			0			6,668			6,668			1,797			2,629			2,986			2,931			10,343
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			0			0			0			0			6,668			6,668			1,797			2,629			2,986			2,931			10,343

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			1,848			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			1,848			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			1,848			0			0			0			0			0			0			0			0			0			0
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			924			0			0			310			5,204			5,514			90			0			0			170			260
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			924			0			0			310			5,204			5,514			90			0			0			170			260
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			924			0			0			310			5,204			5,514			90			0			0			170			260
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		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			785			284			2,577			7,523
INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(37	)		(37	)		(36	)		(36	)		(146	)
OTHER, NET		(125	)		(64	)		(6	)		(45	)		96			44			10			105			11			104			33			(23	)		125
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			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			852			281			2,518			7,502
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(88	)		(29	)		(28	)		(29	)		(28	)		(114	)		(29	)		(29	)		(29	)		(27	)		(114	)
NET INCOME		1,949			3,137			5,107			615			585			1,788			943			3,931			3,822			823			252			2,491			7,388
COUSINS’ SHARE OF CL REALTY, LLC (2):					50	%		50	%		50	%		50	%		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			1,272			1,152			1,954			6,629
OTHER, NET		0			(94	)		(220	)		(51	)		(4	)		(42	)		(53	)		(150	)		(48	)		(54	)		49			(84	)		(137	)
FUNDS FROM OPERATIONS		0			607			3,237			1,068			1,170			2,804			3,860			8,902			2,203			1,218			1,201			1,870			6,492
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			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			1,218			1,201			1,870			6,492
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):								50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			398			215			128			217			165			725			125			311			181			122			739
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			398			215			128			217			165			725			125			311			181			122			739
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			398			215			128			217			165			725			125			311			181			122			739

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):																							50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0		0			0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0		0		0		0			0			0			0			0			(138	)		0			0			0			(138	)
OTHER, NET		0		0		0		0			0			0			0			0			(21	)		(39	)		(26	)		(69	)		(155	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		0		0			0			0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0		0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0		0		0		0			0			0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):								8	%		5.18	%		4.99	%		4.94	%		4.94	%		5	%		4.91	%		3.00	%		N/A			N/A
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0		0		0			0			0			0			0			0			0			0			0			0
OTHER, NET		0		0		0		(116	)		(115	)		(147	)		(105	)		(483	)		(118	)		(6	)		(90	)		0			(214	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0		0		(62	)		0			0			0			(62	)		0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		0		(178	)		(115	)		(147	)		(105	)		(545	)		(118	)		(6	)		(90	)		0			(214	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0		(56	)		(117	)		(121	)		(145	)		(439	)		(175	)		(178	)		(114	)		0			(467	)
NET INCOME (LOSS)		0		0		0		(234	)		(232	)		(268	)		(250	)		(984	)		(293	)		(184	)		(204	)		0			(681	)

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.
(4)	FFO Available to Common Stockholders, excluding loss on extinguishment of debt excludes the effect of the mark-to-market loss adjustment resulting from the CP Venture Five, LLC transaction during the second quarter 2006 and the loss incurred in defeasing the note associated with the sale of Bank of America Plaza during the third quarter 2006. The Company views these charges as components of the sale or exchange of real estate and therefore believes the losses should be excluded from the FFO calculation. See further detail in Discussion of Non-GAAP Financial Measures herein.

22

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of DECEMBER 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		@ 12/31/06			Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100 (Atlanta, GA)		656,000		656,000		64	%		100	%	$	170,400	$	170,400	$	113,564		const. - 2Q-07 fully operational 2Q-08
191 Peachtree Tower (5) (Atlanta, GA)		1,211,000		1,211,000		60%	(4)		100	%		231,500		231,500		155,070		fully stabilized 4Q-10
Palisades West (6) (Austin, TX)
Building 1		210,000		210,000		100	%		50	%								const. - Q2-08 fully operational Q2-08
Building 2		150,000		150,000		0	%		50	%								const. - Q1-09 fully operational Q4-09
Total — Palisades West		360,000		360,000								77,500		38,750		12,971	(6)
50 Biscayne (7) (Miami, FL)	529 units		529 units			N/A			40	%		161,500		64,600		45,130		const. - 4Q-07 fully sold 1Q-08
TOTAL OFFICE/MULTI-FAMILY		2,227,000		2,227,000								640,900		505,250		326,735
RETAIL
The Avenue Carriage Crossing (8) (Suburban Memphis, TN)
Phase I — Expansion		50,000		50,000		0	%		100	%								const. - 1Q-09 fully operational 1Q-10
Phase II		20,000		41,000		0	%		100	%								const. - 4Q-07 fully operational 2Q-08
Total — Avenue Carriage Crossing		70,000		91,000								13,900		13,900		2,804
The Avenue Webb Gin (Suburban Atlanta, GA)
Phase I		359,000		359,000		71	%		100	%								const. - 3Q-07 fully operational 4Q-07
Phase II		22,000		22,000		0	%		100	%								const. - 3Q-08 fully operational 4Q-08
Total — Webb Gin		381,000		381,000								84,000		84,000		69,757
San Jose MarketCenter (San Jose, CA)		220,000		363,000		93	%		100	%		84,100		84,100		79,958			const. - 2Q-07 fully operational 2Q-07
Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		692,000		692,000		49	%		50	%								const. - 4Q-07 fully operational 4Q-08
Phase III		34,000		34,000		0	%		50	%								const. - 2Q-08 fully operational 2Q-09
Phase IV		28,000		28,000		0	%		50	%								const. - 4Q-09 fully operational 4Q-09
Phase V		56,000		56,000		0	%		50	%								const. - 1Q-10 fully operational 2Q-10
Total — Murfreesboro		810,000		810,000								153,100		76,550		11,976
TOTAL RETAIL		1,481,000		1,645,000								335,100		258,550		164,495

23

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of DECEMBER 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		@ 12/31/06			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA) Building 3 B		379,000		379,000		0	%		75	%	$	11,000	$	8,250	$	7,148		const. - 4Q-06 fully operational 2Q-07
Jefferson Mill Distribution Center (Suburban Atlanta, GA) Building A		459,000		459,000		0	%		75	%		14,900		11,175		6,197		const. - 1Q-07 fully operational 4Q-07
Lakeside Ranch Business Park (Dallas, TX) Building 20		749,000		749,000		47	%		96.5	%		26,400		25,476		17,766		const. - 2Q-07 fully operational 3Q-07
TOTAL INDUSTRIAL		1,587,000		1,587,000								52,300		44,901		31,111
Accumulated Depreciation on Partially Operational Properties		—		—								—		—		(1,904	)
TOTAL PORTFOLIO		5,295,000		5,459,000							$	1,028,300	$	808,701	$	520,437

(1)	This schedule includes all Office/Multi-Family, Retail and Industrial projects under construction from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Single-family residential projects are included on a separate schedule in this package. Amounts included in the total cost column represent 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)	Leased square footage includes a lease with the Company of 62,000 square feet.
(5)	191 Peachtree Tower was purchased in 2006 and is under redevelopment and repositioning. It is treated as a development property for the purpose of this schedule, although its cost basis is included in operating properties on the Company’s consolidated balance sheets.
(6)	The Company is obligated to fund 50% of the project costs for the Palisades West Joint Venture. The Company made the majority of its initial equity contribution in the form of a land contribution; therefore, the Company’s investment in this project at 12/31/06 is more than 50% of the costs spent to date.
(7)	95% of the units at 50 Biscayne are under non-cancelable third party contracts, 3% 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.
(8)	A third party will share in the results of operations and any gain on sale of the property.
(9)	Reconciliation to Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	520,437
Less: Operating Property under redevelopment/repositioning		(155,070	)
Less: Investment in unconsolidated joint ventures
50 Biscayne		(45,130	)
Palisades West		(12,971	)
Avenue Murfreesboro		(11,976	)
Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 B		2,383
Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		2,066
Add: Seefried 3.5% interest in Lakeside Ranch — Bldg 20		643
Consolidated projects under development per balance sheet	$	300,382

24

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

								Percent Leased
					Company’s			(Fully Executed)
	Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet		Interest			9/30/2006			12/31/2006
I.  OFFICE OPERATING PROPERTIES
Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
Inforum	Atlanta	Georgia		994,000		100.00	%		98	%		98	%
Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		100	%		100	%
One Georgia Center	Atlanta	Georgia		344,000		88.50	%		45	%		46	%
Ten Peachtree Place	Atlanta	Georgia		259,000		50.00	%		87	%		87	%
The Points at Waterview	Dallas	Texas		203,000		100.00	%		99	%		99	%
Lakeshore Park Plaza (a)	Birmingham	Alabama		195,000		100.00	%		72	%		75	%
3100 Windy Hill Road	Atlanta	Georgia		188,000		100.00	%		100	%		0	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		100	%		100	%
555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		92	%		90	%
333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		79	%		79	%
200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		70	%		95	%
100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		89	%		89	%
600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		75	%		98	%
Galleria 75	Atlanta	Georgia		114,000		100.00	%		79	%		75	%
3301 Windy Ridge Parkway	Atlanta	Georgia		107,000		100.00	%		42	%		42	%
Cosmopolitan Center	Atlanta	Georgia		102,000		100.00	%		69	%		73	%
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				4,923,000								84	%
OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
191 Peachtree Tower (c)	Atlanta	Georgia		1,211,000		100.00	%		54	%		60	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		61	%		64	%
Palisades West Building 1	Austin	Texas		210,000		50.00	%		N/A			100	%
Palisades West Building 2	Austin	Texas		150,000		50.00	%		N/A			0	%
Total Office Development/Redevelopment Properties				2,227,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT/REDEVELOPMENT				7,150,000

25

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

									Percent Leased
						Company’s			(Fully Executed)
	Metropolitan		Rentable			Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet			Interest			9/30/2006			12/31/2006
II. RETAIL OPERATING PROPERTIES
The Avenue Carriage Crossing (a)	Memphis	Tennessee		492,000			100.00	%		91	%		93	%
North Point MarketCenter	Atlanta	Georgia		401,000	(g)		10.32	%		100	%		100	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000	(g)		10.32	%		100	%		100	%
The Avenue Viera (h)	Viera	Florida		332,000			11.50	%		91	%		95	%
The Avenue East Cobb	Atlanta	Georgia		231,000			11.50	%		100	%		97	%
The Avenue West Cobb	Atlanta	Georgia		251,000			11.50	%		99	%		98	%
The Avenue Peachtree City	Atlanta	Georgia		183,000			11.50	%		98	%		98	%
Los Altos MarketCenter	Long Beach	California		157,000	(g)		10.32	%		100	%		100	%
Mansell Crossing Phase II	Atlanta	Georgia		103,000	(g)		10.32	%		100	%		100	%
Viera MarketCenter (h)	Viera	Florida		178,000			11.50	%		93	%		95	%
Total Retail Operating Properties				2,704,000									95	%
RETAIL DEVELOPMENT PROPERTIES (b)
The Avenue Murfreesboro (d)	Nashville	Tennessee		810,000			50.00	%		42	%		49	%
The Avenue Webb Gin (d)	Atlanta	Georgia		381,000			100.00	%		62	%		71	%
San Jose MarketCenter	San Jose	California		220,000			100.00	%		84	%		89	%
The Avenue Carriage Crossing Expansion (a)	Memphis	Tennessee		70,000			100.00	%		0	%		0	%
Total Retail Development Properties				1,481,000
TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,185,000
III.INDUSTRIAL OPERATING PROPERTIES
King Mill Distribution Park — Building 3A	Atlanta	Georgia		417,000			75.00	%		69	%		100	%
Total Industrial Operating Properties				417,000									100	%
INDUSTRIAL DEVELOPMENT PROPERTIES (b)
Lakeside Ranch Business Park — Building 20 (e)	Dallas	Texas		749,000			96.50	%		47	%		47	%
Jefferson Mill Business Park — Building A	Atlanta	Georgia		459,000			75.00	%		0	%		0	%
King Mill Distribution Park — Building 3B	Atlanta	Georgia		379,000			75.00	%		0	%		0	%
Total Industrial Development Properties				1,587,000
TOTAL INDUSTRIAL, OPERATING AND DEVELOPMENT				2,004,000
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				13,339,000
TOTAL OPERATING PORTFOLIO PERCENT LEASED													86%	(f)

26

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

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,150,000		6,028,000		65	%		84	%
Retail		4,185,000		1,810,000		20	%		95	%
Industrial		2,004,000		1,380,000		15	%		100	%
TOTAL		13,339,000		9,218,000		100	%		86%	(f)
SUMMARY BY STATE
Georgia		7,940,000		5,953,000		65	%		84	%
Tennessee		1,372,000		967,000		10	%		N/A
Texas		1,312,000		1,106,000		12	%		99	%
North Carolina		1,134,000		540,000		6	%		100	%
Florida		510,000		59,000		1	%		95	%
California		377,000		236,000		3	%		100	%
Virginia		376,000		39,000		0	%		100	%
Alabama		318,000		318,000		3	%		84	%
		13,339,000		9,218,000		100	%		86%	(f)

(a)	These projects are shown as 100% owned by the Company; however, they are owned either (1) through a joint venture with a third party providing a participation in operations and/or on sale of the property or (2) subject to a contract with a third party who has a participation in operations and/or on sale of the property.
(b)	These properties are under construction and/or in lease up.
(c)	Operating property purchased with intent to redevelop and reposition.
(d)	Total square footage for this property includes anticipated expansions; however, the percent leased excludes the expansions.
(e)	This project is owned through a joint venture with a third party who has contributed equity but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate to the equity ownership.
(f)	Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up.
(g)	This property is owned by CP Venture Two LLC (“CPV 2”). During the fourth quarter of 2006, CPV 2 retired debt; and in connection therewith, the partners of CP Venture (“CPV”), which owns 99% of CPV 2, entered into an amendment to the CPV 2 Operating Agreement that reduced the Company’s effective ownership interest in these properties from 11.5% to 10.32%.
(h)	This project is owned through a joint venture and is subject to a contract with a third party providing a participation in operations and/or on sale of the property.

27

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

Fourth Quarter 2006 vs

Twelve Months

Third Quarter 2006

2006 vs 2005

Office

Retail

Total

Office

Retail

Total

Rental Property Revenues(1) less Operating Expenses

1.0

%

9.2

%

4.5

%

0.7

%

4.4

%

2.0

%

Cash Basis Rental Property Revenues(2) less Operating Expenses

0.5

%

12.0

%

5.3

%

2.1

%

3.5

%

2.6

%

Note: The following properties are included in the same property portfolio:

Office

3100 Windy Hill Road

AtheroGenics

3301 Windy Ridge Parkway

Presbyterian Medical Plaza

100 Northpoint Center East

Ten Peachtree Place

200 Northpoint Center East

Gateway Village

333 Northpoint Center East

Emory Crawford Long Medical Office Tower

555 Northpoint Center East

Meridian Mark Plaza

Lakeshore Park Plaza

Galleria 75

Inforum

Sono Renaissance

600 University Park Place

Inhibitex (3Q to 4Q only)

The Points at Waterview

Cosmopolitan (3Q to 4Q only)

One Georgia Center

Retail

The Avenue East Cobb

Greenbrier MarketCenter

The Avenue Peachtree City

Los Altos MarketCenter

The Avenue West Cobb

The Avenue Viera (3Q to 4Q only)

Northpoint MarketCenter

Viera MarketCenter (3Q to 4Q only)

Mansell Crossing Phase II

(1)	Rental Property Revenues is Total Rental Property Revenues of the Company and its unconsolidated joint ventures.
(2)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes termination fees, straight-line rents and amortization of acquired above and below market leases.

28

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

OFFICE

As of December 31, 2006, the Company’s office portfolio included 20 commercial office buildings, excluding all properties currently under development, held for redevelopment and buildings in lease-up stage. The weighted average remaining lease term of these office buildings was approximately seven years as of December 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:

	2007			2008			2009			2010			2011			2012			2013			2014			2015			2016 & Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		128,579			241,820			459,856			162,599			322,486			167,914			536,232			148,207			618,869			571,360			3,357,922
% of Leased Space		4	%		7	%		14	%		5	%		10	%		5	%		16	%		4	%		18	%		17	%		100	%
Annual Contractual Rent(000’s)(2)	$	1,643		$	3,815		$	7,147		$	2,576		$	4,838		$	2,813		$	9,944		$	3,158		$	11,749		$	12,446		$	60,129
Annual Contractual Rent/Sq.Ft.(2)	$	12.78		$	15.78		$	15.54		$	15.85		$	15.00		$	16.75		$	18.54		$	21.31		$	18.98		$	21.78		$	17.91
Wholly Owned:
Square Feet Expiring (1)		86,433			221,670			426,278			146,984			296,059			112,074			402,262			143,413			56,794			493,837			2,385,804	(3)
% of Leased Space		4	%		9	%		18	%		6	%		12	%		5	%		17	%		6	%		2	%		21	%		100	%
Annual Contractual Rent(000’s)(2)	$	1,197		$	3,569		$	6,648		$	2,340		$	4,434		$	1,761		$	7,476		$	3,046		$	1,273		$	10,554		$	42,298
Annual Contractual Rent/Sq.Ft.(2)	$	13.85		$	16.10		$	15.60		$	15.92		$	14.98		$	15.71		$	18.58		$	21.24		$	22.42		$	21.37		$	17.73
Joint Venture:
Square Feet Expiring (1)		82,305			23,281			51,081			23,541			38,511			123,528			259,810			9,587			1,112,872			151,426			1,875,942	(4)
% of Leased Space		4	%		1	%		3	%		1	%		2	%		7	%		14	%		1	%		59	%		8	%		100	%
Annual Contractual Rent(000’s)(2)	$	1,113		$	289		$	855		$	402		$	661		$	2,419		$	4,841		$	223		$	20,795		$	3,722		$	35,320
Annual Contractual Rent/Sq.Ft.(2)	$	13.52		$	12.40		$	16.73		$	17.06		$	17.17		$	19.59		$	18.63		$	23.30		$	18.69		$	24.58		$	18.83

(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 December 31, 2006 out of approximately 2,828,000 total rentable square feet.
(4)	Rentable square feet leased as of December 31, 2006 out of approximately 2,095,000 total rentable square feet.

29

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

RETAIL

As of December 31, 2006, the Company’s retail portfolio included 10 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 11 years as of December 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:

	2007			2008			2009			2010			2011			2012			2013			2014			2015			2016 & Thereafter			Total
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		18,997			10,311			8,652			28,515			64,822			34,146			14,895			23,718			73,376			417,003			694,435
% of Leased Space		3	%		1	%		1	%		4	%		9	%		5	%		2	%		4	%		11	%		60	%		100	%
Annual Contractual
Rent (000’s) (1)	$	374		$	260		$	189		$	635		$	1,275		$	639		$	381		$	503		$	2,043		$	6,857		$	13,156
Annual Contractual Rent/Sq. Ft. (1)	$	19.69		$	25.21		$	21.86		$	22.26		$	19.66		$	18.71		$	25.61		$	21.23		$	27.84		$	16.44		$	18.95
Wholly Owned:
Square Feet Expiring		10,282			3,000			—			6,394			32,060			—			4,482			—			49,086			351,664			456,968	(2)
% of Leased Space		2	%		1	%		0	%		1	%		7	%		0	%		1	%		0	%		11	%		77	%		100	%
Annual Contractual Rent (000’s) (1)	$	173		$	102		$	—		$	210		$	716		$	—		$	108		$	—		$	1,550		$	5,793		$	8,652
Annual Contractual Rent/Sq. Ft. (1)	$	16.84		$	33.88		$	—		$	32.80		$	22.33		$	—		$	24.00		$	—		$	31.58		$	16.47		$	18.93
Joint Venture:
Square Feet Expiring		80,298			65,083			80,208			202,154			310,106			318,171			91,783			213,108			219,279			591,120			2,171,310	(3)
% of Leased Space		4	%		3	%		4	%		9	%		14	%		15	%		4	%		10	%		10	%		27	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,840		$	1,408		$	1,728		$	3,831		$	5,195		$	5,869		$	2,402		$	4,481		$	4,385		$	9,676		$	40,815
Annual Contractual Rent/Sq. Ft. (1)	$	22.92		$	21.63		$	21.55		$	18.95		$	16.75		$	18.44		$	26.18		$	21.03		$	20.00		$	16.37		$	18.80

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Gross leasable area leased as of December 31, 2006 out of approximately 492,000 total gross leasable area.
(3)	Gross leasable area leased as of December 31, 2006 out of approximately 2,212,000 total gross leasable area.

30

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

INDUSTRIAL

Company’s industrial portfolio included one fully operational building in the King Mill Distribution Park (Building 3 Phase 1). The tenant lease in this building provides for pass through of operating expenses and contractual rents which escalate over time. The lease expires in 2012 and the following information is related to this lease:

	2012			Total
Company’s % share of Joint Venture Property:
Square Feet Expiring		313,050			313,050
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	915		$	915
Annual Contractual Rent/Sq. Ft. (1)	$	2.92		$	2.92
Joint Venture:
Square Feet Expiring		417,400			417,400
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,220		$	1,220
Annual Contractual Rent/Sq. Ft. (1)	$	2.92		$	2.92

(1) Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. The contractual rental rate shown is the estimated rate in the year of expiration.

31

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

			Percentage of Total Portfolio at			Average Remaining
	Tenant (1)	Product Type	the Company’s Share (2)			Lease Term (Years)
1.	Bank of America	Office		11.3	%		9.0
2.	Snapper	Industrial		6.6	%		5.2
3.	American Cancer Society	Office		5.8	%		15.0
4.	BellSouth	Office		2.9	%		2.8
5.	Georgia Lottery Corporation	Office		2.7	%		6.5
6.	Internap Network Services	Office		2.6	%		13.3
7.	AGL Services Company	Office		2.4	%		6.3
8.	Bombardier Aerospace Corporation	Office		2.1	%		6.2
9.	Emory University	Office		1.6	%		10.2
10.	Turner Broadcasting System, Inc.	Office		1.2	%		4.4
11.	Sapient Corporation	Office		1.2	%		2.4
12.	KIDS II, Inc.	Office		1.1	%		9.0
13.	Inhibitex	Office		1.1	%		8.3
14.	AtheroGenics	Office		1.1	%		2.2
15.	US South Communications	Office		1.1	%		4.4
16.	Northside Hospital	Office		1.0	%		6.5
17.	Indus International, Inc.	Office		1.0	%		5.3
18.	Southern Communications Services	Office		0.9	%		4.0
19.	Global Crossing Telecommunications	Office		0.8	%		1.7
20.	Merrill Lynch	Office		0.8	%		7.5
21.	MCI WorldCom	Office		0.7	%		3.3
22.	Schweitzer-Mauduit International	Office		0.7	%		5.5
23.	Scottish Rite Children’s Medical Group	Office		0.7	%		6.0
24.	The Gap Inc.	Retail		0.6	%		3.8
25.	Broadwing Communications Corporation	Office		0.5	%		2.4
	Total leased square feet of Top 25 Largest Tenants			52.5	%		7.6

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

32

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of December 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	%		67	1970-1985	$	5,200
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		100	%		27	1971-1989		883
King Mill Distribution Park (3)
Suburban Atlanta, GA	Industrial		100	%		140	2005		12,035
Land Adjacent to The Avenue Carriage Crossing (4)
Memphis, TN	Retail and Commercial		100	%		41	2004		4,899
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial		100	%		45	2005		17,085
The Lakes at Cedar Grove (5)
Suburban Atlanta, GA	Mixed Use		100	%		10	2002		—	(6)
Terminus
Atlanta, GA	Mixed Use		100	%		6	2005		24,565
505, 511, 555 & 557 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1	2004-2006		6,253
615 Peachtree Street (7)
Atlanta, GA	Mixed Use		100	%		2	1996		10,044
Jefferson Mill Business Park (3)
Suburban Atlanta, GA	Industrial and Commercial		100	%		277	2006		14,027
Lakeside Ranch Business Park (8)
Dallas, TX	Industrial and Commercial		96.5	%		48	2006		6,399
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT								$	101,390
TEMCO TRACTS
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		85	2002-2005	$	—	(6)
Happy Valley
Suburban Atlanta, GA	Residential		50	%		213	2003		2,135
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,384	2005		14,519

33

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

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000)(2)
CL REALTY TRACTS
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		374		2002	$	—	(6)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		114		2002		—	(6)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		—	(6)
Summer Lakes
Rosenberg, TX	Commercial		50	%		9		2003		—	(6)
Village Park
McKinney, TX	Residential		50	%		5		2003-2005		—	(6)
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		11,539
OTHER JOINT VENTURES
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187		2004		5,251
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		32		1971-1989		21,875
Austin Research Park
Austin, TX	Commercial		50	%		6		1998		3,478
Total Acres						9,124

(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		50.0	%		400,000
One Georgia Center		88.5	%		300,000
The Points at Waterview		100.0	%		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 of the future industrial development on a portion of this land.
(4)	This land was sold subsequent to December 31, 2006.
(5)	This project is consolidated but a third party has a participation in the results of operations of this project.
(6)	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.
(7)	This property included a building and parking deck that were imploded during the third quarter 2006. The cost basis includes costs associated with the demolition and clearing the land for a potential future development.
(8)	This project is owned through a joint venture with a third party who has contributed equity but the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate to the equity ownership.

34

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of December 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 (Consolidated)
The Lakes at Cedar Grove (3)		2001		11		906		8		18		107		675		231	$	5,468
Fulton County
Suburban Atlanta, GA
Callaway Gardens (4)		2006		6		567		—		—		—		—		567		1,584
Harris County
Pine Mountain, GA
Blalock Lakes		2006		9		399		—		—		—		—		399		17,657
Coweta County
Newnan, GA
Longleaf at Callaway (5)		2002		5		138		21		2		9		117		21		2,088
Harris County
Pine Mountain, GA
River’s Call		1999		10		107		16		2		10		91		16		827
East Cobb County
Suburban Atlanta, GA
Total consolidated						2,117		45		22		126		883		1,234		27,624
Temco Associates (50% owned) (6)
Bentwater		1998		9		1,676		7		107		139		1,669		7		649
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		10		1,386		266		4		29		282		1,104		20,953
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		7		1,077		101		51		197		561		516		14,039
Paulding County
Suburban Atlanta, GA
Happy Valley		2004		2		110		—		—		110		110		—		—
Paulding County
Suburban Atlanta, GA
Harris Place		2004		4		27		11		1		2		16		11		772
Paulding County
Suburban Atlanta, GA
Total Temco						4,276		385		163		477		2,638		1,638		36,413
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		10		2,712		132		114		231		518		2,194		23,149
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		9		2,488		90		8		117		780		1,708		21,860
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		8		1,181		34		23		104		143		1,038		8,316
Tarrant County
Forth Worth, TX
Summer Lakes		2003		5		1,144		19		—		—		294		850		4,531
Fort Bend County
Rosenberg, TX

35

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of December 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			42			19			82			181			878		$	12,082
Brazoria County
Pearland, TX
Village Park (7)		2003		5		569			45			26			126			311			258			7,821
Collin County
McKinney, TX
Waterford Park		2005		3		493			—			—			—			—			493			6,272
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		5		390			97			30			30			30			360			6,332
Bexar County
San Antonio, TX
Manatee River Plantation		2003		5		457			109			24			81			348			109			3,796
Manatee County
Tampa, FL
Stillwater Canyon		2003		5		336			30			17			64			201			135			2,279
Dallas County
DeSota, TX
Creekside Oaks		2003		5		301			176			—			—			125			176			5,320
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		3		197			4			—			24			24			173			26,395
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North (7)		2005		5		194			53			8			25			25			169			3,380
Collin County
McKinney, TX
Bridle Path Estates		2004		7		87			—			—			—			—			87			4,205
Hillsborough County
Tampa, FL
West Park		2005		3		82			—			—			21			21			61			4,533
Cobb County
Suburban Atlanta, GA
Stonebridge (8)		2003		4		360			—			—			68			360			—			—
Coweta County
Newnan, GA
Total CL Realty						12,050			831			269			973			3,361			8,689			140,271
Total						18,443			1,261			454			1,576			6,882			11,561		$	204,308
Company Share of Total						8,820			549			192			708			3,440			5,331		$	93,423
Company Weighted Average Ownership						48	%		44	%		42	%		45	%		50	%		46	%		46	%

(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)	Callaway Gardens is owned in a venture, although the venture is consolidated with the Company. The partner is entitled to a share of the profits after the Company’s capital is recovered.
(5)	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 December 31, 2006, 108 houses have been sold.
(6)	CREC owns 50% of Temco Associates and CL Realty, LLC (“CL”). 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.
(7)	CL purchased the partner’s interest in Village Park and Village Park North on July 31, 2006. Prior to this date, CL owned 60% and 75%, respectively, of the projects.
(8)	CL owned a 10% interest in Stonebridge, which it sold on July 18, 2006.

36

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF DECEMBER 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%)	$	128,200		100	%		3/7/2010		6.12	%	$	128,200			$	128,200
CONSTRUCTION CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)		64,700		100	%		3/7/2010		6.12	%		64,700				64,700
333/555 NORTH POINT CENTER EAST		29,571		100	%		11/1/2011		7.00	%		29,571				29,571
MERIDIAN MARK PLAZA		23,602		100	%		9/1/2010		8.27	%				23,602		23,602
100/200 NORTH POINT CENTER (INTEREST ONLY UNTIL 8/1/2007)		22,365		100	%		8/1/2007		7.86	%				22,365		22,365
600 UNIVERSITY PARK		13,168		100	%		8/10/2011		7.38	%				13,168		13,168
LAKESHORE PARK PLAZA		9,082		100	%		11/1/2008		6.78	%				9,082		9,082
KING MILL PROJECT I (INTEREST ONLY)(2)		2,625		75	%		8/30/2008		9.00	%				2,625		2,625
KING MILL PROJECT I (INTEREST ONLY)(2)		1,815		75	%		6/26/2009		9.00	%				1,815		1,815
JEFFERSON MILL PROJECT I (INTEREST ONLY)(2)		1,432		75	%		9/13/2009		9.00	%				1,432		1,432
THE POINTS AT WATERVIEW		18,183		100	%		1/1/2016		5.66	%				18,183		18,183
VARIOUS		406		100	%	VARIOUS		VARIOUS				98		308		406
TOTAL CONSOLIDATED		315,149							6.64	%		222,569		92,580		315,149		3.5
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		52,404		50	%		6/1/2013		5.90	%				26,202		26,202
TEN PEACHTREE PLACE		28,849		50	%		4/1/2015		5.39	%				14,425		14,425
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		11/2/2007		8.75	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		614		50	%		12/19/2007		8.25	%				307		307
AVENUE EAST COBB		39,364		11.5	%		8/1/2010		8.39	%				4,527		4,527
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		21,428		50	%		7/20/2010		6.47	%		4,286		6,428		10,714
TEMCO:
THE GEORGIAN (PRIME + 0.25%)		164		37.5	%		2/14/2007		8.50	%				62		62
BENTWATER LINKS		3,448		50	%		1/22/2009		7.98	%				1,724		1,724
BENTWATER LINKS, EQUIPMENT NOTE		134		50	%		1/15/2009		7.00	%				67		67
CL REALTY:
SUMMER LAKES (PRIME + 3%)		1,356		50	%		3/30/2007		11.25	%				678		678
SOUTHERN TRAILS (LIBOR + 0.25) ($13MM CONSTRUCTION LINE)		—		40	%		6/30/2008		5.57	%				—		—
MCKINNEY VILLAGE PARK (> OF 10% OR PRIME + 2%)		2,718		50	%		5/15/2007		10.25	%				815		815
MCKINNEY VILLAGE PARK NORTH (PRIME + 1%)		1,283		50	%		1/14/2008		9.25	%				244		244
TOTAL UNCONSOLIDATED		154,966							7.22	%		4,286		57,081		61,367		5.7
TOTAL ADJUSTED DEBT	$	470,115							6.73	%	$	226,855	$	149,661	$	376,516		3.9
INVESTMENT ENTITY DEBT (3)
CHARLOTTE GATEWAY VILLAGE	$	144,654		50	%		12/1/2016		6.41	%			$	72,327	$	72,327
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		77,330		40	%		6/9/2008		7.07	%				30,932		30,932
CL REALTY:
LONG MEADOW FARMS (PRIME + 0.50%)		7,737		18.75	%		6/8/2007		8.75	%				1,451		1,451
BLUE VALLEY (PRIME)		15,912		12.5	%		5/11/2007		8.25	%				3,978		3,978
BLUE VALLEY (> OF PRIME OR 5.5%)		4,600		12.5	%		3/5/2007		8.25	%				1,150		1,150
STONEWALL ESTATES (PRIME)		3,518		25.0	%		5/31/2010		8.25	%				880		880
TOTAL INVESTMENT ENTITY DEBT		253,751							6.72	%		—		110,718		110,718		6.9
TOTAL	$	723,866							6.73	%	$	226,855	$	260,379	$	487,234		4.6

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	Represents a secured note payable with Weeks Properties CW Holdings, LLC, the Company’s 25% partner in the development of King Mill Project I and Jefferson Mill Project I.
(3)	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.

37

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES
FOR THE YEAR ENDED DECEMBER 31, 2006
($ in thousands)

	Discontinued Operations															Continuing Operations
	Office			Retail
													Total			Undepreciated					Total
	Frost Bank			Avenue of the			North Point						Discontinued			Investment					Continuing
	Tower			Peninsula			Ground Leases			Other (1)			Operations			Properties			Other		Operations
Square Footage
Total square footage		531,000			373,000			N/A			—			904,000			—			—		—
Company share of square footage		479,228			373,000			N/A			—			852,228			—			—		—
Value Creation & GAAP Gain:
Sales price	$	188,000		$	95,630		$	14,270		$	—		$	297,900		$	4,475		$	—	$	4,475
Cost of property and closing costs		(144,018	)		(100,922	)		(2,494	)		308			(247,126	)		(1,990	)		84		(1,906	)
Value Creation		43,982			(5,292	)		11,776			308			50,774			2,485			84		2,569
Value Creation as a Percentage of Cost		31	%		-5	%		472	%		N/A			21	%		125	%		N/A		135	%
Recognition of deferred gain (2)		—			—			—			—			—			—			513		513
Straight-line rent receivable		(1,014	)		(242	)		(24	)		—			(1,280	)		—			—		—
Accumulated depreciation		11,433			25,622			115			—			37,170			—			—		—
Provision for income taxes (3)		180			(35	)		—			(314	)		(169	)		(70	)		—		(70	)
Gain on Sale of Investment Properties, Net	$	54,581		$	20,053		$	11,867		$	(6	)	$	86,495		$	2,415		$	597	$	3,012

(continued on following page)

38

COUSINS PROPERTIES INCORPORATED
SUMMARY OF GAINS ON SALES OF INVESTMENT PROPERTIES
FOR THE YEAR ENDED DECEMBER 31, 2006
($ in thousands)

(continued from previous page)

	Unconsolidated Joint Ventures
	Office						Retail
												Total			Total			Total
	Bank of						World					Unconsolidated			Discontinued			Continuing
	America			Grandview II			Golf Village			Other (1)		Joint Ventures			Operations			Operations			Total
Square Footage
Total square footage		1,253,000			149,000			80,000			—		1,482,000			904,000			—			2,386,000
Company share of square footage		626,500			17,135			40,000			—		683,635			852,228			—			1,535,863
Value Creation & GAAP Gain:
Sales price	$	218,053		$	2,616		$	6,750		$	—	$	227,419		$	297,900		$	4,475		$	529,794
Cost of property and closing costs		(130,263	)		(2,960	)		(7,654	)		36		(140,841	)		(247,126	)		(1,906	)		(389,873	)
Value Creation		87,790			(344	)		(904	)		36		86,578			50,774			2,569			139,921
Value Creation as a Percentage of Cost		67	%		-12	%		-12	%		N/A		61	%		21	%		135	%		36	%
Recognition of deferred gain		—			—			—			—		—			—			513			513
Straight-line rent receivable		(3,391	)		(54	)		—			—		(3,445	)		(1,280	)		—			(4,725	)
Accumulated depreciation		48,828			1,134			1,962			—		51,924			37,170			—			89,094
Provision for income taxes		561			—			—			—		561			(169	)		(70	)		322
Gain on Sale of Investment Properties, Net	$	133,788		$	736		$	1,058		$	36	$	135,618		$	86,495		$	3,012		$	225,125

(1)	Represents gain adjustments for prior year property sales.
(2)	Represents recognition of deferred gain on CP Venture Two.
(3)	A portion of Frost Bank Tower was owned by a taxable entity.

39

COUSINS PROPERTIES INCORPORATED
RECONCILIATION OF CP VENTURE IV VALUE CREATION
DECEMBER 31, 2006
($ in thousands)

	Retail			Retail			Retail			Retail			Retail
	Avenue			Avenue			Avenue			Avenue			Viera
	East Cobb			West Cobb			Viera			Peachtree City			MarketCenter					Total
Square Footage
Total square footage		231,000			251,000			332,000			182,000			178,000					1,174,000
Company share of square footage		231,000			251,000			332,000			161,070			178,000					1,153,070
Value Creation & GAAP Deferred Gain:
Valuation	$	98,250		$	81,254		$	87,061		$	57,250		$	17,075				$	340,890
Adjustment to valuation — mark to market debt adjustment		(4,000	)		—			—			—			—					(4,000	)
Cost of property		(40,940	)		(47,024	)		(58,320	)		(32,985	)		(19,349	)				(198,618	)
Closing costs		(255	)		(239	)		(926	)		(171	)		(240	)				(1,831	)
Master lease contingency		—			—			(1,633	)		—			—					(1,633	)
Minority interest (a)		—			—			—			(3,462	)		—					(3,462	)
Value Creation	$	53,055		$	33,991		$	26,182		$	20,632		$	(2,514	)	(e	)	$	131,346
Loss on extinguishment of debt (b)		2,764			—			—			—			—					2,764
Carryover basis difference (c)		(3,392	)		(4,442	)		(3,499	)		(3,418	)		248					(14,503	)
Straight-line rent receivable		(22	)		(126	)		(196	)		(49	)		(148	)				(540	)
Accumulated depreciation		12,907			4,371			3,313			8,917			91					29,599
Deferred Gain (d)	$	65,312		$	33,794		$	25,800		$	26,082		$	(2,323	)	(e	)	$	148,666
Value Creation as a Percentage of Cost																			66	%
Additional Value Creation
Value Creation	$	53,055		$	33,991		$	26,182		$	20,632		$	(2,514	)			$	131,346
Additional consideration		—			6,979			—			—			13,571					20,550
Additional tenant costs		—			(1,223	)		—			—			(416	)				(1,639	)
Additional Value Creation	$	53,055		$	39,747		$	26,182		$	20,632		$	10,641				$	150,257
Value Creation as a Percentage of cost with Additional Consideration																			75	%

(a)	The Company owned this property in a joint venture, in addition to having a participation agreement with a third party, prior to contribution. This amount reflects payments to these parties.
(b)	This amount represents the mark to market adjustment recognized by the Company in the December 31, 2006 Consolidated Statement of Income. All other amounts related to this transaction were recorded in Deferred Gain in the December 31, 2006 Consolidated Balance Sheet (see note (d) herein for more information).
(c)	The Company retained an 11.5% carryover basis in the Contributed Properties and therefore deferred gain was not recognized in the Company’s financial statements for 11.5% of the property’s basis. However, this schedule shows value created from the development and leasing of the entire property, which is then adjusted to reconcile to the Company’s GAAP basis.
(d)	The Company accounted for this transaction as a sale under FASB No. 66. The consideration received was not sufficient to allow for immediate gain recognition in the income statement. Therefore, gain was deferred and recorded on the balance sheet until sufficient cash is distributed to meet income statement gain recognition under FASB No. 66.
(e)	The Company has already incurred costs related to the expansion which will be recovered upon the anticipated payment of the additional consideration.

40

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
(A) ADJUSTED DEBT:
CONSOLIDATED DEBT		669,792			497,981			302,286			311,862			350,066			363,677			467,516			467,516			551,182			404,612			287,036			315,149			315,149
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		265,854			285,657			135,764			135,929			141,502			148,311			148,129			148,129			147,081			170,232			167,625			172,085			172,085
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			574,844			454,661			487,234			487,234
SHARE OF INVESTMENT ENTITY DEBT		(90,766	)		(86,588	)		(87,704	)		(87,577	)		(92,296	)		(100,230	)		(101,085	)		(101,085	)		(100,803	)		(104,182	)		(103,881	)		(110,718	)		(110,718	)
ADJUSTED DEBT		844,880			697,050			350,346			360,214			399,272			411,758			514,560			514,560			597,460			470,662			350,780			376,516			376,516
RECOURSE DEBT		160,443			20,697			50,238			60,911			100,251			113,351			196,824			196,824			279,577			174,552			197,095			226,855			226,855
NON-RECOURSE DEBT		684,437			676,353			305,677			299,303			299,021			298,407			317,736			317,736			317,883			296,110			153,685			149,661			149,661
ADJUSTED DEBT		844,880			697,050			355,915			360,214			399,272			411,758			514,560			514,560			597,460			470,662			350,780			376,516			376,516
(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			3,614			4,880			2,625			0			11,119
DISCONTINUED OPERATIONS INTEREST EXPENSE		10,382			9,459			5,870			0			0			0			0			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			701			1,078			921			3,534
CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		50,631			45,774			31,656			3,489			2,808			2,378			3,233			11,908			4,448			5,581			3,703			921			14,653
(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			4,448			5,581			3,703			921			14,653
LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			0			(124	)		(61	)		(60	)		(60	)		(59	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)
PRINCIPAL PAYMENTS:
CONSOLIDATED		7,632			6,862			6,560			1,344			1,244			1,384			1,389			5,361			1,282			1,192			946			506			3,926
SHARE OF JOINT VENTURES		6,140			6,345			5,257			299			189			278			2,027			2,793			1,594			1,237			1,205			1,190			5,226
GROUND LEASE PAYMENTS:
CONSOLIDATED		839			587			493			153			181			167			170			671			176			175			127			22			500
SHARE OF JOINT VENTURES		12			12			12			3			3			3			3			12			3			3			3			6			15
TOTAL FIXED CHARGES (excluding Preferred Dividends)		65,254			59,580			43,854			5,227			4,365			4,150			6,763			20,505			7,444			8,130			5,926			2,589			24,089
PREFERRED STOCK DIVIDENDS		0			3,358			8,042			3,813			3,812			3,812			3,813			15,250			3,813			3,812			3,812			3,813			15,250
TOTAL FIXED CHARGES (including Preferred Dividends)		65,254			62,938			51,896			9,040			8,177			7,962			10,576			35,755			11,257			11,942			9,738			6,402			39,339
(D) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		87,705			89,814			84,384			18,843			19,070			19,534			21,776			79,223			22,759			23,812			19,806			23,107			89,484
RENTAL PROPERTY OPERATING EXPENSES		(27,227	)		(28,879	)		(28,389	)		(6,957	)		(7,137	)		(7,457	)		(8,622	)		(30,173	)		(8,566	)		(8,795	)		(8,275	)		(10,467	)		(36,103	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,478			60,935			55,995			11,886			11,933			12,077			13,154			49,050			14,193			15,017			11,531			12,640			53,381
(E) INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		77,732			55,185			38,021			4,984			5,391			5,461			5,475			21,311			5,685			5,986			5,270			1,552			18,493
LEASE TERMINATION FEES		2,618			22,042			253			80			143			28			51			302			21			771			21			42			855
RENTAL PROPERTY OPERATING EXPENSES		(21,909	)		(18,616	)		(13,353	)		(2,174	)		(2,614	)		(2,530	)		(2,575	)		(9,893	)		(2,462	)		(2,951	)		(2,321	)		(375	)		(8,109	)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		58,441			58,611			24,921			2,890			2,920			2,959			2,951			11,720			3,244			3,806			2,970			1,219			11,239
INTEREST EXPENSE		(10,382	)		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0			0
MINORITY INTEREST EXPENSE		(1,710	)		(624	)		0			0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			0			(605	)		0			0			0			0			0			0			0			0			0			0
PROVISION FOR INCOME TAXES		(139	)		0			0			18			(41	)		(102	)		0			(125	)		0			(2	)		0			0			(2	)
FUNDS FROM OPERATIONS		46,210			48,528			18,446			2,908			2,879			2,857			2,951			11,595			3,244			3,804			2,970			1,219			11,237
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(22,572	)		(20,556	)		(12,414	)		(2,349	)		(2,315	)		(2,294	)		(2,339	)		(9,297	)		(2,667	)		(5,929	)		(2,227	)		(452	)		(11,275	)
INCOME FROM DISCONTINUED OPERATIONS		23,638			27,972			6,032			559			564			563			612			2,298			577			(2,125	)		743			767			(38	)

41

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
(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			6,136			8,633			4,039			24,844
INTEREST EXPENSE		(13,208	)		(13,739	)		(11,028	)		(670	)		(666	)		(665	)		(661	)		(2,662	)		(659	)		(664	)		(1,042	)		(885	)		(3,250	)
LOSS ON EXTINGUISHMENT OF DEBT		0			0			(3,250	)		0			0			0			0			0			0			0			0			0			0
OTHER, NET		43			230			791			(28	)		(60	)		289			5,193			5,394			56			(18	)		(29	)		124			133
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(9	)		(34	)		(35	)		(4	)		(4	)		(4	)		(4	)		(16	)		(4	)		(4	)		(4	)		0			(12	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE		0			(1,536	)		(209	)		0			0			0			0			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			5,450			7,558			3,278			21,715
MULTI-FAMILY FFO		0			0			0			0			514			0			6,668			7,182			1,797			2,629			2,986			2,931			10,343
RESIDENTIAL LOT AND TRACT FFO		1,949			3,744			8,830			1,749			1,796			4,691			4,891			13,127			5,902			2,336			1,547			4,441			14,226
FUNDS FROM OPERATIONS		45,210			45,884			44,108			7,304			7,925			10,416			22,217			47,862			13,128			10,415			12,091			10,650			46,284
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(18,540	)		(21,265	)		(15,880	)		(2,477	)		(2,281	)		(2,041	)		(2,043	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(1,821	)		(8,819	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			176,265			348			(36	)		1,633			(10	)		1,935			1,053			1			133,192			1,372			135,618
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			8,404			142,355			10,201			173,083
(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			382			3,186			3,220			6,788
LOT SALES		8,579			12,345			15,300			1,611			4,449			3,942			4,927			14,929			4,505			2,747			1,387			1,858			10,497
TOTAL RESIDENTIAL AND OUTPARCEL SALES		9,126			12,945			16,700			1,611			4,449			10,946			4,927			21,933			4,505			3,129			4,573			5,078			17,285
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
OUTPARCEL COST OF SALES		352			480			929			0			0			5,623			14			5,637			0			320			2,388			2,424			5,132
LOT COST OF SALES		6,957			9,542			11,078			1,119			3,023			2,727			3,898			10,767			3,203			1,978			1,038			1,401			7,620
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			2,298			3,426			3,825			12,752
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			0			0			0			0			0			11,867			11,867
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			(5	)		179			1,567			2,481
OUTPARCEL SALES, TRACT SALES, RESIDENTIAL LOT SALES AND OTHER INVESTMENT PROPERTY SALES, NET -WHOLLY OWNED		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042			826			1,326			14,687			18,881
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		195			120			471			0			0			1,381			(14	)		1,367			0			62			798			796			1,656
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			0			0			0			0			0			11,867			11,867
TRACT SALES NET OF COS — WHOLLY OWNED		2,143			7,270			29,627			6,766			5,512			732			2,473			15,483			740			(5	)		179			1,567			2,481
LOT SALES NET OF COS — WHOLLY OWNED		1,622			2,803			4,222			492			1,426			1,215			1,029			4,162			1,302			769			349			457			2,877
TOTAL WHOLLY OWNED SALES, NET		3,960			10,193			34,320			7,258			6,938			3,328			3,488			21,012			2,042			826			1,326			14,687			18,881
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			8,592			8,868			10,187			38,676
TRACT SALES		1,309			538			3,434			113			5			2,272			3,828			6,218			10,439			376			96			3,324			14,235
TOTAL RESIDENTIAL LOT AND TRACT SALES		7,231			13,119			35,550			9,526			8,718			13,129			16,077			47,450			21,468			8,968			8,964			13,511			52,911
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			6,518			7,310			7,691			30,459
TRACT COST OF SALES		638			66			1,236			31			6			755			2,036			2,828			6,275			82			37			1,166			7,560
TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		5,157			9,217			26,359			7,465			6,860			8,255			11,001			33,581			15,215			6,600			7,347			8,857			38,019
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			2,368			1,617			4,654			14,892
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			2,074			1,558			2,496			8,217
TRACT SALES LESS COST OF SALES		671			472			2,198			82			(1	)		1,517			1,792			3,390			4,164			294			59			2,158			6,675
INTEREST EXPENSE		0			0			(135	)		(38	)		(39	)		(38	)		(37	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			(62	)		0			0			0			(62	)		0			0			0			0			0
OTHER — JOINT VENTURE		(125	)		(158	)		(226	)		(212	)		(23	)		(145	)		(148	)		(528	)		(176	)		5			(34	)		(176	)		(381	)
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			2,336			1,547			4,442			14,227
TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		5,909			13,937			43,150			9,007			8,734			8,019			8,379			34,139			7,944			3,162			2,873			19,129			33,108

42

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		2006 2nd		2006 3rd		2006 4th		2006 YTD
(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		4,965		3,805		739		12,355
SECOND GENERATION BUILDING IMPROVEMENTS		1,184		1,160		48			64		98		382		473		1,017		312		155		102		497		1,066
		12,988		14,507		19,258			2,207		1,321		2,564		3,347		9,439		3,158		5,120		3,907		1,236		13,421
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		2,608		3,791		727		9,332
SECOND GENERATION BUILDING IMPROVEMENTS		888		938		(30	)		64		98		380		473		1,015		312		155		102		497		1,066
		12,236		13,295		18,852			2,137		1,223		2,423		3,052		8,835		2,518		2,763		3,893		1,224		10,398
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		456		992		328			70		98		139		295		602		640		2,357		14		12		3,023
SECOND GENERATION BUILDING IMPROVEMENTS		296		220		78			0		0		2		0		2		0		0		0		0		0
		752		1,212		406			70		98		141		295		604		640		2,357		14		12		3,023
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		5,120		3,907		1,236		13,421
(I) DEPRECIATION AND AMORTIZATION:
REAL ESTATE RELATED:
CONSOLIDATED		29,667		31,088		27,463			6,382		6,553		5,548		5,855		24,338		7,335		6,893		6,125		9,151		29,504
DISCONTINUED OPERATIONS		22,572		20,556		12,414			2,349		2,315		2,294		2,339		9,297		2,667		5,929		2,227		452		11,275
		52,239		51,644		39,877			8,731		8,868		7,842		8,194		33,635		10,002		12,822		8,352		9,603		40,779
SHARE OF JOINT VENTURES		18,540		21,265		15,880			2,477		2,281		2,041		2,043		8,842		2,058		2,012		2,928		1,821		8,819
TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060		14,834		11,280		11,424		49,598
NON-REAL ESTATE RELATED:
CONSOLIDATED		2,148		2,511		2,652			678		686		730		857		2,951		821		868		702		520		2,911
DISCONTINUED OPERATIONS		0		0		0			0		0		0		0		0		0		0		0		0		0
		2,148		2,511		2,652			678		686		730		857		2,951		821		868		702		520		2,911
SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4		4		4		0		12
TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825		872		706		520		2,923
TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,706		11,986		11,944		52,521
SUMMARY:
CONSOLIDATED		31,815		33,599		30,115			7,060		7,239		6,278		6,712		27,289		8,156		7,761		6,827		9,671		32,415
DISCONTINUED OPERATIONS		22,572		20,556		12,414			2,349		2,315		2,294		2,339		9,297		2,667		5,929		2,227		452		11,275
		54,387		54,155		42,529			9,409		9,554		8,572		9,051		36,586		10,823		13,690		9,054		10,123		43,690
SHARE OF JOINT VENTURES		18,549		21,299		15,915			2,543		2,285		2,045		2,047		8,920		2,062		2,016		2,932		1,821		8,831
TOTAL DEPRECIATION AND AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,706		11,986		11,944		52,521
MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		0		0		0			0		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		15,706		11,986		11,944		52,521
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		11,915		7,350		8,782		37,196
SHARE OF JOINT VENTURES		17,762		19,709		13,629			2,154		1,957		1,717		1,717		7,545		1,730		1,660		2,609		1,635		7,634
		67,675		68,336		50,870			10,088		10,117		8,819		9,341		38,365		10,879		13,575		9,959		10,417		44,830
TENANT SECOND GENERATION:
CONSOLIDATED		2,326		3,017		2,636			797		708		740		571		2,816		853		906		1,002		823		3,584
SHARE OF JOINT VENTURES		778		1,556		2,251			323		324		324		325		1,296		328		352		319		185		1,184
		3,104		4,573		4,887			1,120		1,032		1,064		896		4,112		1,181		1,258		1,321		1,008		4,768
TOTAL REAL ESTATE RELATED		70,779		72,909		55,757			11,208		11,149		9,883		10,237		42,477		12,060		14,833		11,280		11,425		49,598
NON-REAL ESTATE RELATED:
FURNITURE, FIXTURES AND EQUIPMENT:
CONSOLIDATED		2,122		2,485		2,647			674		682		726		852		2,934		816		863		697		515		2,891
SHARE OF JOINT VENTURES		9		34		35			66		4		4		4		78		4		4		4		0		12
		2,131		2,519		2,682			740		686		730		856		3,012		820		867		701		515		2,903
GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
CONSOLIDATED		26		26		5			4		4		4		5		17		5		5		5		5		20
SHARE OF JOINT VENTURES		0		0		0			0		0		0		0		0		0		0		0		0		0
		26		26		5			4		4		4		5		17		5		5		5		5		20
TOTAL NON-REAL ESTATE RELATED		2,157		2,545		2,687			744		690		734		861		3,029		825		872		706		520		2,923
TOTAL DEPRECIATION & AMORTIZATION		72,936		75,454		58,444			11,952		11,839		10,617		11,098		45,506		12,885		15,705		11,986		11,945		52,521

43

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			2006 2nd			2006 3rd			2006 4th			2006 YTD
(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			15,136			1,026			393			23,134
MULTI-FAMILY COST OF SALES		0		0		0		0		0			(4,274	)		(5,131	)		(9,405	)		(5,358	)		(12,377	)		(1,346	)		(322	)		(19,403	)
MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0		0		0		0			712			1,116			1,828			1,221			2,759			(320	)		71			3,731
MULTI-FAMILY SALES — JOINT VENTURES:
MULTI-FAMILY SALES		0		0		0		0		2,086			0			24,194			26,280			6,955			10,050			28,130			11,770			56,905
MULTI-FAMILY COST OF SALES		0		0		0		0		(1,572	)		0			(17,526	)		(19,098	)		(5,158	)		(7,421	)		(25,144	)		(8,839	)		(46,562	)
MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0		0		0		0		514			0			6,668			7,182			1,797			2,629			2,986			2,931			10,343
TOTAL MULTI-FAMILY FFO		0		0		0		0		514			712			7,784			9,010			3,018			5,388			2,666			3,002			14,074

44

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Fourth Quarter 2006 Compared to Third Quarter 2006

(in thousands, except percentages)

	Same Property																					Non-Same				All Properties
	Office							Retail							Total
	3Q 2006		4Q 2006		% Change			3Q 2006		4Q 2006		% Change			3Q 2006		4Q 2006		% Change			3Q 2006		4Q 2006		3Q 2006		4Q 2006
RENTAL PROPERTY REVENUES	$	23,849	$	23,310				$	13,790	$	15,459				$	37,639	$	38,769				$	19,172	$	4,642	$	56,811	$	43,411
RENTAL PROPERTY OPERATING EXPENSES		10,327		9,651					4,009		4,777					14,336		14,428					4,033		837		18,369		15,265
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,522	$	13,659		1.0	%	$	9,781	$	10,682		9.2	%	$	23,303	$	24,341		4.5	%	$	15,139	$	3,805	$	38,442	$	28,146
RENTAL PROPERTY REVENUES	$	23,849	$	23,310				$	13,790	$	15,459				$	37,639	$	38,769				$	19,172	$	4,642	$	56,811	$	43,411
Less: STRAIGHT-LINE RENTS		102		227					202		(105)					304		122					415		72		719		194
AMORTIZATION OF LEASE INDUCEMENTS		(6)		(6)					(51)		0					(57)		(6)					(82)		0		(57)		(6)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(99)		(161)					0		0					(99)		(161)					0		(5)		(99)		(166)
CASH BASIS RENTAL PROPERTY REVENUES (1)		23,852		23,250					13,639		15,564					37,491		38,814					18,839		4,575		56,248		43,389
RENTAL PROPERTY OPERATING EXPENSES		10,327		9,651					4,009		4,777					14,336		14,428					4,033		837		18,369		15,265
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	13,525	$	13,599		0.5	%	$	9,630	$	10,787		12.0	%	$	23,155	$	24,386		5.3	%	$	14,806	$	3,738	$	37,879	$	28,124
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	23,849	$	23,310				$	13,790	$	15,459				$	37,639	$	38,769				$	19,172	$	4,642	$	56,811	$	43,411
RENTAL PROPERTY OPERATING EXPENSES		10,327		9,651					4,009		4,777					14,336		14,428					4,033		837		18,369		15,265
	$	13,522	$	13,659				$	9,781	$	10,682				$	23,303	$	24,341				$	15,139	$	3,805	$	38,442	$	28,146
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																										$	11,531	$	12,640
DISCONTINUED OPERATIONS (3)																											2,949		1,177
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																											8,633		4,039
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																											23,113		17,856
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																											15,329		10,290
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																										$	38,442	$	28,146

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(2)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties shown at 100%.

45

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

	Same Property																					Non-Same				All Properties
	Office							Retail							Total
	12M 2005		12M 2006		%Change			12M 2005		12M 2006		%Change			12M 2005		12M 2006		%Change			12M 2005		12M 2006		12M 2005		12M 2006
RENTAL PROPERTY REVENUES	$	91,233	$	93,519				$	36,758	$	38,254				$	127,991	$	131,773				$	81,022	$	79,515	$	209,013	$	211,288
RENTAL PROPERTY OPERATING EXPENSES		37,166		39,049					8,487		8,747					45,653		47,796					29,444		27,917		75,097		75,713
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	54,067	$	54,470		0.7	%	$	28,271	$	29,507		4.4	%	$	82,338	$	83,977		2.0	%	$	51,578	$	51,598	$	133,916	$	135,575
RENTAL PROPERTY REVENUES	$	91,233	$	93,519				$	36,758	$	38,254				$	127,991	$	131,773				$	81,022	$	79,515	$	209,013	$	211,288
Less: STRAIGHT-LINE RENTS		2,265		1,422					202		530					2,467		1,952					2,776		1,659		5,243		3,611
AMORTIZATION OF LEASE INDUCEMENTS		(18)		(23)					0		(73)					(18)		(96)					(318)		(265)		(336)		(361)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(619)		(464)					0		0					(619)		(464)					0		(77)		(619)		(541)
CASH BASIS RENTAL PROPERTY REVENUES (1)		89,605		92,584					36,556		37,797					126,161		130,381					78,564		78,198		204,725		208,579
RENTAL PROPERTY OPERATING EXPENSES		37,166		39,049					8,487		8,747					45,653		47,796					29,444		27,917		75,097		75,713
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	52,439	$	53,535		2.1	%	$	28,069	$	29,050		3.5	%	$	80,508	$	82,585		2.6	%	$	49,120	$	50,281	$	129,628	$	132,866
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	91,233	$	93,519				$	36,758	$	38,254				$	127,991	$	131,773				$	81,022	$	79,515	$	209,013	$	211,288
RENTAL PROPERTY OPERATING EXPENSES		37,166		39,049					8,487		8,747					45,653		47,796					29,444		27,917		75,097		75,713
	$	54,067	$	54,470				$	28,271	$	29,507				$	82,338	$	83,977				$	51,578	$	51,598	$	133,916	$	135,575
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																										$	49,050		$53,381
DISCONTINUED OPERATIONS (3)																											11,418		10,384
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																											24,837		24,844
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																											85,305		88,609
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																											48,611		46,966
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																										$	133,916	$	135,575

(1)	Cash Basis Rental Property Revenues is Rental Property Revenues of the Company and its unconsolidated joint ventures. It excludes termination fees, inter-company activities, straight-line rents and amortization of acquired above market leases.
(2)	See reconciliation (D) of Reconciliations of Non-GAAP Financial Measures.
(3)	See reconciliation (E) of Reconciliations of Non-GAAP Financial Measures.
(4)	See reconciliation (F) of Reconciliations of Non-GAAP Financial Measures.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

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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.

     “Funds From Operations, Excluding Loss on Extinguishment of Debt” is FFO adjusted to exclude loss on extinguishment of debt, which the Company is presenting in year ended December 31, 2006 in addition to NAREIT-defined FFO. During the second quarter of 2006, the Company contributed The Avenue East Cobb to CP Venture Five, LLC, one of the ventures formed with the Prudential Insurance Company of America. The Avenue East Cobb was encumbered by a mortgage note payable, which was marked-to-market upon contribution to the venture. The Company recorded 88.5%, the extent of outside ownership in the venture, of the debt mark-to-market adjustment as a loss on extinguishment of debt. During the third quarter of 2006, in conjunction with the sale of Bank of America Plaza, CSC Associates, L.P. (“CSC”) repaid the non-recourse mortgage note payable on the building. The Company was obligated to CSC to fund this repayment and an additional defeasance

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

charge. The defeasance charge and the unamortized balance of closing costs related to the origination of the note, approximately $15.4 million in the aggregate, were recorded as loss on extinguishment of debt in the third quarter of 2006. NAREIT-defined FFO includes losses on extinguishment of debt in the FFO calculation. The Company believes the charges in the second and third quarters of 2006 relate to the sale or exchange of real estate and should be excluded from FFO to provide the user with a clearer picture of ongoing funds from operations.

     “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 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 Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Rental Property Revenues 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

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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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