Exhibit 99.1

COUSINS PROPERTIES INCORPORATED
Quarterly Information Package
For the Quarter Ended September 30, 2007

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	5
Funds From Operations	6
Condensed Consolidated Balance Sheets	7
Key Ratios and Supplemental Information	8
Net Income and Funds From Operations – Supplemental Detail	9
Development Pipeline	16
Portfolio Listing	18
Same Property Information	21
Square Feet Expiring:
Office	22
Retail	23
Industrial	24
Top 25 Largest Tenants	25
Inventory of Land Held for Investment or Future Development	26
Inventory of Residential Lots Under Development	28
Debt Outstanding	30
Reconciliations of Non-GAAP Financial Measures	31
Discussion of Non-GAAP Financial Measures	36

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 (including the overall condition of the real estate market), 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 — Investor Relations
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 NINE MONTHS ENDED SEPTEMBER 30, 2007

          ATLANTA (November 5, 2007) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 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 $7.3 million, or $0.14 per share, for the third quarter of 2007 compared with FFO of $13.9 million, or $0.26 per share, for the third quarter of 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. FFO was $41.1 million, or $0.77 per share, for the nine months ended September 30, 2007 compared with FFO of $46.9 million, or $0.90 per share, for the nine months ended September 30, 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. Loss on extinguishment of debt was $15.4 million, or $0.29 per share, for the third quarter of 2006 and $18.2 million, or $0.35 per share, for the nine months ended September 30, 2006. The third quarter 2006 amount relates to defeasance costs on a mortgage loan repaid upon a property sale, and the year-to-date 2006 amount also includes an adjustment to mark-to-market the debt associated with a property contributed to a venture.

          Net Income Available to Common Stockholders (“Net Income Available”) was $7.9 million, or $0.15 per share, for the third quarter of 2007 compared with Net Income Available of $174.5 million, or $3.33 per share, for the third quarter of 2006. Net Income Available was $22.7 million, or $0.43 per share, for the nine months ended September 30, 2007 compared with $179.4 million, or $3.44 per share, for the nine months ended September 30, 2006. Net Income Available for the third quarter and nine months ended September 30, 2007 decreased as a result of the recognition of approximately $188.4 million in prior year gains on the sale of two operating properties in the third quarter of 2006.

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

1

CUZ Reports Third Quarter Results
Page 2
November 5, 2007

Third quarter highlights of the Company included the following:

• Purchased land and commenced construction of Tiffany Springs MarketCenter, a 585,000 square foot power center in Kansas City, Missouri, anchored by Target, JCPenney, Best Buy, The Home Depot and Sports Authority.

• Executed a 284,000 square foot lease with the Georgia Department of Transportation at One Georgia Center.

• Through a partnership with Seefried Properties Inc., acquired 47 acres of land in Lancaster, Texas, for the future development of a 733,000 square foot distribution building.

• Sold 3301 Windy Ridge Parkway for $16.1 million resulting in a GAAP gain of $9.9 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.

• Recast its credit facility, which was an increase in size of $100 million to $500 million, extended the maturity date to August 2011 and reduced its interest rate spread over LIBOR.

• Closed a $100 million unsecured term loan that matures in August 2012.

• Closed a $136 million, non-recourse, 10-year mortgage loan on The American Cancer Society Center (formerly known as Inforum).

Other developments subsequent to quarter-end:

• Announced the grand opening of The Avenue Murfreesboro, an 810,000 square foot open air retail center in suburban Nashville.

• Closed a $180 million, non-recourse, 5-year mortgage loan on Terminus 100.

• Through a newly-formed joint venture with First Landmark, USA, acquired land and commenced construction of Glenmore Garden Villas, a 71-unit town home condominium project in Charlotte, North Carolina.

     During the third quarter, the Company reversed the earnings on 21% of the condominium units at the 50 Biscayre project in Miami, which it had previously recognized under the percentage-of-completion method. This reversal reflects the Company’s belief that some units now under contract may not close, and under GAAP rules all profits were reversed on these units even though the Company will be entitled to retain significant earnest money in the event of any defaults and will have the opportunity to resell the units for a gain in the future. The after-tax effect of this non-cash adjustment was to reduce the Company’s earnings and FFO for the third quarter by $2.8 million, or $0.05 cents per share. Even though the Company believes some units may not close, the Company has not reduced its expected profit margin on this project.

     At September 30, 2007, the Company’s portfolio of operational office buildings was 91% leased, its portfolio of operational retail centers was 91% leased and its operational industrial building was 100% leased.

     At September 30, 2007, the Company and its joint ventures had 11 retail, office and industrial projects under development and redevelopment totaling 6.0 million Company-owned square feet, and two

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2

CUZ Reports Third Quarter Results
Page 3
November 5, 2007

condominium projects under development containing a total of 665 units. The Company estimates the total cost of these projects will be approximately $1.3 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 various stages of development in which approximately 1,600 completed lots are in inventory and an additional 9,000 lots are available for future development and/or sale.

     “Aside from the continuing difficulties in the single-family residential market, the third quarter provided good opportunities for our Company. Most notably, we signed the Georgia DOT to the largest office lease in Atlanta this year, filling an important vacancy in our portfolio. The Retail Division began development of its first project in the Kansas City area and, after the quarter closed, it opened the Company’s largest Avenue project to date,” said Tom Bell, chairman and CEO of Cousins. “Including the financings at The American Cancer Society Center (formerly called Inforum) and Terminus 100, I think our recent activity puts us in a good position to take advantage of future opportunities as the real estate markets change.”

     The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1972.

     The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Tuesday, November 6, 2007, to discuss the results of the quarter ended September 30, 2007. The number to call for this interactive teleconference is (913) 981-4900. A replay of the conference call will be available for 14 days by dialing (719) 457-0820 and entering the passcode 4787460. The Company will also provide an online Web simulcast and rebroadcast of its third quarter 2007 earnings release conference call. The live broadcast will be available through the “Q3 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 7.7 million square feet of office space, 4.8 million square feet of retail space, 2.0 million square feet of industrial space, 718 for-sale units in three under-development multi-family projects, 24 residential

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3

CUZ Reports Third Quarter Results
Page 4
November 5, 2007

communities under various stages of 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 12.1 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 (including the overall condition of the residential market), 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.

4

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
REVENUES:
Rental property revenues	$	30,664		$	19,505		$	80,293		$	65,357
Fee income		10,513			7,321			28,439			23,457
Multi-family residential unit sales		20			1,026			20			22,741
Residential lot and outparcel sales		4,551			4,572			7,453			12,206
Interest and other		439			379			4,939			831
		46,187			32,803			121,144			124,592
COSTS AND EXPENSES:
Rental property operating expenses		12,573			8,054			33,931			24,969
General and administrative expenses		14,719			12,985			45,013			40,036
Depreciation and amortization		10,554			6,639			28,629			21,967
Multi-family residential unit cost of sales		23			1,346			(24	)		19,081
Residential lot and outparcel cost of sales		3,344			3,425			5,684			8,926
Interest expense		3,265			2,625			3,796			11,119
Loss on extinguishment of debt		446			15,443			446			18,207
Other		1,054			414			2,172			1,349
		45,978			50,931			119,647			145,654
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		209			(18,128	)		1,497			(21,062	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		1,806			(7	)		3,906			(4,301	)
MINORITY INTEREST IN (INCOME) LOSS OF CONSOLIDATED SUBSIDIARIES		286			(899	)		(1,418	)		(3,290	)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		(898	)		142,355			6,911			162,882
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		1,403			123,321			10,896			134,227
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		355			244			4,857			1,110
INCOME FROM CONTINUING OPERATIONS		1,758			123,565			15,753			135,339
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income from discontinued operations		31			634			321			1,071
Gain on sale of investment properties		9,872			54,068			18,014			54,394
		9,903			54,702			18,335			55,465
NET INCOME		11,661			178,267			34,088			190,804
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,812	)		(3,812	)		(11,437	)		(11,437	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	7,849		$	174,455		$	22,651		$	179,367
PER SHARE INFORMATION — BASIC:
Income (loss) from continuing operations (after preferred dividends)	$	(0.04	)	$	2.37		$	0.09		$	2.46
Income from discontinued operations		0.19			1.08			0.35			1.10
Basic net income available to common stockholders	$	0.15		$	3.45		$	0.44		$	3.56
PER SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations (after preferred dividends)	$	(0.04	)	$	2.29		$	0.09		$	2.38
Income from discontinued operations		0.19			1.04			0.34			1.06
Diluted net income available to common stockholders	$	0.15		$	3.33		$	0.43		$	3.44
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37		$	1.11		$	1.11
WEIGHTED AVERAGE SHARES		51,690			50,630			51,744			50,436
DILUTED WEIGHTED AVERAGE SHARES		51,690			52,428			53,214			52,106

5

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Net Income Available to Common Stockholders	$	7,849		$	174,455		$	22,651		$	179,367
Depreciation and amortization:
Consolidated properties		10,554			6,639			28,629			33,567
Discontinued properties		—			2,416			152			—
Share of unconsolidated joint ventures		1,133			2,932			3,302			7,010
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(760	)		(702	)		(2,018	)		(2,391	)
Share of unconsolidated joint ventures		(1	)		(4	)		(1	)		(12	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(355	)		(244	)		(4,857	)		(1,110	)
Discontinued properties		(9,872	)		(54,068	)		(18,014	)		(54,394	)
Share of unconsolidated joint ventures		(1,231	)		(133,192	)		(1,197	)		(134,246	)
Gain (loss) on sale of undepreciated investment properties		(1	)		179			12,539			914
Funds From Operations Available to Common Stockholders, as defined	$	7,316		$	(1,589	)	$	41,186		$	28,705
Certain loss on extinguishment of debt		—			15,443			—			18,207
Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt	$	7,316		$	13,854		$	41,186		$	46,912
Per Common Share — Basic:
Net Income Available	$	.15		$	3.45		$	.44		$	3.56
Funds From Operations	$	.14		$	(.03	)	$	.80		$	.57
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.14		$	.27		$	.80		$	.93
Weighted Average Shares-Basic		51,690			50,630			51,744			50,436
Per Common Share — Diluted:
Net Income Available	$	.15		$	3.33		$	.43		$	3.44
Funds From Operations	$	.14		$	(.03	)	$	.77		$	.55
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.14		$	.26		$	.77		$	.90
Weighted Average Shares-Diluted		52,778			52,428			53,214			52,106

     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 and to defeasance costs on a mortgage loan repaid upon a property sale in the third quarter of 2006. The Company views the mark-to-market debt adjustments as components of the transactions and therefore believe they 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 other key employees.

6

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

	September 30,			December 31,
	2007			2006
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $134,735 and $115,723 in 2007 and 2006, respectively	$	650,342		$	472,375
Operating properties held-for-sale		—			1,470
Land held for investment or future development		98,445			101,390
Projects under development		348,589			300,382
Residential lots under development		39,926			27,624
Total properties		1,137,302			903,241
CASH AND CASH EQUIVALENTS		4,997			11,538
RESTRICTED CASH		4,138			2,824
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $828 and $501 in 2007 and 2006, respectively		45,172			32,138
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		184,423			181,918
OTHER ASSETS		64,978			65,094
TOTAL ASSETS	$	1,441,010		$	1,196,753
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	557,557		$	315,149
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		66,935			55,538
DEFERRED GAIN		170,420			154,104
DEPOSITS AND DEFERRED INCOME		4,955			2,062
TOTAL LIABILITIES		799,867			526,853
MINORITY INTERESTS		46,108			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, 54,799,115 and 54,439,310 shares issued in 2007 and 2006, respectively		54,799			54,439
Additional paid-in capital		347,168			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		64,417			99,396
Accumulated other comprehensive income		1,244			—
TOTAL STOCKHOLDERS’ INVESTMENT		595,035			625,915
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,441,010		$	1,196,753

7

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 3rd			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			7,849			22,651
	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			7,316			41,186
	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			51,690			51,744
	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			52,778			53,214
	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			0.15			0.44
	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			0.15			0.43
	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			0.14			0.80
	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			0.14			0.77
(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			4,087			17,439
	REGULAR COMMON DIVIDENDS		71,694			72,869			74,649			18,760			18,788			18,839			19,108			75,495			19,194			19,251			19,185			57,630
	SPECIAL COMMON DIVIDEND		100,544			356,493		—			—			—			—				175,470			175,470		—			—			—			—
	REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.37			1.11
	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			29.36			29.36
	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			51,858			51,858
	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			24.90			24.90
	NUMBER OF PREFERRED SHARES — SERIES A - OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	PREFERRED STOCK — SERIES B — PRICE AT PERIOD END	—				25.00			25.40			25.38			25.00			25.42			25.53			25.53			25.82			24.95			23.98			23.98
	NUMBER OF PREFERRED SHARES — SERIES B — OUTSTANDING AT PERIOD END	—				4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
	COMMON EQUITY MARKET CAPITALIZATION		1,494,351			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			1,522,551			1,522,551
	PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840			203,800			195,520			195,520
(A)	ADJUSTED DEBT (1)		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			645,219			645,219
	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			2,363,289			2,363,289
	ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		30	%		17	%		24	%		24	%		21	%		15	%		16	%		16	%		19	%		25	%		27	%		27	%
(A)	RECOURSE DEBT (1)		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264			394,356			340,480			340,480
	RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		1	%		2	%		9	%		11	%		8	%		9	%		9	%		9	%		12	%		17	%		14	%		14	%
	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			1,522,551			1,522,551
	PREFERRED EQUITY MARKET CAPITALIZATION		109,000			204,600			204,600			203,680			199,840			205,080			205,720			205,720			205,840			203,800			195,520			195,520
(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			762,981			762,981
	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			2,481,051			2,481,051
	TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		20	%		27	%		27	%		24	%		19	%		19	%		19	%		22	%		28	%		31	%		31	%
(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			4,089			6,045
	FFO BEFORE INTEREST		170,739			141,139			85,654			23,594			19,494			17,556			28,478			89,122			25,201			10,624			11,406			47,231
	INTEREST EXPENSE COVERAGE RATIO		3.73			4.46			7.19			5.30			3.49			4.74			30.92			6.08			35.30			8.55			2.79			7.81
(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			4,878			10,482
	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			11,434			47,315
	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			2.34			4.51
(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			8,691			21,920
	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			15,247			58,753
	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			1.75			2.68

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 3rd			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	)		(264	)		(801	)
	100 NORTH POINT CENTER EAST		73		1,010			1,020			221		276			253			285			1,035			309			312			348			969
	200 NORTH POINT CENTER EAST		23		417			363			233		192			212			202			839			322			356			406			1,084
	333 NORTH POINT CENTER EAST		1,398		1,036			1,395			321		269			304			289			1,183			320			334			319			973
	555 NORTH POINT CENTER EAST		1,541		945			1,506			401		458			451			461			1,771			466			462			474			1,402
	615 PEACHTREE STREET		1,919		1,395			757			20		74			(53	)		(69	)		(28	)		(12	)		(11	)		0			(23	)
	LAKESHORE PARK PLAZA		1,231		1,459			722			200		209			219			294			922			388			459			436			1,283
	AMERICAN CANCER SOCIETY CENTER (FORMERLY INFORUM)		13,843		12,808			11,376			2,936		2,887			2,844			3,107			11,774			2,678			2,436			3,454			8,568
	600 UNIVERSITY PARK PLACE		1,871		1,797			1,701			355		250			257			245			1,107			324			426			400			1,149
	THE POINTS AT WATERVIEW		1,778		1,949			1,872			584		530			521			489			2,124			508			549			552			1,610
	ONE GEORGIA CENTER		2,913		1,369			(1,361	)		35		(9	)		(174	)		(71	)		(219	)		140			(98	)		38			81
	GALLERIA 75		0		899			1,036			281		240			200			176			897			181			158			168			508
	SONO RENAISSANCE		0		38			270			66		66			60			31			223			43			44			52			140
	ATHEROGENICS		1,181		1,222			1,241			313		316			317			317			1,263			319			318			322			960
	INHIBITEX		0		0			666			228		229			230			230			917			230			226			229			685
	MERIDIAN MARK PLAZA		4,153		4,224			4,487			1,128		1,147			1,110			1,090			4,475			1,135			1,053			1,065			3,253
	COSMOPOLITAN CENTER		0		0			0			0		0			43			(30	)		13			52			14			132			198
	191 PEACHTREE		0		0			0			0		0			402			1,562			1,964			2,199			2,036			2,555			6,791
	221 PEACHTREE CENTER GARAGE		0		0			0			0		0			0			0			0			0			128			222			350
	TERMINUS 100		0		0			0			0		0			0			0			0			0			120			1,783			1,904
	SUBTOTAL		34,912		33,542			29,995			8,044		7,868			7,913			9,112			32,936			9,346			9,043			12,693			31,081
	RETAIL:
	THE AVENUE EAST COBB		5,424		5,635			5,715			1,502		1,580			(23	)		(5	)		3,054			(2	)		(10	)		(20	)		(32	)
	THE AVENUE PEACHTREE CITY		3,029		3,430			3,673			933		885			(3	)		0			1,815			0			(15	)		13			(2	)
	THE AVENUE WEST COBB		655		3,925			4,361			1,148		1,072			5			(30	)		2,195			(7	)		18			(16	)		(4	)
	AVENUE VIERA		0		189			2,726			713		1,047			(6	)		(13	)		1,741			(16	)		(32	)		9			(39	)
	VIERA MARKET CENTER		0		0			148			152		121			(10	)		0			263			(6	)		2			(47	)		(51	)
	THE AVENUE CARRIAGE CROSSING		0		0			743			1,212		1,413			1,553			1,657			5,835			1,775			1,748			1,662			5,185
	SAN JOSE MARKETCENTER		0		0			0			220		1,006			1,223			1,397			3,846			1,422			1,612			1,705			4,739
	THE AVENUE WEBB GIN		0		0			0			0		0			616			1,037			1,653			1,276			1,271			1,533			4,080
	SUBTOTAL		9,108		13,179			17,366			5,880		7,124			3,355			4,043			20,402			4,442			4,594			4,840			13,877
	INDUSTRIAL:
	KING MILL		0		0			0			0		(1	)		217			189			405			306			301			297			904
	LAKESIDE 20		0		0			0			0		0			0			0			0			31			231			302			564
	SUBTOTAL		0		0			0			0		(1	)		217			189			405			337			532			599			1,468
	OTHER RENTAL OPERATIONS:
	OTHER		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(11	)		(41	)		(64	)
	SUBTOTAL		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(11	)		(41	)		(64	)
	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			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			18,091			46,362
(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			2			126
	FROST BANK TOWER		0		3,486			5,123			1,578		1,527			1,505			(62	)		4,548			1			10			(6	)		5
	THE AVENUE OF THE PENINSULA		4,572		4,213			4,446			1,253		1,890			1,095			876			5,114			11			62			2			75
	3301 WINDY RIDGE PARKWAY		1,555		1,659			1,693			247		26			80			97			450			102			104			22			228
	OTHER		52,641		15,760			718			19		17			5			0			41			0			9			0			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			20			443

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 3rd			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			768			768
(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			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			0			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			0			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			(1	)		8,184
	TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			0			0			0			0			11,867			11,867			8,185			0			(1	)		8,184
(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			440			1,002
(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			407			1,585
	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			848			2,587
(G)	INTEREST — JOINT VENTURE (1)		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(83	)		(153	)
(G)	OTHER — JOINT VENTURE (1)		(156	)		(226	)		(590	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(51	)		(237	)		(429	)
	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			1,295			15,775
	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			(4	)		43
(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			(3,345	)		883
	TOTAL MULTI-FAMILY FFO		0			0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			(3,349	)		926
	DEVELOPMENT INCOME		2,870			3,310			3,056			1,752			825			772			1,236			4,585			574			2,204			1,568			4,345
	MANAGEMENT FEES		19,140			21,931			24,058			5,742			5,542			5,942			7,211			24,437			6,354			6,698			6,043			19,095
	LEASING & OTHER FEES		6,991			4,463			8,084			887			1,388			607			3,561			6,443			1,138			958			2,902			4,998
	TERMINATION FEES		1,810			2,132			545			2,699			36			196			0			2,931			3,557			664			(14	)		4,207
	INTEREST INCOME & OTHER		3,940			2,528			1,886			(38	)		55			183			542			742			122			176			464			762
	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	)		(9,954	)		(30,585	)
	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	)		(4,764	)		(14,427	)
	TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(40,227	)		(46,929	)		(55,818	)		(13,575	)		(13,476	)		(12,985	)		(18,556	)		(58,592	)		(14,690	)		(15,604	)		(14,718	)		(45,012	)
	INTEREST EXPENSE CONSOLIDATED:
	2005 CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			(781	)		(3,494	)		(2,680	)		(1,797	)		(8,752	)		(2,732	)		(3,578	)		(1,704	)		(8,014	)
	2005 TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			0			(118	)		(664	)		(836	)		(980	)		(2,598	)		(1,072	)		(1,265	)		(910	)		(3,246	)
	BRIDGE LOAN — FLOATING @ LIBOR + .75%		0			0			0			0			0			0			0			0			0			0			(907	)		(907	)
	2007 CREDIT FACILITY — FLOATING @ LIBOR + .75% to 1.25%		0			0			0			0			0			0			0			0			0			0			(1,795	)		(1,795	)
	UNSECURED TERM LOAN — FLOATING @ LIBOR + .70% to 1.20%		0			0			0			0			0			0			0			0			0			0			(560	)		(560	)
	THE AMERICAN CANCER SOCIETY CENTER (FORMERLY THE INFORUM) — 6.45%		0			0			0			0			0			0			0			0			0			0			(756	)		(756	)
	333 & 555 NORTH POINT CENTER DEBT — 7%		(2,246	)		(2,207	)		(2,165	)		(534	)		(532	)		(529	)		(526	)		(2,121	)		(523	)		(520	)		(516	)		(1,559	)
	MERIDIAN MARK PLAZA DEBT — 8.27%		(2,074	)		(2,048	)		(2,021	)		(501	)		(498	)		(498	)		(494	)		(1,991	)		(493	)		(491	)		(489	)		(1,472	)
	600 UNIVERSITY PARK DEBT — 7.38%		(1,032	)		(1,020	)		(1,009	)		(250	)		(249	)		(248	)		(248	)		(995	)		(247	)		(246	)		(245	)		(738	)
	100 NORTH POINT CENTER EAST DEBT — 5.39%		(79	)		(932	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(231	)		(208	)		(170	)		(610	)
	200 NORTH POINT CENTER EAST DEBT — 5.39%		(70	)		(826	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(205	)		(191	)		(170	)		(566	)
	LAKESHORE PARK PLAZA DEBT — 6.78%		(682	)		(666	)		(648	)		(160	)		(158	)		(157	)		(156	)		(631	)		(155	)		(154	)		(152	)		(461	)
	905 JUNIPER DEBT		0			0			(155	)		(194	)		(157	)		0			0			(351	)		0			0			0			0
	KING MILL DEBT — 9%		0			0			(34	)		(44	)		(52	)		(92	)		(105	)		(293	)		(109	)		(114	)		(121	)		(345	)
	JEFFERSON MILL DEBT — 9%		0			0			0			0			0			(1	)		(22	)		(23	)		(40	)		(53	)		(62	)		(154	)
	WATERVIEW DEBT — 5.66%		0			0			(11	)		(265	)		(264	)		(261	)		(261	)		(1,051	)		(284	)		(263	)		(262	)		(809	)
	BANK OF AMERICA PLAZA FINANCING — 6.9575%		(10,718	)		(10,406	)		(10,197	)		(2,485	)		(2,501	)		(2,461	)		0			(7,447	)		0			(2	)		0			(2	)
	THE AVENUE EAST COBB DEBT — 8.39%		(3,220	)		(3,188	)		(3,153	)		(782	)		(764	)		0			0			(1,546	)		0			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			0
	OTHER		(12,138	)		(6,594	)		(1,157	)		(4	)		(3	)		(2	)		(3	)		(12	)		0			(2	)		(2	)		(4	)
	CAPITALIZED		9,683			14,028			17,193			5,041			4,894			5,583			5,035			20,553			6,091			6,555			5,556			18,202
	TOTAL INTEREST EXPENSE CONSOLIDATED		(22,576	)		(14,623	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		0			(11,119	)		0			(531	)		(3,265	)		(3,796	)

10

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

			2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st			2007 2nd			2007 3rd			2007 YTD
		OTHER EXPENSES — CONTINUING OPERATIONS:
		LOSS ON EXTINGUISHMENT OF DEBT (NOT ASSOCIATED WITH PROPERTY SALE)		0			0			0			0			0			0			0			0			0			0			(446	)		(446	)
		PROPERTY TAXES		(768	)		(664	)		(754	)		(189	)		(170	)		(203	)		38			(524	)		(187	)		165			(230	)		(252	)
		MINORITY INTEREST EXPENSE		(1,613	)		(1,417	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(840	)		(4,130	)		(862	)		(842	)		285			(1,418	)
		PREDEVELOPMENT & OTHER		(1,677	)		(1,284	)		(568	)		(265	)		(311	)		(212	)		(1,499	)		(2,287	)		(173	)		(924	)		(824	)		(1,921	)
		TOTAL OTHER EXPENSES		(4,058	)		(3,365	)		(4,359	)		(1,532	)		(1,794	)		(1,314	)		(2,301	)		(6,941	)		(1,222	)		(1,601	)		(1,215	)		(4,038	)
(E	)	OTHER EXPENSES — DISCONTINUED OPERATIONS:		(10,083	)		(5,870	)		0			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			1,807			3,907
(E	)	DISCONTINUED OPERATIONS (1)		0			0			(126	)		0			(2	)		0			0			(2	)		0			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			1,807			3,907
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(761	)		(2,020	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(761	)		(2,020	)
(F	)	JOINT VENTURE FFO (EXCLUDING TEMCO, CL REALTY, PINE MOUNTAIN BUILDERS, 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			404			1,265
		CP VENTURE FIVE LLC		0			0			0			0			49			2,332			1,468			3,849			609			683			589			1,881
		TEN PEACHTREE PLACE ASSOCIATES		1,539			1,533			1,506			385			397			344			307			1,433			296			312			299			907
		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	)		16			15
		CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,191			302			302			302			302			1,208			302			302			302			906
		CRAWFORD LONG — CPI, LLC		1,685			1,447			1,865			486			501			518			502			2,007			515			524			532			1,571
		AVENUE MURFREESBORO		0			0			0			0			0			0			0			0			0			0			79			79
		OTHER		20,824			13,948			6,351			125			(13	)		(38	)		127			201			3			1			40			44
		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			2,261			6,669
		PREFERRED STOCK DIVIDENDS		(3,358	)		(8,042	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(3,813	)		(15,250	)		(3,813	)		(3,812	)		(3,813	)		(11,438	)
		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			7,316			41,186
		LOSS ON EXTINGUISHMENT OF DEBT		0			(605	)		0			0			(2,764	)		(15,443	)		0			(18,207	)		0			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			7,316			41,186
		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			355			4,835
(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			1			(12,539	)
		DISCONTINUED OPERATIONS		93,459			81,927			1,037			191			135			54,068			32,101			86,495			8,164			0			9,872			18,036
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			176,265			1,935			1,053			1			133,192			1,372			135,618			(44	)		10			1,232			1,198
		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			11,460			11,530
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
		CONSOLIDATED		(30,614	)		(27,101	)		(23,999	)		(6,858	)		(6,782	)		(5,936	)		(9,017	)		(28,593	)		(8,854	)		(7,962	)		(9,794	)		(26,610	)
(E	)	DISCONTINUED OPERATIONS		(21,030	)		(12,776	)		(9,636	)		(3,144	)		(6,040	)		(2,416	)		(586	)		(12,186	)		(165	)		13			0			(152	)
		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	)		(1,133	)		(3,303	)
		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	)		(10,927	)		(30,065	)
		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			7,849			22,651

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 3rd			2007 YTD
COUSINS’ SHARE OF CP VENTURE TWO LLC (2):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
COUSINS’ SHARE OF CP VENTURE TWO LLC -OFFICE PORTFOLIO		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
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			24			82
SUBTOTAL OFFICE		924			705			315			76			74			77			36			263			28			29			24			81
COUSINS’ SHARE OF CP VENTURE TWO LLC -RETAIL PORTFOLIO		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%
RETAIL:
NORTH POINT MARKETCENTER		593			591			649			159			177			159			173			668			156			154			155			465
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			135			384
LOS ALTOS MARKETCENTER		356			363			354			85			88			83			102			358			89			89			89			267
SUBTOTAL RETAIL		1,606			1,613			1,664			416			443			413			441			1,713			407			400			379			1,186
TOTAL REVENUES LESS OPERATING EXPENSES		2,530			2,318			1,979			492			517			490			477			1,976			435			429			403			1,267
INTEREST EXPENSE		(442	)		(248	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		—			—			—			—
OTHER, NET		(8	)		0			(17	)		(10	)		(1	)		0			(9	)		(20	)		1			(4	)		1			(2	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		(209	)		0			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			404			1,265
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,119	)		(852	)		(667	)		(204	)		(169	)		(166	)		(131	)		(670	)		(123	)		(123	)		(115	)		(361	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			736			736			0			0			1,231			1,231
NET INCOME (LOSS)		(24	)		1,009			1,055			219			289			266			1,017			1,791			313			302			1,520			2,135
COUSINS’ SHARE OF CP VENTURE FIVE (2):														50.84	%		50.41	%		30.53	%		40.63	%		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			156			612
THE AVENUE PEACHTREE CITY		0			0			0			0			10			485			348			843			132			122			123			377
THE AVENUE WEST COBB		0			0			0			0			16			728			388			1,132			158			179			184			521
AVENUE VIERA		0			0			0			0			12			544			391			947			155			159			155			469
VIERA MARKET CENTER		0			0			0			0			1			94			103			198			51			52			54			157
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			58			2,722			1,722			4,502			697			767			672			2,136
INTEREST EXPENSE		0			0			0			0			(9	)		(390	)		(235	)		(634	)		(88	)		(88	)		(87	)		(263	)
OTHER, NET		0			0			0			0			0			0			(19	)		(19	)		0			4			4			8
FUNDS FROM OPERATIONS		0			0			0			0			49			2,332			1,468			3,849			609			683			589			1,881
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			(20	)		(965	)		(1,033	)		(2,018	)		(298	)		(332	)		(331	)		(961	)
NET INCOME (LOSS)		0			0			0			0			29			1,367			435			1,831			311			351			258			920
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		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			497			1,504
INTEREST EXPENSE		(123	)		(678	)		(820	)		(203	)		(202	)		(200	)		(201	)		(806	)		(200	)		(199	)		(198	)		(597	)
FUNDS FROM OPERATIONS		1,539			1,533			1,506			385			397			344			307			1,433			296			312			299			907
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,007	)		(1,134	)		(1,128	)		(282	)		(246	)		(282	)		(250	)		(1,060	)		(271	)		(250	)		(270	)		(791	)
NET INCOME		532			399			378			103			151			62			57			373			25			62			29			116
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		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	)		16			15
INTEREST EXPENSE		0			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			0
FUNDS FROM OPERATIONS		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18			(19	)		16			15
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET											0			0			133,185			604			133,789			(43	)		8			0			(35	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,885	)		(3,795	)		(3,956	)		(989	)		(992	)		(992	)		0			(2,973	)		0			0			0			0
NET INCOME (LOSS)		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)		(11	)		16			(20	)

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 3rd			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			302			906
INTEREST EXPENSE		0			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			302			906
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(33	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(24	)
NET INCOME		1,176			1,176			1,158			294			294			294			294			1,176			294			294			294			882
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		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			920			2,739
INTEREST EXPENSE		(1,032	)		(1,624	)		(1,602	)		(397	)		(395	)		(394	)		(393	)		(1,579	)		(391	)		(389	)		(388	)		(1,168	)
FUNDS FROM OPERATIONS		1,685			1,447			1,865			486			501			518			502			2,007			515			524			532			1,571
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,306	)		(1,352	)		(1,447	)		(367	)		(367	)		(367	)		(367	)		(1,468	)		(347	)		(340	)		(336	)		(1,023	)
NET INCOME		379			95			418			119			134			151			135			539			168			184			196			548
COUSINS’ SHARE OF AVENUE MURFREESBORO:																																50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			147			147
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			(68	)		(68	)
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			0			79			79
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			(38	)		(38	)
NET INCOME		0			0			0			0			0			0			0			0			0			0			41			41
COUSINS’ SHARE OF 905 JUNIPER, LLC:								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			514			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			514			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			514			0			0			0			0			0			0			0			0			0
COUSINS’ SHARE OF 50 BISCAYNE, LLC:								40	%		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			(3,460	)		505
OTHER, NET		0			0			153			52			350			(339	)		108			171			135			128			115			378
FUNDS FROM OPERATIONS		0			0			6,668			1,797			2,629			2,986			2,931			10,343			2,424			1,804			(3,345	)		883
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			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			(3,345	)		883
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		33,313			24,903			940			59			4			(9	)		(25	)		29			(1	)		8			49			56
INTEREST EXPENSE		(12,142	)		(8,478	)		0			0			0			0			0			0			0			0			0			0
OTHER, NET		238			791			5,411			66			(17	)		(29	)		152			172			4			(7	)		(8	)		(11	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(34	)		(18	)		0			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			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			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			41			45
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(13,916	)		(8,626	)		(1,058	)		(4	)		(4	)		(5	)		(5	)		(18	)		(5	)		(4	)		(5	)		(14	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			176,265			1,935			1,053			1			7			32			1,093			(1	)		0			0			(1	)
NET INCOME		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)		36			30
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		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			134			444
INTEREST EXPENSE		0			(135	)		(152	)		(37	)		(37	)		(36	)		(36	)		(146	)		(35	)		(35	)		(35	)		(105	)
OTHER, NET		(64	)		(6	)		105			11			104			33			(23	)		125			(45	)		61			16			32
FUNDS FROM OPERATIONS		3,137			5,195			4,045			3,851			852			281			2,518			7,502			2			254			115			371
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(88	)		(114	)		(29	)		(29	)		(29	)		(27	)		(114	)		(29	)		(31	)		(30	)		(90	)
NET INCOME		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223			85			281
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		701			3,457			9,052			2,251			1,272			1,152			1,954			6,629			330			976			280			1,586
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			(48	)		(48	)
OTHER, NET		(94	)		(220	)		(150	)		(48	)		(54	)		49			(84	)		(137	)		(53	)		(58	)		(210	)		(321	)
FUNDS FROM OPERATIONS		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918			22			1,217
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			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			22			1,217

13

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

JOINT VENTURES	2003		2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st			2007 2nd			2007 3rd			2007 YTD
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):				50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		0		398			725			125			311			181			122			739			(5	)		31			(7	)		19
OTHER, NET		0		0			0			0			0			0			0			0			0			(13	)		0			(13	)
FUNDS FROM OPERATIONS		0		398			725			125			311			181			122			739			(5	)		18			(7	)		6
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0		398			725			125			311			181			122			739			(5	)		18			(7	)		6
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):										50	%		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			0
INTEREST EXPENSE		0		0			0			(138	)		0			0			0			(138	)		0			0			0			0
OTHER, NET		0		0			0			(21	)		(39	)		(26	)		(69	)		(155	)		(43	)		(41	)		(43	)		(127	)
FUNDS FROM OPERATIONS		0		0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(43	)		(127	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0		0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(43	)		(127	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):							4.94	%		5	%		4.91	%		3.00	%		N/A			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			0
OTHER, NET		0		0			(483	)		(118	)		(6	)		(90	)		0			(214	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0			(62	)		0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0			(545	)		(118	)		(6	)		(90	)		0			(214	)		0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			(439	)		(175	)		(178	)		(114	)		0			(467	)		0			0			0			0
NET INCOME (LOSS)		0		0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0			0			0

14

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.

15

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of September 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		@ 9/30/07		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100 (Atlanta, GA)		656,000		656,000		88	%		100	%	$	173,100	$	173,100	$	160,982	const. - 2Q-07 fully operational 3Q-08
Terminus 200 (Atlanta, GA)		565,000		565,000		0	%		100	%		164,700		164,700		17,686	const. - 3Q-09 fully operational 3Q-10
191 Peachtree Tower (4) (Atlanta, GA)		1,219,000		1,219,000		72	%(5)		100	%		233,750		233,750		166,342	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		13,008
50 Biscayne (6) (Miami, FL)	529 units		529 units			N/A			40	%		165,600		66,240		58,931	const. - 4Q-07 fully sold 2Q-08 (9)
10 Terminus Place (Atlanta, GA)	136 units		136 units			N/A			100	%		83,500		83,500		32,093	const. - Q3-08 fully sold - Q2-09
TOTAL MULTI-FAMILY	671 Units		671 Units									249,100		149,740		91,024
TOTAL OFFICE/MULTI-FAMILY		2,815,000		2,815,000								898,150		760,040		449,042
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		3,171
Tiffany Springs Market Center (Kansas City, MO)		247,000		585,000		74	%		100	%		58,200		58,200		20,849	const. - 3Q-08 fully operational 3Q-09
The Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		690,000		690,000		71	%		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		35,000		35,000		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		810,000		810,000								153,100		76,550		48,677
The Avenue Forsyth (Suburban Atlanta, GA)		527,000		527,000		35	%		100	%		146,200		146,200		65,068	const. - 2Q-08 fully operational 2Q-09
TOTAL RETAIL		1,654,000		1,992,000								371,400		294,850		137,765

16

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of September 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		@ 9/30/07			Fully Operational/Sold
INDUSTRIAL
King Mill Distribution Park (Suburban Atlanta, GA)
Building 3 B		379,000		379,000		0	%		75	%	$	11,100	$	8,325	$	7,954		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		9,670		const. - 1Q-08 fully operational 1Q-08
Lakeside Ranch Business Park (Dallas, TX)
Building 20		749,000		749,000		48	%		(8	)		29,500		28,556		26,025		const. - 1Q-08 fully operational 1Q-08
TOTAL INDUSTRIAL		1,587,000		1,587,000								55,400		47,981		43,648
Accumulated Depreciation on Partially Operational Properties		—		—								—		—		(1,643	)
TOTAL PORTFOLIO		6,056,000		6,394,000							$	1,324,950	$	1,102,871	$	628,812	(10)

(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)	Fully sold date reflects the projected date for closing the contracts that existed at September 30, 2007. Closings could extend beyond the second quarter of 2008 in the event that any contracts in place are cancelled or modified.

(10)      Reconciliation to Condensed Consolidated Balance Sheet
Total Cousins’ Investment per above schedule	$	628,812
Less: Operating Property under redevelopment/repositioning		(166,342	)
Less: Investment in unconsolidated joint ventures
50 Biscayne		(58,931	)
Palisades West		(13,008	)
Avenue Murfreesboro		(48,677	)
Add: Weeks 25% interest in King Mill Distribution Park- Bldg 3 B		2,651
Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		3,224
Add: Seefried interest in Lakeside Ranch - Bldg 20		860
Consolidated projects under development per balance sheet	$	348,589

17

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

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			6/30/2007			9/30/2007
I.	OFFICE OPERATING PROPERTIES
	Gateway Village	Charlotte	North Carolina		1,065,000		50.00	%		100	%		100	%
	The American Cancer Society Center (Formerly The Inforum)	Atlanta	Georgia		993,000		100.00	%		99	%		100	%
	One Georgia Center	Atlanta	Georgia		378,000		88.50	%		43	%		100	%
	Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		100	%		98	%
	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	%		90	%		88	%
	3100 Windy Hill Road	Atlanta	Georgia		188,000		100.00	%		0	%		0	%
	Meridian Mark Plaza	Atlanta	Georgia		160,000		100.00	%		100	%		100	%
	555 North Point Center East	Atlanta	Georgia		152,000		100.00	%		90	%		90	%
	333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		79	%		79	%
	200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		93	%		94	%
	600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		74	%		72	%
	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				4,849,000								91	%
	OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
	191 Peachtree Tower (c)	Atlanta	Georgia		1,219,000		100.00	%		68	%		72	%
	Terminus 100	Atlanta	Georgia		656,000		100.00	%		84	%		88	%
	Terminus 200	Atlanta	Georgia		565,000		100.00	%		0	%		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				7,664,000

18

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

								Percent Leased
						Company’s		(Fully Executed)
		Metropolitan		Rentable		Ownership		Prior Quarter		Current Quarter
	Property Description	Area	State	Square Feet		Interest		6/30/2007		9/30/2007
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%		100%		100	%
	The Avenue Webb Gin	Atlanta	Georgia		357,000		100.00%		80%		80	%
	The Avenue Viera	Viera	Florida		332,000		11.50%		94%		96	%
	The Avenue West Cobb	Atlanta	Georgia		257,000		11.50%		100%		100	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		11.50%		93%		100	%
	San Jose MarketCenter	San Jose	California		214,000		100.00%		89%		95	%
	The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50%		99%		100	%
	Viera MarketCenter	Viera	Florida		178,000		11.50%		96%		99	%
	Los Altos MarketCenter	Long Beach	California		157,000		10.32%		100%		100	%
	Total Retail Operating Properties				3,177,000						91	%
	RETAIL DEVELOPMENT PROPERTIES (b)
	The Avenue Murfreesboro (d)	Nashville	Tennessee		810,000		50.00%		69%		71	%
	The Avenue Forsyth	Atlanta	Georgia		527,000		100.00%		14%		35	%
	Tiffany Springs MarketCenter	Kansas City	Missouri		247,000		100.00%		n/a		39	%
	The Avenue Carriage Crossing Expansion (a)(d)	Memphis	Tennessee		70,000		100.00%		0%		0	%
	Total Retail Development Properties				1,654,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,831,000
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)		48%		48	%
	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				14,499,000
	TOTAL OPERATING PORTFOLIO PERCENT LEASED										92%	(f)

19

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 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		7,664,000		6,531,000		61	%		91	%
Retail		4,831,000		2,544,000		24	%		91	%
Industrial		2,004,000		1,690,000		15	%		100	%
TOTAL		14,499,000		10,765,000		100	%		92%	(f)
SUMMARY BY STATE
Georgia		8,845,000		7,226,000		66	%		89	%
Tennessee		1,371,000		966,000		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	%		97	%
California		371,000		230,000		2	%		95	%
Virginia		376,000		39,000		1	%		100	%
Alabama		318,000		318,000		3	%		93	%
Missouri		247,000		247,000		2	%		N/A
		14,499,000		10,765,000		100	%		92%	(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, redevelopment 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.

20

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Third Quarter 2007 vs						Nine Months
	Second Quarter 2007						2007 vs 2006
	Office		Retail		Total		Office		Retail		Total
Rental Property Revenues(1) less Operating Expenses		8.5%		2.0%		5.5%		-3.1%		15.6%		3.1%
Cash Basis Rental Property Revenues(2) less Operating Expenses		6.5%		2.9%		4.8%		-4.5%		16.9%		2.6%

Note: The following properties are included in the same property portfolio:	Office
	3100 Windy Hill Road	AtheroGenics
	100 Northpoint Center East	Presbyterian Medical Plaza
	200 Northpoint Center East	Ten Peachtree Place
	333 Northpoint Center East	Gateway Village
	555 Northpoint Center East	Emory Crawford Long Medical Office Tower
	Lakeshore Park Plaza	Meridian Mark Plaza
	American Cancer Society Center (formerly Inforum)	Galleria 75 Sono Renaissance
	600 University Park Place	Inhibitex
	The Points at Waterview	Cosmopolitan (3Q to 2Q only)
	One Georgia Center
	Retail
	The Avenue East Cobb	Los Altos MarketCenter
	The Avenue Peachtree City	The Avenue Viera
	The Avenue West Cobb	Viera MarketCenter
	Northpoint MarketCenter	Avenue Carriage Crossing (3Q to 2Q only)
	Greenbrier MarketCenter	San Jose MarketCenter (3Q to 2Q 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.

21

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

OFFICE

As of September 30, 2007, the Company’s office portfolio included 19 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 September 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)		29,436			252,439			406,933			166,730			414,116			150,125			467,072			247,582			628,501			795,162			3,558,095
% of Leased Space		1	%		7	%		11	%		5	%		12	%		4	%		13	%		7	%		18	%		22	%		100	%
Annual Contractual
Rent (000’s) (2)	$	408		$	3,914		$	6,229		$	2,633		$	5,726		$	2,475		$	8,413		$	5,369		$	11,967		$	14,749		$	61,883
Annual Contractual
Rent/Sq. Ft. (2)	$	13.85		$	15.51		$	15.31		$	15.79		$	13.83		$	16.49		$	18.01		$	21.69		$	19.04		$	18.55		$	17.39
Wholly Owned:
Square Feet Expiring (1)		22,813			233,926			373,355			148,104			387,138			92,328			327,957			242,679			64,305			508,686			2,401,291	(3)
% of Leased Space		1	%		10	%		16	%		6	%		16	%		4	%		14	%		10	%		3	%		20	%		100	%
Annual Contractual
Rent (000’s) (2)	$	315		$	3,682		$	5,730		$	2,342		$	5,310		$	1,403		$	5,832		$	5,258		$	1,470		$	10,786		$	42,129
Annual Contractual
Rent/Sq. Ft. (2)	$	13.82		$	15.74		$	15.35		$	15.81		$	13.72		$	15.19		$	17.78		$	21.66		$	22.86		$	21.20		$	17.54
Joint Venture:
Square Feet Expiring (1)		29,865			22,493			51,081			28,733			39,612			127,442			270,100			9,805			1,115,268			387,852			2,082,251	(4)
% of Leased Space		1	%		1	%		2	%		1	%		2	%		6	%		13	%		1	%		54	%		19	%		100	%
Annual Contractual
Rent (000’s) (2)	$	485		$	298		$	855		$	499		$	686		$	2,460		$	5,068		$	223		$	20,820		$	6,066		$	37,461
Annual Contractual
Rent/Sq. Ft. (2)	$	16.25		$	13.24		$	16.73		$	17.38		$	17.32		$	19.30		$	18.76		$	22.78		$	18.67		$	15.64		$	17.99

(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 September 30, 2007 out of approximately 2,720,000 total rentable square feet.
(4)	Rentable square feet leased as of September 30, 2007 out of approximately 2,129,000 total rentable square feet.

22

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

RETAIL

As of September 30, 2007, the Company’s retail portfolio included 11 retail properties, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately 10 years as of September 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		9,701			7,488			8,823			26,614			92,677			65,345			25,366			22,514			81,008			837,883			1,177,419
% of Leased Space		1	%		1	%		1	%		2	%		8	%		5	%		2	%		2	%		7	%		71	%		100	%
Annual Contractual
Rent (000’s) (1)	$	161		$	159		$	186		$	558		$	2,416		$	1,515		$	640		$	539		$	2,170		$	19,513		$	27,857
Annual Contractual
Rent/Sq. Ft. (1)	$	16.64		$	21.29		$	21.12		$	20.95		$	26.07		$	23.19		$	25.21		$	23.93		$	26.79		$	23.29		$	23.66
Wholly Owned:
Square Feet Expiring		7,721			3,000			—			3,204			61,159			32,594			10,967			2,275			57,040			768,923			946,883	(2)
% of Leased Space		1	%		0	%		0	%		0	%		7	%		4	%		1	%		0	%		6	%		81	%		100	%
Annual Contractual
Rent (000’s) (1)	$	122		$	45		$	—		$	101		$	1,895		$	853		$	281		$	82		$	1,687		$	18,299		$	23,365
Annual Contractual
Rent/Sq. Ft. (1)	$	15.75		$	15.03		$	—		$	31.45		$	30.99		$	26.18		$	25.59		$	—		$	29.57		$	23.80		$	24.68
Joint Venture:
Square Feet Expiring		17,826			40,056			81,864			213,358			298,798			303,858			127,418			179,555			216,479			621,099			2,100,311	(3)
% of Leased Space		1	%		2	%		4	%		10	%		14	%		14	%		6	%		9	%		10	%		30	%		100	%
Annual Contractual
Rent (000’s) (1)	$	364		$	1,017		$	1,701		$	4,108		$	4,853		$	6,062		$	3,168		$	4,036		$	4,313		$	10,977		$	40,599
Annual Contractual
Rent/Sq. Ft. (1)	$	20.43		$	25.40		$	20.77		$	19.25		$	16.24		$	19.95		$	24.86		$	22.48		$	19.92		$	17.67		$	19.33

(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 September 30, 2007 out of approximately 1,062,000 total gross leasable area.
(3)	Gross leasable area leased as of September 30, 2007 out of approximately 2,115,000 total gross leasable area.

23

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

INDUSTRIAL

As of September 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.

24

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET IN OPERATING PORTFOLIO
As of September 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		9.6	%		8.3
2.	Snapper	Industrial		5.6	%		4.4
3.	American Cancer Society	Office		4.9	%		14.3
4.	Georgia Department of Transportation	Office		3.8	%		10.0
5.	AT&T	Office		2.5	%		2.0
6.	Georgia Lottery Corporation	Office		2.3	%		5.8
7.	Internap Network Services	Office		2.2	%		12.6
8.	AGL Services Company	Office		2.0	%		5.5
9.	Bombardier Aerospace Corporation	Office		1.8	%		5.4
10.	US South Communications	Office		1.7	%		3.5
11.	MedAssets Net Revenue Systems, LLC	Office		1.6	%		6.5
12.	Emory University	Office		1.4	%		9.3
13.	Northside Hospital	Office		1.3	%		4.2
14.	The Gap Inc.	Retail		1.1	%		4.1
15.	Turner Broadcasting System, Inc.	Office		1.0	%		3.7
16.	Barnes & Noble	Retail		1.0	%		8.2
17.	Sapient Corporation	Office		1.0	%		1.7
18.	KIDS II, Inc.	Office		0.9	%		8.3
19.	Inhibitex	Office		0.9	%		7.5
20.	AtheroGenics	Office		0.9	%		1.4
21.	Southern Communications Services	Office		0.8	%		3.3
22.	Cost Plus, Inc.	Retail		0.7	%		8.9
23.	Marshalls	Retail		0.7	%		7.8
24.	Merrill Lynch	Office		0.6	%		6.8
25.	Linens ‘N Things	Retail		0.6	%		7.5
	Total leased square feet of Top 25 Largest Tenants			50.9	%		7.3

25

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

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
CONSOLIDATED
North Point
Suburban Atlanta, GA	Mixed Use		100	%		59		1970-1985	$	5,310
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		100	%		39		2007		11,259
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23		1971-1989		883
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		134		2005		13,210
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial		100	%		60		2005		17,104
The Lakes at Cedar Grove
Suburban Atlanta, GA	Mixed Use		100	%		10		2002		-	(4)
Terminus
Atlanta, GA	Mixed Use		100	%		3		2005		9,000
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		15,771
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		(5	)		48		2006		8,203
Lancaster
Dallas, TX	Industrial		(5	)		47		2007		4,152
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT									$	98,445
JOINT VENTURES
TEMCO ASSOCIATES TRACTS
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		85		2002-2005	$	-	(4)
Happy Valley
Suburban Atlanta, GA	Residential		50	%		228		2003		2,176
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,258		2005		14,478

26

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

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
CL REALTY, L.L.C TRACTS
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		374		2002		-	(4)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		186		2002		-	(4)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		-	(4)
Summer Lakes
Rosenberg, TX	Commercial		50	%		3		2003		-	(4)
Village Park
McKinney, TX	Residential		50	%		5		2003-2005		-	(4)
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		5,326
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						9,124

(1) The following properties include adjacent building pads. The aggregate cost of these pads is included in Operating Properties in the Company’s consolidated financial statements or the applicable joint venture’s financial statements. The square footage of potential office buildings which could be built on the land is 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’s basis.
(4)	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.
(5)	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.

27

COUSINS PROPERTIES INCORPORATED

INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT

As of September 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		844		74		1		26		701		143	$	4,775
Callaway Gardens (4) Harris County Pine Mountain, GA		2006		6		567		—		—		—		—		567		5,762
Blalock Lakes Coweta County Newnan, GA		2006		8		399		96		8		14		14		385		28,114
Longleaf at Callaway (5) Harris County Pine Mountain, GA		2002		6		138		17		2		4		121		17		569
River’s Call East Cobb County Suburban Atlanta, GA		1999		10		107		15		—		1		92		15		706
Total consolidated						2,055		202		11		45		928		1,127		39,926
Temco Associates (50% owned) (6)
Bentwater Paulding County Suburban Atlanta, GA		1998		10		1,676		6		—		1		1,670		6		436
The Georgian (75% owned) Paulding County Suburban Atlanta, GA		2003		14		1,385		262		1		3		285		1,100		22,080
Seven Hills Paulding County Suburban Atlanta, GA		2003		7		1,077		273		19		59		620		457		14,623
Harris Place Paulding County Suburban Atlanta, GA		2004		4		27		9		—		2		18		9		644
Total Temco						4,165		550		20		65		2,593		1,572		37,783
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned) Fort Bend County Houston, TX		2003		12		2,184		88		11		76		594		1,590		18,548
Summer Creek Ranch Tarrant County Fort Worth, TX		2003		9		2,525		120		—		13		793		1,732		22,960
Bar C Ranch Tarrant County Fort Worth, TX		2004		11		1,175		56		3		30		173		1,002		8,245
Summer Lakes Fort Bend County Rosenberg, TX		2003		10		1,139		19		—		—		294		845		5,993

28

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS UNDER DEVELOPMENT
As of September 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)
CL Realty, LLC, continued
Southern Trails (80% owned)		2005		7		1,060			119			31			51			232			828		$	12,640
Brazoria County
Pearland, TX
Village Park		2003		7		568			43			—			2			313			255			8,174
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			6,873
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		5		385			31			12			67			97			288			4,619
Bexar County
San Antonio, TX
Manatee River Plantation		2003		6		457			109			—			—			348			109			4,139
Manatee County
Tampa, FL
Stillwater Canyon		2003		6		336			6			—			25			226			110			2,661
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			6,053
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		6		197			25			1			1			25			172			30,652
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		5		194			25			10			28			53			141			2,825
Collin County
McKinney, TX
Bridle Path Estates		2004		7		87			—			—			—			—			87			4,257
Hillsborough County
Tampa, FL
West Park		2005		3		82			—			—			—			21			61			5,097
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,183			817			68			293			3,294			7,889			143,736
Total						17,403			1,569			99			403			6,815			10,588		$	221,445
Company Share of Total						8,314			796			45			178			3,593			4,720		$	105,335
Company Weighted Average Ownership						48	%		51	%		45	%		44	%		53	%		45	%		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 September 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.

29

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF SEPTEMBER 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 + 0.75%-1.25%)	$	196,800		100	%		8/29/2011		6.00	%	$	196,800			$	196,800
UNSECURED TERM FACILITY		100,000		100	%		8/29/2012		5.81	%(4)		100,000				100,000
THE AMERICAN CANCER SOCIETY CENTER (FORMERLY INFORUM) (INTEREST ONLY UNTIL 10/1/2011)		136,000		100	%		9/1/2017		6.45	%				136,000		136,000
333/555 NORTH POINT CENTER EAST		29,044		100	%		11/1/2011		7.00	%		29,044				29,044
100/200 NORTH POINT CENTER (INTEREST ONLY UNTIL 7/1/2010)		25,000		100	%		6/1/2012		5.39	%				25,000		25,000
MERIDIAN MARK PLAZA		23,301		100	%		9/1/2010		8.27	%				23,301		23,301
THE POINTS AT WATERVIEW		17,912		100	%		1/1/2016		5.66	%				17,912		17,912
600 UNIVERSITY PARK		13,023		100	%		8/10/2011		7.38	%				13,023		13,023
LAKESHORE PARK PLAZA		8,861		100	%		11/1/2008		6.78	%				8,861		8,861
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)		2,001		75	%		6/26/2009		9.00	%				2,001		2,001
JEFFERSON MILL PROJECT I (INTEREST ONLY)(2)		2,586		75	%		9/13/2009		9.00	%				2,586		2,586
VARIOUS		327		100	%	VARIOUS		VARIOUS				76		252		328
TOTAL CONSOLIDATED		557,557							6.29	%		325,920		231,638		557,558		5.6
UNCONSOLIDATED DEBT
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		51,774		50	%		6/1/2013		5.90	%				25,887		25,887
TEN PEACHTREE PLACE		28,495		50	%		4/1/2015		5.39	%				14,248		14,248
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		3/10/2008		8.25	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		1,608		50	%		12/19/2007		7.75	%				804		804
AVENUE EAST COBB		38,451		11.5	%		8/1/2010		8.39	%				4,422		4,422
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		72,799		50	%		7/20/2010		6.30	%		14,560		21,840		36,400
TEMCO:
BENTWATER LINKS		3,356		50	%		1/22/2009		7.98	%				1,678		1,678
BENTWATER LINKS, EQUIPMENT NOTE		88		50	%		1/15/2009		7.00	%				44		44
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		1,602		50	%		2/22/2009		9.25	%				801		801
WATERFORD PARK (PRIME + 1.5%)		213		50	%		5/8/2009		9.25	%				107		107
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		2,969		50	%		3/28/2009		7.40	%				891		891
SOUTHERN TRAILS (LIBOR + 0.25) ($13MM CONSTRUCTION LINE)		2,211		40	%		6/30/2008		5.40	%				884		884
TOTAL UNCONSOLIDATED		206,770							6.25	%		14,560		73,208		87,768		4.3
TOTAL ADJUSTED DEBT	$	764,327							6.28	%	$	340,480	$	304,846	$	645,326		5.4
INVESTMENT ENTITY DEBT (3)
CHARLOTTE GATEWAY VILLAGE	$	136,626		50	%		12/1/2016		6.41	%			$	68,313	$	68,313
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		113,470		40	%		6/9/2008		6.90	%				45,388		45,388
CL REALTY:
LONG MEADOW FARMS (PRIME )		3,365		18.75	%		12/8/2007		7.75	%				631		631
BLUE VALLEY (PRIME)		17,377		12.5	%		11/11/2007		7.75	%				2,172		2,172
BLUE VALLEY (PRIME)		4,600		12.5	%		3/10/2008		7.75	%				575		575
BLUE VALLEY (PRIME)		850		12.5	%		9/28/2008		7.75	%				106		106
STONEWALL ESTATES (PRIME)		1,881		25.0	%		5/31/2010		7.75	%				470		470
TOTAL INVESTMENT ENTITY DEBT		278,169							6.65	%		—		117,655		117,655		5.6
TOTAL	$	1,042,496							6.34	%	$	340,480	$	422,501	$	762,981		5.5

(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.
(4)	The interest rate on this instrument is LIBOR plus 0.70% to 1.20%. The Company entered into an interest rate swap that effectively fixes the underlying LIBOR rate at 5.01%. Rate at the end of the quarter represents stated rate of LIBOR plus 0.80% plus interest rate swap diffential.

30

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

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	Q2 2007			Q3 2007			% Change			Q2 2007			Q3 2007			% Change			Q2 2007			Q3 2007			% Change			Q2 2007			Q3 2007			Q2 2007			Q3 2007
RENTAL PROPERTY REVENUES	$	26,061		$	28,698					$	17,022		$	17,393					$	43,083		$	46,091					$	8,130		$	10,975		$	51,213		$	57,066
RENTAL PROPERTY OPERATING EXPENSES		10,842			12,189						4,414			4,535						15,256			16,724						3,601			4,003			18,857			20,727
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	15,219		$	16,509			8.5	%	$	12,608		$	12,858			2.0	%	$	27,827		$	29,367			5.5	%	$	4,529		$	6,972		$	32,356		$	36,339
RENTAL PROPERTY REVENUES	$	26,061		$	28,698					$	17,022		$	17,393					$	43,083		$	46,091					$	8,130		$	10,975		$	51,213		$	57,066
Less: STRAIGHT-LINE RENTS		545			828						376			270						921			1,098						627			1,733			1,548			2,831
AMORTIZATION OF LEASE INDUCEMENTS		(5	)		(59	)					(22	)		(22	)					(27	)		(81	)					(14	)		(14	)		(41	)		(95	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(116	)		(10	)					0			0						(116	)		(10	)					(1,123	)		(1,108	)		(1,239	)		(1,118	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		25,637			27,939						16,668			17,145						42,305			45,084						8,640			10,364			50,945			55,448
RENTAL PROPERTY OPERATING EXPENSES		10,842			12,189						4,414			4,535						15,256			16,724						3,601			4,003			18,857			20,727
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	14,795		$	15,750			6.5	%	$	12,254		$	12,610			2.9	%	$	27,049		$	28,360			4.8	%	$	5,039		$	6,361		$	32,088		$	34,721
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	26,061		$	28,698					$	17,022		$	17,393					$	43,083		$	46,091					$	8,130		$	10,975		$	51,213		$	57,066
RENTAL PROPERTY OPERATING EXPENSES		10,842			12,189						4,414			4,535						15,256			16,724						3,601			4,003			18,857			20,727
	$	15,219		$	16,509					$	12,608		$	12,858					$	27,827		$	29,367					$	4,529		$	6,972		$	32,356		$	36,339
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	14,165		$	18,150
DISCONTINUED OPERATIONS (3)																																			186			20
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			2,882			3,006
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			17,233			21,176
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			15,123			15,163
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	32,356		$	36,339

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

31

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

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	9M 2006			9M 2007			% Change			9M 2006			9M 2007			% Change			9M 2006			9M 2007			% Change			9M 2006			9M 2007			9M 2006			9M 2007
RENTAL PROPERTY REVENUES	$	77,454		$	79,649					$	32,089		$	37,102					$	109,543		$	116,751					$	64,435		$	41,246		$	173,978		$	157,997
RENTAL PROPERTY OPERATING EXPENSES		28,794			32,484						7,960			9,197						36,754			41,681					$	23,661		$	15,210			60,415			56,891
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	48,660		$	47,165			-3.1	%	$	24,129		$	27,905			15.6	%	$	72,789		$	75,070			3.1	%	$	40,774		$	26,036		$	113,563		$	101,106
RENTAL PROPERTY REVENUES	$	77,454		$	79,649					$	32,089		$	37,102					$	109,543		$	116,751					$	64,435		$	41,246		$	173,978		$	157,997
Less: STRAIGHT-LINE RENTS		1,299			1,811						526			318						1,825			2,129						1,405			1,918			3,230			4,047
AMORTIZATION OF LEASE INDUCEMENTS		(18	)		(69	)					(51	)		(65	)					(18	)		(134	)					(214	)		(29	)		(232	)		(163	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(376	)		(169	)					0			0						(376	)		(169	)					(216	)		2,177			(592	)		2,008
CASH BASIS RENTAL PROPERTY REVENUES (1)		76,549			78,076						31,614			36,849						108,112			114,925						63,460			37,180			171,572			152,105
RENTAL PROPERTY OPERATING EXPENSES		28,794			32,484						7,960			9,197						36,754			41,681						23,661			15,210			60,415			56,891
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	47,755		$	45,592			-4.5	%	$	23,654		$	27,652			16.9	%	$	71,358		$	73,244			2.6	%	$	39,799		$	21,970		$	111,157		$	95,214
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	77,454		$	79,649					$	32,089		$	37,102					$	109,543		$	116,751					$	64,435		$	41,246		$	173,978		$	157,997
RENTAL PROPERTY OPERATING EXPENSES		28,794			32,484						7,960			9,197						36,754			41,681						23,661			15,210			60,415			56,891
	$	48,660		$	47,165					$	24,129		$	27,905					$	72,789		$	75,070					$	40,774		$	26,036		$	113,563		$	101,106
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	40,388		$	46,428
DISCONTINUED OPERATIONS (3)																																			9,561			443
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			20,805			8,770
COMPANYS’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			70,754			55,641
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			42,809			45,465
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	113,563		$	101,106

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

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 3rd			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			557,557			557,557
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			205,424			205,424
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			762,981			762,981
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	)		(117,762	)		(117,762	)
ADJUSTED DEBT		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			645,219			645,219
RECOURSE DEBT		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264			394,356			340,480			340,480
NON-RECOURSE DEBT		676,353			305,677			317,736			317,883			296,110			153,685			149,661			149,661			153,745			164,460			304,738			304,738
ADJUSTED DEBT		697,050			355,915			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			645,218			645,218
(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			3,265			3,796
DISCONTINUED OPERATIONS INTEREST EXPENSE		9,459			5,870			0			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			824			2,249
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			4,089			6,045
(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			4,089			6,045
LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			(124	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		0			0			0			0
PRINCIPAL PAYMENTS:
CONSOLIDATED		6,862			6,560			5,361			1,282			1,192			946			506			3,926			628			516			536			1,680
SHARE OF JOINT VENTURES		6,345			5,257			2,793			1,594			1,237			1,205			1,190			5,226			1,630			818			225			2,673
GROUND LEASE PAYMENTS:
CONSOLIDATED		587			493			671			176			175			127			22			500			22			22			22			66
SHARE OF JOINT VENTURES		12			12			12			3			3			3			6			15			6			6			6			18
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			4,878			10,482
PREFERRED STOCK DIVIDENDS		3,358			8,042			15,250			3,813			3,812			3,812			3,813			15,250			3,813			3,812			3,813			11,438
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			8,691			21,920
(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			30,664			80,293
RENTAL PROPERTY OPERATING EXPENSES		(28,035	)		(27,592	)		(29,328	)		(8,326	)		(8,589	)		(8,054	)		(10,274	)		(35,243	)		(10,017	)		(11,341	)		(12,573	)		(33,931	)
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			18,091			46,362
(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			87			856
LEASE TERMINATION FEES		22,042			253			302			2,321			771			21			42			3,155			47			14			11			72
RENTAL PROPERTY OPERATING EXPENSES		(19,460	)		(14,150	)		(10,738	)		(2,702	)		(3,157	)		(2,542	)		(568	)		(8,969	)		(209	)		(179	)		(67	)		(455	)
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			249			193			31			473
INTEREST EXPENSE		(9,459	)		(5,870	)		0			0			0			0			0			0			0			0			0			0
MINORITY INTEREST EXPENSE		(624	)		0			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			0
PROVISION FOR INCOME TAXES		0			0			(125	)		0			(2	)		0			0			(2	)		0			0			0			0
FUNDS FROM OPERATIONS		50,083			20,105			13,288			5,791			3,830			3,050			1,315			13,986			249			193			31			473
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(21,030	)		(12,776	)		(9,636	)		(3,144	)		(6,040	)		(2,416	)		(586	)		(12,186	)		(165	)		13			0			(152	)
INCOME FROM DISCONTINUED OPERATIONS		29,053			7,329			3,652			2,647			(2,210	)		634			729			1,800			84			206			31			321

33

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 3rd			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			1,520			2,135
CP VENTURE FIVE LLC		0			0			0			0			29			1,367			435			1,831			311			351			258			920
TEN PEACHTREE PLACE ASSOCIATES		532			399			378			103			151			62			57			373			25			62			29			116
CSC ASSOCIATES		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)		(11	)		16			(20	)
GATEWAY VILLAGE		1,176			1,176			1,158			294			294			294			294			1,176			294			294			294			882
CRAWFORD LONG — CPI		379			95			418			119			134			151			135			539			168			184			196			548
905 JUNIPER, LLC		0			0			514			0			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			(3,345	)		883
AVENUE MURFREESBORO		0			0			0			0			0			0			0			0			0			0			41			41
CL REALTY, LLC		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918			22			1,217
PINE MOUNTAIN BUILDERS, LLC		0			398			725			125			311			181			122			739			(5	)		18			(7	)		6
TEMCO ASSOCIATES		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223			85			281
HANDY ROAD ASSOCIATES, LLC		0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(43	)		(127	)
VERDE GROUP, LLC		0			0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0			0			0
OTHER		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)		36			30
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			(898	)		6,912
(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			1,700			1,700
LOT SALES		12,345			15,300			14,929			4,505			2,747			1,387			1,858			10,497			1,426			1,476			2,851			5,753
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			4,551			7,453
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			932			932
LOT COST OF SALES		9,542			11,078			10,767			3,203			1,978			1,038			1,401			7,620			1,208			1,132			2,411			4,751
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			3,343			5,683
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185			0			(1	)		8,184
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			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			1,207			14,309
SUMMARY:
OUTPARCEL SALES NET OF COS — WHOLLY OWNED		120			471			1,367			0			62			798			796			1,656			0			0			768			768
OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			0			0			0			0			11,867			11,867			8,185			0			(1	)		8,184
TRACT SALES NET OF COS — WHOLLY OWNED		7,270			29,627			15,483			740			(5	)		179			1,567			2,481			4,355			0			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			440			1,002
TOTAL WHOLLY OWNED SALES, NET		10,193			34,320			21,012			2,042			826			1,326			14,687			18,881			12,758			344			1,207			14,309
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			1,292			6,472
TRACT SALES		538			3,434			6,218			10,439			376			96			3,324			14,235			0			855			0			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			1,292			7,327
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			884			4,887
TRACT COST OF SALES		66			1,236			2,828			6,275			82			37			1,166			7,560			0			392			0			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			884			5,279
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			408			2,048
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			408			1,585
TRACT SALES LESS COST OF SALES		472			2,198			3,390			4,164			294			59			2,158			6,675			0			463			0			463
INTEREST EXPENSE		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(83	)		(153	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(62	)		0			0			0			0			0			0			0			0			0
OTHER — JOINT VENTURE		(158	)		(226	)		(528	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(51	)		(237	)		(429	)
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			88			1,466
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			1,295			15,775

34

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 3rd			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			3,794			16,987
SECOND GENERATION BUILDING IMPROVEMENTS		1,160		48			1,017			312			155			102			497			1,066			(37	)		195			293			451
		14,507		19,258			9,439			3,158			5,120			3,907			1,236			13,421			6,896			6,455			4,087			17,438
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			3,794			16,973
SECOND GENERATION BUILDING IMPROVEMENTS		938		(30	)		1,015			312			155			102			497			1,066			(37	)		195			293			451
		13,295		18,852			8,835			2,518			2,763			3,893			1,224			10,398			6,882			6,455			4,087			17,424
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		992		328			602			640			2,357			14			12			3,023			15			0			0			15
SECOND GENERATION BUILDING IMPROVEMENTS		220		78			2			0			0			0			0			0			0			0			0			0
		1,212		406			604			640			2,357			14			12			3,023			15			0			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			4,087			17,439
(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			20			20
MULTI-FAMILY COST OF SALES		0		0			(9,405	)		(5,358	)		(12,377	)		(1,346	)		(322	)		(19,403	)		0			47			(24	)		23
MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0			1,828			1,221			2,759			(320	)		71			3,731			0			47			(4	)		43
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			(11,665	)		7,493
MULTI-FAMILY COST OF SALES		0		0			(19,098	)		(5,158	)		(7,421	)		(25,144	)		(8,839	)		(46,562	)		(7,407	)		(7,523	)		8,320			(6,610	)
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			(3,345	)		883
TOTAL MULTI-FAMILY FFO		0		0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			(3,349	)		926

35

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

36

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 other key 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

37

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

     “Interest Expense Coverage Ratio” is defined as the ratio of FFO plus consolidated interest expense (“FFO Before Interest”) divided by consolidated interest expense. Consolidated interest expense is the sum of the Company’s interest expense plus its share of interest expense for unconsolidated joint ventures. The Company’s share of interest expense for Investment Entities has been excluded in accordance with the discussion under “Adjusted Debt” above. This measure is useful as a measure of the Company’s ability to meet its debt obligations and to borrow additional funds.

     “Rental Property Revenues Less Rental Property Operating Expenses” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Like FFO, Rental Property Revenues Less Rental Property Operating Expenses excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. Certain items, such as interest expense, while included in FFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s performance. Depreciation and amortization are also excluded from this item for the reasons described under FFO above. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation.

     “Same-Property Growth” represents the percentage change in Rental Property Revenues less rental property operating expenses and in Cash Basis Rental Property Revenues less rental property operating expenses for Same Properties. Rental Property Revenues is defined as rental property revenues of the Company and its unconsolidated joint ventures, excluding lease termination fees, which are generally one-time payments that may distort results of operations for comparable periods, and inter-company activities. Cash Basis Rental Property Revenues excludes lease termination fees and inter-company activities and also excludes straight-line rents and amortization of acquired above or below market rents. Same Properties include those properties that have been fully operational in each of the comparable reporting periods. Same-Property Growth allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

38