Exhibit 12

COUSINS PROPERTIES INCORPORATED

STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED DIVIDENDS

($ in thousands)

	2006			2005			2004			2003			2002
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests(A)	$	(21,538	)	$	512		$	1,437		$	(239	)	$	(6,749	)
Add:
Gain on sale of investment property, net of applicable income tax provision		3,012			15,733			118,056			100,558			6,254
Distributed income of equity investees		256,625			64,562			247,532			58,488			36,036
Amortization of capitalized interest		975			1,196			1,084			631			631
Fixed charges		47,551			42,211			37,084			35,984			33,437
Subtract:
Capitalized interest		(20,554	)		(17,193	)		(14,028	)		(9,684	)		(5,934	)
Preferred dividends		(15,250	)		(15,250	)		(8,042	)		(3,358	)		—
Earnings	$	250,821		$	91,771		$	383,123		$	182,380		$	63,675
Fixed charges:
Interest expense	$	11,119		$	9,094		$	14,623		$	22,576		$	27,041
Capitalized interest		20,554			17,193			14,028			9,684			5,934
Interest component of rental expense (30%)		628			674			391			366			462
		32,301			26,961			29,042			32,626			33,437
Preferred stock dividends		15,250			15,250			8,042			3,358			—
Fixed charges	$	47,551		$	42,211		$	37,084		$	35,984		$	33,437
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		5.27			2.17			10.33			5.07			1.90

(A) Prior years’ pre-tax income (loss) from continuing operations is adjusted for 2006 discontinued operations.