8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 7, 2007

Cousins Properties Incorporated

(Exact name of registrant as specified in its charter)

Georgia
(State or other jurisdiction of incorporation)

0-3576
(Commission File Number)

58-0869052
(IRS Employer Identification Number)

191 Peachtree Street NE, Suite 3600 Atlanta, Georgia 30303-1740
(Address of principal executive offices)

Registrant’s telephone number, including area code: (404) 407-1000

2500 Windy Ridge Parkway. Atlanta, Georgia 30339-5683
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

     On May 7, 2007, Cousins Properties Incorporated (the “Company”) issued a Quarterly Information Package containing a press release and information about the Company’s financial condition and results of operations for the three months ended March 31, 2007. A copy of the Company’s Quarterly Information Package is attached hereto as Exhibit 99.1. The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits

     (c) Exhibits:

Exhibit Number	Description
99.1	Quarterly Information Package for the Quarter Ended March 31, 2007.

Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 7, 2007

COUSINS PROPERTIES INCORPORATED
By:	/s/James A. Fleming
	James A. Fleming
	Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended March 31, 2007

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	4
Funds From Operations	5
Condensed Consolidated Balance Sheets	6
Key Ratios and Supplemental Information	7
Net Income and Funds From Operations – Supplemental Detail	8
Development Pipeline	21
Portfolio Listing	23
Same Property Information	26
Square Feet Expiring:
Office	27
Retail	28
Industrial	29
Top 25 Largest Tenants	30
Inventory of Land Held for Investment or Future Development	31
Inventory of Residential Lots Under Development	33
Debt Outstanding	35
Reconciliations of Non-GAAP Financial Measures	36
Discussion of Non-GAAP Financial Measures	42

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the 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 those described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statements are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

News Release

FOR IMMEDIATE RELEASE

CONTACT:

James A. Fleming	Mark A. Russell
Executive Vice President and	Senior Vice President and
Chief Financial Officer	Senior Investment Officer
(404) 407-1150	(404) 407-1390
jimfleming@cousinsproperties.com	markrussell@cousinsproperties.com

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED MARCH 31, 2007

     ATLANTA (May 7, 2007) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months ended March 31, 2007. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

     Funds from Operations to Common Stockholders (“FFO”) was $24.5 million, or $0.46 per share, for the first quarter of 2007 compared with FFO of $19.1 million, or $0.37 per share, for the first quarter of 2006. Net Income Available to Common Stockholders (“Net Income Available”) was $14.4 million, or $0.27 per share, for the first quarter of 2007 compared with Net Income Available of $8.4 million, or $0.16 per share, for the first quarter of 2006.

First quarter highlights of the Company included the following:

• Sold five ground leased outparcels at the Company’s North Point property for an aggregate price of $10.1 million. The $8.2 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 41 acres of land adjacent to The Avenue Carriage Crossing in metropolitan Nashville, Tennessee for $11.7 million generating FFO of $4.4 million.

• Purchased 109 acres of land for $36.2 million and commenced construction of the first phase of The Avenue Forsyth, a 527,000 square foot lifestyle center in north metropolitan Atlanta, Georgia.

191 Peachtcee Street NE  •  Suite 3600  •  Atlanta, Georgia 30303-1740  •  404/407-1000  •  FAX 404/407-1002

-MORE-

1

CUZ Reports First Quarter Results
Page 2
May 7, 2007

• Commenced construction of 10 Terminus Place, a 32-story, 142-unit condominium tower in the Buckhead district of Atlanta.

     At March 31, 2007, the Company’s portfolio of operational office buildings was 86% leased, its portfolio of operational retail centers was 93% leased and its operational industrial building was 100% leased.

     At March 31, 2007, the Company and its joint ventures had ten retail, office and industrial projects under development and redevelopment totaling 5.6 million Company-owned square feet, and two condominium projects under development containing a total of 671 units. The Company estimates the total cost of these projects will be approximately $1.2 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 10,960 lots are available for future development or sale.

     “The first four months of 2007 have been momentous with our construction starts at The Avenue Forsyth and 10 Terminus Place, along with our corporate headquarters move back to downtown Atlanta,” said Tom Bell, Chairman and CEO of Cousins. “We’ve also started moving in the first tenants at Terminus 100, begun site work for Terminus 200 and are pursuing substantial office users at several of our projects including One Ninety One Peachtree Tower. While our residential business is still troubled with declining lot sales, our other businesses are performing quite well.”

     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 (404) 407-1390.

     The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Tuesday, May 8, 2007, to discuss the results of the quarter ended March 31, 2007. The number to call for this interactive teleconference is (913) 981-4902. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the passcode 1523543. The Company will also provide an online Web simulcast and rebroadcast of its first quarter 2007 earnings release conference call. The live broadcast will be available through the “Q1 2007 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.

-MORE-

2

CUZ Reports First Quarter Results
Page 3
May 7, 2007

     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, 4.7 million square feet of retail space, 2.0 million square feet of industrial space, two for-sale multi-family projects under development containing 671 units, 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 14.5 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 those described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

3

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

	Three Months Ended
	March 31,
	2007			2006
REVENUES:
Rental property revenues	$	24,437		$	22,759
Fee income		8,066			8,381
Multi-family residential unit sales		—			6,579
Residential lot and outparcel sales		1,426			4,505
Interest and other		3,679			2,662
		37,608			44,886
COSTS AND EXPENSES:
Rental property operating expenses		10,222			8,566
General and administrative expenses		14,690			13,576
Depreciation and amortization		9,520			8,156
Multi-family residential unit cost of sales		—			5,358
Residential lot and outparcel cost of sales		1,208			3,203
Interest expense		—			3,613
Other		360			454
		36,000			42,926
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		1,608			1,960
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		1,027			(2,370	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(862	)		(1,078	)
INCOME FROM UNCONSOLIDATED JOINT VENTURES		3,708			12,123
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		5,481			10,635
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		4,440			805
INCOME FROM CONTINUING OPERATIONS		9,921			11,440
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income from discontinued operations		135			577
Gain on sale of investment properties		8,164			191
		8,299			768
NET INCOME		18,220			12,208
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,813	)		(3,813	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	14,407		$	8,395
PER SHARE INFORMATION — BASIC:
Income from continuing operations	$	0.12		$	0.15
Income from discontinued operations		0.16			0.02
Basic net income available to common stockholders	$	0.28		$	0.17
PER SHARE INFORMATION — DILUTED:
Income from continuing operations	$	0.11		$	0.15
Income from discontinued operations		0.16			0.01
Diluted net income available to common stockholders	$	0.27		$	0.16
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37
WEIGHTED AVERAGE SHARES		51,719			50,289
DILUTED WEIGHTED AVERAGE SHARES		53,596			52,002

4

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

	Three Months Ended
	March 31,
	2007			2006
Net Income Available to Common Stockholders	$	14,407		$	8,395
Depreciation and amortization:
Consolidated properties		9,520			8,156
Discontinued properties		—			2,667
Share of unconsolidated joint ventures		1,081			2,062
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(501	)		(821	)
Share of unconsolidated joint ventures		—			(4	)
(Gain) loss on sale of investment properties, net of applicable income tax provision:
Consolidated		(4,440	)		(805	)
Discontinued properties		(8,164	)		(191	)
Share of unconsolidated joint ventures		44			(1,053	)
Gain on sale of undepreciated investment properties		12,540			740
Funds From Operations Available to Common Stockholders	$	24,487		$	19,146
Per Common Share — Basic:
Net Income Available	$	.28		$	.17
Funds From Operations	$	.47		$	.38
Weighted Average Shares-Basic		51,719			50,289
Per Common Share — Diluted:
Net Income Available	$	.27		$	.16
Funds From Operations	$	.46		$	.37
Weighted Average Shares-Diluted		53,596			52,002

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

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

5

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

	March 31,			December 31,
	2007			2006
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $124,651 and $115,723 in 2007 and 2006, respectively	$	556,051		$	472,375
Operating properties held-for-sale		—			1,470
Land held for investment or future development		98,472			101,390
Projects under development		297,191			300,382
Residential lots under development		29,905			27,624
Total properties		981,619			903,241
CASH AND CASH EQUIVALENTS		8,641			11,538
RESTRICTED CASH		2,937			2,824
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $631 and $501 in 2007 and 2006, respectively		32,187			32,138
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		186,228			181,918
OTHER ASSETS		58,949			65,094
TOTAL ASSETS	$	1,270,561		$	1,196,753
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	367,681		$	315,149
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		60,294			55,538
DEFERRED GAIN		166,694			154,104
DEPOSITS AND DEFERRED INCOME		2,348			2,062
TOTAL LIABILITIES		597,017			526,853
MINORITY INTERESTS		46,127			43,985
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, 54,709,961 and 54,439,310 shares issued in 2007 and 2006, respectively		54,710			54,439
Additional paid-in capital		342,991			336,974
Treasury stock at cost, 2,691,582 shares		(64,894	)		(64,894	)
Cumulative undistributed net income		94,610			99,396
TOTAL STOCKHOLDERS’ INVESTMENT		627,417			625,915
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,270,561		$	1,196,753

6

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

		2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		238,803			399,742			34,491			8,395			(3,483	)		174,455			38,074			217,441			14,407
	FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT (4)		124,965			109,483			73,746			19,146			13,913			13,853			27,557			74,469			24,487
	BASIC WEIGHTED AVERAGE COMMON SHARES		48,313			49,005			49,989			50,289			50,385			50,630			51,306			50,655			51,719
	DILUTED WEIGHTED AVERAGE COMMON SHARES		49,415			51,016			51,747			52,002			52,031			52,428			53,286			52,513			53,596
	NET INCOME (LOSS) PER COMMON SHARE — BASIC		4.94			8.16			0.69			0.17			(0.07	)		3.45			0.74			4.29			0.28
	NET INCOME (LOSS) PER COMMON SHARE — DILUTED		4.83			7.84			0.67			0.16			(0.07	)		3.33			0.72			4.14			0.27
	FFO PER COMMON SHARE — BASIC (4)		2.59			2.23			1.48			0.38			0.28			0.27			0.54			1.47			0.47
	FFO PER COMMON SHARE — DILUTED (4)		2.53			2.15			1.43			0.37			0.27			0.26			0.52			1.42			0.46
(H)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		14,507			19,258			9,439			3,158			5,120			3,907			1,236			13,421			6,897
	REGULAR COMMON DIVIDENDS		71,694			72,869			74,649			18,760			18,788			18,839			19,108			75,495			19,136
	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
	SPECIAL COMMON DIVIDEND PER SHARE		2.07			7.15			—			—			—			—			3.40			3.40			—
	COMMON STOCK PRICE AT PERIOD END		30.60			30.27			28.30			33.43			30.93			34.21			35.27			35.27			32.86
	NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		48,835			50,092			50,665			50,732			50,873			51,518			51,748			51,748			52,018
	PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		27.25			26.15			25.75			25.54			24.96			25.85			25.90			25.90			25.64
	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
	PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		—			25.00			25.40			25.38			25.00			25.42			25.53			25.53			25.82
	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
	COMMON EQUITY MARKET CAPITALIZATION		1,494,351			1,516,285			1,433,820			1,695,971			1,573,502			1,762,431			1,825,152			1,825,152			1,709,311
	PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840
(A)	ADJUSTED DEBT (1)		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009
	TOTAL MARKET CAPITALIZATION		2,300,401			2,071,231			2,152,980			2,497,111			2,244,004			2,318,291			2,407,388			2,407,388			2,351,160
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		30	%		17	%		24	%		24	%		21	%		15	%		16	%		16	%		19	%
(A)	RECOURSE DEBT (1)		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		1	%		2	%		9	%		11	%		8	%		9	%		9	%		9	%		12	%
	COMMON EQUITY MARKET CAPITALIZATION		1,494,351			1,516,285			1,433,820			1,695,971			1,573,502			1,762,431			1,825,152			1,825,152			1,709,311
	PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840
(A)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		783,638			438,050			615,645			698,263			574,844			454,661			487,234			487,234			549,934
	TOTAL MARKET CAPITALIZATION		2,386,989			2,158,935			2,254,065			2,597,914			2,348,186			2,422,172			2,518,106			2,518,106			2,465,085
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		20	%		27	%		27	%		24	%		19	%		19	%		19	%		22	%
(B)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		45,774			31,656			11,908			4,448			5,581			3,703			921			14,653			714
	FFO BEFORE INTEREST		170,739			141,139			85,654			23,594			19,494			17,556			28,478			89,122			25,201
	INTEREST EXPENSE COVERAGE RATIO		3.73			4.46			7.19			5.30			3.49			4.74			30.92			6.08			35.30
(C)	FIXED CHARGES (excluding preferred dividends)(1)		59,580			43,854			20,505			7,444			8,130			5,926			2,589			24,089			3,000
	FFO PLUS FIXED CHARGES (excluding preferred dividends)		171,338			131,854			86,337			23,773			19,672			17,686			28,506			89,637			25,229
	FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		2.88			3.22			4.21			3.19			2.42			2.98			11.01			3.72			8.41
(C)	FIXED CHARGES (including preferred dividends)(1)		62,938			51,896			35,755			11,257			11,942			9,738			6,402			39,339			6,813
	FFO PLUS FIXED CHARGES (including preferred dividends)		174,696			139,896			101,587			27,586			23,484			21,498			32,319			104,887			29,042
	FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.78			2.87			2.84			2.45			1.97			2.21			5.05			2.67			4.26

7

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

		2003		2004			2005			2006 1st		2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
	CONSOLIDATED ENTITY FFO AND NET INCOME:
(D)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	OFFICE:
	3100 WINDY HILL RD		2,988		2,974			2,944			722		733			717			504			2,676			(256	)
	3301 WINDY RIDGE PARKWAY		1,555		1,659			1,693			247		26			80			97			450			102
	100 NORTH POINT CENTER EAST		73		1,010			1,020			221		276			253			285			1,035			309
	200 NORTH POINT CENTER EAST		23		417			363			233		192			212			202			839			322
	333 NORTH POINT CENTER EAST		1,398		1,036			1,395			321		269			304			289			1,183			320
	555 NORTH POINT CENTER EAST		1,541		945			1,506			401		458			451			461			1,771			466
	615 PEACHTREE STREET		1,919		1,395			757			20		74			(53	)		(69	)		(28	)		(12	)
	LAKESHORE PARK PLAZA		1,231		1,459			722			200		209			219			294			922			388
	INFORUM		13,843		12,808			11,376			2,936		2,887			2,844			3,107			11,774			2,678
	600 UNIVERSITY PARK PLACE		1,871		1,797			1,701			355		250			257			245			1,107			324
	THE POINTS AT WATERVIEW		1,778		1,949			1,872			584		530			521			489			2,124			508
	ONE GEORGIA CENTER		2,913		1,369			(1,361	)		35		(9	)		(174	)		(71	)		(219	)		140
	GALLERIA 75		0		899			1,036			281		240			200			176			897			181
	SONO RENAISSANCE		0		38			270			66		66			60			31			223			43
	ATHEROGENICS		1,181		1,222			1,241			313		316			317			317			1,263			319
	INHIBITEX		0		0			666			228		229			230			230			917			230
	MERIDIAN MARK PLAZA		4,153		4,224			4,487			1,128		1,147			1,110			1,090			4,475			1,135
	COSMOPOLITAN CENTER		0		0			0			0		0			43			(30	)		13			52
	191 PEACHTREE		0		0			0			0		0			402			1,562			1,964			2,199
	SUBTOTAL		36,467		35,201			31,688			8,291		7,893			7,993			9,209			33,386			9,448
	RETAIL:
	THE AVENUE EAST COBB		5,424		5,635			5,715			1,502		1,580			(23	)		(5	)		3,054			(2	)
	THE AVENUE PEACHTREE CITY		3,029		3,430			3,673			933		885			(3	)		0			1,815			0
	THE AVENUE WEST COBB		655		3,925			4,361			1,148		1,072			5			(30	)		2,195			(7	)
	AVENUE VIERA		0		189			2,726			713		1,047			(6	)		(13	)		1,741			(16	)
	VIERA MARKET CENTER		0		0			148			152		121			(10	)		0			263			(6	)
	THE AVENUE CARRIAGE CROSSING		0		0			743			1,212		1,413			1,553			1,657			5,835			1,775
	SAN JOSE MARKETCENTER		0		0			0			220		1,006			1,223			1,397			3,846			1,422
	THE AVENUE WEBB GIN		0		0			0			0		0			616			1,037			1,653			1,276
	SUBTOTAL		9,108		13,179			17,366			5,880		7,124			3,355			4,043			20,402			4,442
	INDUSTRIAL:
	KING MILL		0		0			0			0		(1	)		217			189			405			306
	LAKESIDE 20		0		0			0			0		0			0			0			0			31
	SUBTOTAL		0		0			0			0		(1	)		217			189			405			337
	OTHER RENTAL OPERATIONS:
	OTHER		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)
	SUBTOTAL		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)
	PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		15,359		7,615			2			0		0			0			0			0			0
	TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,934		55,994			49,050			14,193		15,017			11,531			13,461			54,202			14,215

8

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

		2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
(E)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
	GA 400 LAND LEASES		1,399			1,463			1,432			395			372			365			405			1,537			123
	FROST BANK TOWER		0			3,486			5,123			1,578			1,527			1,505			(62	)		4,548			1
	THE AVENUE OF THE PENINSULA		4,572			4,213			4,446			1,253			1,890			1,095			876			5,114			11
	OTHER		52,641			15,760			718			19			17			5			0			41			0
	TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		58,612			24,922			11,719			3,245			3,806			2,970			1,219			11,240			135
	RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO:
(G)	OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		120			471			1,367			0			62			798			796			1,656			0
(G)	TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		7,270			29,627			15,483			740			(5	)		179			1,567			2,481			4,355
(G)	TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		472			2,198			3,390			4,164			294			59			2,158			6,675			0
	TOTAL TRACT & OUTPARCEL SALES NET OF COS		7,742			31,825			18,873			4,904			289			238			3,725			9,156			4,355
(G)	OTHER INVESTMENT PROPERTY NET OF COST OF SALES — WHOLLY OWNED (1)		0			0			0			0			0			0			11,867			11,867			8,185
	TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			0			0			0			0			11,867			11,867			8,185
(G)	LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		2,803			4,222			4,162			1,302			769			349			457			2,877			218
(G)	LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		3,428			6,993			10,479			2,089			2,074			1,558			2,496			8,217			406
	TOTAL LOT SALES NET OF COS		6,231			11,215			14,641			3,391			2,843			1,907			2,953			11,094			624
(G)	INTEREST — JOINT VENTURE (1)		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)
(G)	OTHER — JOINT VENTURE (1)		(156	)		(226	)		(590	)		(176	)		5			(34	)		(176	)		(381	)		(141	)
	TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT FFO		13,937			43,150			34,139			7,944			3,162			2,873			19,129			33,108			12,988
	MULTI-FAMILY FFO:
(J)	MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		0			0			1,828			1,221			2,759			(320	)		71			3,731			0
(J)	MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		0			0			7,182			1,797			2,629			2,986			2,931			10,343			2,424
	TOTAL MULTI-FAMILY FFO		0			0			9,010			3,018			5,388			2,666			3,002			14,074			2,424
	DEVELOPMENT INCOME		2,870			3,310			3,056			1,752			825			772			1,236			4,585			574
	MANAGEMENT FEES		19,140			21,931			24,058			5,742			5,542			5,942			7,211			24,437			6,354
	LEASING & OTHER FEES		6,991			4,463			8,084			887			1,388			607			3,561			6,443			1,138
	TERMINATION FEES		1,810			2,132			545			2,699			36			196			0			2,931			3,557
	INTEREST INCOME & OTHER		3,940			2,528			1,886			(38	)		55			183			542			742			122
	GENERAL & ADMINISTRATIVE EXPENSES:
	GENERAL & ADMINISTRATIVE EXPENSES		(29,464	)		(33,515	)		(39,190	)		(9,336	)		(9,342	)		(8,479	)		(12,355	)		(39,512	)		(10,401	)
	THIRD PARTY MANAGEMENT DIRECT OPERATING EXPENSES		(10,763	)		(13,414	)		(16,628	)		(4,239	)		(4,134	)		(4,506	)		(6,201	)		(19,080	)		(4,289	)
	TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(40,227	)		(46,929	)		(55,818	)		(13,575	)		(13,476	)		(12,985	)		(18,556	)		(58,592	)		(14,690	)

9

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

		2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
	INTEREST EXPENSE CONSOLIDATED:
	CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			(781	)		(3,494	)		(2,680	)		(1,797	)		(8,752	)		(2,732	)
	TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			(118	)		(664	)		(836	)		(980	)		(2,598	)		(1,072	)
	333 & 555 NORTH POINT CENTER DEBT - 7%		(2,246	)		(2,207	)		(2,165	)		(534	)		(532	)		(529	)		(526	)		(2,121	)		(523	)
	MERIDIAN MARK PLAZA DEBT - 8.27%		(2,074	)		(2,048	)		(2,021	)		(501	)		(498	)		(498	)		(494	)		(1,991	)		(493	)
	650 MASS AVE DEBT - 6.53%		0			0			0												0			0
	600 UNIVERSITY PARK DEBT - 7.38%		(1,032	)		(1,020	)		(1,009	)		(250	)		(249	)		(248	)		(248	)		(995	)		(247	)
	100 NORTH POINT CENTER EAST DEBT - 7.86%		(79	)		(932	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(231	)
	200 NORTH POINT CENTER EAST DEBT - 7.86%		(70	)		(826	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(205	)
	LAKESHORE PARK PLAZA DEBT - 6.78%		(682	)		(666	)		(648	)		(160	)		(158	)		(157	)		(156	)		(631	)		(155	)
	905 JUNIPER DEBT		0			0			(155	)		(194	)		(157	)		0			0			(351	)		0
	KING MILL DEBT		0			0			(34	)		(44	)		(52	)		(92	)		(105	)		(293	)		(109	)
	JEFFERSON MILL DEBT		0			0			0			0			0			(1	)		(22	)		(23	)		(40	)
	WATERVIEW DEBT - 5.66%		0			0			(11	)		(265	)		(264	)		(261	)		(261	)		(1,051	)		(284	)
	CEDAR GROVE LAKES DEBT - 8%		0			0			0			0									0			0			0
	CALLAWAY GARDENS DEBT - 6%		0			0			0			0									0			0			0
	BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,718	)		(10,406	)		(10,197	)		(2,485	)		(2,501	)		(2,461	)		0			(7,447	)		0
	THE AVENUE EAST COBB DEBT - 8.39%		(3,220	)		(3,188	)		(3,153	)		(782	)		(764	)		0			0			(1,546	)		0
	CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			(764	)		(3,979	)		(2,103	)		0			0			0			(2,103	)		0
	OTHER		(12,138	)		(6,594	)		(1,157	)		(4	)		(3	)		(2	)		(3	)		(12	)		0
	CAPITALIZED		9,683			14,028			17,193			5,041			4,894			5,583			5,035			20,553			6,091
	TOTAL INTEREST EXPENSE CONSOLIDATED		(22,576	)		(14,623	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		0			(11,119	)		0
	OTHER EXPENSES — CONTINUING OPERATIONS:
	PROPERTY TAXES		(768	)		(664	)		(754	)		(189	)		(170	)		(203	)		38			(524	)		(187	)
	MINORITY INTEREST EXPENSE		(1,613	)		(1,417	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(840	)		(4,130	)		(862	)
	PREDEVELOPMENT & OTHER		(1,677	)		(1,284	)		(568	)		(265	)		(311	)		(212	)		(1,499	)		(2,287	)		(173	)
	TOTAL OTHER EXPENSES		(4,058	)		(3,365	)		(4,359	)		(1,532	)		(1,794	)		(1,314	)		(2,301	)		(6,941	)		(1,222	)
(E)	OTHER EXPENSES — DISCONTINUED OPERATIONS:
	INTEREST EXPENSE		(9,459	)		(5,870	)		0			0			0			0			0			0			0
	MINORITY INTEREST EXPENSE		(624	)		0			0			0			0			0			0			0			0
	TOTAL OTHER EXPENSES — DISCONTINUED OPERATIONS		(10,083	)		(5,870	)		0			0			0			0			0			0			0
	INCOME TAX (PROVISION)/BENEFIT:
	CONTINUING OPERATIONS		(2,596	)		(2,744	)		(7,756	)		(2,370	)		(1,924	)		(7	)		108			(4,193	)		1,027
(E)	DISCONTINUED OPERATIONS (1)		0			0			(126	)		0			(2	)		0			0			(2	)		0
	TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,596	)		(2,744	)		(7,882	)		(2,370	)		(1,926	)		(7	)		108			(4,195	)		1,027
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS (1):
(I)	CONSOLIDATED		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)
	TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)

10

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

		2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
(F)	JOINT VENTURE FFO (EXCLUDING TEMCO, CL REALTY, 905 JUNIPER, 50 BISCAYNE, HANDY ROAD & VERDE) (1):
	WILDWOOD ASSOCIATES		10,051			4,897			(84	)		(24	)		(17	)		(29	)		(18	)		(88	)		(19	)
	CP VENTURE TWO LLC		2,080			2,070			1,722			423			458			432			412			1,725			436
	CP VENTURE FIVE LLC		0			0			0			0			49			2,332			1,468			3,849			609
	TEN PEACHTREE PLACE ASSOCIATES		1,539			1,533			1,506			385			397			344			307			1,433			296
	CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18
	CPI/FSP I, L.P. (AUSTIN RESEARCH PARK)		3,412			2,465			3			0			0			0			(23	)		(23	)		(1	)
	CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,191			302			302			302			302			1,208			302
	CRAWFORD LONG — CPI, LLC		1,685			1,447			1,865			486			501			518			502			2,007			515
	285 VENTURE, LLC (1155 PERIMETER CENTER WEST)		3,102			3,492			524			1			1			0			0			2			(2	)
	COUSINS LORET VENTURE, L.L.C.		3,242			2,064			(12	)		0			0			0			0			0			0
	CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING)		1,203			(301	)		(17	)		0			(1	)		0			0			(1	)		0
	BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE)		365			407			423			58			4			(9	)		(2	)		51			0
	WILDWOOD ASSOCIATES — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			0			0			0			0			0			0			0
	CP VENTURE TWO LLC — IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		(209	)		0			0			0			0			0			0			0
	OTHER		0			924			5,514			90			0			0			170			260			25
	TOTAL SHARE OF JOINT VENTURE FFO		42,140			35,278			27,553			5,429			5,450			7,558			3,278			21,715			2,179
	PREFERRED STOCK DIVIDENDS		(3,358	)		(8,042	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)
	FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT (4)		124,965			109,483			73,746			19,146			13,913			13,853			27,557			74,469			24,487
	LOSS ON EXTINGUISHMENT OF DEBT		0			(605	)		0			0			(2,764	)		(15,443	)		0			(18,207	)		0
	FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		124,965			108,878			73,746			19,146			11,149			(1,590	)		27,557			56,262			24,487
	GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
	CONTINUING OPERATIONS		100,558			118,056			15,733			805			61			244			1,902			3,012			4,440
(G)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(7,270	)		(29,627	)		(15,483	)		(740	)		5			(179	)		(13,434	)		(14,348	)		(12,540	)
	DISCONTINUED OPERATIONS		93,459			81,927			1,037			191			135			54,068			32,101			86,495			8,164
	SHARE OF UNCONSOLIDATED JOINT VENTURES		0			176,265			1,935			1,053			1			133,192			1,372			135,618			(44	)
	TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		186,747			346,621			3,222			1,309			202			187,325			21,941			210,777			20
	DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
(I)	CONSOLIDATED		(31,088	)		(27,463	)		(24,338	)		(7,335	)		(6,893	)		(6,125	)		(9,151	)		(29,504	)		(9,019	)
(E,I)	DISCONTINUED OPERATIONS		(20,556	)		(12,414	)		(9,297	)		(2,667	)		(5,929	)		(2,227	)		(452	)		(11,275	)		0
(G,I)	SHARE OF UNCONSOLIDATED JOINT VENTURES		(21,265	)		(15,880	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(1,821	)		(8,819	)		(1,081	)
	TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(72,909	)		(55,757	)		(42,477	)		(12,060	)		(14,834	)		(11,280	)		(11,424	)		(49,598	)		(10,100	)
	NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		238,803			399,742			34,491			8,395			(3,483	)		174,455			38,074			217,441			14,407

11

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
WILDWOOD ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
2300 WINDY RIDGE PARKWAY		8,462			7,130			9			0			0			0			0			0			0
2500 WINDY RIDGE PARKWAY		4,673			3,164			3			0			0			0			0			0			0
3200 WINDY HILL ROAD (WILDWOOD PLAZA)		13,181			8,861			4			0			0			0			0			0			0
4100/4300 WILDWOOD PARKWAY (GA PACIFIC)		3,851			2,764			2			0			0			0			0			0			0
4200 WILDWOOD PARKWAY (GE)		4,690			3,434			23			0			0			0			0			0			0
BANK/RESTAURANT GROUND LEASES		1,287			1,041			(3	)		0			0			0			0			0			0
		36,144			26,394			38			0			0			0			0			0			0
INTEREST EXPENSE:
2300 DEBT - 7.56%		(4,359	)		(3,382	)		0			0			0			0			0			0			0
2500 DEBT - 7.45%		(1,571	)		(1,105	)		0			0			0			0			0			0			0
3200 DEBT - 8.23%		(5,218	)		(4,056	)		0			0			0			0			0			0			0
4100/4300 DEBT - 7.65%		(2,030	)		(1,413	)		0			0			0			0			0			0			0
4200 DEBT - 6.78%		(2,737	)		(1,898	)		0			0			0			0			0			0			0
		(15,915	)		(11,854	)		0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(3,843	)		0			0			0			0									0
OTHER, NET		478			(265	)		(205	)		(47	)		(34	)		(57	)		(35	)		(173	)		(39	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(45	)		(30	)		0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(1,101	)		0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		19,561			10,402			(167	)		(47	)		(34	)		(57	)		(35	)		(173	)		(39	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,364	)		(6,398	)		(36	)		(8	)		(8	)		(9	)		(9	)		(34	)		(9	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			200,835			0			0			0			0			22			22			0
NET INCOME (LOSS)		10,197			204,839			(203	)		(55	)		(42	)		(66	)		(22	)		(185	)		(48	)
COUSINS’ SHARE OF WILDWOOD ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		17,796			12,895			19			0			0			0			0			0			0
INTEREST EXPENSE		(7,960	)		(5,928	)		0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(1,922	)		0			0			0			0			0			0			0
OTHER, NET		238			(133	)		(103	)		(24	)		(17	)		(29	)		(18	)		(88	)		(19	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(23	)		(15	)		0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		9,500			4,897			(84	)		(24	)		(17	)		(29	)		(18	)		(88	)		(19	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(4,682	)		(3,191	)		(18	)		(4	)		(4	)		(5	)		(5	)		(18	)		(5	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			99,360			0			0			0			0			12			12			0
NET INCOME (LOSS)		4,818			101,066			(102	)		(28	)		(21	)		(34	)		(11	)		(94	)		(24	)

12

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
CP VENTURE TWO LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		2,944			2,659			17			0			0			0			0			0			0
GRANDVIEW II		2,359			2,400			1,210			417			432			448			86			1,383			2
100 NORTH POINT CENTER EAST		1,239			7			15			0			0			0			0			0			0
200 NORTH POINT CENTER EAST		484			13			17			0			0			0			0			0			0
PRESBYTERIAN MEDICAL PLAZA		938			966			973			248			233			246			247			974			256
SUBTOTAL OFFICE		7,964			6,045			2,232			665			665			694			333			2,357			258
RETAIL:
NORTH POINT MARKETCENTER		5,156			5,142			5,613			1,373			1,263			1,429			1,466			5,531			1,499
MANSELL CROSSING II		1,190			1,227			1,234			329			338			320			327			1,314			330
GREENBRIER MARKETCENTER		4,519			4,513			4,480			1,165			1,215			1,167			1,103			4,650			1,242
LOS ALTOS MARKETCENTER		2,976			3,101			2,960			755			781			734			731			3,001			860
SUBTOTAL RETAIL		13,841			13,983			14,287			3,622			3,597			3,650			3,627			14,496			3,931
TOTAL REVENUES LESS OPERATING EXPENSES		21,805			20,028			16,519			4,287			4,262			4,344			3,960			16,853			4,189
OTHER, NET		(71	)		(71	)		(144	)		(88	)		(11	)		1			(60	)		(158	)		10
INTEREST EXPENSE:
NORTH POINT MARKETCENTER - 8.50%		(2,216	)		(2,159	)		(2,088	)		(511	)		(507	)		(507	)		(484	)		(2,009	)		0
100 & 200 NORTH POINT CENTER EAST - 7.86%		(1,628	)		0			0			0			0			0			0			0			0
TOTAL INTEREST EXPENSE		(3,844	)		(2,159	)		(2,088	)		(511	)		(507	)		(507	)		(484	)		(2,009	)		0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(8,567	)		(1,535	)		60			0			0			0			0			0			0
FUNDS FROM OPERATIONS		9,323			16,263			14,347			3,688			3,744			3,838			3,416			14,686			4,199
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(9,727	)		(7,417	)		(5,798	)		(1,775	)		(1,467	)		(1,442	)		(1,141	)		(5,825	)		(1,177	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			6,402			6,402			0
NET INCOME (LOSS)		(404	)		8,846			8,549			1,913			2,277			2,396			8,677			15,263			3,022
COUSINS’ SHARE OF CP VENTURE TWO (2):		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		10.60	%		10.60	%		10.60	%
REVENUES LESS OPERATING EXPENSES		2,530			2,318			1,979			492			517			490			477			1,976			435
INTEREST EXPENSE		(442	)		(248	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		0
OTHER, NET		(8	)		0			(17	)		(10	)		(1	)		0			(9	)		(20	)		1
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		(209	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,095			1,861			1,722			423			458			432			412			1,725			436
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,119	)		(852	)		(667	)		(204	)		(169	)		(166	)		(131	)		(670	)		(123	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			736			736			0
NET INCOME (LOSS)		(24	)		1,009			1,055			219			289			266			1,017			1,791			313

13

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
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			37			1,539			1,794			3,370			1,739
THE AVENUE PEACHTREE CITY		0			0			0			0			20			910			1,146			2,076			1,135
THE AVENUE WEST COBB		0			0			0			0			31			1,095			1,748			2,874			1,367
AVENUE VIERA		0			0			0			0			24			1,044			1,216			2,284			1,307
VIERA MARKET CENTER		0			0			0			0			2			175			319			496			420
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			114			4,763			6,223			11,100			5,968
OTHER, NET		0			0			0			0			0			0			(46	)		(46	)		0
INTEREST EXPENSE:
THE AVENUE EAST COBB		0			0			0			0			(14	)		(602	)		(594	)		(1,210	)		(590	)
TOTAL INTEREST EXPENSE		0			0			0			0			(14	)		(602	)		(594	)		(1,210	)		(590	)
FUNDS FROM OPERATIONS		0			0			0			0			100			4,161			5,583			9,844			5,378
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			(88	)		(4,477	)		(3,341	)		(7,906	)		(4,125	)
NET INCOME		0			0			0			0			12			(316	)		2,242			1,938			1,254
COUSINS’ SHARE OF CP VENTURE FIVE (2):														50.84	%		31.20	%		11.50	%		11.50	%		11.50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			58			2,722			1,722			4,502			697
INTEREST EXPENSE		0			0			0			0			(9	)		(390	)		(235	)		(634	)		(88	)
OTHER, NET		0			0			0			0			0			0			(19	)		(19	)		0
FUNDS FROM OPERATIONS		0			0			0			0			49			2,332			1,468			3,849			609
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			(20	)		(965	)		(1,033	)		(2,018	)		(298	)
NET INCOME (LOSS)		0			0			0			0			29			1,367			435			1,831			311
COUSINS LORET VENTURE, L.L.C. (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
TWO LIVE OAK		3,771			2,454			(27	)		0			0			0			0			0			0
THE PINNACLE		9,751			5,756			(4	)		0			0			0			0			0			0
TOTAL REVENUES LESS OPERATING EXPENSES		13,522			8,210			(31	)		0			0			0			0			0			0
INTEREST EXPENSE		(7,022	)		(4,072	)		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(16	)		(9	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		6,484			4,129			(31	)		0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(6,790	)		(3,783	)		0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			89,922			(88	)		0			0			0			6			6			0
NET INCOME (LOSS)		(306	)		90,268			(119	)		0			0			0			6			6			0
COUSINS’ SHARE OF COUSINS LORET (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		6,761			4,106			(12	)		0			0			0			0			0			0
INTEREST EXPENSE		(3,511	)		(2,037	)		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(8	)		(5	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,242			2,064			(12	)		0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,395	)		(1,889	)		0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			45,340			(48	)		0			0			0			3			3			0
NET INCOME		(153	)		45,515			(60	)		0			0			0			3			3			0

14

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
CC-JM II ASSOCIATES (BOOZ-ALLEN BUILDING) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,747			3,155			(37	)		0			(1	)		0			0			(1	)		0
INTEREST - 7.0%		(1,341	)		(1,025	)		0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(2,657	)		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(2	)		(1	)		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		2,404			(528	)		(37	)		0			(1	)		0			0			(1	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,125	)		(844	)		0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			38,917			696			0			0			0			5			5			0
NET INCOME (LOSS)		1,279			37,545			659			0			(1	)		0			5			4			0
COUSINS’ SHARE OF CC-JM II (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,874			1,540			(17	)		0			(1	)		0			0			(1	)		0
INTEREST EXPENSE		(671	)		(513	)		0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(1,328	)		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,203			(301	)		(17	)		0			(1	)		0			0			(1	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(576	)		(435	)		(1	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			19,212			348			7			0			0			3			10			0
NET INCOME (LOSS)		627			18,476			330			7			(1	)		0			3			9			0
BRAD COUS GOLF VENTURE, LTD. (WORLD GOLF VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		727			815			846			116			7			(18	)		(4	)		101			0
FUNDS FROM OPERATIONS		727			815			846			116			7			(18	)		(4	)		101			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(547	)		(686	)		(575	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			3,008			0			14			8			3,030			2
NET INCOME		180			129			271			3,124			7			(4	)		4			3,131			2
COUSINS’ SHARE OF BRAD COUS GOLF VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		365			407			423			58			4			(9	)		(2	)		51			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		365			407			423			58			4			(9	)		(2	)		51			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(274	)		(343	)		(288	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			1,046			0			7			4			1,057			(1	)
NET INCOME		91			64			135			1,104			4			(2	)		2			1,108			(1	)

15

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
TEN PEACHTREE PLACE ASSOCIATES (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		3,324			4,422			4,649			1,176			1,198			1,088			1,016			4,478			992
INTEREST - 5.39%		(246	)		(1,356	)		(1,637	)		(406	)		(404	)		(403	)		(401	)		(1,614	)		(399	)
FUNDS FROM OPERATIONS		3,078			3,066			3,012			770			794			685			615			2,864			593
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,016	)		(2,278	)		(2,276	)		(568	)		(569	)		(555	)		(508	)		(2,200	)		(550	)
NET INCOME		1,062			788			736			202			225			130			107			664			43
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,662			2,211			2,326			588			599			544			508			2,239			496
INTEREST EXPENSE		(123	)		(678	)		(820	)		(203	)		(202	)		(200	)		(201	)		(806	)		(200	)
FUNDS FROM OPERATIONS		1,539			1,533			1,506			385			397			344			307			1,433			296
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,007	)		(1,134	)		(1,128	)		(282	)		(246	)		(282	)		(250	)		(1,060	)		(271	)
NET INCOME		532			399			378			103			151			62			57			373			25
CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		31,577			30,593			29,869			7,424			7,518			7,343			177			22,462			36
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(34	)		(33	)		(8	)		(8	)		(9	)		0			(25	)		0
FUNDS FROM OPERATIONS		31,577			30,559			29,836			7,416			7,510			7,334			177			22,437			36
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,616	)		(7,440	)		(7,764	)		(1,942	)		(2,055	)		(364	)		0			(4,361	)		0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			271,201			88			271,289			(86	)
NET INCOME (LOSS)		23,961			23,119			22,072			5,474			5,455			278,171			265			289,365			(50	)
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		15,789			15,298			14,934			3,712			3,760			3,672			160			11,304			18
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(17	)		(16	)		(4	)		(4	)		(4	)		0			(12	)		0
FUNDS FROM OPERATIONS		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET											0			0			133,185			604			133,789			(43	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,885	)		(3,795	)		(3,956	)		(989	)		(992	)		(992	)		0			(2,973	)		0
NET INCOME (LOSS)		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)
285 VENTURE, LLC (1155 PERIMETER CENTER WEST) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,202			6,431			1,043			1			3			0			0			4			0
OTHER, NET		0			0			0			0			0			0			0			0			(6	)
FUNDS FROM OPERATIONS		6,202			6,431			1,043			1			3			0			0			4			(6	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(7,558	)		(3,821	)		(1,335	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			3,270			0			0			0			0			0			0
NET INCOME (LOSS)		(1,356	)		2,610			2,978			1			3			0			0			4			(6	)
COUSINS’ SHARE OF 285 VENTURE (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,102			3,492			524			1			1			0			0			2			0
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
OTHER EXPENSE		0			0			0			0			0			0			0			0			(2	)
FUNDS FROM OPERATIONS		3,102			3,492			524			1			1			0			0			2			(2	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,947	)		(2,077	)		(751	)		0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			1,635			0			1			0			10			11			0
NET INCOME (LOSS)		(845	)		1,415			1,408			1			2			0			10			13			(2	)

16

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
CPI/FSP I, L.P. (AUSTIN RESEARCH PARK) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		6,828			4,881			6			0			0			0			(46	)		(46	)		(1	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(3	)		4			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		6,825			4,885			6			0			0			0			(46	)		(46	)		(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,914	)		(1,280	)		0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			27,170			0			0			0			0			0			0			0
NET INCOME (LOSS)		4,911			30,775			6			0			0			0			(46	)		(46	)		(1	)
COUSINS’ SHARE OF CPI/FSP I (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,415			2,463			3			0			0			0			(23	)		(23	)		(1	)
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(3	)		2			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		3,412			2,465			3			0			0			0			(23	)		(23	)		(1	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,044	)		(691	)		0			0			0			0			0			0			0
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			12,353			0			0			0			0			0			0			0
NET INCOME (LOSS)		2,368			14,127			3			0			0			0			(23	)		(23	)		(1	)
CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE) (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		21,023			20,997			21,039			5,240			5,277			5,263			5,266			21,046			5,259
INTEREST - 6.41%		(11,513	)		(10,961	)		(10,373	)		(2,497	)		(2,457	)		(2,417	)		(2,376	)		(9,747	)		(2,334	)
FUNDS FROM OPERATIONS		9,510			10,036			10,666			2,743			2,820			2,846			2,890			11,299			2,925
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(6,037	)		(6,130	)		(6,197	)		(1,556	)		(1,562	)		(1,565	)		(1,567	)		(6,250	)		(1,564	)
NET INCOME		3,473			3,906			4,469			1,187			1,258			1,281			1,323			5,049			1,361
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,208			1,191			302			302			302			302			1,208			302
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,208			1,208			1,191			302			302			302			302			1,208			302
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(33	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)
NET INCOME		1,176			1,176			1,158			294			294			294			294			1,176			294
CRAWFORD LONG — CPI, LLC (100%):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		5,431			6,139			6,933			1,766			1,789			1,825			1,790			7,170			1,812
INTEREST - 5.9%		(2,062	)		(3,246	)		(3,202	)		(794	)		(790	)		(788	)		(785	)		(3,157	)		(782	)
FUNDS FROM OPERATIONS		3,369			2,893			3,731			972			999			1,037			1,005			4,013			1,030
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(2,507	)		(2,598	)		(2,794	)		(709	)		(709	)		(709	)		(709	)		(2,836	)		(669	)
NET INCOME		862			295			937			263			290			328			296			1,177			361
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,717			3,071			3,467			883			896			912			895			3,586			906
INTEREST EXPENSE		(1,032	)		(1,624	)		(1,602	)		(397	)		(395	)		(394	)		(393	)		(1,579	)		(391	)
FUNDS FROM OPERATIONS		1,685			1,447			1,865			486			501			518			502			2,007			515
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,306	)		(1,352	)		(1,447	)		(367	)		(367	)		(367	)		(367	)		(1,468	)		(347	)
NET INCOME		379			95			418			119			134			151			135			539			168

17

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

JOINT VENTURES	2003		2004		2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
905 JUNIPER, LLC (100%):
MULTI-FAMILY, NET OF COS		0		0		714			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		714			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		714			0			0			0			0			0			0
COUSINS’ SHARE OF 905 JUNIPER, LLC:						72	%
MULTI-FAMILY SALES, NET OF COS		0		0		514			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0		514			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		514			0			0			0			0			0			0
50 BISCAYNE, LLC (100%):
MULTI-FAMILY SALES, NET OF COS		0		0		16,516			4,554			6,082			8,059			8,047			26,742			7,945
OTHER, NET		0		0		367			125			843			0			0			968			0
FUNDS FROM OPERATIONS		0		0		16,883			4,679			6,925			8,059			8,047			27,710			7,945
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		16,883			4,679			6,925			8,059			8,047			27,710			7,945
COUSINS’ SHARE OF 50 BISCAYNE, LLC:						40	%		40	%		40	%		40	%		40	%		40	%		40	%
MULTI-FAMILY SALES, NET OF COS		0		0		6,515			1,745			2,279			3,325			2,823			10,172			2,289
OTHER, NET		0		0		153			52			350			(339	)		108			171			135
FUNDS FROM OPERATIONS		0		0		6,668			1,797			2,629			2,986			2,931			10,343			2,424
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		0		6,668			1,797			2,629			2,986			2,931			10,343			2,424
OTHER:
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		0		0		0			0			0			0			0			0			0
OTHER, NET		0		1,848		0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		1,848		0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		1,848		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
INTEREST EXPENSE		0		0		0			0			0			0			0			0			0
OTHER, NET		0		924		5,514			90			0			0			170			260			25
FUNDS FROM OPERATIONS		0		924		5,514			90			0			0			170			260			25
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0		0			0			0			0			0			0			0
NET INCOME		0		924		5,514			90			0			0			170			260			25

18

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		3,201			5,336			4,092			3,877			785			284			2,577			7,523			82
INTEREST EXPENSE		0			(135	)		(152	)		(37	)		(37	)		(36	)		(36	)		(146	)		(35	)
OTHER, NET		(64	)		(6	)		105			11			104			33			(23	)		125			(45	)
FUNDS FROM OPERATIONS		3,137			5,195			4,045			3,851			852			281			2,518			7,502			2
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(88	)		(114	)		(29	)		(29	)		(29	)		(27	)		(114	)		(29	)
NET INCOME		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		701			3,457			9,052			2,251			1,272			1,152			1,954			6,629			330
OTHER, NET		(94	)		(220	)		(150	)		(48	)		(54	)		49			(84	)		(137	)		(53	)
FUNDS FROM OPERATIONS		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):					50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			398			725			125			311			181			122			739			(5	)
OTHER, NET		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			398			725			125			311			181			122			739			(5	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME		0			398			725			125			311			181			122			739			(5	)
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):											50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			0			0			0			0			0			0			0
INTEREST EXPENSE		0			0			0			(138	)		0			0			0			(138	)		0
OTHER, NET		0			0			0			(21	)		(39	)		(26	)		(69	)		(155	)		(43	)
FUNDS FROM OPERATIONS		0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):								4.94	%		5	%		4.91	%		3.00	%		N/A			N/A			N/A
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0			0			0			0			0			0			0			0			0
OTHER, NET		0			0			(483	)		(118	)		(6	)		(90	)		0			(214	)		0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(62	)		0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			(545	)		(118	)		(6	)		(90	)		0			(214	)		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(439	)		(175	)		(178	)		(114	)		0			(467	)		0
NET INCOME (LOSS)		0			0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0

19

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 6 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006.
(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.

20

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of March 31, 2007
($ in thousands)

																	Actual or
	Company		Total		Leased GLA (%)								Cousins’		Cousins’		Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Investment		for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		@ 3/31/07		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100		656,000		656,000		76	%		100	%	$	175,900	$	175,900	$	118,951	const. - 2Q-07
(Atlanta, GA)																	fully operational 2Q-08
191 Peachtree Tower (4)		1,212,000		1,212,000		62%	(5)		100	%		231,500		231,500		161,014	acquired 3Q-06
(Atlanta, GA)																	fully stabilized 4Q-10
Palisades West (6) (Austin, TX)
Building 1		210,000		210,000		100	%		50	%		44,900		22,450			const. - Q2-08
																	fully operational Q2-08
Building 2		150,000		150,000		0	%		50	%		32,600		16,300			const. - Q1-09
																	fully operational Q4-09
Total — Palisades West		360,000		360,000								77,500		38,750		12,476
50 Biscayne (7)	529 units		529 units			N/A			40	%		161,500		64,600		49,398	const. - 4Q-07
(Miami, FL)																	fully sold 1Q-08
10 Terminus Place (8)		142 units		142 units		N/A			100	%		83,373		83,373		19,033	const. - Q2 08
(Atlanta, GA)																	fully sold - Q2 09
TOTAL MULTI-FAMILY		671 Units		671 Units								244,873		147,973		68,431
TOTAL OFFICE/MULTI-FAMILY		2,228,000		2,228,000								729,773		594,123		360,872
RETAIL
The Avenue Carriage Crossing (9) (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 3Q-08
Total — Avenue Carriage Crossing		70,000		91,000								13,900		13,900		1,835
The Avenue Webb Gin (Suburban Atlanta, GA)
Phase I		359,000		359,000		78	%		100	%							const. - 3Q-07
																	fully operational 3Q-07
Phase II		22,000		22,000		0	%		100	%							const. - 1Q-09
																	fully operational 1Q-10
Total — Webb Gin		381,000		381,000								84,000		84,000		72,247
The Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		691,000		691,000		54	%		50	%							const. - 4Q-07
																	fully operational 4Q-08
Phase III		27,000		27,000		29	%		50	%							const. - 2Q-08
																	fully operational 2Q-09
Phase IV		28,000		28,000		0	%		50	%							const. - 4Q-09
																	fully operational 1Q-10
Phase V		58,000		58,000		0	%		50	%							const. - 1Q-10
																	fully operational 4Q-10
Total — Murfreesboro		804,000		804,000								153,100		76,550		30,566
The Avenue Forsyth		527,000		527,000		6	%		100	%		146,200		146,200		37,148	const. - 2Q-08
(Suburban Atlanta, GA)																	fully operational 2Q-09
TOTAL RETAIL		1,782,000		1,803,000								397,200		320,650		141,796

21

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of March 31, 2007
($ in thousands)

																		Actual or
	Company		Total		Leased GLA (%)								Cousins’		Cousins’			Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Investment			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		@ 3/31/07			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA) Building 3 B		379,000		379,000		0	%		75	%	$	11,100	$	8,325	$	7,373		const. - 3Q-07
																		fully operational 3Q-07
Jefferson Mill Distribution Center (Suburban Atlanta, GA) Building A		459,000		459,000		0	%		75	%		14,900		11,175		8,707		const. - 1Q-08
																		fully operational 1Q-08
Lakeside Ranch Business Park (Dallas, TX) Building 20 (10)		749,000		749,000		47	%		96.5	%		28,784		27,777		25,021		const. - 3Q-07
																		fully operational 3Q-07
TOTAL INDUSTRIAL		1,587,000		1,587,000								54,784		47,277		41,101
Accumulated Depreciation on Partially Operational Properties		—		—								—		—		(1,486	)
TOTAL PORTFOLIO		5,597,000		5,618,000							$	1,181,757	$	962,050	$	542,283

(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 as well as projects under redevelopment. 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 also 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)	The Company has owned a minority interest in 191 Peachtree Tower since 1988. In 2006, the Company purchased the remaining interests, and it is under redevelopment and repositioning. It is treated as a development property for the purposes of this schedule, although its cost basis is included in operating properties on the Company’s consolidated balance sheets.
(5)	Leased square footage includes 62,000 square feet occupied by the Company.
(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 3/31/07 is more than 50% of the costs spent to date.
(7)	Units at 50 Biscayne exclude retail space; 98% of the units are under non-cancelable third party contracts, 1% of the units are under cancelable contracts, and the remaining 1% of the units are under non-cancelable contracts to the Company’s partner in the venture.
(8)	This project was included in other assets or predevelopment projects at 3/31/07 on the Company’s Condensed Consolidated Balance Sheet. The project became a development project during April 2007.
(9)	A third party will share in the results of operations and any gain on sale of the property, even though shown as 100% owned.
(10)	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.
(11)	Reconciliation to Condensed Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	542,283
Less: Operating Property under redevelopment/repositioning		(161,014	)
Less: Investment in unconsolidated joint ventures
50 Biscayne		(49,398	)
Palisades West		(12,476	)
Avenue Murfreesboro		(30,566	)
Less: 10 Terminus Place amounts included in other assets		(6,073	)
Add: Avenue Forsyth Land Cost for Phase II		8,168
Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 B		2,459
Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		2,902
Add: Seefried 3.5% interest in Lakeside Ranch — Bldg 20		906
Consolidated projects under development per balance sheet	$	297,191

22

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2007

								Percent Leased
					Company’s			(Fully Executed)
	Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet		Interest			12/31/2006			3/31/2007
I. OFFICE OPERATING PROPERTIES
Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
Inforum	Atlanta	Georgia		994,000		100.00	%		98	%		99	%
Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		100	%		99	%
One Georgia Center	Atlanta	Georgia		344,000		88.50	%		46	%		45	%
Ten Peachtree Place	Atlanta	Georgia		259,000		50.00	%		87	%		87	%
The Points at Waterview	Dallas	Texas		203,000		100.00	%		99	%		100	%
Lakeshore Park Plaza (a)	Birmingham	Alabama		195,000		100.00	%		75	%		88	%
3100 Windy Hill Road	Atlanta	Georgia		188,000		100.00	%		0	%		0	%
Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		100	%		100	%
555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		90	%		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	%		95	%		95	%
100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		89	%		93	%
600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		98	%		100	%
Galleria 75	Atlanta	Georgia		114,000		100.00	%		75	%		75	%
3301 Windy Ridge Parkway	Atlanta	Georgia		107,000		100.00	%		42	%		42	%
Cosmopolitan Center	Atlanta	Georgia		102,000		100.00	%		73	%		81	%
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								86	%
OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
191 Peachtree Tower (c)	Atlanta	Georgia		1,212,000		100.00	%		60	%		62	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		64	%		76	%
Palisades West Building 1	Austin	Texas		210,000		50.00	%		100	%		100	%
Palisades West Building 2	Austin	Texas		150,000		50.00	%		0	%		0	%
Total Office Development/Redevelopment Properties				2,228,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT/REDEVELOPMENT				7,151,000

23

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of March 31, 2007

										Percent Leased
							Company’s			(Fully Executed)
			Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description		Area	State	Square Feet		Interest			12/31/2006			3/31/2007
II.		RETAIL OPERATING PROPERTIES
		The Avenue Carriage Crossing (a)	Memphis	Tennessee		492,000		100.00	%		93	%		93	%
		North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		100	%		99	%
		Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		98	%
		The Avenue Viera	Viera	Florida		332,000		11.50	%		95	%		95	%
		The Avenue West Cobb	Atlanta	Georgia		256,000		11.50	%		98	%		99	%
		The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		97	%		97	%
		San Jose MarketCenter	San Jose	California		220,000		100.00	%		89	%		89	%
		The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		98	%		98	%
		Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%
		Mansell Crossing Phase II	Atlanta	Georgia		103,000		10.32	%		100	%		100	%
		Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		96	%
		Total Retail Operating Properties				2,929,000								93	%
		RETAIL DEVELOPMENT PROPERTIES (b)
		The Avenue Murfreesboro (d)	Nashville	Tennessee		804,000		50.00	%		49	%		53	%
		The Avenue Forsyth	Atlanta	Georgia		527,000		100.00	%		N/A			6	%
		The Avenue Webb Gin (d)	Atlanta	Georgia		381,000		100.00	%		71	%		78	%
		The Avenue Carriage Crossing Expansion (a)(d)	Memphis	Tennessee		70,000		100.00	%		0	%		0	%
		Total Retail Development Properties				1,782,000
		TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,711,000
III.		INDUSTRIAL OPERATING PROPERTIES
		King Mill Distribution Park — Building 3A	Atlanta	Georgia		417,000		75.00	%		100	%		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				13,866,000
		TOTAL OPERATING PORTFOLIO PERCENT LEASED												88%	(f)

24

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of March 31, 2007

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,151,000		6,029,000		60	%		86	%
Retail		4,711,000		2,335,000		23	%		93	%
Industrial		2,004,000		1,664,000		17	%		100	%
TOTAL		13,866,000		10,028,000		100	%		88	%(f)
SUMMARY BY STATE
Georgia		8,473,000		6,766,000		67	%		84	%
Tennessee		1,366,000		964,000		10	%		93	%
Texas		1,312,000		1,106,000		11	%		100	%
North Carolina		1,134,000		540,000		5	%		100	%
Florida		510,000		59,000		1	%		95	%
California		377,000		236,000		2	%		90	%
Virginia		376,000		39,000		1	%		98	%
Alabama		318,000		318,000		3	%		92	%
		13,866,000		10,028,000		100	%		88	%(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.

25

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	First Quarter 2007 vs									First Quarter
	Fourth Quarter 2006									2007 vs 2006
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues(1) less Operating Expenses		-2.6	%		5.0	%		0.5	%		-6.9	%		17.8	%		1.1	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		-4.2	%		5.5	%		-0.3	%		-6.0	%		17.9	%		1.9	%

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
	The Points at Waterview	Cosmopolitan
	One Georgia Center
	Retail
	The Avenue East Cobb	Greenbrier MarketCenter
	The Avenue Peachtree City	Los Altos MarketCenter
	The Avenue West Cobb	The Avenue Viera
	Northpoint MarketCenter	Viera MarketCenter
	Mansell Crossing Phase II	Avenue Carriage Crossing (1Q to 4Q only)

(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 straight-line rents and amortization of acquired above and below market leases.

26

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2007

OFFICE

As of March 31, 2007, 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 March 31, 2007. 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:

																												2016 &
	2007			2008			2009			2010			2011			2012			2013			2014			2015			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		110,670			244,199			454,764			165,521			345,093			195,467			452,459			247,473			618,869			571,360			3,405,874
% of Leased Space		3	%		7	%		13	%		5	%		10	%		6	%		13	%		7	%		18	%		18	%		100	%
Annual Contractual Rent (000’s) (2)	$	1,322		$	3,841		$	7,004		$	2,616		$	5,046		$	5,409		$	8,132		$	5,369		$	11,749		$	12,446		$	62,934
Annual Contractual Rent/Sq. Ft. (2)	$	11.95		$	15.73		$	15.40		$	15.81		$	14.62		$	27.67		$	17.97		$	21.70		$	18.98		$	21.78		$	18.48
Wholly Owned:
Square Feet Expiring (1)		75,494			224,650			421,186			148,104			318,666			136,593			318,489			242,679			56,794			493,837			2,436,492	(3)
% of Leased Space		3	%		9	%		17	%		6	%		13	%		6	%		13	%		10	%		2	%		21	%		100	%
Annual Contractual Rent (000’s) (2)	$	1,015		$	3,596		$	6,505		$	2,342		$	4,642		$	3,567		$	5,664		$	5,258		$	1,273		$	10,554		$	44,417
Annual Contractual Rent/Sq. Ft. (2)	$	13.44		$	16.01		$	15.45		$	15.81		$	14.57		$	26.12		$	17.78		$	21.66		$	22.42		$	21.37		$	18.23
Joint Venture:
Square Feet Expiring (1)		68,951			22,602			51,081			27,145			38,511			129,595			259,810			9,587			1,112,872			151,426			1,871,580	(4)
% of Leased Space		4	%		1	%		3	%		1	%		2	%		7	%		14	%		1	%		59	%		8	%		100	%
Annual Contractual Rent (000’s) (2)	$	848		$	287		$	855		$	476		$	661		$	3,999		$	4,841		$	223		$	20,795		$	3,722		$	36,708
Annual Contractual Rent/Sq. Ft. (2)	$	12.29		$	12.71		$	16.73		$	17.54		$	17.17		$	30.86		$	18.63		$	23.30		$	18.69		$	24.58		$	19.61

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of March 31, 2007 out of approximately 2,828,000 total rentable square feet.
(4)	Rentable square feet leased as of March 31, 2007 out of approximately 2,095,000 total rentable square feet.

27

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2007

RETAIL

As of March 31, 2007, the Company’s retail portfolio included 11 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 10 years as of March 31, 2007. 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:

																												2016 &
	2007			2008			2009			2010			2011			2012			2013			2014			2015			Thereafter			Total
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		13,669			10,311			8,652			25,325			81,888			65,542			14,895			23,718			79,054			567,137			890,191
% of Leased Space		1	%		1	%		1	%		3	%		9	%		7	%		2	%		3	%		9	%		64	%		100	%
Annual Contractual Rent (000’s) (1)	$	268		$	260		$	189		$	526		$	2,080		$	1,701		$	381		$	503		$	2,132		$	12,238		$	20,278
Annual Contractual Rent/Sq. Ft. (1)	$	19.59		$	25.21		$	21.86		$	20.76		$	25.40		$	25.95		$	25.61		$	21.23		$	26.97		$	21.58		$	22.78
Wholly Owned:
Square Feet Expiring		7,721			3,000			—			3,204			48,690			29,938			4,482			—			55,086			500,613			652,734	(2)
% of Leased Space		1	%		0	%		0	%		1	%		7	%		5	%		1	%		0	%		8	%		77	%		100	%
Annual Contractual Rent (000’s) (1)	$	122		$	102		$	—		$	101		$	1,510		$	1,026		$	108		$	—		$	1,649		$	11,138		$	15,756
Annual Contractual Rent/Sq. Ft. (1)	$	15.75		$	33.88		$	—		$	31.45		$	31.02		$	34.28		$	24.00		$	—		$	29.94		$	22.25		$	24.14
Joint Venture:
Square Feet Expiring		54,014			65,083			80,208			202,154			314,332			331,772			91,783			213,108			216,479			601,420			2,170,353	(3)
% of Leased Space		3	%		3	%		4	%		9	%		14	%		15	%		4	%		10	%		10	%		28	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,325		$	1,408		$	1,728		$	3,831		$	5,305		$	6,196		$	2,402		$	4,481		$	4,302		$	9,986		$	40,964
Annual Contractual Rent/Sq. Ft. (1)	$	24.53		$	21.63		$	21.55		$	18.95		$	16.88		$	18.68		$	26.18		$	21.03		$	19.87		$	16.60		$	18.87

(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 March 31, 2007 out of approximately 712,000 total gross leasable area.
(3)	Gross leasable area leased as of March 31, 2007 out of approximately 2,217,000 total gross leasable area.

28

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of March 31, 2007

INDUSTRIAL

As of March 31, 2007, the 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 leases expires as follows:

	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.

29

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of March 31, 2007

				Percentage of Total Portfolio			Average Remaining
		Tenant (1)	Product Type	at the Company’s Share (2)			Lease Term (Years)
	1.	Bank of America	Office		10.1	%		8.8
	2.	Snapper	Industrial		6.0	%		4.9
	3.	American Cancer Society	Office		5.2	%		14.8
	4.	AT&T	Office		2.6	%		2.5
	5.	Georgia Lottery Corporation	Office		2.4	%		6.3
	6.	Internap Network Services	Office		2.3	%		13.1
	7.	AGL Services Company	Office		2.2	%		6.0
	8.	Bombardier Aerospace Corporation	Office		1.9	%		5.9
	9.	MedAssets Net Revenue Systems, LLC	Office		1.7	%		16.8
	10.	Emory University	Office		1.5	%		9.8
	11.	Northside Hospital	Office		1.3	%		4.7
	12.	Turner Broadcasting System, Inc.	Office		1.1	%		4.2
	13.	Sapient Corporation	Office		1.1	%		2.2
	14.	US South Communications	Office		1.1	%		3.7
	15.	KIDS II, Inc.	Office		1.0	%		8.8
	16.	Inhibitex	Office		1.0	%		8.0
	17.	AtheroGenics	Office		1.0	%		1.9
	18.	Ventyx Inc.	Office		0.9	%		5.0
	19.	Southern Communications Services	Office		0.8	%		3.8
	20.	Cost Plus, Inc.	Retail		0.7	%		9.4
	21.	Marshalls	Retail		0.7	%		8.3
	22.	Merrill Lynch	Office		0.7	%		7.3
	23.	Global Crossing Telecommunications	Office		0.7	%		7.8
	24.	MCI WorldCom	Office		0.6	%		3.1
	25.	The Gap Inc.	Retail		0.6	%		3.9
Total leased square feet of Top 25 Largest Tenants					49.2	%		7.8

(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.

30

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of March 31, 2007

		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	$	5,240
Wildwood Office Park Suburban Atlanta, GA	Office and Commercial		100	%		27		1971-1989		883
King Mill Distribution Park (3) Suburban Atlanta, GA	Industrial		100	%		134		2005		12,227
Round Rock/Austin, Texas Land Austin, TX	Retail and Commercial		100	%		45		2005		17,819
The Lakes at Cedar Grove (4) Suburban Atlanta, GA	Mixed Use		100	%		10		2002		—	(5)
Terminus Atlanta, GA	Mixed Use		100	%		6		2005		25,096
505, 511, 555 & 557 Peachtree Street Atlanta, GA	Mixed Use		100	%		1		2004-2006		6,257
615 Peachtree Street Atlanta, GA	Mixed Use		100	%		2		1996		10,045
Jefferson Mill Business Park (3) Suburban Atlanta, GA	Industrial and Commercial		100	%		278		2006		14,176
Lakeside Ranch Business Park (6) Dallas, TX	Industrial and Commercial		96.5	%		48		2006		6,729
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT									$	98,472
TEMCO TRACTS
Seven Hills Suburban Atlanta, GA	Residential and Mixed Use		50	%		85		2002-2005	$	—	(5)
Happy Valley Suburban Atlanta, GA	Residential		50	%		228		2003		2,135
Paulding County Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,256		2005		14,320
CL REALTY TRACTS
Summer Creek Ranch Forth Worth, TX	Residential and Mixed Use		50	%		374		2002		—	(5)
Long Meadow Farms Houston, TX	Residential and Mixed Use		19	%		190		2002		—	(5)

31

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of March 31, 2007

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000)(2)
Waterford Park Rosenberg, TX	Commercial		50	%		37		2005		—	(5)
Summer Lakes Rosenberg, TX	Commercial		50	%		9		2003		—	(5)
Village Park McKinney, TX	Residential		50	%		5		2003-2005		—	(5)
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		5,283
Wildwood Office Park Suburban Atlanta, GA	Office and Commercial		50	%		32		1971-1989		21,875
Austin Research Park Austin, TX	Commercial		50	%		6		1998		3,307
Total Acres						9,042

(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 estimated 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 project is consolidated but a third party has a participation in the results of operations.
(5)	Residential communities with adjacent land that is intended to be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts as well as lot inventory, are included on the Inventory of Residential Lots Under Development schedule.
(6)	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.

32

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of March 31, 2007

			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		9		906		75		25		25		700		206	$	4,462
Fulton County Suburban Atlanta, GA
Callaway Gardens (4)		2006		6		567		—		—		—		—		567		2,134
Harris County Pine Mountain, GA
Blalock Lakes		2006		8		399		—		—		—		—		399		20,312
Coweta County Newnan, GA
Longleaf at Callaway (5)		2002		5		138		21		—		—		117		21		2,144
Harris County Pine Mountain, GA
River’s Call		1999		10		107		16		—		—		91		16		853
East Cobb County Suburban Atlanta, GA
Total consolidated						2,117		112		25		25		908		1,209		29,905
Temco Associates (50% owned) (6)
Bentwater		1998		9		1,676		7		—		—		1,669		7		761
Paulding County Suburban Atlanta, GA
The Georgian (75% owned)		2003		12		1,386		264		1		1		283		1,103		21,395
Paulding County Suburban Atlanta, GA
Seven Hills		2003		7		1,077		306		5		5		566		511		15,052
Paulding County Suburban Atlanta, GA
Harris Place		2004		4		27		9		2		2		18		9		633
Paulding County Suburban Atlanta, GA
Total Temco						4,166		586		8		8		2,536		1,630		37,841
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		10		2,184		98		13		13		531		1,653		18,771
Fort Bend County Houston, TX
Summer Creek Ranch		2003		9		2,525		133		—		—		780		1,745		22,296
Tarrant County Fort Worth, TX
Bar C Ranch		2004		8		1,175		30		5		5		148		1,027		8,659
Tarrant County Fort Worth, TX
Summer Lakes		2003		5		1,139		19		—		—		294		845		4,667
Fort Bend County Rosenberg, TX

33

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of March 31, 2007

		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	7		1,060			34			8			8			189			871		$	12,279
Brazoria County Pearland, TX
Village Park	2003	5		568			45			—			—			311			257			7,923
Collin County McKinney, TX
Waterford Park	2005	3		493			—			—			—			—			493			6,318
Fort Bend County Rosenberg, TX
Stonewall Estates (50% owned)	2005	5		385			63			11			11			41			344			5,229
Bexar County San Antonio, TX
Manatee River Plantation	2003	5		457			109			—			—			348			109			3,967
Manatee County Tampa, FL
Stillwater Canyon	2003	5		336			26			19			19			220			116			1,664
Dallas County DeSoto, TX
Creekside Oaks	2003	5		301			176			—			—			125			176			5,404
Manatee County Bradenton, FL
Blue Valley (25% owned)	2005	3		199			4			—			—			24			175			27,201
Cherokee & Fulton Counties Alpharetta, GA
Village Park North	2005	5		194			51			7			7			32			162			3,532
Collin County McKinney, TX
Bridle Path Estates	2004	7		87			—			—			—			—			87			4,234
Hillsborough County Tampa, FL
West Park	2005	3		82			—			—			—			21			61			4,730
Cobb County Suburban Atlanta, GA
Total CL Realty				11,185			788			63			63			3,064			8,121			136,874
Total				17,468			1,486			96			96			6,508			10,960		$	204,620
Company Share of Total				8,376			715			53			53			3,469			5,191		$	95,987
Company Weighted Average Ownership				48	%		48	%		55	%		55	%		53	%		47	%		47	%

(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 March 31, 2007, 110 houses have been sold.
(6)	CREC owns 50% of Temco Associates and CL Realty, LLC. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 for a description of these entities.

34

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF MARCH 31, 2007

											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%)	$	169,800		100	%		3/7/2010		6.12	%	$	169,800			$	169,800
CONSTRUCTION CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)		75,600		100	%		3/7/2010		6.12	%		75,600				75,600
333/555 NORTH POINT CENTER EAST		29,398		100	%		11/1/2011		7.00	%		29,398				29,398
MERIDIAN MARK PLAZA		23,503		100	%		9/1/2010		8.27	%				23,503		23,503
100/200 NORTH POINT CENTER		22,230		100	%		8/1/2007		7.86	%				22,230		22,230
THE POINTS AT WATERVIEW		18,094		100	%		1/1/2016		5.66	%				18,094		18,094
600 UNIVERSITY PARK		13,121		100	%		8/10/2011		7.38	%				13,121		13,121
LAKESHORE PARK PLAZA		9,009		100	%		11/1/2008		6.78	%				9,009		9,009
KING MILL PROJECT I (INTEREST ONLY)(2)		2,666		75	%		8/30/2008		9.00	%				2,666		2,666
KING MILL PROJECT I (INTEREST ONLY)(2)		1,850		75	%		6/29/2009		9.00	%				1,850		1,850
JEFFERSON MILL PROJECT I (INTEREST ONLY)(2)		2,016		75	%		9/13/2009		9.00	%				2,016		2,016
VARIOUS		394		100	%	VARIOUS		VARIOUS				91		303		394
TOTAL CONSOLIDATED		367,681							6.58	%		274,889		92,792		367,681		3.2
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		52,197		50	%		6/1/2013		5.90	%				26,099		26,099
TEN PEACHTREE PLACE		28,733		50	%		4/1/2015		5.39	%				14,367		14,367
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		11/2/2007		8.75	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		915		50	%		12/19/2007		8.25	%				458		458
AVENUE EAST COBB		39,064		11.5	%		8/1/2010		8.39	%				4,492		4,492
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		36,877		50	%		7/20/2010		6.47	%		7,375		11,063		18,438
TEMCO:
THE GEORGIAN (PRIME + 0.25%)		70		37.5	%		2/14/2008		8.50	%						—
BENTWATER LINKS		3,418		50	%		1/22/2009		7.98	%				1,709		1,709
BENTWATER LINKS, EQUIPMENT NOTE		119		50	%		1/15/2009		7.00	%				60		60
CL REALTY:
SUMMER LAKES (PRIME + 3%)		155		50	%		2/22/2009		11.25	%				78		78
SOUTHERN TRAILS (LIBOR + 0.25) ($13MM CONSTRUCTION LINE)		—		40	%		6/30/2008		5.57	%				—		—
MCKINNEY VILLAGE PARK (> OF 10% OR PRIME + 2%)		2,796		50	%		5/15/2007		10.25	%				839		839
MCKINNEY VILLAGE PARK NORTH (PRIME + 1%)		980		50	%		1/14/2008		9.25	%				186		186
TOTAL UNCONSOLIDATED		168,528							7.67	%		7,375		60,953		68,328		5.2
TOTAL ADJUSTED DEBT	$	536,209							6.75	%	$	282,264	$	153,745	$	436,009		3.5
INVESTMENT ENTITY DEBT (3)
CHARLOTTE GATEWAY VILLAGE	$	142,021		50	%		12/1/2016		6.41	%			$	71,011	$	71,011
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		90,368		40	%		6/9/2008		7.07	%				36,147		36,147
CL REALTY:
LONG MEADOW FARMS (PRIME + 0.50%)		4,254		18.75	%		6/8/2007		8.75	%				798		798
BLUE VALLEY (PRIME)		16,929		12.5	%		5/11/2007		8.25	%				4,232		4,232
BLUE VALLEY (> OF PRIME OR 5.5%)		4,600		12.5	%		11/5/2007		8.25	%				1,150		1,150
STONEWALL ESTATES (PRIME)		2,349		25.0	%		5/31/2010		8.25	%				587		587
TOTAL INVESTMENT ENTITY DEBT		260,521							6.73	%		—		113,925		113,925		6.4
TOTAL	$	796,730							6.75	%	$	282,264	$	267,670	$	549,934		4.1

(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)	An investment entity is defined as an entity where the Company (1) has a fixed commitment to the venture, (2) 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 (3) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenant calculations in the Company’s credit facility.

35

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

		RECONCILIATIONS	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
(A	)	ADJUSTED DEBT:
		CONSOLIDATED DEBT		497,981			302,286			467,516			551,182			404,612			287,036			315,149			315,149			367,681
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		285,657			135,764			148,129			147,081			170,232			167,625			172,085			172,085			182,253
		TOTAL DEBT INCLUDING SHARE OF JV’S		783,638			438,050			615,645			698,263			574,844			454,661			487,234			487,234			549,934
		SHARE OF INVESTMENT ENTITY DEBT		(86,588	)		(87,704	)		(101,085	)		(100,803	)		(104,182	)		(103,881	)		(110,718	)		(110,718	)		(113,925	)
		ADJUSTED DEBT		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009
		RECOURSE DEBT		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264
		NON-RECOURSE DEBT		676,353			305,677			317,736			317,883			296,110			153,685			149,661			149,661			153,745
		ADJUSTED DEBT		697,050			355,915			514,560			597,460			470,662			350,780			376,516			376,516			436,009
(B	)	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
		CONSOLIDATED INTEREST EXPENSE		22,576			14,623			9,094			3,614			4,880			2,625			0			11,119			0
		DISCONTINUED OPERATIONS INTEREST EXPENSE		9,459			5,870			0			0			0			0			0			0			0
		SHARE OF JOINT VENTURE INTEREST EXPENSE		13,739			11,163			2,814			834			701			1,078			921			3,534			714
		CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		45,774			31,656			11,908			4,448			5,581			3,703			921			14,653			714
(C	)	FIXED CHARGES:
		CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		45,774			31,656			11,908			4,448			5,581			3,703			921			14,653			714
		LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			(124	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		0
		PRINCIPAL PAYMENTS:
		CONSOLIDATED		6,862			6,560			5,361			1,282			1,192			946			506			3,926			628
		SHARE OF JOINT VENTURES		6,345			5,257			2,793			1,594			1,237			1,205			1,190			5,226			1,630
		GROUND LEASE PAYMENTS:
		CONSOLIDATED		587			493			671			176			175			127			22			500			22
		SHARE OF JOINT VENTURES		12			12			12			3			3			3			6			15			6
		TOTAL FIXED CHARGES (excluding Preferred Dividends)		59,580			43,854			20,505			7,444			8,130			5,926			2,589			24,089			3,000
		PREFERRED STOCK DIVIDENDS		3,358			8,042			15,250			3,813			3,812			3,812			3,813			15,250			3,813
		TOTAL FIXED CHARGES (including Preferred Dividends)		62,938			51,896			35,755			11,257			11,942			9,738			6,402			39,339			6,813
(D	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
		RENTAL PROPERTY REVENUES		89,814			84,384			79,223			22,759			23,812			19,806			23,928			90,305			24,437
		RENTAL PROPERTY OPERATING EXPENSES		(28,879	)		(28,389	)		(30,173	)		(8,566	)		(8,795	)		(8,275	)		(10,467	)		(36,103	)		(10,222	)
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,935			55,995			49,050			14,193			15,017			11,531			13,461			54,202			14,215
(E	)	INCOME FROM DISCONTINUED OPERATIONS:
		RENTAL PROPERTY REVENUES		55,185			38,021			21,311			5,685			5,986			5,270			1,552			18,493			104
		LEASE TERMINATION FEES		22,042			253			302			21			771			21			42			855			35
		RENTAL PROPERTY OPERATING EXPENSES		(18,616	)		(13,353	)		(9,893	)		(2,462	)		(2,951	)		(2,321	)		(375	)		(8,109	)		(4	)
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		58,611			24,921			11,720			3,244			3,806			2,970			1,219			11,239			135
		INTEREST EXPENSE		(9,459	)		(5,870	)		0			0			0			0			0			0			0
		MINORITY INTEREST EXPENSE		(624	)		0			0			0			0			0			0			0			0
		MARK-TO-MARKET DEBT ADJUSTMENT		0			(605	)		0			0			0			0			0			0			0
		PROVISION FOR INCOME TAXES		0			0			(125	)		0			(2	)		0			0			(2	)		0
		FUNDS FROM OPERATIONS		48,528			18,446			11,595			3,244			3,804			2,970			1,219			11,237			135
		DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(20,556	)		(12,414	)		(9,297	)		(2,667	)		(5,929	)		(2,227	)		(452	)		(11,275	)		0
		INCOME FROM DISCONTINUED OPERATIONS		27,972			6,032			2,298			577			(2,125	)		743			767			(38	)		135

36

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

		RECONCILIATIONS	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
(F	)	SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES, NET OF CONSOLIDATING ENTRY		57,219			49,009			24,837			6,036			6,136			8,633			4,039			24,844			2,853
		INTEREST EXPENSE		(13,739	)		(11,028	)		(2,662	)		(659	)		(664	)		(1,042	)		(885	)		(3,250	)		(679	)
		LOSS ON EXTINGUISHMENT OF DEBT		0			(3,250	)		0			0			0			0			0			0			0
		OTHER, NET		230			791			5,394			56			(18	)		(29	)		124			133			5
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(34	)		(35	)		(16	)		(4	)		(4	)		(4	)		0			(12	)		0
		IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY — JOINT VENTURE		(1,536	)		(209	)		0			0			0			0			0			0			0
		FUNDS FROM OPERATIONS, EXCLUDING RESIDENTIAL LOT AND TRACT SALES, NET OF COS		42,140			35,278			27,553			5,429			5,450			7,558			3,278			21,715			2,179
		MULTI-FAMILY FFO		0			0			7,182			1,797			2,629			2,986			2,931			10,343			2,424
		RESIDENTIAL LOT AND TRACT FFO		3,744			8,830			13,127			5,902			2,336			1,547			4,441			14,226			231
		FUNDS FROM OPERATIONS		45,884			44,108			47,862			13,128			10,415			12,091			10,650			46,284			4,834
		DEPRECIATION & AMORTIZATION OF REAL ESTATE		(21,265	)		(15,880	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(1,821	)		(8,819	)		(1,081	)
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			176,265			1,935			1,053			1			133,192			1,372			135,618			(44	)
		NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		24,619			204,493			40,955			12,123			8,404			142,355			10,201			173,083			3,709
(G	)	CONSOLIDATED RESIDENTIAL AND OUTPARCEL SALES AND COST OF SALES:
		RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
		OUTPARCEL SALES		600			1,400			7,004			0			382			3,186			3,220			6,788			0
		LOT SALES		12,345			15,300			14,929			4,505			2,747			1,387			1,858			10,497			1,426
		TOTAL RESIDENTIAL AND OUTPARCEL SALES		12,945			16,700			21,933			4,505			3,129			4,573			5,078			17,285			1,426
		RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
		OUTPARCEL COST OF SALES		480			929			5,637			0			320			2,388			2,424			5,132			0
		LOT COST OF SALES		9,542			11,078			10,767			3,203			1,978			1,038			1,401			7,620			1,208
		TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		10,022			12,007			16,404			3,203			2,298			3,426			3,825			12,752			1,208
		OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185
		TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		7,270			29,627			15,483			740			(5	)		179			1,567			2,481			4,355
		OUTPARCEL SALES, TRACT SALES, RESIDENTIAL LOT SALES AND OTHER INVESTMENT PROPERTY SALES, NET -WHOLLY OWNED		10,193			34,320			21,012			2,042			826			1,326			14,687			18,881			12,758
		SUMMARY:
		OUTPARCEL SALES NET OF COS — WHOLLY OWNED		120			471			1,367			0			62			798			796			1,656			0
		OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185
		TRACT SALES NET OF COS — WHOLLY OWNED		7,270			29,627			15,483			740			(5	)		179			1,567			2,481			4,355
		LOT SALES NET OF COS — WHOLLY OWNED		2,803			4,222			4,162			1,302			769			349			457			2,877			218
		TOTAL WHOLLY OWNED SALES, NET		10,193			34,320			21,012			2,042			826			1,326			14,687			18,881			12,758
		SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL
		LOT AND TRACT SALES AND COST OF SALES:
		RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
		LOT SALES		12,581			32,116			41,232			11,029			8,592			8,868			10,187			38,676			1,715
		TRACT SALES		538			3,434			6,218			10,439			376			96			3,324			14,235			0
		TOTAL RESIDENTIAL LOT AND TRACT SALES		13,119			35,550			47,450			21,468			8,968			8,964			13,511			52,911			1,715
		RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
		LOT COST OF SALES		9,151			25,123			30,753			8,940			6,518			7,310			7,691			30,459			1,309
		TRACT COST OF SALES		66			1,236			2,828			6,275			82			37			1,166			7,560			0
		TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		9,217			26,359			33,581			15,215			6,600			7,347			8,857			38,019			1,309
		RESIDENTIAL LOT SALES AND TRACT SALES, NET -JOINT VENTURES		3,902			9,191			13,869			6,253			2,368			1,617			4,654			14,892			406
		SHARE OF UNCONSOLIDATED JOINT VENTURES:
		LOT SALES LESS COST OF SALES		3,430			6,993			10,479			2,089			2,074			1,558			2,496			8,217			406
		TRACT SALES LESS COST OF SALES		472			2,198			3,390			4,164			294			59			2,158			6,675			0
		INTEREST EXPENSE		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(62	)		0			0			0			0			0			0
		OTHER — JOINT VENTURE		(158	)		(226	)		(528	)		(176	)		5			(34	)		(176	)		(381	)		(141	)
		RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		3,744			8,830			13,127			5,902			2,336			1,547			4,442			14,227			230
		TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		13,937			43,150			34,139			7,944			3,162			2,873			19,129			33,108			12,988

37

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

		RECONCILIATIONS	2003		2004			2005		2006 1st		2006 2nd		2006 3rd		2006 4th		2006 YTD		2007 1st
(H	)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
		TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS		13,347		19,210			8,422		2,846		4,965		3,805		739		12,355		6,933
		SECOND GENERATION BUILDING IMPROVEMENTS		1,160		48			1,017		312		155		102		497		1,066		(37	)
				14,507		19,258			9,439		3,158		5,120		3,907		1,236		13,421		6,896
		TOTAL BY SEGMENT:
		OFFICE:
		SECOND GENERATION LEASING RELATED COSTS		12,357		18,882			7,820		2,206		2,608		3,791		727		9,332		6,919
		SECOND GENERATION BUILDING IMPROVEMENTS		938		(30	)		1,015		312		155		102		497		1,066		(37	)
				13,295		18,852			8,835		2,518		2,763		3,893		1,224		10,398		6,882
		RETAIL:
		SECOND GENERATION LEASING RELATED COSTS		992		328			602		640		2,357		14		12		3,023		15
		SECOND GENERATION BUILDING IMPROVEMENTS		220		78			2		0		0		0		0		0		0
				1,212		406			604		640		2,357		14		12		3,023		15
		TOTAL 2ND GENERATION TI & LEASING & BUILDING CAPEX		14,507		19,258			9,439		3,158		5,120		3,907		1,236		13,421		6,897
(I	)	DEPRECIATION AND AMORTIZATION:
		REAL ESTATE RELATED:
		CONSOLIDATED		31,088		27,463			24,338		7,335		6,893		6,125		9,151		29,504		9,019
		DISCONTINUED OPERATIONS		20,556		12,414			9,297		2,667		5,929		2,227		452		11,275		0
				51,644		39,877			33,635		10,002		12,822		8,352		9,603		40,779		9,019
		SHARE OF JOINT VENTURES		21,265		15,880			8,842		2,058		2,012		2,928		1,821		8,819		1,081
		TOTAL REAL ESTATE RELATED		72,909		55,757			42,477		12,060		14,834		11,280		11,424		49,598		10,100
		NON-REAL ESTATE RELATED:
		CONSOLIDATED		2,511		2,652			2,951		821		868		702		520		2,911		501
		DISCONTINUED OPERATIONS		0		0			0		0		0		0		0		0		0
				2,511		2,652			2,951		821		868		702		520		2,911		501
		SHARE OF JOINT VENTURES		34		35			78		4		4		4		0		12		0
		TOTAL NON-REAL ESTATE RELATED		2,545		2,687			3,029		825		872		706		520		2,923		501
		TOTAL DEPRECIATION AND AMORTIZATION		75,454		58,444			45,506		12,885		15,706		11,986		11,944		52,521		10,601
		SUMMARY:
		CONSOLIDATED		33,599		30,115			27,289		8,156		7,761		6,827		9,671		32,415		9,520
		DISCONTINUED OPERATIONS		20,556		12,414			9,297		2,667		5,929		2,227		452		11,275		0
				54,155		42,529			36,586		10,823		13,690		9,054		10,123		43,690		9,520
		SHARE OF JOINT VENTURES		21,299		15,915			8,920		2,062		2,016		2,932		1,821		8,831		1,081
		TOTAL DEPRECIATION AND AMORTIZATION		75,454		58,444			45,506		12,885		15,706		11,986		11,944		52,521		10,601
		MINORITY INTEREST’S SHARE OF DEPRECIATION AND AMORTIZATION		0		0			0		0		0		0		0		0		0
		TOTAL DEPRECIATION & AMORTIZATION, NET OF MINORITY INTERESTS’ SHARE		75,454		58,444			45,506		12,885		15,706		11,986		11,944		52,521		10,601
		SUMMARY BY TYPE:
		REAL ESTATE RELATED:
		BUILDING (INCLUDING TENANT FIRST GENERATION):
		CONSOLIDATED		48,627		37,241			30,820		9,149		11,915		7,350		8,782		37,196		8,216
		SHARE OF JOINT VENTURES		19,709		13,629			7,545		1,730		1,660		2,609		1,635		7,634		873
				68,336		50,870			38,365		10,879		13,575		9,959		10,417		44,830		9,089
		TENANT SECOND GENERATION:
		CONSOLIDATED		3,017		2,636			2,816		853		906		1,002		823		3,584		803
		SHARE OF JOINT VENTURES		1,556		2,251			1,296		328		352		319		185		1,184		208
				4,573		4,887			4,112		1,181		1,258		1,321		1,008		4,768		1,011
		TOTAL REAL ESTATE RELATED		72,909		55,757			42,477		12,060		14,833		11,280		11,425		49,598		10,100
		NON-REAL ESTATE RELATED:
		FURNITURE, FIXTURES AND EQUIPMENT:
		CONSOLIDATED		2,485		2,647			2,934		816		863		697		515		2,891		497
		SHARE OF JOINT VENTURES		34		35			78		4		4		4		0		12		0
				2,519		2,682			3,012		820		867		701		515		2,903		497
		GOODWILL & SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS CONSOLIDATED		26		5			17		5		5		5		5		20		4
		SHARE OF JOINT VENTURES		0		0			0		0		0		0		0		0		0
				26		5			17		5		5		5		5		20		4
		TOTAL NON-REAL ESTATE RELATED		2,545		2,687			3,029		825		872		706		520		2,923		501
		TOTAL DEPRECIATION & AMORTIZATION		75,454		58,444			45,506		12,885		15,705		11,986		11,945		52,521		10,601

38

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

		RECONCILIATIONS	2003		2004		2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st
(J	)	CONSOLIDATED MULTI-FAMILY SALES AND COST OF SALES:
		MULTI-FAMILY SALES — CONSOLIDATED:
		MULTI-FAMILY SALES		0		0		11,233			6,579			15,136			1,026			393			23,134			0
		MULTI-FAMILY COST OF SALES		0		0		(9,405	)		(5,358	)		(12,377	)		(1,346	)		(322	)		(19,403	)		0
		MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0		1,828			1,221			2,759			(320	)		71			3,731			0
		MULTI-FAMILY SALES — JOINT VENTURES:
		MULTI-FAMILY SALES		0		0		26,280			6,955			10,050			28,130			11,770			56,905			9,831
		MULTI-FAMILY COST OF SALES		0		0		(19,098	)		(5,158	)		(7,421	)		(25,144	)		(8,839	)		(46,562	)		(7,407	)
		MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0		0		7,182			1,797			2,629			2,986			2,931			10,343			2,424
		TOTAL MULTI-FAMILY FFO		0		0		9,010			3,018			5,388			2,666			3,002			14,074			2,424

39

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
First Quarter 2007 Compared to Fourth Quarter 2006
(in thousands, except percentages)

	Same Property																									Non-Same						All Properties
	Office									Retail							Total
	Q4 2006			Q1 2007			% Change			Q4 2006		Q1 2007		% Change			Q4 2006			Q1 2007			% Change			Q4 2006			Q1 2007			Q4 2006			Q1 2007
RENTAL PROPERTY REVENUES	$	25,775		$	25,783					$	15,511	$	15,547				$	41,286		$	41,330					$	8,938		$	8,126		$	50,224		$	49,456
RENTAL PROPERTY OPERATING EXPENSES		9,772			10,193						4,768		4,270					14,540			14,463						3,692			2,864			18,232			17,327
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,003		$	15,590			-2.6	%	$	10,743	$	11,277		5.0	%	$	26,746		$	26,867			0.5	%	$	5,246		$	5,262		$	31,992		$	32,129
RENTAL PROPERTY REVENUES	$	25,775		$	25,783					$	15,511	$	15,547				$	41,286		$	41,330					$	8,938		$	8,126		$	50,224		$	49,456
Less:     STRAIGHT-LINE RENTS		257			478						283		240					540			718						262			325			802			1,043
AMORTIZATION OF LEASE INDUCEMENTS		(6	)		(5	)					22		22					16			17						0			0			16			17
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(161	)		(130	)					0		0					(161	)		(130	)					(1,024	)		(1,160	)		(1,185	)		(1,290	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		25,685			25,440						15,206		15,285					40,891			40,725						9,700			8,961			50,591			49,686
RENTAL PROPERTY OPERATING EXPENSES		9,772			10,193						4,768		4,270					14,540			14,463						3,692			2,864			18,232			17,327
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	15,913		$	15,247			-4.2	%	$	10,438	$	11,015		5.5	%	$	26,351		$	26,262			-0.3	%	$	6,008		$	6,097		$	32,359		$	32,359
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	25,775		$	25,783					$	15,511	$	15,547				$	41,286		$	41,330					$	8,938		$	8,126		$	50,224		$	49,456
RENTAL PROPERTY OPERATING EXPENSES		9,772			10,193						4,768		4,270					14,540			14,463						3,692			2,864			18,232			17,327
	$	16,003		$	15,590					$	10,743	$	11,277				$	26,746		$	26,867					$	5,246		$	5,262		$	31,992		$	32,129
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	13,461		$	14,215
DISCONTINUED OPERATIONS (3)																																	1,177			100
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	4,039			2,853
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	18,677			17,168
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	13,315			14,961
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	31,992		$	32,129

(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%.

40

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY GROWTH
Three Months 2007 Compared to Three Months 2006
(in thousands, except percentages)

	Same Property																									Non-Same						All Properties
	Office									Retail							Total
	3M 2006			3M 2007			% Change			3M 2006		3M 2007		% Change			3M 2006			3M 2007			% Change			3M 2006			3M 2007			3M 2006			3M 2007
RENTAL PROPERTY REVENUES	$	26,312		$	25,580					$	10,570	$	12,653				$	36,882		$	38,233					$	18,890		$	11,223		$	55,772		$	49,456
RENTAL PROPERTY OPERATING EXPENSES		9,605			10,025						2,503		3,151					12,108			13,176					$	6,768		$	4,151			18,876			17,327
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,707		$	15,555			-6.9	%	$	8,067	$	9,502		17.8	%	$	24,774		$	25,057			1.1	%	$	12,122		$	7,072		$	36,896		$	32,129
RENTAL PROPERTY REVENUES	$	26,312		$	25,580					$	10,570	$	12,653				$	36,882		$	38,233					$	18,890		$	11,223		$	55,772		$	49,456
Less:     STRAIGHT-LINE RENTS		724			477						126		114					850			591						336			453			1,186			1,044
AMORTIZATION OF LEASE INDUCEMENTS		(5	)		(5	)					0		22					(5	)		17						(10	)		0			(15	)		17
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(152	)		(84	)					0		0					(152	)		(84	)					0			(1,147	)		(152	)		(1,231	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		25,745			25,192						10,444		12,517					36,189			37,709						18,564			11,917			54,753			49,626
RENTAL PROPERTY OPERATING EXPENSES		9,605			10,025						2,503		3,151					12,108			13,176						6,768			4,151			18,876			17,327
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,140		$	15,167			-6.0	%	$	7,941	$	9,366		17.9	%	$	24,081		$	24,533			1.9	%	$	11,796		$	7,766		$	35,877		$	32,299
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	26,312		$	25,580					$	10,570	$	12,653				$	36,882		$	38,233					$	18,890		$	11,223		$	55,772		$	49,456
RENTAL PROPERTY OPERATING EXPENSES		9,605			10,025						2,503		3,151					12,108			13,176						6,768			4,151			18,876			17,327
	$	16,707		$	15,555					$	8,067	$	9,502				$	24,774		$	25,057					$	12,122		$	7,072		$	36,896		$	32,129
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	14,193		$	14,215
DISCONTINUED OPERATIONS (3)																																	3,223			100
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	6,036			2,853
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	23,452			17,168
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	13,444			14,961
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	36,896		$	32,129

(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%.

41

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 1) has a fixed commitment to the venture, 2) 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 3) is not the managing member of the venture. Investment Entity debt is 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 borrow additional funds.

     “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.

42

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 period, 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 in part 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 has presented in the 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, approximately $2.8 million, 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

43

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

repayment and an additional defeasance 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 borrow additional funds.

     “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 of the Company and its unconsolidated joint ventures, 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 or below 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.

44