Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended June 30, 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	15
Portfolio Listing	17
Same Property Information	20
Square Feet Expiring:
Office	21
Retail	22
Industrial	23
Top 25 Largest Tenants	24
Inventory of Land Held for Investment or Future Development	25
Inventory of Residential Lots Under Development	27
Debt Outstanding	29
Reconciliations of Non-GAAP Financial Measures	30
Discussion of Non-GAAP Financial Measures	35

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	Elli Kaplan
Executive Vice President and	Vice President
Chief Financial Officer	(404) 407-1972
(404) 407-1150	ellikaplan@cousinsproperties.com
jimfleming@cousinsproperties.com

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER AND SIX MONTHS ENDED JUNE 30, 2007

     ATLANTA (August 9, 2007) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and six months ended June 30, 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 $9.4 million, or $0.18 per share, for the second quarter of 2007 compared with FFO of $13.9 million, or $0.27 per share, for the second quarter of 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. FFO was $33.9 million, or $0.63 per share, for the six months ended June 30, 2007. This compares to FFO of $33.1 million, or $0.64 per share, for the six months ended June 30, 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. Loss on extinguishment of debt was $2.8 million, or $0.05 per share, for the second quarter and six months ended June 30, 2006 and relates to the contribution of a property to a venture with a third party, which property was subject to a mortgage loan.

     Net Income Available to Common Stockholders (“Net Income Available”) was $395,000, or $0.01 per share, for the second quarter of 2007 compared with Net Loss Available of $3.5 million, or $(0.07) per share, for the second quarter of 2006. Net Income Available was $14.8 million, or $0.28 per share, for the six months ended June 30, 2007 compared with $4.9 million, or $0.09 per share, for the six months ended June 30, 2006.

Second quarter highlights of the Company included the following:

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

1

CUZ Reports Second Quarter Results
Page 2
August 9, 2007

• Commenced construction of Terminus 200, a 25-story, 565,000 square-foot office building at its Terminus project in the Buckhead district of Atlanta.

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

• Purchased 47 acres of land in Lancaster, Texas for a future industrial project with our joint venture partner, Seefried Industrial Properties.

• Repurchased 250,000 shares of common stock.

Other developments subsequent to quarter-end:

• Purchased land and commenced construction of Tiffany Springs MarketCenter, a 680,000 square-foot power center in Kansas City, Missouri, anchored by Target, JCPenney, Best Buy, The Home Depot and Sports Authority.

• Sold 3301 Windy Ridge Parkway for $16.1 million.

• Through a joint venture, CP Venture Two LLC, sold Mansell Crossing- Phase II for $20.9 million. The Company’s share of these proceeds is $2.2 million.

     At June 30, 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 June 30, 2007, the Company and its joint ventures had eleven retail, office and industrial projects under development and redevelopment totaling 6.2 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 $1.4 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 10,800 lots are available for future development and/or sale.

     “Except for the declining residential market, the second quarter provided good news for our long-term shareholders, as we continue to fill our development pipeline and create more value in our existing projects. In addition to starting Terminus 200, the third building at our landmark Terminus project in Atlanta, we have made significant progress in leasing at One Ninety One Peachtree Tower and more recently, entered the Kansas City market with Tiffany Springs MarketCenter,” said Tom Bell, chairman and CEO of Cousins Properties.

     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

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2

CUZ Reports Second Quarter Results
Page 3
August 9, 2007

“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) 407-1972.

     The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Friday, August 10, 2007, to discuss the results of the quarter ended June 30, 2007. The number to call for this interactive teleconference is (913) 981-4904. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the passcode 4896428. The Company will also provide an online Web simulcast and rebroadcast of its second quarter 2007 earnings release conference call. The live broadcast will be available through the “Q2 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.

     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 7.6 million square feet of office space, 5.3 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 9,100 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 14.3 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						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
REVENUES:
Rental property revenues	$	25,499		$	23,580		$	49,629		$	45,852
Fee income		9,860			7,755			17,926			16,136
Multi-family residential unit sales		—			15,136			—			21,715
Residential lot and outparcel sales		1,476			3,129			2,902			7,634
Interest and other		840			90			4,519			452
		37,675			49,690			74,976			91,789
COSTS AND EXPENSES:
Rental property operating expenses		11,341			8,589			21,358			16,915
General and administrative expenses		15,604			13,476			30,294			27,051
Depreciation and amortization		8,721			7,655			18,082			15,340
Multi-family residential unit cost of sales		—			12,377			—			17,735
Residential lot and outparcel cost of sales		1,085			2,298			2,293			5,501
Interest expense		531			4,880			531			8,494
Loss on extinguishment of debt		—			2,764			—			2,764
Other		758			481			1,118			935
		38,040			52,520			73,676			94,735
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		(365	)		(2,830	)		1,300			(2,946	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		1,073			(1,926	)		2,100			(4,296	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(842	)		(1,313	)		(1,704	)		(2,391	)
INCOME FROM UNCONSOLIDATED JOINT VENTURES		4,101			8,404			7,809			20,527
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		3,967			2,335			9,505			10,894
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		40			61			4,480			866
INCOME FROM CONTINUING OPERATIONS		4,007			2,396			13,985			11,760
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income (loss) from discontinued operations		200			(2,202	)		278			451
Gain on sale of investment properties		—			135			8,164			326
		200			(2,067	)		8,442			777
NET INCOME		4,207			329			22,427			12,537
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,812	)		(3,812	)		(7,625	)		(7,625	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	395		$	(3,483	)	$	14,802		$	4,912
PER SHARE INFORMATION — BASIC:
Income (loss) from continuing operations	$	0.01		$	(0.03	)	$	0.13		$	0.08
Income (loss) from discontinued operations		0.00			(0.04	)		0.16			0.02
Basic net income (loss) available to common stockholders	$	0.01		$	(0.07	)	$	0.29		$	0.10
PER SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations	$	0.01		$	(0.03	)	$	0.12		$	0.08
Income (loss) from discontinued operations		0.00			(0.04	)		0.16			0.01
Diluted net income (loss) available to common stockholders	$	0.01		$	(0.07	)	$	0.28		$	0.09
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37		$	0.74		$	0.74
WEIGHTED AVERAGE SHARES		51,825			50,385			51,772			50,377
DILUTED WEIGHTED AVERAGE SHARES		53,306			50,385			53,440			52,019

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Net Income (Loss) Available to Common Stockholders	$	395		$	(3,483	)	$	14,802		$	4,912
Depreciation and amortization:
Consolidated properties		8,721			7,655			18,082			15,340
Discontinued properties		(14	)		6,034			145			9,172
Share of unconsolidated joint ventures		1,089			2,016			2,170			4,078
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(758	)		(868	)		(1,259	)		(1,689	)
Share of unconsolidated joint ventures		—			(4	)		—			(8	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(40	)		(61	)		(4,480	)		(866	)
Discontinued properties		—			(135	)		(8,164	)		(326	)
Share of unconsolidated joint ventures		(10	)		(1	)		34			(1,054	)
Gain (loss) on sale of undepreciated investment properties		—			(5	)		12,540			735
Funds From Operations Available to Common Stockholders, as defined	$	9,383		$	11,148		$	33,870		$	30,294
Loss on extinguishment of debt		—			2,764			—			2,764
Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt	$	9,383		$	13,912		$	33,870		$	33,058
Per Common Share — Basic:
Net Income (Loss) Available	$	.01		$	(.07	)	$	.29		$	.10
Funds From Operations	$	.18		$	.22		$	.65		$	.60
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.18		$	.28		$	.65		$	.66
Weighted Average Shares-Basic		51,825			50,385			51,772			50,377
Per Common Share — Diluted:
Net Income (Loss) Available	$	.01		$	(.07	)	$	.28		$	.09
Funds From Operations	$	.18		$	.21		$	.63		$	.58
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.18		$	.27		$	.63		$	.64
Weighted Average Shares-Diluted		53,306			52,031			53,440			52,019

     The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) 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. The Company presented Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt to exclude the effect of the loss incurred on debt transferred to a venture during the second quarter of 2006. The Company views the mark-to-market debt adjustment as a component of the transaction and therefore should be excluded from the FFO calculation.

     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)

	June 30,			December 31,
	2007			2006
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $123,650 and $115,723 in 2007 and 2006, respectively	$	575,116		$	472,375
Operating properties held-for-sale, net of accumulated depreciation of $7,139 and $142 in 2007 and 2006, respectively		5,197			1,470
Land held for investment or future development		93,085			101,390
Projects under development		358,807			300,382
Residential lots under development		34,981			27,624
Total properties		1,067,186			903,241
CASH AND CASH EQUIVALENTS		16,913			11,538
RESTRICTED CASH		2,895			2,824
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $680 and $501 in 2007 and 2006, respectively		33,958			32,138
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		187,679			181,918
OTHER ASSETS		56,507			65,094
TOTAL ASSETS	$	1,365,138		$	1,196,753
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	477,971		$	315,149
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		63,227			55,538
DEFERRED GAIN		170,909			154,104
DEPOSITS AND DEFERRED INCOME		3,301			2,062
TOTAL LIABILITIES		715,408			526,853
MINORITY INTERESTS		47,007			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, 54,734,951 and 54,439,310 shares issued in 2007 and 2006, respectively		54,735			54,439
Additional paid-in capital		344,828			336,974
Treasury stock at cost, 2,941,582 and 2,691,582 shares in 2007 and 2006, respectively		(72,593	)		(64,894	)
Cumulative undistributed net income		75,753			99,396
TOTAL STOCKHOLDERS’ INVESTMENT		602,723			625,915
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,365,138		$	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			2007 2nd			2007 YTD
		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			395			14,802
		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			9,383			33,870
		BASIC WEIGHTED AVERAGE COMMON SHARES		48,313			49,005			49,989			50,289			50,385			50,630			51,306			50,655			51,719			51,825			51,772
		DILUTED WEIGHTED AVERAGE COMMON SHARES		49,415			51,016			51,747			52,002			52,031			52,428			53,286			52,513			53,596			53,306			53,440
		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			0.01			0.29
		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			0.01			0.28
		FFO PER COMMON SHARE — BASIC (4)		2.59			2.23			1.48			0.38			0.28			0.27			0.54			1.47			0.47			0.18			0.65
		FFO PER COMMON SHARE — DILUTED (4)		2.53			2.15			1.43			0.37			0.27			0.26			0.52			1.42			0.46			0.18			0.63
(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			6,455			13,352
		REGULAR COMMON DIVIDENDS		71,694			72,869			74,649			18,760			18,788			18,839			19,108			75,495			19,194			19,251			38,445
		SPECIAL COMMON DIVIDEND		100,544			356,493			—			—			—			—			175,470			175,470			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.74
		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			29.01			29.01
		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			51,793			51,793
		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			26.00			26.00
		NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
		PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		—			25.00			25.40			25.38			25.00			25.42			25.53			25.53			25.82			24.95			24.95
		NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END		—			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
		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			1,502,515			1,502,515
		PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840			203,800			203,800
(A	)	ADJUSTED DEBT (1)		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			558,816
		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			2,265,131			2,265,131
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		30	%		17	%		24	%		24	%		21	%		15	%		16	%		16	%		19	%		25	%		25	%
(A	)	RECOURSE DEBT (1)		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264			394,356			394,356
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		1	%		2	%		9	%		11	%		8	%		9	%		9	%		9	%		12	%		17	%		17	%
		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			1,502,515			1,502,515
		PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840			203,800			203,800
(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			676,515			676,515
		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			2,382,830			2,382,830
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		20	%		27	%		27	%		24	%		19	%		19	%		19	%		22	%		28	%		28	%
(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			1,242			1,956
		FFO BEFORE INTEREST		170,739			141,139			85,654			23,594			19,494			17,556			28,478			89,122			25,201			10,624			35,826
		INTEREST EXPENSE COVERAGE RATIO		3.73			4.46			7.19			5.30			3.49			4.74			30.92			6.08			35.30			8.55			18.32
(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			2,604			5,604
		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			10,652			35,882
		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			4.09			6.40
(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			6,416			13,229
		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			14,464			43,507
		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			2.25			3.29

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			2007 2nd			2007 YTD
		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	)		(281	)		(537	)
		100 NORTH POINT CENTER EAST		73		1,010			1,020			221		276			253			285			1,035			309			312			621
		200 NORTH POINT CENTER EAST		23		417			363			233		192			212			202			839			322			356			678
		333 NORTH POINT CENTER EAST		1,398		1,036			1,395			321		269			304			289			1,183			320			334			654
		555 NORTH POINT CENTER EAST		1,541		945			1,506			401		458			451			461			1,771			466			462			928
		615 PEACHTREE STREET		1,919		1,395			757			20		74			(53	)		(69	)		(28	)		(12	)		(11	)		(23	)
		LAKESHORE PARK PLAZA		1,231		1,459			722			200		209			219			294			922			388			459			847
		INFORUM		13,843		12,808			11,376			2,936		2,887			2,844			3,107			11,774			2,678			2,436			5,114
		600 UNIVERSITY PARK PLACE		1,871		1,797			1,701			355		250			257			245			1,107			324			426			750
		THE POINTS AT WATERVIEW		1,778		1,949			1,872			584		530			521			489			2,124			508			549			1,057
		ONE GEORGIA CENTER		2,913		1,369			(1,361	)		35		(9	)		(174	)		(71	)		(219	)		140			(98	)		42
		GALLERIA 75		0		899			1,036			281		240			200			176			897			181			158			339
		SONO RENAISSANCE		0		38			270			66		66			60			31			223			43			44			87
		ATHEROGENICS		1,181		1,222			1,241			313		316			317			317			1,263			319			318			637
		INHIBITEX		0		0			666			228		229			230			230			917			230			226			456
		MERIDIAN MARK PLAZA		4,153		4,224			4,487			1,128		1,147			1,110			1,090			4,475			1,135			1,053			2,188
		COSMOPOLITAN CENTER		0		0			0			0		0			43			(30	)		13			52			14			66
		191 PEACHTREE		0		0			0			0		0			402			1,562			1,964			2,199			2,036			4,235
		221 PEACHTREE CENTER GARAGE		0		0			0			0		0			0			0			0			0			128			128
		TERMINUS 100		0		0			0			0		0			0			0			0			0			143			143
		SUBTOTAL		34,912		33,542			29,995			8,044		7,868			7,913			9,112			32,936			9,346			9,066			18,412
		RETAIL:
		THE AVENUE EAST COBB		5,424		5,635			5,715			1,502		1,580			(23	)		(5	)		3,054			(2	)		(10	)		(12	)
		THE AVENUE PEACHTREE CITY		3,029		3,430			3,673			933		885			(3	)		0			1,815			0			(15	)		(15	)
		THE AVENUE WEST COBB		655		3,925			4,361			1,148		1,072			5			(30	)		2,195			(7	)		18			11
		AVENUE VIERA		0		189			2,726			713		1,047			(6	)		(13	)		1,741			(16	)		(32	)		(48	)
		VIERA MARKET CENTER		0		0			148			152		121			(10	)		0			263			(6	)		2			(4	)
		THE AVENUE CARRIAGE CROSSING		0		0			743			1,212		1,413			1,553			1,657			5,835			1,775			1,748			3,523
		SAN JOSE MARKETCENTER		0		0			0			220		1,006			1,223			1,397			3,846			1,422			1,612			3,034
		THE AVENUE WEBB GIN		0		0			0			0		0			616			1,037			1,653			1,276			1,271			2,547
		SUBTOTAL		9,108		13,179			17,366			5,880		7,124			3,355			4,043			20,402			4,442			4,594			9,036
		INDUSTRIAL:
		KING MILL		0		0			0			0		(1	)		217			189			405			306			301			607
		LAKESIDE 20		0		0			0			0		0			0			0			0			31			231			262
		SUBTOTAL		0		0			0			0		(1	)		217			189			405			337			532			869
		OTHER RENTAL OPERATIONS:
		OTHER		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(34	)		(46	)
		SUBTOTAL		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(34	)		(46	)
		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			0			0
		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		59,379		54,335			47,357			13,946		14,991			11,451			13,364			53,752			14,113			14,158			28,271
(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			1			124
		FROST BANK TOWER		0		3,486			5,123			1,578		1,527			1,505			(62	)		4,548			1			10			11
		THE AVENUE OF THE PENINSULA		4,572		4,213			4,446			1,253		1,890			1,095			876			5,114			11			62			73
		3301 WINDY RIDGE PARKWAY		1,555		1,659			1,693			247		26			80			97			450			102			104			206
		OTHER		52,641		15,760			718			19		17			5			0			41			0			9			9
		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,167		26,581			13,412			3,492		3,832			3,050			1,316			11,690			237			186			423

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			2007 2nd			2007 YTD
		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			0			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			0			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			463			463
		TOTAL TRACT & OUTPARCEL SALES NET OF COS		7,742			31,825			18,873			4,904			289			238			3,725			9,156			4,355			463			4,818
(G	)	OTHER INVESTMENT PROPERTY NET OF COST OF SALES — WHOLLY OWNED (1)		0			0			0			0			0			0			11,867			11,867			8,185			0			8,185
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			0			0			0			0			11,867			11,867			8,185			0			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			344			562
(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			771			1,177
		TOTAL LOT SALES NET OF COS		6,231			11,215			14,641			3,391			2,843			1,907			2,953			11,094			624			1,115			1,739
(G	)	INTEREST — JOINT VENTURE (1)		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(70	)
(G	)	OTHER — JOINT VENTURE (1)		(156	)		(226	)		(590	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(51	)		(192	)
		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			1,492			14,480
		MULTI-FAMILY FFO:
(I	)	MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		0			0			1,828			1,221			2,759			(320	)		71			3,731			0			47			47
(I	)	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			1,804			4,228
		TOTAL MULTI-FAMILY FFO		0			0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			4,275
		DEVELOPMENT INCOME		2,870			3,310			3,056			1,752			825			772			1,236			4,585			574			2,204			2,778
		MANAGEMENT FEES		19,140			21,931			24,058			5,742			5,542			5,942			7,211			24,437			6,354			6,698			13,052
		LEASING & OTHER FEES		6,991			4,463			8,084			887			1,388			607			3,561			6,443			1,138			958			2,096
		TERMINATION FEES		1,810			2,132			545			2,699			36			196			0			2,931			3,557			664			4,221
		INTEREST INCOME & OTHER		3,940			2,528			1,886			(38	)		55			183			542			742			122			176			298
		GENERAL & ADMINISTRATIVE EXPENSES:
		GENERAL & ADMINISTRATIVE EXPENSES		(29,464	)		(33,515	)		(39,190	)		(9,336	)		(9,342	)		(8,479	)		(12,355	)		(39,512	)		(9,993	)		(10,638	)		(20,631	)
		THIRD PARTY MANAGEMENT DIRECT OPERATING EXPENSES		(10,763	)		(13,414	)		(16,628	)		(4,239	)		(4,134	)		(4,506	)		(6,201	)		(19,080	)		(4,697	)		(4,966	)		(9,663	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(40,227	)		(46,929	)		(55,818	)		(13,575	)		(13,476	)		(12,985	)		(18,556	)		(58,592	)		(14,690	)		(15,604	)		(30,294	)
		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	)		(3,578	)		(6,310	)
		TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			(118	)		(664	)		(836	)		(980	)		(2,598	)		(1,072	)		(1,265	)		(2,337	)
		333 & 555 NORTH POINT CENTER DEBT - 7%		(2,246	)		(2,207	)		(2,165	)		(534	)		(532	)		(529	)		(526	)		(2,121	)		(523	)		(520	)		(1,043	)
		MERIDIAN MARK PLAZA DEBT - 8.27%		(2,074	)		(2,048	)		(2,021	)		(501	)		(498	)		(498	)		(494	)		(1,991	)		(493	)		(491	)		(984	)
		600 UNIVERSITY PARK DEBT - 7.38%		(1,032	)		(1,020	)		(1,009	)		(250	)		(249	)		(248	)		(248	)		(995	)		(247	)		(246	)		(493	)
		100 NORTH POINT CENTER EAST DEBT - 5.39%		(79	)		(932	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(231	)		(208	)		(439	)
		200 NORTH POINT CENTER EAST DEBT - 5.39%		(70	)		(826	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(205	)		(191	)		(396	)
		LAKESHORE PARK PLAZA DEBT - 6.78%		(682	)		(666	)		(648	)		(160	)		(158	)		(157	)		(156	)		(631	)		(155	)		(154	)		(309	)
		905 JUNIPER DEBT		0			0			(155	)		(194	)		(157	)		0			0			(351	)		0			0			0
		KING MILL DEBT - 9%		0			0			(34	)		(44	)		(52	)		(92	)		(105	)		(293	)		(109	)		(114	)		(223	)
		JEFFERSON MILL DEBT - 9%		0			0			0			0			0			(1	)		(22	)		(23	)		(40	)		(53	)		(93	)
		WATERVIEW DEBT - 5.66%		0			0			(11	)		(265	)		(264	)		(261	)		(261	)		(1,051	)		(284	)		(263	)		(547	)
		BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,718	)		(10,406	)		(10,197	)		(2,485	)		(2,501	)		(2,461	)		0			(7,447	)		0			(2	)		(2	)
		THE AVENUE EAST COBB DEBT - 8.39%		(3,220	)		(3,188	)		(3,153	)		(782	)		(764	)		0			0			(1,546	)		0			0			0
		CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			(764	)		(3,979	)		(2,103	)		0			0			0			(2,103	)		0			0			0
		OTHER		(12,138	)		(6,594	)		(1,157	)		(4	)		(3	)		(2	)		(3	)		(12	)		0			(2	)		(2	)
		CAPITALIZED		9,683			14,028			17,193			5,041			4,894			5,583			5,035			20,553			6,091			6,555			12,646
		TOTAL INTEREST EXPENSE CONSOLIDATED		(22,576	)		(14,623	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		0			(11,119	)		0			(531	)		(531	)

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			2007 2nd			2007 YTD
		OTHER EXPENSES — CONTINUING OPERATIONS:
		PROPERTY TAXES		(768	)		(664	)		(754	)		(189	)		(170	)		(203	)		38			(524	)		(187	)		165			(22	)
		MINORITY INTEREST EXPENSE		(1,613	)		(1,417	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(840	)		(4,130	)		(862	)		(842	)		(1,704	)
		PREDEVELOPMENT & OTHER		(1,677	)		(1,284	)		(568	)		(265	)		(311	)		(212	)		(1,499	)		(2,287	)		(173	)		(924	)		(1,097	)
		TOTAL OTHER EXPENSES		(4,058	)		(3,365	)		(4,359	)		(1,532	)		(1,794	)		(1,314	)		(2,301	)		(6,941	)		(1,222	)		(1,601	)		(2,823	)
(E	)	OTHER EXPENSES — DISCONTINUED OPERATIONS:		(10,083	)		(5,870	)		0			0			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			1,073			2,100
(E	)	DISCONTINUED OPERATIONS (1)		0			0	(1		26	)		0			(2	)		0			0			(2	)		0			0			0
		TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,596	)		(2,744	)		(7,882	)		(2,370	)		(1,926	)		(7	)		108			(4,195	)		1,027			1,073			2,100
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(1,259	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(1,259	)
(F	)	JOINT VENTURE FFO (EXCLUDING TEMCO, CL REALTY, 905 JUNIPER, 50 BISCAYNE, HANDY ROAD & VERDE) (1):
		CP VENTURE TWO LLC		1,095			1,861			1,722			423			458			432			412			1,725			436			425			861
		CP VENTURE FIVE LLC		0			0			0			0			49			2,332			1,468			3,849			609			683			1,292
		TEN PEACHTREE PLACE ASSOCIATES		1,539			1,533			1,506			385			397			344			307			1,433			296			312			608
		CSC ASSOCIATES, L.P. (BANK OF AMERICA PLAZA)		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18			(19	)		(1	)
		CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,191			302			302			302			302			1,208			302			302			604
		CRAWFORD LONG — CPI, LLC		1,685			1,447			1,865			486			501			518			502			2,007			515			524			1,039
		OTHER		20,824			13,948			6,351			125			(13	)		(38	)		127			201			3			1			4
		TOTAL SHARE OF JOINT VENTURE FFO		42,140			35,278			27,553			5,429			5,450			7,558			3,278			21,715			2,179			2,228			4,407
		PREFERRED STOCK DIVIDENDS		(3,358	)		(8,042	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)		(3,812	)		(7,625	)
		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			9,383			33,870
		LOSS ON EXTINGUISHMENT OF DEBT		0			(605	)		0			0			(2,764	)		(15,443	)		0			(18,207	)		0			0			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			9,383			33,870
		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			40			4,480
(G	)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(7,270	)		(29,627	)		(15,483	)		(740	)		5			(179	)		(13,434	)		(14,348	)		(12,540	)		0			(12,540	)
		DISCONTINUED OPERATIONS		93,459			81,927			1,037			191			135			54,068			32,101			86,495			8,164			0			8,164
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			176,265			1,935			1,053			1			133,192			1,372			135,618			(44	)		10			(34	)
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		186,747			346,621			3,222			1,309			202			187,325			21,941			210,777			20			50			71
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
		CONSOLIDATED		(30,614	)		(27,101	)		(23,999	)		(6,864	)		(6,788	)		(5,942	)		(9,017	)		(28,611	)		(8,860	)		(7,963	)		(16,823	)
(E	)	DISCONTINUED OPERATIONS		(21,030	)		(12,776	)		(9,636	)		(3,138	)		(6,034	)		(2,410	)		(586	)		(12,168	)		(159	)		14			(145	)
		SHARE OF UNCONSOLIDATED JOINT VENTURES		(21,265	)		(15,880	)		(8,842	)		(2,058	)		(2,012	)		(2,928	)		(1,821	)		(8,819	)		(1,081	)		(1,089	)		(2,170	)
		TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(72,909	)		(55,757	)		(42,477	)		(12,060	)		(14,834	)		(11,280	)		(11,424	)		(49,598	)		(10,100	)		(9,038	)		(19,138	)
		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			395			14,802

10

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			2007 2nd			2007 YTD
COUSINS’ SHARE OF CP VENTURE TWO LLC (2):		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		10.60	%		10.60	%		10.60	%		10.60	%		10.60	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
OFFICE:
FIRST UNION TOWER		339			322			8			—			—			—			—			—			—			—			—
GRANDVIEW II		271			276			196			48			49			50			10			157			—			(1	)		(1	)
100 NORTH POINT CENTER EAST		142			—			—			—			—			—			—			—			—			—			—
200 NORTH POINT CENTER EAST		55			1			—			—			—			—			—			—			—			—			—
PRESBYTERIAN MEDICAL PLAZA		117			106			111			28			25			27			26			106			28			30			58
SUBTOTAL OFFICE		924			705			315			76			74			77			36			263			28			29			57
RETAIL:
NORTH POINT MARKETCENTER		593			591			649			159			177			159			173			668			156			154			310
MANSELL CROSSING II		138			141			144			38			39			37			39			153			34			36			70
GREENBRIER MARKETCENTER		519			518			517			134			139			134			127			534			128			121			249
LOS ALTOS MARKETCENTER		356			363			354			85			88			83			102			358			89			89			178
SUBTOTAL RETAIL		1,606			1,613			1,664			416			443			413			441			1,713			407			400			807
TOTAL REVENUES LESS OPERATING EXPENSES		2,530			2,318			1,979			492			517			490			477			1,976			435			429			864
INTEREST EXPENSE		(442	)		(248	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		—			—			—
OTHER, NET		(8	)		0			(17	)		(10	)		(1	)		0			(9	)		(20	)		1			(4	)		(3	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		(209	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,095			1,861			1,722			423			458			432			412			1,725			436			425			861
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,119	)		(852	)		(667	)		(204	)		(169	)		(166	)		(131	)		(670	)		(123	)		(123	)		(246	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			736			736			0			0			0
NET INCOME (LOSS)		(24	)		1,009			1,055			219			289			266			1,017			1,791			313			302			615
COUSINS’ SHARE OF CP VENTURE FIVE (2):														50.84	%		31.20	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		0			0			0			0			19			871			492			1,382			201			255			456
THE AVENUE PEACHTREE CITY		0			0			0			0			10			485			348			843			132			122			254
THE AVENUE WEST COBB		0			0			0			0			16			728			388			1,132			158			179			337
AVENUE VIERA		0			0			0			0			12			544			391			947			155			159			314
VIERA MARKET CENTER		0			0			0			0			1			94			103			198			51			52			103
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			58			2,722			1,722			4,502			697			767			1,464
INTEREST EXPENSE		0			0			0			0			(9	)		(390	)		(235	)		(634	)		(88	)		(88	)		(176	)
OTHER, NET		0			0			0			0			0			0			(19	)		(19	)		0			4			4
FUNDS FROM OPERATIONS		0			0			0			0			49			2,332			1,468			3,849			609			683			1,292
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			(20	)		(965	)		(1,033	)		(2,018	)		(298	)		(332	)		(630	)
NET INCOME (LOSS)		0			0			0			0			29			1,367			435			1,831			311			351			662
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		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			511			1,007
INTEREST EXPENSE		(123	)		(678	)		(820	)		(203	)		(202	)		(200	)		(201	)		(806	)		(200	)		(199	)		(399	)
FUNDS FROM OPERATIONS		1,539			1,533			1,506			385			397			344			307			1,433			296			312			608
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,007	)		(1,134	)		(1,128	)		(282	)		(246	)		(282	)		(250	)		(1,060	)		(271	)		(250	)		(521	)
NET INCOME		532			399			378			103			151			62			57			373			25			62			87
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		50	%		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			(19	)		(1	)
INTEREST EXPENSE		0			0			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			0			0
FUNDS FROM OPERATIONS		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18			(19	)		(1	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET											0			0			133,185			604			133,789			(43	)		8			(35	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,885	)		(3,795	)		(3,956	)		(989	)		(992	)		(992	)		0			(2,973	)		0			0			0
NET INCOME (LOSS)		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)		(11	)		(36	)

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			2007 2nd			2007 YTD
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,208			1,191			302			302			302			302			1,208			302			302		604
INTEREST EXPENSE		0			0			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			302		604
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(33	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)	(16	)
NET INCOME		1,176			1,176			1,158			294			294			294			294			1,176			294			294		588
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		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			913		1,819
INTEREST EXPENSE		(1,032	)		(1,624	)		(1,602	)		(397	)		(395	)		(394	)		(393	)		(1,579	)		(391	)		(389	)	(780	)
FUNDS FROM OPERATIONS		1,685			1,447			1,865			486			501			518			502			2,007			515			524		1,039
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,306	)		(1,352	)		(1,447	)		(367	)		(367	)		(367	)		(367	)		(1,468	)		(347	)		(340	)	(687	)
NET INCOME		379			95			418			119			134			151			135			539			168			184		352
COUSINS’ SHARE OF 905 JUNIPER, LLC:								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			514			0			0			0			0			0			0			0		0
FUNDS FROM OPERATIONS		0			0			514			0			0			0			0			0			0			0		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0		0
NET INCOME		0			0			514			0			0			0			0			0			0			0		0
COUSINS’ SHARE OF 50 BISCAYNE, LLC:								40	%		40	%		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			1,676		3,965
OTHER, NET		0			0			153			52			350			(339	)		108			171			135			128		263
FUNDS FROM OPERATIONS		0			0			6,668			1,797			2,629			2,986			2,931			10,343			2,424			1,804		4,228
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			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			1,804		4,228
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		33,313			24,903			940			59			4			(9	)		(25	)		29			(1	)		8		7
INTEREST EXPENSE		(12,142	)		(8,478	)		0			0			0			0			0			0			0			0		0
OTHER, NET		238			791			5,411			66			(17	)		(29	)		152			172			4			(7	)	(3	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(34	)		(18	)		0			0			0			0			0			0			0			0		0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(3,250	)		0			0			0			0			0			0			0			0		0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			0			0			0			0			0			0			0			0		0
FUNDS FROM OPERATIONS		20,824			13,948			6,351			125			(13	)		(38	)		127			201			3			1		4
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(13,916	)		(8,626	)		(1,058	)		(4	)		(4	)		(5	)		(5	)		(18	)		(5	)		(4	)	(9	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			176,265			1,935			1,053			1			7			32			1,093			(1	)		0		(1	)
NET INCOME		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)	(6	)
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		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			228		310
INTEREST EXPENSE		0			(135	)		(152	)		(37	)		(37	)		(36	)		(36	)		(146	)		(35	)		(35	)	(70	)
OTHER, NET		(64	)		(6	)		105			11			104			33			(23	)		125			(45	)		61		16
FUNDS FROM OPERATIONS		3,137			5,195			4,045			3,851			852			281			2,518			7,502			2			254		256
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(88	)		(114	)		(29	)		(29	)		(29	)		(27	)		(114	)		(29	)		(31	)	(60	)
NET INCOME		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223		196
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		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			976		1,306
OTHER, NET		(94	)		(220	)		(150	)		(48	)		(54	)		49			(84	)		(137	)		(53	)		(58	)	(111	)
FUNDS FROM OPERATIONS		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918		1,195
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			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			918		1,195

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			2007 2nd			2007 YTD
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%	50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		398			725			125			311			181			122			739			(6	)		31		26
OTHER, NET		0		0			0			0			0			0			0			0			0			(13	)	(13	)
FUNDS FROM OPERATIONS		0		398			725			125			311			181			122			739			(5	)		18		13
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			0			0			0			0			0			0			0			0		0
NET INCOME		0		398			725			125			311			181			122			739			(5	)		18		13
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):										50	%		50	%		50	%		50	%		50	%		50	%		50	%	50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0			0			0			0			0			0			0			0			0		0
INTEREST EXPENSE		0		0			0			(138	)		0			0			0			(138	)		0			0		0
OTHER, NET		0		0			0			(21	)		(39	)		(26	)		(69	)		(155	)		(43	)		(41	)	(84	)
FUNDS FROM OPERATIONS		0		0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)	(84	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			0			0			0			0			0			0			0			0		0
NET INCOME (LOSS)		0		0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)	(84	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):							4.94	%		5	%		4.91	%		3.00	%		N/A			N/A			N/A			N/A		N/A
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		0			0			0			0			0			0			0			0			0		0
OTHER, NET		0		0			(483	)		(118	)		(6	)		(90	)		0			(214	)		0			0		0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0			(62	)		0			0			0			0			0			0			0		0
FUNDS FROM OPERATIONS		0		0			(545	)		(118	)		(6	)		(90	)		0			(214	)		0			0		0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			(439	)		(175	)		(178	)		(114	)		0			(467	)		0			0		0
NET INCOME (LOSS)		0		0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0		0

13

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 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.

14

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of JUNE 30, 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		@ 6/30/07		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100 (Atlanta, GA)		656,000		656,000		84	%		100	%	$	173,100	$	173,100	$	146,668	const. - 2Q-07 fully operational 2Q-08
Terminus 200 (Atlanta, GA)		565,000		565,000		0	%		100	%		164,700		164,700		15,911	const. - 3Q-09 fully operational 3Q-10
191 Peachtree Tower (4) (Atlanta, GA)		1,219,000		1,219,000		68	%(5)		100	%		233,750		233,750		164,520	acquired 3Q-06 fully stabilized 4Q-10
Palisades West (Austin, TX)
Building 1		220,000		220,000		100	%		50	%							const. - Q3-08 fully operational Q3-08
Building 2		155,000		155,000		0	%		50	%							const. - Q3-08 fully operational Q3-09
Total — Palisades West		375,000		375,000								77,500		38,750		12,689
50 Biscayne (6) (Miami, FL)	529 units		529 units			N/A			40	%		165,600		66,240		55,228	const. - 4Q-07 fully sold 1Q-08
10 Terminus Place (Atlanta, GA)	142 units		142 units			N/A			100	%		83,500		83,500		21,460	const. - Q2 08 fully sold - Q2 09
TOTAL MULTI-FAMILY	671 Units		671 Units									249,100		149,740		76,688
TOTAL OFFICE/MULTI-FAMILY		2,815,000		2,815,000								898,150		760,040		416,476
RETAIL
The Avenue Carriage Crossing (7) (Suburban Memphis, TN)
Phase I — Expansion		50,000		50,000		0	%		100	%							const. - 1Q-09 fully operational 1Q-10
Phase II		20,000		20,000		0	%		100	%							const. - 4Q-07 fully operational 4Q-08
Total — Avenue Carriage Crossing		70,000		70,000								13,900		13,900		3,010
The Avenue Webb Gin (Suburban Atlanta, GA)
Phase I		357,000		357,000		80	%		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		379,000		379,000								84,000		84,000		73,799
The Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		690,000		690,000		68	%		50	%							const. - 4Q-07 fully operational 4Q-08
Phase III		27,000		27,000		30	%		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		803,000		803,000								153,100		76,550		42,297
The Avenue Forsyth (Suburban Atlanta, GA)		527,000		527,000		14	%		100	%		146,200		146,200		51,271	const. - 2Q-08 fully operational 2Q-09
TOTAL RETAIL		1,779,000		1,779,000								397,200		320,650		170,377

15

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of JUNE 30, 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		@ 6/30/07			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA)
Building 3 B		379,000		379,000		0	%		75	%	$	11,100	$	8,325	$	7,640		const. - 1Q-08 fully operational 1Q-08
Jefferson Mill Distribution Center (Suburban Atlanta, GA)
Building A		459,000		459,000		0	%		75	%		14,800		11,100		9,458		const. - 1Q-08 fully operational 1Q-08
Lakeside Ranch Business Park (Dallas, TX)
Building 20		749,000		749,000		47	%		(8	)		29,500		28,556		26,028		const. - 1Q-08 fully operational 1Q-08
TOTAL INDUSTRIAL		1,587,000		1,587,000								55,400		47,981		43,125
Accumulated Depreciation on Partially Operational Properties		—		—								—		—		(2,998	)
TOTAL PORTFOLIO		6,181,000		6,181,000							$	1,350,750	$	1,128,671	$	626,980	(9)

(1)	This schedule includes all Office/Multi-Family, Retail and Industrial projects under construction and redevelopment from the commencement of construction until the projects become fully operational pursuant to accounting principles generally accepted in the United States. Single-family residential projects are included on a separate schedule in this package. Amounts included in the total cost column represent the estimated costs upon completion of the project and achievement of fully operational status. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for completion and fully operational status shown above are 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 owned a minority interest in 191 Peachtree Tower since 1988. In 2006, the Company purchased the remaining interests, and the building 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. In addition, the Company purchased 201 Peachtree a 7,500 square feet building adjacent to 191 Peachtree Tower which it is also redeveloping and is included in the amounts above.
(5)	Leased square footage includes 62,000 square feet occupied by the Company.
(6)	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. Additionally, the Company’s share of results of operations will be less than the percentage owned due to a third party’s participation in the project.
(7)	A third party will share in the results of operations and any gain on sale of the property, even though shown as 100% owned.
(8)	This project is consolidated but is owned through a joint venture with a third party who has contributed equity. However, the equity ownership and the allocation of the results of operations and/or gain on sale may be disproportionate.

(9)	Reconciliation to Condensed Consolidated Balance Sheet
	Total Cousins’ Investment per above schedule	$	626,980
	Less: Operating Property under redevelopment/repositioning		(164,520	)
	Less: Investment in unconsolidated joint ventures
	50 Biscayne		(55,228	)
	Palisades West		(12,689	)
	Avenue Murfreesboro		(42,297	)
	Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 B		2,547
	Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		3,154
	Add: Seefried interest in Lakeside Ranch - Bldg 20		860
	Consolidated projects under development per balance sheet	$	358,807

16

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of June 30, 2007

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			3/31/2007			6/30/2007
I.	OFFICE OPERATING PROPERTIES
	Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
	Inforum	Atlanta	Georgia		995,000		100.00	%		99	%		99	%
	Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		99	%		100	%
	One Georgia Center	Atlanta	Georgia		344,000		88.50	%		45	%		43	%
	Ten Peachtree Place	Atlanta	Georgia		259,000		50.00	%		87	%		87	%
	The Points at Waterview	Dallas	Texas		203,000		100.00	%		100	%		100	%
	Lakeshore Park Plaza (a)	Birmingham	Alabama		195,000		100.00	%		88	%		90	%
	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	%		100	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		93	%		93	%
	600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		75	%		74	%
	3301 Windy Ridge Parkway (g)	Atlanta	Georgia		107,000		100.00	%		42	%		42	%
	Cosmopolitan Center	Atlanta	Georgia		102,000		100.00	%		81	%		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				4,924,000								86	%
	OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
	191 Peachtree Tower (c)	Atlanta	Georgia		1,219,000		100.00	%		62	%		68	%
	Terminus 100	Atlanta	Georgia		656,000		100.00	%		76	%		84	%
	Terminus 200	Atlanta	Georgia		565,000		100.00	%		N/A			0	%
	Palisades West Building 1	Austin	Texas		220,000		50.00	%		100	%		100	%
	Palisades West Building 2	Austin	Texas		155,000		50.00	%		0	%		0	%
	Total Office Development/Redevelopment Properties				2,815,000
	TOTAL OFFICE, OPERATING AND DEVELOPMENT/REDEVELOPMENT				7,739,000

17

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of June 30, 2007

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			3/31/2007			6/30/2007
II.	RETAIL OPERATING PROPERTIES
	The Avenue Carriage Crossing (a)	Memphis	Tennessee		491,000		100.00	%		93	%		93	%
	North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		99	%		99	%
	Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		98	%		100	%
	The Avenue Viera	Viera	Florida		332,000		11.50	%		95	%		94	%
	The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		99	%		100	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		97	%		93	%
	San Jose MarketCenter	San Jose	California		219,000		100.00	%		89	%		89	%
	The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		98	%		99	%
	Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%
	Mansell Crossing Phase II (g)	Atlanta	Georgia		103,000		10.32	%		100	%		100	%
	Viera MarketCenter	Viera	Florida		178,000		11.50	%		96	%		96	%
	Total Retail Operating Properties				2,928,000								93	%
	RETAIL DEVELOPMENT PROPERTIES (b)
	The Avenue Murfreesboro (d)	Nashville	Tennessee		803,000		50.00	%		53	%		69	%
	The Avenue Forsyth	Atlanta	Georgia		527,000		100.00	%		6	%		14	%
	The Avenue Webb Gin (d)	Atlanta	Georgia		379,000		100.00	%		78	%		80	%
	The Avenue Carriage Crossing Expansion (a)(d)	Memphis	Tennessee		70,000		100.00	%		0	%		0	%
	Total Retail Development Properties				1,779,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,707,000
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	Dallas	Texas		749,000			(e)		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				14,450,000
	TOTAL OPERATING PORTFOLIO PERCENT LEASED												88%	(f)

18

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of June 30, 2007

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,739,000		6,610,000		62	%		86	%
Retail		4,707,000		2,331,000		22	%		93	%
Industrial		2,004,000		1,690,000		16	%		100	%
TOTAL		14,450,000		10,631,000		100	%		88%	(f)
SUMMARY BY STATE
Georgia		9,045,000		7,337,000		68	%		84	%
Tennessee		1,364,000		963,000		9	%		93	%
Texas		1,327,000		1,140,000		11	%		100	%
North Carolina		1,134,000		540,000		5	%		100	%
Florida		510,000		59,000		1	%		95	%
California		376,000		235,000		2	%		90	%
Virginia		376,000		39,000		1	%		100	%
Alabama		318,000		318,000		3	%		94	%
		14,450,000		10,631,000		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.
(f)	Total leased percentage (weighted by ownership) of completed projects excluding projects under construction and/or in lease-up.
(g)	These properties were sold in July 2007.

19

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Second Quarter 2007 vs									Six Months
	First Quarter 2007									2007 vs 2006
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues(1) less Operating Expenses		-2.1	%		0.5	%		-1.0	%		-6.9	%		14.8	%		0.4	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		-2.7	%		0.8	%		-1.3	%		-6.8	%		16.7	%		1.1	%

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 (2Q to 1Q only)
	One Georgia Center
	Retail
	The Avenue East Cobb	Greenbrier MarketCenter
	The Avenue Peachtree City	Los Altos MarketCenter
	The Avenue West Cobb	The Avenue Viera
	Northpoint MarketCenter	Viera MarketCenter
	Mansell Crossing Phase II	Avenue Carriage Crossing (2Q to 1Q 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.

20

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2007

OFFICE

As of June 30, 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 June 30, 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)		96,629			250,735			431,994			166,475			354,166			195,832			462,519			247,473			625,577			587,079			3,418,478
% of Leased Space		3	%		7	%		13	%		5	%		10	%		6	%		14	%		7	%		18	%		17	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,167		$	3,929		$	6,634		$	2,627		$	5,061		$	4,612		$	8,317		$	5,369		$	11,876		$	12,678		$	62,270
Annual Contractual
Rent/Sq. Ft. (2)	$	12.08		$	15.67		$	15.36		$	15.78		$	14.29		$	23.55		$	17.98		$	21.70		$	18.98		$	21.60		$	18.22
Wholly Owned:
Square Feet Expiring (1)		71,892			231,362			398,416			148,104			327,739			136,593			325,259			242,679			61,381			508,686			2,452,111	(3)
% of Leased Space		3	%		9	%		16	%		6	%		13	%		6	%		13	%		10	%		3	%		21	%		100	%
Annual Contractual
Rent (000’s) (2)	$	985		$	3,687		$	6,136		$	2,342		$	4,658		$	3,488		$	5,774		$	5,258		$	1,379		$	10,786		$	44,494
Annual Contractual
Rent/Sq. Ft. (2)	$	13.70		$	15.94		$	15.40		$	15.81		$	14.21		$	25.54		$	17.75		$	21.66		$	22.47		$	21.20		$	18.15
Joint Venture:
Square Feet Expiring (1)		56,003			22,249			51,081			28,222			38,511			130,325			266,390			9,587			1,115,268			153,166			1,870,802	(4)
% of Leased Space		3	%		1	%		3	%		1	%		2	%		7	%		14	%		1	%		60	%		8	%		100	%
Annual Contractual
Rent (000’s) (2)	$	683		$	280		$	855		$	488		$	661		$	2,564		$	4,990		$	223		$	20,820		$	3,722		$	35,287
Annual Contractual
Rent/Sq. Ft. (2)	$	12.19		$	12.59		$	16.73		$	17.30		$	17.17		$	19.67		$	18.73		$	23.30		$	18.67		$	24.30		$	18.86

(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 June 30, 2007 out of approximately 2,829,000 total rentable square feet.
(4)	Rentable square feet leased as of June 30, 2007 out of approximately 2,095,000 total rentable square feet.

21

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2007

RETAIL

As of June 30, 2007, the Company’s retail portfolio included 11 retail properties, excluding all retail 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 June 30, 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		10,450			10,612			9,320			26,300			81,137			41,781			15,260			23,718			79,054			593,261			890,893
% of Leased Space		1	%		1	%		1	%		3	%		9	%		5	%		2	%		3	%		9	%		66	%		100	%
Annual Contractual
Rent (000’s) (1)	$	194		$	211		$	202		$	549		$	2,058		$	980		$	392		$	503		$	2,133		$	13,111		$	20,333
Annual Contractual
Rent/Sq. Ft. (1)	$	18.52		$	19.92		$	21.63		$	20.87		$	25.37		$	23.47		$	25.70		$	21.23		$	26.98		$	22.10		$	22.82
Wholly Owned:
Square Feet Expiring		7,721			3,000			—			3,204			48,690			6,119			4,482			—			55,086			524,982			653,284	(2)
% of Leased Space		1	%		1	%		0	%		1	%		7	%		1	%		1	%		0	%		8	%		80	%		100	%
Annual Contractual
Rent (000’s) (1)	$	122		$	45		$	—		$	101		$	1,510		$	293		$	108		$	—		$	1,649		$	11,960		$	15,788
Annual Contractual
Rent/Sq. Ft. (1)	$	15.75		$	15.03		$	—		$	31.45		$	31.02		$	47.90		$	24.00		$	—		$	29.94		$	22.78		$	24.17
Joint Venture:
Square Feet Expiring		24,983			67,701			86,684			210,628			307,798			332,844			94,953			213,108			216,479			616,939			2,172,117	(3)
% of Leased Space		1	%		3	%		4	%		10	%		14	%		15	%		4	%		10	%		10	%		29	%		100	%
Annual Contractual
Rent (000’s) (1)	$	660		$	1,477		$	1,849		$	4,033		$	5,111		$	6,325		$	2,496		$	4,481		$	4,313		$	10,437		$	41,182
Annual Contractual
Rent/Sq. Ft. (1)	$	26.41		$	21.82		$	21.33		$	19.15		$	16.61		$	19.00		$	26.29		$	21.03		$	19.92		$	16.92		$	18.96

(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 June 30, 2007 out of approximately 710,000 total gross leasable area.
(3)	Gross leasable area leased as of June 30, 2007 out of approximately 2,218,000 total gross leasable area.

22

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of June 30, 2007

INDUSTRIAL

As of June 30, 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 lease 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.

23

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET
As of June 30, 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		10.2	%		8.5
2.	Snapper	Industrial		6.0	%		4.7
3.	American Cancer Society	Office		5.2	%		14.6
4.	AT&T	Office		2.6	%		2.3
5.	Georgia Lottery Corporation	Office		2.4	%		6.0
6.	Internap Network Services	Office		2.3	%		12.8
7.	AGL Services Company	Office		2.2	%		5.8
8.	Bombardier Aerospace Corporation	Office		1.9	%		5.7
9.	MedAssets Net Revenue Systems, LLC	Office		1.7	%		16.3
10.	Emory University	Office		1.5	%		9.5
11.	US South Communications	Office		1.3	%		2.8
12.	Northside Hospital	Office		1.3	%		4.5
13.	Turner Broadcasting System, Inc.	Office		1.1	%		3.9
14.	Sapient Corporation	Office		1.1	%		1.9
15.	KIDS II, Inc.	Office		1.0	%		8.5
16.	Inhibitex	Office		1.0	%		7.8
17.	AtheroGenics	Office		1.0	%		1.7
18.	Ventyx Inc. (3)	Office		0.9	%		4.8
19.	Southern Communications Services	Office		0.8	%		3.5
20.	Cost Plus, Inc.	Retail		0.7	%		9.1
21.	Marshalls	Retail		0.7	%		8.1
22.	Merrill Lynch	Office		0.7	%		7.0
23.	Linens 'N Things	Retail		0.7	%		7.8
24.	Global Crossing Telecommunications	Office		0.7	%		7.5
25.	MCI WorldCom	Office		0.6	%		2.8
	Total leased square feet of Top 25 Largest Tenants			49.6	%		7.6

(1)	In some cases, the actual tenant may be an affiliate of the entity shown.
(2)	Percentages are based on square footage of operating properties only, and thus exclude properties under development, held for redevelopment and properties in the lease-up stage.
(3)	Tenant at 3301 Windy Ridge Parkway which was sold to a third party in July 2007.

24

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of June 30, 2007

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
North Point
Suburban Atlanta, GA	Mixed Use		100	%		59		1970-1985	$	5,271
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		100	%		39		2007		10,355
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		100	%		23		1971-1989		883
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		134		2005		12,729
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial		100	%		60		2005		17,103
The Lakes at Cedar Grove (4)
Suburban Atlanta, GA	Mixed Use		100	%		10		2002		-	(5)
Terminus
Atlanta, GA	Mixed Use		100	%		3		2005		7,442
505 & 511 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1		2004		3,389
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2		1996		10,164
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		278		2006		14,727
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		(6	)		48		2006		7,106
Lancaster
Dallas, TX	Industrial		(6	)		47		2007		3,916
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT									$	93,085
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		2,076
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,258		2005		14,483
CL REALTY TRACTS
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		374		2002		-	(5)

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of June 30, 2007

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		186		2002		-	(5)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		-	(5)
Summer Lakes
Rosenberg, TX	Commercial		50	%		3		2003		-	(5)
Village Park
McKinney, TX	Residential		50	%		5		2003-2005		-	(5)
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		11,545
OTHER JOINT VENTURES
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187		2004		5,257
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		21,813
Austin Research Park
Austin, TX	Commercial		50	%		6		1998		3,213
Total Acres						9,123

(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 potential industrial projects, Weeks Properties Group, LLC has the option until April 2008 to invest up to 25% of project equity on a portion of the land.
(3)	For consolidated properties, reflects the Company’s basis. For joint venture properties, reflects the venture basis.
(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.

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of June 30, 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) Fulton County Suburban Atlanta, GA		2001		9		906		75	—			25		700		206	$	4,566
Callaway Gardens (4) Harris County Pine Mountain, GA		2006		6		567	—		—		—		—			567		4,731
Blalock Lakes Coweta County Newnan, GA		2006		8		399		104		6		6		6		393		24,294
Longleaf at Callaway (5) Harris County Pine Mountain, GA		2002		6		138		19		2		2		119		19		664
River’s Call East Cobb County Suburban Atlanta, GA		1999		10		107		15		1		1		92		15		726
Total consolidated						2,117		213		9		34		917		1,200		34,981
Temco Associates (50% owned) (6)
Bentwater Paulding County Suburban Atlanta, GA		1998		10		1,676		6		1		1		1,670		6		408
The Georgian (75% owned) Paulding County Suburban Atlanta, GA		2003		12		1,385		263		1		2		284		1,101		21,798
Seven Hills Paulding County Suburban Atlanta, GA		2003		7		1,077		295		35		40		601		476		14,725
Harris Place Paulding County Suburban Atlanta, GA		2004		4		27		9	—			2		18		9		635
Total Temco						4,165		573		37		45		2,573		1,592		37,566
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned) Fort Bend County Houston, TX		2003		10		2,184		67		48		61		579		1,605		18,200
Summer Creek Ranch Tarrant County Fort Worth, TX		2003		11		2,525		120		13		13		793		1,732		22,368
Bar C Ranch Tarrant County Fort Worth, TX		2004		9		1,175		59		22		27		170		1,005		8,302
Summer Lakes Fort Bend County Rosenberg, TX		2003		10		1,139		19	—		—			294		845		5,021

27

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of June 30, 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)
Southern Trails (80% owned)		2005		7		1,060			147			12			20			201			859		$	12,804
Brazoria County
Pearland, TX
Village Park		2003		6		568			43			2			2			313			255			7,873
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			6,359
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		5		385			43			23			55			85			300			4,175
Bexar County
San Antonio, TX
Manatee River Plantation		2003		5		457			109			—			—			348			109			4,024
Manatee County
Tampa, FL
Stillwater Canyon		2003		6		336			6			6			25			226			110			1,528
Dallas County
DeSoto, TX
Creekside Oaks		2003		6		301			176			—			—			125			176			5,679
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		4		197			4			—			—			24			173			29,216
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		5		194			35			11			18			43			151			3,042
Collin County
McKinney, TX
Bridle Path Estates		2004		7		87			—			—			—			—			87			4,263
Hillsborough County
Tampa, FL
West Park		2005		3		82			—			—			—			21			61			5,053
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,183			828			137			221			3,222			7,961			137,907
Total						17,465			1,614			183			300			6,712			10,753		$	210,454
Company Share of Total						8,376			833			74			132			3,548			5,112		$	101,025
Company Weighted Average Ownership						48	%		52	%		40	%		44	%		53	%		48	%		48	%

(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 June 30, 2007, 113 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.

28

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF JUNE 30, 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%)	$	267,300		100	%		3/7/2010		6.12	%	$	267,300			$	267,300
CONSTRUCTION CREDIT FACILITY, UNSECURED (LIBOR + 0.8%-1.30%)		85,700		100	%		3/7/2010		6.12	%		85,700				85,700
333/555 NORTH POINT CENTER EAST		29,223		100	%		11/1/2011		7.00	%		29,223				29,223
MERIDIAN MARK PLAZA		23,403		100	%		9/1/2010		8.27	%				23,403		23,403
100/200 NORTH POINT CENTER		25,000		100	%		6/1/2012		5.39	%				25,000		25,000
THE POINTS AT WATERVIEW		18,003		100	%		1/1/2016		5.66	%				18,003		18,003
600 UNIVERSITY PARK		13,073		100	%		8/10/2011		7.38	%				13,073		13,073
LAKESHORE PARK PLAZA		8,936		100	%		11/1/2008		6.78	%				8,936		8,936
KING MILL PROJECT I (INTEREST ONLY)(2)		2,702		75	%		8/30/2008		9.00	%				2,702		2,702
KING MILL PROJECT I (INTEREST ONLY)(2)		1,860		75	%		6/29/2009		9.00	%				1,860		1,860
JEFFERSON MILL PROJECT I (INTEREST ONLY)(2)		2,405		75	%		9/13/2009		9.00	%				2,405		2,405
VARIOUS		366		100	%	VARIOUS		VARIOUS				83		283		366
TOTAL CONSOLIDATED		477,971							6.38	%		382,306		95,665		477,971		3.1
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		51,987		50	%		6/1/2013		5.90	%				25,994		25,994
TEN PEACHTREE PLACE		28,614		50	%		4/1/2015		5.39	%				14,307		14,307
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		11/2/2007		8.75	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		1,608		50	%		12/19/2007		8.25	%				804		804
AVENUE EAST COBB		38,759		11.5	%		8/1/2010		8.39	%				4,457		4,457
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		60,250		50	%		7/20/2010		6.47	%		12,050		18,075		30,124
TEMCO:
THE GEORGIAN (PRIME + 0.25%)		21		37.5	%		2/14/2008		8.50	%						—
BENTWATER LINKS		3,388		50	%		1/22/2009		7.98	%				1,694		1,694
BENTWATER LINKS, EQUIPMENT NOTE		103		50	%		1/15/2009		7.00	%				52		52
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		703		50	%		2/22/2009		9.75	%				352		352
SOUTHERN TRAILS (LIBOR + 0.25) ($13MM CONSTRUCTION LINE)		1,378		40	%		6/30/2008		5.57	%				551		551
MCKINNEY VILLAGE PARK (> OF 10% OR PRIME + 1%)		2,764		50	%		9/1/2007		10.00	%				829		829
MCKINNEY VILLAGE PARK NORTH (PRIME + 1%)		416		50	%		1/14/2008		9.25	%				79		79
TOTAL UNCONSOLIDATED		193,195							8.23	%		12,050		68,796		80,845		4.6
TOTAL ADJUSTED DEBT	$	671,166							6.65	%	$	394,356	$	164,461	$	558,816		3.4
INVESTMENT ENTITY DEBT (3)
CHARLOTTE GATEWAY VILLAGE	$	139,345		50	%		12/1/2016		6.41	%			$	69,673	$	69,673
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		103,704		40	%		6/9/2008		7.07	%				41,482		41,482
CL REALTY:
LONG MEADOW FARMS (PRIME + 0.50%)		2,912		18.75	%		9/1/2007		8.75	%				546		546
BLUE VALLEY (PRIME)		17,947		12.5	%		11/5/2007		8.25	%				4,487		4,487
BLUE VALLEY (> OF PRIME OR 5.5%)		4,600		12.5	%		11/5/2007		8.25	%				1,150		1,150
STONEWALL ESTATES (PRIME)		1,445		25.0	%		5/31/2010		8.25	%				361		361
TOTAL INVESTMENT ENTITY DEBT		269,953							6.75	%		—		117,699		117,699		5.9
TOTAL	$	941,119							6.67	%	$	394,356	$	282,160	$	676,515		3.8

(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.

29

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

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	Q1 2007			Q2 2007			% Change			Q1 2007			Q2 2007			% Change			Q1 2007			Q2 2007			% Change			Q1 2007			Q2 2007			Q1 2007			Q2 2007
RENTAL PROPERTY REVENUES	$	25,774		$	26,288					$	15,547		$	15,651					$	41,321		$	41,939					$	8,153		$	9,194		$	49,474		$	51,133
RENTAL PROPERTY OPERATING EXPENSES		10,206			11,046						4,270			4,313						14,476			15,359						2,827			3,499			17,303			18,858
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	15,568		$	15,242			-2.1	%	$	11,277		$	11,338			0.5	%	$	26,845		$	26,580			-1.0	%	$	5,326		$	5,695		$	32,171		$	32,275
RENTAL PROPERTY REVENUES	$	25,774		$	26,288					$	15,547		$	15,651					$	41,321		$	41,939					$	8,153		$	9,194		$	49,474		$	51,133
Less: STRAIGHT-LINE RENTS		469			542						240			218						709			760						325			656			1,034			1,416
AMORTIZATION OF LEASE INDUCEMENTS		(5	)		(5	)					(22	)		(22	)					(27	)		(27	)					0			0			(27	)		(27	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(130	)		(116	)					0			0						(130	)		(116	)					(1,133	)		(1,123	)		(1,263	)		(1,239	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		25,440			25,867						15,329			15,455						40,769			41,322						8,961			9,661			49,730			50,983
RENTAL PROPERTY OPERATING EXPENSES		10,206			11,046						4,270			4,313						14,476			15,359						2,827			3,499			17,303			18,858
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	15,234		$	14,821			-2.7	%	$	11,059		$	11,142			0.8	%	$	26,293		$	25,963			-1.3	%	$	6,134		$	6,162		$	32,427		$	32,125
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	25,774		$	26,288					$	15,547		$	15,651					$	41,321		$	41,939					$	8,153		$	9,194		$	49,474		$	51,133
RENTAL PROPERTY OPERATING EXPENSES		10,206			11,046						4,270			4,313						14,476			15,359						2,827			3,499		$	17,303			18,858
	$	15,568		$	15,242					$	11,277		$	11,338					$	26,845		$	26,580					$	5,326		$	5,695		$	32,171		$	32,275
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	14,113		$	14,158
DISCONTINUED OPERATIONS (3)																																			202			179
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			2,853			2,911
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			17,168			17,248
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			15,003			15,027
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	32,171		$	32,275

(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 Joint Ventures in Net Income and Funds From Operations — Supplemental Detail herein.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

30

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

	Same Property																										Non-Same						All Properties
	Office									Retail								Total
	6M 2006			6M 2007			% Change			6M 2006		6M 2007			% Change			6M 2006			6M 2007			% Change			6M 2006			6M 2007			6M 2006			6M 2007
RENTAL PROPERTY REVENUES	$	52,358		$	51,656					$	21,761	$	25,471					$	74,119		$	77,127					$	39,870		$	23,471		$	113,989		$	100,598
RENTAL PROPERTY OPERATING EXPENSES		19,317			20,881						5,126		6,380						24,443			27,261					$	14,702		$	8,900			39,145			36,161
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	33,041		$	30,775			-6.9	%	$	16,635	$	19,091			14.8	%	$	49,676		$	49,866			0.4	%	$	25,168		$	14,571		$	74,844		$	64,437
RENTAL PROPERTY REVENUES	$	52,358		$	51,656					$	21,761	$	25,471					$	74,119		$	77,127					$	39,870		$	23,471		$	113,989		$	100,598
Less: STRAIGHT-LINE RENTS		1,223			994						431		222						1,654			1,216						857			1,404			2,511			2,620
AMORTIZATION OF LEASE INDUCEMENTS		(11	)		(7	)					0		(43	)					(11	)		(50	)					(108	)		0			(119	)		(50	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(282	)		(153	)					0		0						(282	)		(153	)					0			(2,163	)		(282	)		(2,316	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		51,428			50,822						21,330		25,292						72,758			76,114						39,121			24,230			111,879			100,344
RENTAL PROPERTY OPERATING EXPENSES		19,317			20,881						5,126		6,380						24,443			27,261						14,702			8,900			39,145			36,161
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	32,111		$	29,941			-6.8	%	$	16,204	$	18,912			16.7	%	$	48,315		$	48,853			1.1	%	$	24,419		$	15,330		$	72,734		$	64,183
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	52,358		$	51,656					$	21,761	$	25,471					$	74,119		$	77,127					$	39,870		$	23,471		$	113,989		$	100,598
RENTAL PROPERTY OPERATING EXPENSES		19,317			20,881						5,126		6,380						24,443			27,261						14,702			8,900			39,145			36,161
	$	33,041		$	30,775					$	16,635	$	19,091					$	49,676		$	49,866					$	25,168		$	14,571		$	74,844		$	64,437
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	28,937		$	28,271
DISCONTINUED OPERATIONS (3)																																		6,531			381
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		6,036			5,764
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		41,504			34,416
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		33,340			30,021
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																	$	74,844		$	64,437

(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 Joint Ventures in Net Income and Funds From Operations — Supplemental Detail herein.
(5)	Same property information includes unconsolidated joint venture properties at 100%.

31

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			2007 2nd			2007 YTD
(A) ADJUSTED DEBT:
CONSOLIDATED DEBT		497,981			302,286			467,516			551,182			404,612			287,036			315,149			315,149			367,681			477,971			477,971
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		285,657			135,764			148,129			147,081			170,232			167,625			172,085			172,085			182,253			198,544			198,544
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			676,515			676,515
SHARE OF INVESTMENT ENTITY DEBT		(86,588	)		(87,704	)		(101,085	)		(100,803	)		(104,182	)		(103,881	)		(110,718	)		(110,718	)		(113,925	)		(117,699	)		(117,699	)
ADJUSTED DEBT		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			558,816
RECOURSE DEBT		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264			394,356			394,356
NON-RECOURSE DEBT		676,353			305,677			317,736			317,883			296,110			153,685			149,661			149,661			153,745			164,460			164,460
ADJUSTED DEBT		697,050			355,915			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			558,816
(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			531			531
DISCONTINUED OPERATIONS INTEREST EXPENSE		9,459			5,870			0			0			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			711			1,425
CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		45,774			31,656			11,908			4,448			5,581			3,703			921			14,653			714			1,242			1,956
(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			1,242			1,956
LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			(124	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		0			0			0
PRINCIPAL PAYMENTS:
CONSOLIDATED		6,862			6,560			5,361			1,282			1,192			946			506			3,926			628			516			1,144
SHARE OF JOINT VENTURES		6,345			5,257			2,793			1,594			1,237			1,205			1,190			5,226			1,630			818			2,448
GROUND LEASE PAYMENTS:
CONSOLIDATED		587			493			671			176			175			127			22			500			22			22			44
SHARE OF JOINT VENTURES		12			12			12			3			3			3			6			15			6			6			12
TOTAL FIXED CHARGES (excluding Preferred Dividends)		59,580			43,854			20,505			7,444			8,130			5,926			2,589			24,089			3,000			2,604			5,604
PREFERRED STOCK DIVIDENDS		3,358			8,042			15,250			3,813			3,812			3,812			3,813			15,250			3,813			3,812			7,625
TOTAL FIXED CHARGES (including Preferred Dividends)		62,938			51,896			35,755			11,257			11,942			9,738			6,402			39,339			6,813			6,416			13,229
(D) RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
RENTAL PROPERTY REVENUES		87,415			81,928			76,685			22,272			23,580			19,505			23,639			88,996			24,130			25,499			49,629
RENTAL PROPERTY OPERATING EXPENSES		(28,035	)		(27,592	)		(29,328	)		(8,326	)		(8,589	)		(8,054	)		(10,274	)		(35,243	)		(10,017	)		(11,341	)		(21,358	)
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		59,380			54,336			47,357			13,946			14,991			11,451			13,365			53,753			14,113			14,158			28,271
(E) INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		57,584			40,477			23,849			6,172			6,218			5,571			1,841			19,802			411			358			769
LEASE TERMINATION FEES		22,042			253			302			2,321			771			21			42			3,155			35			7			42
RENTAL PROPERTY OPERATING EXPENSES		(19,460	)		(14,150	)		(10,738	)		(2,702	)		(3,157	)		(2,542	)		(568	)		(8,969	)		(209	)		(179	)		(388	)
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,166			26,580			13,413			5,791			3,832			3,050			1,315			13,988			237			186			423
INTEREST EXPENSE		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0
MINORITY INTEREST EXPENSE		(624	)		0			0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		0			(605	)		0			0			0			0			0			0			0			0			0
PROVISION FOR INCOME TAXES		0			0			(125	)		0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		50,083			20,105			13,288			5,791			3,832			3,050			1,315			13,988			237			186			423
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(21,030	)		(12,776	)		(9,636	)		(3,138	)		(6,034	)		(2,410	)		(586	)		(12,168	)		(159	)		14			(145	)
INCOME FROM DISCONTINUED OPERATIONS		29,053			7,329			3,652			2,653			(2,202	)		640			729			1,820			78			200			278

32

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			2007 2nd			2007 YTD
(F) SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
CP VENTURE TWO LLC		(24	)		1,009			1,055			219			289			266			1,017			1,791			313			302			615
CP VENTURE FIVE LLC		0			0			0			0			29			1,367			435			1,831			311			351			662
TEN PEACHTREE PLACE ASSOCIATES		532			399			378			103			151			62			57			373			25			62			87
CSC ASSOCIATES		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)		(11	)		(36	)
GATEWAY VILLAGE		1,176			1,176			1,158			294			294			294			294			1,176			294			294			588
CRAWFORD LONG — CPI		379			95			418			119			134			151			135			539			168			184			352
905 JUNIPER, LLC		0			0			514			0			0			0			0			0			0			0			0
50 BISCAYNE, LLC		0			0			6,668			1,797			2,629			2,986			2,931			10,343			2,424			1,804			4,228
CL REALTY, LLC		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918			1,195
PINE MOUNTAIN BUILDERS, LLC		0			398			725			125			311			181			122			739			(5	)		18			13
TEMCO ASSOCIATES		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223			196
HANDY ROAD ASSOCIATES, LLC		0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(84	)
VERDE GROUP, LLC		0			0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0			0
OTHER		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)		(6	)
NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		24,619			204,494			40,955			12,123			8,404			142,355			10,201			173,083			3,709			4,101			7,810
(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			0			0
LOT SALES		12,345			15,300			14,929			4,505			2,747			1,387			1,858			10,497			1,426			1,476			2,902
TOTAL RESIDENTIAL AND OUTPARCEL SALES		12,945			16,700			21,933			4,505			3,129			4,573			5,078			17,285			1,426			1,476			2,902
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			0			0
LOT COST OF SALES		9,542			11,078			10,767			3,203			1,978			1,038			1,401			7,620			1,208			1,132			2,340
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			1,132			2,340
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185			0			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			0			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			344			13,102
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		120			471			1,367			0			62			798			796			1,656			0			0			0
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185			0			8,185
TRACT SALES NET OF COS — WHOLLY OWNED		7,270			29,627			15,483			740			(5	)		179			1,567			2,481			4,355			0			4,355
LOT SALES NET OF COS — WHOLLY OWNED		2,803			4,222			4,162			1,302			769			349			457			2,877			218			344			562
TOTAL WHOLLY OWNED SALES, NET		10,193			34,320			21,012			2,042			826			1,326			14,687			18,881			12,758			344			13,102
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			3,465			5,180
TRACT SALES		538			3,434			6,218			10,439			376			96			3,324			14,235			0			855			855
TOTAL RESIDENTIAL LOT AND TRACT SALES		13,119			35,550			47,450			21,468			8,968			8,964			13,511			52,911			1,715			4,320			6,035
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			2,694			4,003
TRACT COST OF SALES		66			1,236			2,828			6,275			82			37			1,166			7,560			0			392			392
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			3,086			4,395
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			1,234			1,640
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			771			1,177
TRACT SALES LESS COST OF SALES		472			2,198			3,390			4,164			294			59			2,158			6,675			0			463			463
INTEREST EXPENSE		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(70	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(62	)		0			0			0			0			0			0			0			0
OTHER — JOINT VENTURE		(158	)		(226	)		(528	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(51	)		(192	)
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			1,148			1,378
TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		13,937			43,150			34,139			7,944			3,162			2,873			19,129			33,108			12,988			1,492			14,480

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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			2007 2nd			2007 YTD
(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			6,260			13,193
SECOND GENERATION BUILDING IMPROVEMENTS		1,160		48			1,017			312			155			102			497			1,066			(37	)		195			158
		14,507		19,258			9,439			3,158			5,120			3,907			1,236			13,421			6,896			6,455			13,351
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			6,260			13,179
SECOND GENERATION BUILDING IMPROVEMENTS		938		(30	)		1,015			312			155			102			497			1,066			(37	)		195			158
		13,295		18,852			8,835			2,518			2,763			3,893			1,224			10,398			6,882			6,455			13,337
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		992		328			602			640			2,357			14			12			3,023			15			0			15
SECOND GENERATION BUILDING IMPROVEMENTS		220		78			2			0			0			0			0			0			0			0			0
		1,212		406			604			640			2,357			14			12			3,023			15			0			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			6,455			13,352
(I) 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			0			0
MULTI-FAMILY COST OF SALES		0		0			(9,405	)		(5,358	)		(12,377	)		(1,346	)		(322	)		(19,403	)		0			47			47
MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0			1,828			1,221			2,759			(320	)		71			3,731			0			47			47
MULTI-FAMILY SALES — JOINT VENTURES:
MULTI-FAMILY SALES		0		0			26,280			6,955			10,050			28,130			11,770			56,905			9,831			9,327			19,158
MULTI-FAMILY COST OF SALES		0		0			(19,098	)		(5,158	)		(7,421	)		(25,144	)		(8,839	)		(46,562	)		(7,407	)		(7,523	)		(14,930	)
MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0		0			7,182			1,797			2,629			2,986			2,931			10,343			2,424			1,804			4,228
TOTAL MULTI-FAMILY FFO		0		0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			4,275

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

     The Company uses non-GAAP financial measures in its filings and other public disclosures. These non-GAAP financial measures are defined below. For oral presentations, reconciliations to the most directly comparable GAAP measure may be accessed through the “Quarterly Disclosures” link and the “Supplemental SEC Information” link on the Investor Relations page of the Company’s Web site, www.cousinsproperties.com.

     The following is a list of non-GAAP financial measures that the Company commonly uses and a description for each measure of (1) the reasons that management believes the measure is useful to investors, and (2) if material, any additional uses of the measure by management of the Company.

     “2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures” is used in the valuation and analysis of real estate. Because the Company develops and acquires properties, in addition to operating existing properties, its property acquisition and development expenditures included in the Statements of Cash Flows includes both initial costs associated with developing and acquiring investment assets and those expenditures necessary for operating and maintaining existing properties at historical performance levels. The latter costs are referred to as second generation costs and are useful in evaluating the economic performance of the asset and in valuing the asset. Accordingly, the Company discloses the portion of its property acquisition and development expenditures that pertain to second generation space in its operating properties.

     “Adjusted Debt” is defined as the Company’s debt and the Company’s pro rata share of unconsolidated joint venture debt, excluding debt related to Investment Entities. Investment Entities are unconsolidated joint ventures where the Company 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. 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, net of amounts capitalized, 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.

     “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

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COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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 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

36

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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.

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