Exhibit 99.1

COUSINS PROPERTIES INCORPORATED

Quarterly Information Package

For the Quarter Ended December 31, 2007

TABLE OF CONTENTS

Press Release	1
Condensed Consolidated Statements of Income	4
Funds From Operations	5
Condensed Consolidated Balance Sheets	6
Key Ratios and Supplemental Information	7
Net Income and Funds From Operations — Supplemental Detail	8
Development Pipeline	15
Portfolio Listing	17
Same Property Information	20
Square Feet Expiring:
Office	21
Retail	22
Industrial	23
Top 25 Largest Tenants	24
Inventory of Land Held for Investment or Future Development	25
Inventory of Residential Lots Under Development	27
Debt Outstanding	29
Reconciliations of Non-GAAP Financial Measures	30
Discussion of Non-GAAP Financial Measures	35

Certain matters contained in this package are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks including, but not limited to, general and local economic conditions, local real estate conditions (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 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 YEAR ENDED DECEMBER 31, 2007

          ATLANTA (February 11, 2008) — Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months and year ended December 31, 2007. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

          Funds from Operations to Common Stockholders (“FFO”) was $7.3 million, or $0.14 per share, for the fourth quarter of 2007 compared with FFO of $27.6 million, or $0.52 per share, for the fourth quarter of 2006. FFO was $48.4 million, or $0.92 per share, for the year ended December 31, 2007 compared with FFO of $74.5 million, or $1.42 per share, for the year ended December 31, 2006, after a supplemental adjustment to exclude loss on extinguishment of debt. Loss on extinguishment of debt was $18.2 million, or $0.35 per share, for the year ended December 31, 2006 and relates to defeasance costs on a mortgage loan repaid upon a property sale and an adjustment to mark-to-market the debt associated with a property contributed to a venture.

          For the fourth quarter of 2007, the Company generated a Net Loss Available to Common Stockholders of $5.0 million or $0.10 per share, as compared to Net Income Available to Common Stockholders (“Net Income Available”) of $38.1 million, or $0.72 per share, for the fourth quarter of 2006. Net Income Available was $17.7 million, or $0.34 per share, for the year ended December 31, 2007 compared with $217.4 million, or $4.14 per share, for the year ended December 31, 2006. Net Income Available for the year ended December 31, 2007 decreased as a result of the recognition of approximately $222.1 million in prior year gains on the sale of six operating properties in 2006.

          Fourth quarter highlights of the Company included the following:

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

-MORE-

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

1 

CUZ Reports Fourth Quarter Results
Page 2
February 11, 2008

• Formed a joint venture with Prudential to construct Terminus 200, a 565,000 square foot office building in the Buckhead district of Atlanta, and closed a $138 million construction loan to finance the project.

• Closed 280 units at 50 Biscayne, its 529-unit condominium project in Miami.

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

• Closed an $83 million, non-recourse, 3-year mortgage loan on San Jose MarketCenter.

• Repurchased 628,500 shares of Company common stock.

Other developments subsequent to year-end:

• Executed a 260,000 square foot lease renewal and expansion with Deloitte & Touche at One Ninety One Peachtree Tower.

          At December 31, 2007, the Company’s portfolio of operational office buildings was 92% leased, its portfolio of operational retail centers was 91% leased and its operational industrial building was 52% leased.

          At December 31, 2007, the Company and its joint ventures had 10 retail, office and industrial projects under development and redevelopment totaling 5.6 million Company-owned square feet, and three multi-family projects under development containing a total of 737 units, of which 280 were closed by year-end and 35 were closed in January 2008. The Company estimates the total cost of these projects will be approximately $1.3 billion and expects completion of these projects throughout the next three years. In addition, the Company and its joint ventures had 24 residential communities under various stages of development in which approximately 1,800 completed lots are in inventory and an additional 8,700 lots are available for future development and/or sale.

          “Last year provided an interesting contrast between better than expected results on the leasing side and worse than expected declines in the land and residential markets. One large positive from 2007 is the work our team did to manage our capital base, recasting our $500 million credit facility and financing several stabilized projects to ensure the Company is well capitalized heading into 2008,” said Tom Bell, chairman and CEO of Cousins Properties. “Given the difficult economic outlook for this year, we are focused on leasing our existing and under-development projects and preparing to move quickly should good investment opportunities become available during the downturn. Over our 50 years, Cousins has weathered many cycles and I believe we are well positioned to handle this one.”

          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

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CUZ Reports Fourth Quarter Results
Page 3
February 11, 2008

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, February 12, 2008, to discuss the results of the quarter ended December 31, 2007. The number to call for this interactive teleconference is (800) 240-2134. A replay of the conference call will be available for 14 days by dialing (303) 590-3000 and entering the passcode 11106004#. The replay can be accessed on the Company’s Web site, www.cousinsproperties.com, through the “4Q 2007 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page, 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, 737 for-sale units in three under-development multi-family projects, 24 residential communities under various stages of development, approximately 9,000 acres of strategically located land tracts, and significant land holdings for development of single-family residential communities. The Company also provides leasing and management services to third-party investors; its client-services portfolio comprises 12.0 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.

3 

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

	Three Months Ended						Years ended
	December 31,						December 31,
	2007			2006			2007			2006
REVENUES:
Rental property revenues	$	32,376		$	23,639		$	112,669		$	88,996
Fee income		7,875			12,008			36,314			35,465
Multi-family residential unit sales		—			393			20			23,134
Residential lot and outparcel sales		2,496			5,078			9,949			17,284
Interest and other		1,490			542			6,429			1,373
		44,237			41,660			165,381			166,252
COSTS AND EXPENSES:
Rental property operating expenses		13,265			10,274			47,196			35,243
General and administrative expenses		12,797			18,556			57,810			58,592
Depreciation and amortization		11,861			9,537			40,490			31,504
Multi-family residential unit cost of sales		(100	)		322			(124	)		19,403
Residential lot and outparcel cost of sales		2,125			3,825			7,809			12,751
Interest expense		5,020			—			8,816			11,119
Loss on extinguishment of debt		—			—			446			18,207
Other		650			1,460			2,822			2,809
		45,618			43,974			165,265			189,628
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		(1,381	)		(2,314	)		116			(23,376	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		517			108			4,423			(4,193	)
MINORITY INTEREST IN INCOME OF CONSOLIDATED SUBSIDIARIES		(238	)		(840	)		(1,656	)		(4,130	)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		(815	)		10,201			6,096			173,083
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		(1,917	)		7,155			8,979			141,384
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		678			1,902			5,535			3,012
INCOME (LOSS) FROM CONTINUING OPERATIONS		(1,239	)		9,057			14,514			144,396
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX PROVISION:
Income (loss) from discontinued operations		(8	)		729			313			1,800
Gain on sale of investment properties		81			32,101			18,095			86,495
		73			32,830			18,408			88,295
NET INCOME (LOSS)		(1,166	)		41,887			32,922			232,691
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,813	)		(3,813	)		(15,250	)		(15,250	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS	$	(4,979	)	$	38,074		$	17,672		$	217,441
PER COMMON SHARE INFORMATION — BASIC:
Income (loss) from continuing operations	$	(0.10	)	$	0.10		$	(0.01	)	$	2.55
Income from discontinued operations		0.00			0.64			0.35			1.74
Net income (loss) available to common stockholders	$	(0.10	)	$	0.74		$	0.34		$	4.29
PER COMMON SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations	$	(0.10	)	$	0.10		$	(0.01	)	$	2.46
Income from discontinued operations		0.00			0.62			0.35			1.68
Net income (loss) available to common stockholders	$	(0.10	)	$	0.72		$	0.34		$	4.14
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	3.77		$	1.48		$	4.88
WEIGHTED AVERAGE SHARES — BASIC		51,588			51,306			51,705			50,655
WEIGHTED AVERAGE SHARES — DILUTED		51,588			53,286			51,705			52,513

4 

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2007 AND 2006
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Years Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net Income (Loss) Available to Common Stockholders	$	(4,979	)	$	38,074		$	17,672		$	217,441
Depreciation and amortization:
Consolidated properties		11,861			9,537			40,490			31,504
Discontinued properties		—			586			152			12,186
Share of unconsolidated joint ventures		1,274			1,821			4,576			8,831
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(775	)		(520	)		(2,793	)		(2,911	)
Share of unconsolidated joint ventures		(4	)		—			(5	)		(12	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(678	)		(1,902	)		(5,535	)		(3,012	)
Discontinued properties		(81	)		(32,101	)		(18,095	)		(86,495	)
Share of unconsolidated joint ventures		11			(1,372	)		(1,186	)		(135,618	)
Gain on sale of undepreciated investment properties		622			13,434			13,161			14,348
Funds From Operations Available to Common Stockholders, as defined	$	7,251		$	27,557		$	48,437		$	56,262
Certain loss on extinguishment of debt		—			—			—			18,207
Funds From Operations Available to Common Stockholders, Excluding Loss on Extinguishment of Debt	$	7,251		$	27,557		$	48,437		$	74,469
Per Common Share — Basic:
Net Income (Loss) Available	$	(.10	)	$	.74		$	.34		$	4.29
Funds From Operations	$	.14		$	.54		$	.94		$	1.11
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.14		$	.54		$	.94		$	1.47
Weighted Average Shares-Basic		51,588			51,306			51,705			50,655
Per Common Share — Diluted:
Net Income (Loss) Available	$	(.10	)	$	.72		$	.34		$	4.14
Funds From Operations	$	.14		$	.52		$	.92		$	1.07
Funds From Operations, Excluding Loss on Extinguishment of Debt	$	.14		$	.52		$	.92		$	1.42
Weighted Average Shares-Diluted		52,401			53,286			52,932			52,513

     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 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 key employees.

5 

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

	December 31,
	2007			2006
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $142,955 and $115,723 in 2007 and 2006, respectively	$	654,633		$	472,375
Operating properties held-for-sale		—			1,470
Land held for investment or future development		105,117			101,390
Projects under development		358,925			300,382
Residential lots under development		44,690			27,624
Total properties		1,163,365			903,241
CASH AND CASH EQUIVALENTS		17,825			11,538
RESTRICTED CASH		3,587			2,824
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $883 and $501 in 2007 and 2006, respectively		41,273			32,138
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		209,477			181,918
OTHER ASSETS		73,795			65,094
TOTAL ASSETS	$	1,509,322		$	1,196,753
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	676,189		$	315,149
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		56,919			55,538
DEFERRED GAIN		171,931			154,104
DEPOSITS AND DEFERRED INCOME		5,997			2,062
TOTAL LIABILITIES		911,036			526,853
MINORITY INTERESTS		45,783			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, 54,850,505 and 54,439,310 shares issued in 2007 and 2006, respectively		54,851			54,439
Additional paid-in capital		348,508			336,974
Treasury stock at cost, 3,570,082 and 2,691,582 shares in 2007 and 2006, respectively		(86,840	)		(64,894	)
Accumulated other comprehensive income		(4,302	)		—
Cumulative undistributed net income		40,286			99,396
TOTAL STOCKHOLDERS’ INVESTMENT		552,503			625,915
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,509,322		$	1,196,753

6 

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

			2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st			2007 2nd			2007 3rd			2007 4th			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			(4,979	)		17,672
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT		124,965			109,483			73,746			19,146			13,913			13,853			27,557			74,469			24,487			9,383			7,316			7,251			48,437
		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			51,588			51,705
		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			52,401			52,932
		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			(0.10	)		0.34
		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			(0.10	)		0.34
		FFO PER COMMON SHARE — BASIC		2.59			2.23			1.48			0.38			0.28			0.27			0.54			1.47			0.47			0.18			0.14			0.14			0.94
		FFO PER COMMON SHARE — DILUTED		2.53			2.15			1.43			0.37			0.27			0.26			0.52			1.42			0.46			0.18			0.14			0.14			0.92
(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			1,540			18,979
		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			19,152			76,782
		SPECIAL COMMON DIVIDEND		100,544			356,493			—			—			—			—			175,470			175,470			—			—			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.37			0.37			1.48
		SPECIAL COMMON DIVIDEND PER SHARE		2.07			7.15			—			—			—			—			3.40			3.40			—			—			—			—			—
		COMMON STOCK PRICE AT PERIOD END		30.60			30.27			28.30			33.43			30.93			34.21			35.27			35.27			32.86			29.01			29.36			22.10			22.10
		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			51,280			51,280
		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			22.38			22.38
		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			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			20.59			20.59
		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			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			1,133,288			1,133,288
		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			171,880			171,880
(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			773,482			773,482
		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			2,078,650			2,078,650
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		30	%		17	%		24	%		24	%		21	%		15	%		16	%		16	%		19	%		25	%		27	%		37	%		37	%
(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			205,658			205,658
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		1	%		2	%		9	%		11	%		8	%		9	%		9	%		92	%		12	%		171	%		14	%		10	%		10	%
		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			1,133,288			1,133,288
		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			171,880			171,880
(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			846,355			846,355
		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			2,151,523			2,151,523
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		33	%		20	%		27	%		27	%		24	%		19	%		19	%		19	%		22	%		28	%		31	%		39	%		39	%
(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			6,149			12,194
		FFO BEFORE INTEREST		170,739			141,139			85,654			23,594			19,494			17,556			28,478			89,122			25,201			10,624			11,405			13,400			60,631
		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			2.18			4.97
(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			8,173			18,655
		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			11,433			13,428			60,743
		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			1.64			3.26
(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			11,985			33,905
		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			15,246			17,240			75,993
		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			1.44			2.24

7 

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

			2003		2004			2005			2006 1st		2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD
		CONSOLIDATED ENTITY FFO AND NET INCOME:
(D	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
		191 PEACHTREE		0		0			0			0		0			402			1,562			1,964			2,199			2,036			2,555			2,558			9,349
		221 PEACHTREE CENTER GARAGE		0		0			0			0		0			0			0			0			0			128			222			160			510
		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			3,391			11,959
		TERMINUS 100		0		0			0			0		0			0			0			0			0			120			1,783			3,096			5,000
		ONE GEORGIA CENTER		2,913		1,369			(1,361	)		35		(9	)		(174	)		(71	)		(219	)		140			(98	)		38			(190	)		(109	)
		THE POINTS AT WATERVIEW		1,778		1,949			1,872			584		530			521			489			2,124			508			549			552			569			2,179
		LAKESHORE PARK PLAZA		1,231		1,459			722			200		209			219			294			922			388			459			436			511			1,794
		3100 WINDY HILL RD		2,988		2,974			2,944			722		733			717			504			2,676			(256	)		(281	)		(264	)		(231	)		(1,032	)
		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			1,086			4,339
		555 NORTH POINT CENTER EAST		1,541		945			1,506			401		458			451			461			1,771			466			462			474			480			1,882
		333 NORTH POINT CENTER EAST		1,398		1,036			1,395			321		269			304			289			1,183			320			334			319			314			1,287
		200 NORTH POINT CENTER EAST		23		417			363			233		192			212			202			839			322			356			406			406			1,490
		100 NORTH POINT CENTER EAST		73		1,010			1,020			221		276			253			285			1,035			309			312			348			351			1,320
		600 UNIVERSITY PARK PLACE		1,871		1,797			1,701			355		250			257			245			1,107			324			426			400			408			1,557
		GALLERIA 75		0		899			1,036			281		240			200			176			897			181			158			168			142			650
		COSMOPOLITAN CENTER		0		0			0			0		0			43			(30	)		13			52			14			132			143			341
		ATHEROGENICS		1,181		1,222			1,241			313		316			317			317			1,263			319			318			322			319			1,279
		INHIBITEX		0		0			666			228		229			230			230			917			230			226			229			227			912
		615 PEACHTREE STREET		1,919		1,395			757			20		74			(53	)		(69	)		(28	)		(12	)		(11	)		0			0			(23	)
		SONO RENAISSANCE		0		38			270			66		66			60			31			223			43			44			52			47			187
		SUBTOTAL		34,912		33,542			29,995			8,044		7,868			7,913			9,112			32,936			9,346			9,043			12,693			13,787			44,869
		RETAIL:
		THE AVENUE CARRIAGE CROSSING		0		0			743			1,212		1,413			1,553			1,657			5,835			1,775			1,748			1,662			1,589			6,774
		THE AVENUE WEBB GIN		0		0			0			0		0			616			1,037			1,653			1,276			1,271			1,533			1,478			5,558
		SAN JOSE MARKETCENTER		0		0			0			220		1,006			1,223			1,397			3,846			1,422			1,612			1,705			1,711			6,450
		THE AVENUE VIERA		0		189			2,726			713		1,047			(6	)		(13	)		1,741			(16	)		(32	)		9			2			(37	)
		THE AVENUE WEST COBB		655		3,925			4,361			1,148		1,072			5			(30	)		2,195			(7	)		18			(16	)		40			36
		THE AVENUE EAST COBB		5,424		5,635			5,715			1,502		1,580			(23	)		(5	)		3,054			(2	)		(10	)		(20	)		0			(32	)
		THE AVENUE PEACHTREE CITY		3,029		3,430			3,673			933		885			(3	)		0			1,815			0			(15	)		13			1			(1	)
		VIERA MARKETCENTER		0		0			148			152		121			(10	)		0			263			(6	)		2			(47	)		39			(12	)
		SUBTOTAL		9,108		13,179			17,366			5,880		7,124			3,355			4,043			20,402			4,442			4,594			4,840			4,860			18,736
		INDUSTRIAL:
		KING MILL — BUILDING 3A		0		0			0			0		(1	)		217			189			405			306			301			297			283			1,187
		KING MILL — BUILDING 3B		0		0			0			0		0			0			0			0			0			0			0			(32	)		(32	)
		LAKESIDE 20		0		0			0			0		0			0			0			0			31			231			302			230			794
		SUBTOTAL		0		0			0			0		(1	)		217			189			405			337			532			599			481			1,949
		OTHER RENTAL OPERATIONS:
		OTHER		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(11	)		(41	)		(17	)		(81	)
		SUBTOTAL		0		(1	)		(6	)		22		0			(34	)		20			8			(12	)		(11	)		(41	)		(17	)		(81	)
		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			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			19,111			65,473
(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			0			126
		FROST BANK TOWER		0		3,486			5,123			1,578		1,527			1,505			(62	)		4,548			13			17			2			9			41
		THE AVENUE OF THE PENINSULA		4,572		4,213			4,446			1,253		1,890			1,095			876			5,114			11			62			5			(13	)		65
		3301 WINDY RIDGE PARKWAY		1,555		1,659			1,693			2,547		26			80			97			2,750			102			104			22			(4	)		224
		OTHER		52,641		15,760			718			19		17			5			0			41			0			9			0			0			9
		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		60,167		26,581			13,412			5,792		3,832			3,050			1,316			13,990			249			193			31			(8	)		465

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 4th			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			249			1,017
(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			622			4,977
(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			188			651
		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			810			5,628
(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	)		0			8,184
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			0			0			0			0			11,867			11,867			8,185			0			(1	)		0			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			122			1,124
(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			758			407			250			1,822
		TOTAL LOT SALES NET OF COS		6,231			11,215			14,641			3,391			2,843			1,907			2,953			11,094			624			1,102			848			372			2,946
(G	)	INTEREST — JOINT VENTURE (1)		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(83	)		(85	)		(238	)
(G	)	OTHER — JOINT VENTURE (1)		(156	)		(226	)		(590	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(38	)		(237	)		(671	)		(1,087	)
		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			675			16,450
		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			(3	)		100			144
(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	)		(1,068	)		(185	)
		TOTAL MULTI-FAMILY FFO		0			0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			(3,348	)		(968	)		(41	)
		DEVELOPMENT INCOME		2,870			3,310			3,056			1,752			825			772			1,236			4,585			574			2,204			1,568			1,535			5,881
		MANAGEMENT FEES		19,140			21,931			24,058			5,742			5,542			5,942			7,211			24,437			6,354			6,698			6,043			5,687			24,782
		LEASING & OTHER FEES		6,991			4,463			8,084			887			1,388			607			3,561			6,443			1,138			958			2,902			653			5,651
		TERMINATION FEES		1,810			2,132			545			399			36			196			0			631			3,557			664			(17	)		989			5,193
		INTEREST INCOME & OTHER		3,940			2,528			1,886			(38	)		55			183			542			742			110			169			455			502			1,236
		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	)		(9,955	)		(8,788	)		(39,374	)
		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	)		(4,009	)		(18,436	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(40,227	)		(46,929	)		(55,818	)		(13,575	)		(13,476	)		(12,985	)		(18,556	)		(58,592	)		(14,690	)		(15,604	)		(14,719	)		(12,797	)		(57,810	)
		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	)		0			(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	)		(19	)		(3,265	)
		BRIDGE LOAN — FLOATING @ LIBOR + .75%																										0			0			(907	)		52			(855	)
		2007 CREDIT FACILITY — FLOATING @ LIBOR + .75% to 1.25%																										0			0			(1,795	)		0			(1,795	)
		UNSECURED TERM LOAN — FLOATING @ LIBOR + .70% to 1.20%																										0			0			(560	)		(2,930	)		(3,490	)
		THE AMERICAN CANCER SOCIETY CENTER (FORMERLY THE INFORUM) — 6.45%																										0			0			(756	)		(2,271	)		(3,027	)
		333 & 555 NORTH POINT CENTER DEBT — 7%		(2,246	)		(2,207	)		(2,165	)		(534	)		(532	)		(529	)		(526	)		(2,121	)		(523	)		(520	)		(516	)		(513	)		(2,072	)
		MERIDIAN MARK PLAZA DEBT — 8.27%		(2,074	)		(2,048	)		(2,021	)		(501	)		(498	)		(498	)		(494	)		(1,991	)		(493	)		(491	)		(489	)		(487	)		(1,959	)
		600 UNIVERSITY PARK DEBT — 7.38%		(1,032	)		(1,020	)		(1,009	)		(250	)		(249	)		(248	)		(248	)		(995	)		(247	)		(246	)		(245	)		(245	)		(983	)
		100 NORTH POINT CENTER EAST DEBT — 5.39%		(79	)		(932	)		(932	)		(230	)		(232	)		(235	)		(235	)		(932	)		(231	)		(208	)		(170	)		(170	)		(780	)
		200 NORTH POINT CENTER EAST DEBT — 5.39%		(70	)		(826	)		(826	)		(204	)		(206	)		(208	)		(208	)		(826	)		(205	)		(191	)		(170	)		(170	)		(736	)
		LAKESHORE PARK PLAZA DEBT — 6.78%		(682	)		(666	)		(648	)		(160	)		(158	)		(157	)		(156	)		(631	)		(155	)		(154	)		(152	)		(151	)		(612	)
		KING MILL DEBT — 9%		0			0			(34	)		(44	)		(52	)		(92	)		(105	)		(293	)		(109	)		(114	)		(121	)		(124	)		(469	)
		JEFFERSON MILL DEBT — 9%		0			0			0			0			0			(1	)		(22	)		(23	)		(40	)		(53	)		(62	)		(64	)		(218	)
		WATERVIEW DEBT — 5.66%		0			0			(11	)		(265	)		(264	)		(261	)		(261	)		(1,051	)		(284	)		(263	)		(262	)		(261	)		(1,070	)
		TERMINUS 100 DEBT — 6.13%		0			0			0			0			0			0			0			0			0			0			0			(2,358	)		(2,358	)
		SAN JOSE MARKETCENTER DEBT — 5.6%		0			0			0			0			0			0			0			0			0			0			0			(448	)		(448	)
		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			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			0
		CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		0			(764	)		(3,979	)		(2,103	)		0			0			0			(2,103	)		0			0			0			0			0
		OTHER		(12,138	)		(6,594	)		(1,312	)		(198	)		(160	)		(2	)		(3	)		(363	)		0			(2	)		(2	)		(2	)		(6	)
		CAPITALIZED		9,683			14,028			17,193			5,041			4,894			5,583			5,035			20,553			6,091			6,555			5,556			5,141			23,343
		TOTAL INTEREST EXPENSE CONSOLIDATED		(22,576	)		(14,623	)		(9,094	)		(3,614	)		(4,880	)		(2,625	)		0			(11,119	)		0			(531	)		(3,265	)		(5,020	)		(8,816	)

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 4th			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	)		0			(446	)
		PROPERTY TAXES		(768	)		(664	)		(754	)		(189	)		(170	)		(203	)		38			(524	)		(187	)		165			(230	)		(327	)		(579	)
		MINORITY INTEREST EXPENSE		(1,613	)		(1,417	)		(3,037	)		(1,078	)		(1,313	)		(899	)		(840	)		(4,130	)		(862	)		(842	)		285			(238	)		(1,656	)
		PREDEVELOPMENT & OTHER		(1,677	)		(1,284	)		(568	)		(265	)		(311	)		(212	)		(1,499	)		(2,287	)		(173	)		(924	)		(824	)		(322	)		(2,243	)
		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	)		(887	)		(4,925	)
(E	)	OTHER EXPENSES — DISCONTINUED OPERATIONS:		(10,083	)		(5,870	)		0			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			1,806			517			4,423
(E	)	DISCONTINUED OPERATIONS (1)		0			0			(126	)		0			(2	)		0			0			(2	)		0			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			1,806			517			4,423
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(759	)		(775	)		(2,793	)
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			0			0			0			0			0			0			0			0			(1	)		(4	)		(5	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,511	)		(2,652	)		(2,951	)		(821	)		(868	)		(702	)		(520	)		(2,911	)		(501	)		(758	)		(760	)		(779	)		(2,798	)
(F	)	JOINT VENTURE FFO (EXCLUDING 905 JUNIPER, 50 BISCAYNE, TEMCO, CL REALTY, PINE MOUNTAIN BUILDERS, HANDY ROAD & VERDE) (1):
		CP VENTURE TWO LLC		1,095			1,861			1,722			423			458			432			412			1,725			436			425			404			389			1,654
		CP VENTURE FIVE LLC		0			0			0			0			49			2,332			1,468			3,849			609			683			589			572			2,453
		TEN PEACHTREE PLACE ASSOCIATES		1,539			1,533			1,506			385			397			344			307			1,433			296			312			299			319			1,226
		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			0			15
		CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,208			1,191			302			302			302			302			1,208			302			302			302			302			1,208
		CRAWFORD LONG — CPI, LLC		1,685			1,447			1,865			486			501			518			502			2,007			515			524			532			476			2,047
		AVENUE MURFREESBORO																																79			29			108
		OTHER		20,824			13,948			6,351			125			(13	)		(38	)		127			201			3			1			40			(234	)		(190	)
		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			1,853			8,522
		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	)		(3,812	)		(15,250	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT		124,965			109,483			73,746			19,146			13,913			13,853			27,557			74,469			24,487			9,383			7,316			7,251			48,437
		LOSS ON EXTINGUISHMENT OF DEBT		0			(605	)		0			0			(2,764	)		(15,443	)		0			(18,207	)		0			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			7,251			48,437
		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			62			355			678			5,535
(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			(622	)		(13,161	)
		DISCONTINUED OPERATIONS		93,459			81,927			1,037			191			135			54,068			32,101			86,495			8,164			(22	)		9,872			81			18,095
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			176,265			1,935			1,053			1			133,192			1,372			135,618			(44	)		10			1,232			(12	)		1,186
		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			125			11,655
		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	)		(9,795	)		(11,086	)		(37,697	)
(E	)	DISCONTINUED OPERATIONS		(21,030	)		(12,776	)		(9,636	)		(3,144	)		(6,040	)		(2,416	)		(586	)		(12,186	)		(165	)		13			0			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	)		(1,132	)		(1,269	)		(4,571	)
		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	)		(12,355	)		(42,420	)
		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			(4,979	)		17,672

10 

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

JOINT VENTURES	2003			2004			2005			2006 1st			2006 2nd			2006 3rd			2006 4th			2006 YTD			2007 1st			2007 2nd			2007 3rd			2007 4th			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	%		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			34			116
SUBTOTAL OFFICE		924			705			315			76			74			77			36			263			28			29			24			34			115
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	%		10.32	%
RETAIL:
NORTH POINT MARKETCENTER		593			591			649			159			177			159			173			668			156			154			155			148			613
MANSELL CROSSING II		138			141			144			38			39			37			39			153			34			36			—			2			72
GREENBRIER MARKETCENTER		519			518			517			134			139			134			127			534			128			121			135			127			511
LOS ALTOS MARKETCENTER		356			363			354			85			88			83			102			358			89			89			89			78			345
SUBTOTAL RETAIL		1,606			1,613			1,664			416			443			413			441			1,713			407			400			379			355			1,541
TOTAL REVENUES LESS OPERATING EXPENSES		2,530			2,318			1,979			492			517			490			477			1,976			435			429			403			389			1,656
INTEREST EXPENSE		(442	)		(248	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		—			—			—			—			—
OTHER, NET		(8	)		0			(17	)		(10	)		(1	)		0			(9	)		(20	)		1			(4	)		1			0			(2	)
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(985	)		(209	)		0			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			389			1,654
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,119	)		(852	)		(667	)		(204	)		(169	)		(166	)		(131	)		(670	)		(123	)		(123	)		(115	)		(116	)		(477	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			0			736			736			0			0			1,231			(7	)		1,224
NET INCOME (LOSS)		(24	)		1,009			1,055			219			289			266			1,017			1,791			313			302			1,520			266			2,401
COUSINS’ SHARE OF CP VENTURE FIVE (2):														50.84	%		50.41	%		30.53	%		40.63	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
THE AVENUE EAST COBB		0			0			0			0			19			871			492			1,382			201			192			156			174			723
THE AVENUE PEACHTREE CITY		0			0			0			0			10			485			348			843			132			122			123			114			491
THE AVENUE WEST COBB		0			0			0			0			16			728			388			1,132			158			179			184			164			685
THE AVENUE VIERA		0			0			0			0			12			544			391			947			154			159			155			152			620
VIERA MARKETCENTER		0			0			0			0			1			94			103			198			51			52			54			51			208
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			0			0			58			2,722			1,722			4,502			696			704			672			655			2,727
INTEREST EXPENSE		0			0			0			0			(9	)		(390	)		(235	)		(634	)		(88	)		(88	)		(87	)		(87	)		(350	)
OTHER, NET		0			0			0			0			0			0			(19	)		(19	)		1			68			4			4			77
FUNDS FROM OPERATIONS		0			0			0			0			49			2,332			1,468			3,849			609			684			589			572			2,454
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			(20	)		(965	)		(1,033	)		(2,018	)		(298	)		(332	)		(331	)		(244	)		(1,205	)
NET INCOME (LOSS)		0			0			0			0			29			1,367			435			1,831			311			352			258			328			1,249
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		1,662			2,211			2,326			588			599			544			508			2,239			496			511			497			516			2,020
INTEREST EXPENSE		(123	)		(678	)		(820	)		(203	)		(202	)		(200	)		(201	)		(806	)		(200	)		(199	)		(198	)		(197	)		(794	)
FUNDS FROM OPERATIONS		1,539			1,533			1,506			385			397			344			307			1,433			296			312			299			319			1,226
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,007	)		(1,134	)		(1,128	)		(282	)		(246	)		(282	)		(250	)		(1,060	)		(271	)		(250	)		(270	)		(261	)		(1,052	)
NET INCOME		532			399			378			103			151			62			57			373			25			62			29			58			174
COUSINS’ SHARE OF CSC ASSOCIATES (2):		50	%		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			0			15
INTEREST EXPENSE		0			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			0
FUNDS FROM OPERATIONS		15,789			15,281			14,918			3,708			3,756			3,668			160			11,292			18			(19	)		16			0			15
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			0			0			0			133,185			604			133,789			(43	)		8			0			(5	)		(40	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(3,885	)		(3,795	)		(3,956	)		(989	)		(992	)		(992	)		0			(2,973	)		0			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			(5	)		(25	)

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 4th			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			302			1,208
INTEREST EXPENSE		0			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			302			1,208
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(32	)		(33	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)
NET INCOME		1,176			1,176			1,158			294			294			294			294			1,176			294			294			294			294			1,176
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		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			862			3,601
INTEREST EXPENSE		(1,032	)		(1,624	)		(1,602	)		(397	)		(395	)		(394	)		(393	)		(1,579	)		(391	)		(389	)		(388	)		(386	)		(1,554	)
FUNDS FROM OPERATIONS		1,685			1,447			1,865			486			501			518			502			2,007			515			524			532			476			2,047
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,306	)		(1,352	)		(1,447	)		(367	)		(367	)		(367	)		(367	)		(1,468	)		(347	)		(340	)		(336	)		(329	)		(1,352	)
NET INCOME		379			95			418			119			134			151			135			539			168			184			196			147			695
COUSINS’ SHARE OF AVENUE MURFREESBORO (2):																																50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			0			0			0			0			0			147			407			554
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			(68	)		(374	)		(442	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			0			0			0			(4	)		(4	)
FUNDS FROM OPERATIONS		0			0			0			0			0			0			0			0			0			0			79			29			108
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			(38	)		(272	)		(310	)
NET INCOME		0			0			0			0			0			0			0			0			0			0			41			(243	)		(202	)
COUSINS’ SHARE OF 905 JUNIPER, LLC (2):								72	%
MULTI-FAMILY SALES, NET OF COS		0			0			514			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			0			514			0			0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			0			514			0			0			0			0			0			0			0			0			0			0
COUSINS’ SHARE OF 50 BISCAYNE, LLC (2):								40	%		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	)		(3,832	)		(3,327	)
OTHER, NET		0			0			153			52			350			(339	)		108			171			135			128			115			2,764			3,142
FUNDS FROM OPERATIONS		0			0			6,668			1,797			2,629			2,986			2,931			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			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	)		(1,068	)		(185	)
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		33,313			24,903			940			59			4			(9	)		(25	)		29			(1	)		8			49			(9	)		47
INTEREST EXPENSE		(12,142	)		(8,478	)		0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		238			791			5,411			66			(17	)		(29	)		152			172			4			(7	)		(8	)		(227	)		(238	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(34	)		(18	)		0			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			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(551	)		0			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			(236	)		(191	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(13,916	)		(8,626	)		(1,058	)		(4	)		(4	)		(5	)		(5	)		(18	)		(5	)		(4	)		(5	)		(5	)		(19	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			176,265			1,935			1,053			1			7			32			1,093			(1	)		0			0			0			(1	)
NET INCOME		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)		36			(241	)		(211	)
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		3,201			5,336			4,092			3,877			785			284			2,577			7,523			82			228			134			253			697
INTEREST EXPENSE		0			(135	)		(152	)		(37	)		(37	)		(36	)		(36	)		(146	)		(35	)		(35	)		(35	)		(34	)		(139	)
OTHER, NET		(64	)		(6	)		105			11			104			33			(23	)		125			(45	)		61			16			(306	)		(274	)
FUNDS FROM OPERATIONS		3,137			5,195			4,045			3,851			852			281			2,518			7,502			2			254			115			(87	)		284
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(88	)		(114	)		(29	)		(29	)		(29	)		(27	)		(114	)		(29	)		(31	)		(30	)		(33	)		(123	)
NET INCOME		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223			85			(120	)		161
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		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			150			1,736
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			(48	)		(51	)		(99	)
OTHER, NET		(94	)		(220	)		(150	)		(48	)		(54	)		49			(84	)		(137	)		(53	)		(58	)		(210	)		(317	)		(638	)
FUNDS FROM OPERATIONS		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918			22			(218	)		999
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			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			(218	)		999

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 4th			2007 YTD
COUSINS’ SHARE OF PINE MOUNTAIN BUILDERS, LLC (2):				50	%		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	)		18			(7	)		35			41
OTHER, NET		0		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		398			725			125			311			181			122			739			(5	)		18			(7	)		35			41
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		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	)		35			41
COUSINS’ SHARE OF HANDY ROAD ASSOCIATES, LLC (2):										50	%		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			0
INTEREST EXPENSE		0		0			0			(138	)		0			0			0			(138	)		0			0			0			0			0
OTHER, NET		0		0			0			(21	)		(39	)		(26	)		(69	)		(155	)		(43	)		(41	)		(43	)		(48	)		(175	)
FUNDS FROM OPERATIONS		0		0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(43	)		(48	)		(175	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		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	)		(48	)		(175	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):							4.94	%		4.94	%		4.91	%		3.00	%		N/A			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			0
OTHER, NET		0		0			(483	)		(118	)		(6	)		(90	)		0			(214	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0		0			(62	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0		0			(545	)		(118	)		(6	)		(90	)		0			(214	)		0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0		0			(439	)		(175	)		(178	)		(114	)		0			(467	)		0			0			0			0			0
NET INCOME (LOSS)		0		0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0			0			0			0

13 

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

FOOTNOTES

(1)	See corresponding reconciliations (identified with capital letters preceding the item descriptions) in Reconciliations of Non-GAAP Financial Measures.
(2)	Cousins’ share of income from unconsolidated joint ventures has been adjusted in certain instances for elimination of inter-company activities and depreciation on Cousins’ investment in joint ventures.
(3)	The Company recognizes a preferred return on its equity in Gateway Village. See Note 6 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006.

14 

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

															Cousins’		Actual or
	Company		Total		Leased GLA (%)								Cousins’		Share of		Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Cost Incurred		for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		at 12/31/07		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 100		656,000		656,000		93	%		100	%	$	180,400	$	180,400	$	164,334	const. – 2Q-07
(Atlanta, GA)																	fully operational 2Q-08
Terminus 200		565,000		565,000		0	%		50	%		172,500		86,250		17,018	const. – 3Q-09
(Atlanta, GA)																	fully operational 3Q-10
191 Peachtree Tower (4)		1,219,000		1,219,000		75	%(5)		100	%		233,750		233,750		175,660	acquired 3Q-06
(Atlanta, GA)																	fully stabilized 4Q-10
Palisades West (Austin, TX)
Building 1		220,000		220,000		100	%		50	%							const. – 3Q-08
																	fully operational 4Q-08
Building 2		155,000		155,000		0	%		50	%							const. – 3Q-08
																	fully operational 3Q-09
Total — Palisades West		375,000		375,000								77,500		38,750		22,048
TOTAL OFFICE		2,815,000		2,815,000								664,150		539,150		379,060
50 Biscayne (6)	529 units		529 units			N/A			40	%		165,600		66,240		63,088	const. – 4Q-07
(Miami, FL)																	fully sold 2Q-08 (7)
10 Terminus Place	137 units		137 units			N/A			100	%		83,200		83,200		44,236	const. – 3Q-08
(Atlanta, GA)																	fully sold – 3Q-09
Glenmore Garden Villas	71 Units		71 Units			N/A			50	%		27,600		13,800		1,592	const. – 3Q-09
(Charlotte, NC)																	fully sold – 4Q-09
TOTAL MULTI-FAMILY	737 Units		737 Units									276,400		163,240		108,916
TOTAL OFFICE/MULTI-FAMILY		2,815,000		2,815,000								940,550		702,390		487,976
RETAIL
The Avenue Carriage Crossing (8) (Suburban Memphis, TN)
Phase II		20,000		20,000		0	%		100	%		5,200		5,200		3,269	const. – 4Q-07
																	fully operational 4Q-08
Tiffany Springs MarketCenter		247,000		585,000		74	%		88.5	%		58,200		51,500		27,149	const. – 3Q-08
(Kansas City, MO)																	fully operational 3Q-09
The Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		690,000		690,000		75	%		50	%							const. – 4Q-07
																	fully operational 4Q-08
Phase III A		8,000		8,000		100	%		50	%							const. – 4Q-07
																	fully operational 4Q-08
Phase III B		19,000		19,000		0	%		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		56,173
The Avenue Forsyth		527,000		527,000		41	%		88.5	%		146,200		129,000		70,188	const. – 2Q-08
(Suburban Atlanta, GA)																	fully operational 2Q-09
TOTAL RETAIL		1,604,000		1,942,000								362,700		262,250		156,779

15 

															Cousins’			Actual or
	Company		Total		Leased GLA (%)								Cousins’		Share of			Projected Dates
	Owned		Project		Total Project			Cousins’			Approximate		Share of		Cost Incurred			for Completion and
Project	GLA (2)		GLA (3)		(fully executed)			Ownership %			Total Cost		Total Cost		at 12/31/07			Fully Operational/Sold
INDUSTRIAL
Jefferson Mill Distribution Center (Suburban Atlanta, GA)
Building A		459,000		459,000		0	%		75	%		14,800		11,100		9,882		const. – 2Q-08
																		fully operational 2Q-08
Lakeside Ranch Business Park (Dallas, TX)
Building 20		749,000		749,000		48	%		(9	)		29,500		28,556		26,528		const. – 1Q-08
																		fully operational 1Q-08
TOTAL INDUSTRIAL		1,208,000		1,208,000								44,300		39,656		36,410
Accumulated Depreciation on
Partially Operational Properties		—		—								—		—		(3,461	)
TOTAL PORTFOLIO		5,627,000		5,965,000							$	1,347,550	$	1,004,296	$	677,704	(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 columns 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)	191 Peachtree Tower is under redevelopment and repositioning and 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. 201 Peachtree, a 7,500 square foot building adjacent to 191 Peachtree Tower, is also under redevelopment and is included in the amounts above.
(5)	Leased square footage includes 65,000 square feet occupied by the Company.
(6)	Units at 50 Biscayne exclude retail space. 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)	Fully sold date reflects the projected date for closing the contracts that existed at December 31, 2007. Sales of 280 units were closed during the fourth quarter of 2007 and 35 units during January 2008. Closings could extend beyond the second quarter of 2008 in the event that any contracts in place are canceled or modified.
(8)	A third party will share in the results of operations and any gain on sale of the property, even though shown as 100% owned.
(9)	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.
(10)	Reconciliation to Condensed Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	677,704
Less: Operating Property under redevelopment/repositioning		(175,660	)
Less: Investment in unconsolidated joint ventures
50 Biscayne		(63,088	)
Palisades West		(22,048	)
The Avenue Murfreesboro		(56,173	)
Terminus 200		(17,018	)
Glenmore Garden Villas		(1,592	)
Add: Prudential’s 11.5% interest in Tiffany Springs MarketCenter		3,528
Add: Prudential’s 11.5% interest in Avenue Forsyth		9,120
Add: Weeks 25% interest in Jefferson Mill Distribution Center Bldg A		3,294
Add: Seefried interest in Lakeside Ranch — Bldg 20		858
Consolidated projects under development per balance sheet	$	358,925

16 

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

									Percent Leased
						Company's			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			9/30/2007			12/31/2007
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	%		100	%		100	%
	One Georgia Center	Atlanta	Georgia		378,000		88.50	%		100	%		100	%
	Emory Crawford Long Medical Office Tower	Atlanta	Georgia		358,000		50.00	%		98	%		98	%
	Ten Peachtree Place	Atlanta	Georgia		260,000		50.00	%		87	%		94	%
	The Points at Waterview	Dallas	Texas		203,000		100.00	%		100	%		100	%
	Lakeshore Park Plaza (a)	Birmingham	Alabama		196,000		100.00	%		88	%		97	%
	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	%		92	%
	333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		79	%		78	%
	200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
	100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		94	%		91	%
	600 University Park Place (a)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
	Galleria 75	Atlanta	Georgia		114,000		100.00	%		72	%		68	%
	Cosmopolitan Center	Atlanta	Georgia		102,000		100.00	%		81	%		84	%
	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				4,851,000								92	%
	OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (b)
	191 Peachtree Tower (c)	Atlanta	Georgia		1,219,000		100.00	%		72	%		75	%
	Terminus 100	Atlanta	Georgia		656,000		100.00	%		88	%		93	%
	Terminus 200	Atlanta	Georgia		565,000		50.00	%		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				7,666,000

17 

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

									Percent Leased
						Company’s			(Fully Executed)
		Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
	Property Description	Area	State	Square Feet		Interest			9/30/2007			12/31/2007
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	%		100	%
	Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		100	%		100	%
	The Avenue Webb Gin	Atlanta	Georgia		357,000		100.00	%		80	%		81	%
	The Avenue Viera	Viera	Florida		332,000		11.50	%		96	%		96	%
	The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		100	%		100	%
	The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		100	%		97	%
	San Jose MarketCenter	San Jose	California		214,000		100.00	%		95	%		95	%
	The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		100	%		100	%
	Viera MarketCenter	Viera	Florida		178,000		11.50	%		99	%		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	%		71	%		75	%
	The Avenue Forsyth	Atlanta	Georgia		527,000		88.50	%		35	%		41	%
	Tiffany Springs MarketCenter	Kansas City	Missouri		247,000		88.50	%		39	%		57	%
	The Avenue Carriage Crossing Expansion (a)	Memphis	Tennessee		20,000		100.00	%		0	%		0	%
	Total Retail Development Properties				1,604,000
	TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,781,000
III.	INDUSTRIAL OPERATING PROPERTIES
	King Mill Distribution Park — Building 3A	Atlanta	Georgia		417,000		75.00	%		100	%		100	%
	King Mill Distribution Park — Building 3B	Atlanta	Georgia		379,000		75.00	%		0	%		0	%
	Total Industrial Operating Properties				796,000								52	%
	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	%
	Total Industrial Development Properties				1,208,000
	TOTAL INDUSTRIAL, OPERATING AND DEVELOPMENT				2,004,000
	TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,451,000
	TOTAL OPERATING PORTFOLIO PERCENT LEASED												88%	(f)

18 

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

			Company		Weighted			Percent Leased —
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,666,000		6,250,000		60	%		92	%
Retail		4,781,000		2,494,000		24	%		91	%
Industrial		2,004,000		1,690,000		16	%		52	%
TOTAL		14,451,000		10,434,000		100	%		88	%(f)
SUMMARY BY STATE
Georgia		8,846,000		6,944,000		66	%		83	%
Texas		1,327,000		1,140,000		11	%		100	%
Tennessee		1,321,000		916,000		9	%		93	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		98	%
California		371,000		230,000		2	%		95	%
Missouri		247,000		247,000		2	%		N/A
Florida		510,000		59,000		1	%		97	%
Virginia		376,000		39,000		1	%		100	%
		14,451,000		10,434,000		100	%		88	%(f)

(a)	These projects are shown as 100% owned by the Company; however, they are owned either (1) through a joint venture with a third party providing a participation in operations and/or on sale of the property or (2) subject to a contract with a third party who has a participation in operations and/or on sale of the property.
(b)	These properties are under construction, 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, redevelopment and/or in lease-up.

19 

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Fourth Quarter 2007 vs									Twelve Months
	Third Quarter 2007									2007 vs 2006
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues(1) less Operating Expenses		-0.7	%		-3.4	%		-1.9	%		-1.5	%		12.9	%		3.3	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		0.4	%		-3.5	%		-1.4	%		-3.3	%		13.9	%		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
	600 University Park Place	Sono Renaissance
	The Points at Waterview	Inhibitex
	One Georgia Center	Cosmopolitan (4Q to 3Q only)
	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 (4Q to 3Q only)
	Greenbrier MarketCenter	San Jose MarketCenter (4Q to 3Q only)

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

20 

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

OFFICE

As of December 31, 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 December 31, 2007. Most of the major tenant leases in these buildings provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2017 &
	2008			2009			2010			2011			2012			2013			2014			2015			2016			Thereafter			Total
Total (including Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		205,369			410,266			166,730			431,139			171,287			509,323			247,582			628,501			70,767			750,149			3,591,112
% of Leased Space		6	%		11	%		5	%		12	%		5	%		14	%		7	%		17	%		2	%		21	%		100	%
Annual Contractual Rent (000’s) (2)	$	3,069		$	6,267		$	2,633		$	5,936		$	2,904		$	9,255		$	5,369		$	11,967		$	1,069		$	14,165		$	62,634
Annual Contractual Rent/Sq. Ft. (2)	$	14.94		$	15.28		$	15.79		$	13.77		$	16.95		$	18.17		$	21.69		$	19.04		$	15.10		$	18.88		$	17.44
Wholly Owned:
Square Feet Expiring (1)		195,869			376,672			148,104			395,857			110,321			373,860			242,679			64,305			65,908			444,231			2,417,806	(3)
% of Leased Space		8	%		16	%		6	%		16	%		5	%		15	%		10	%		3	%		3	%		18	%		100	%
Annual Contractual Rent (000’s) (2)	$	2,984		$	5,768		$	2,342		$	5,454		$	1,765		$	6,713		$	5,258		$	1,470		$	998		$	9,814		$	42,565
Annual Contractual Rent/Sq. Ft. (2)	$	15.23		$	15.31		$	15.81		$	13.78		$	16.00		$	17.96		$	21.66		$	22.86		$	15.14		$	22.09		$	17.60
Joint Venture:
Square Feet Expiring (1)		22,672			51,114			28,733			56,221			142,589			266,419			9,805			1,115,268			6,098			409,212			2,108,131	(4)
% of Leased Space		1	%		2	%		1	%		3	%		7	%		13	%		1	%		53	%		0	%		19	%		100	%
Annual Contractual Rent (000’s) (2)	$	132		$	855		$	499		$	817		$	2,757		$	5,033		$	223		$	20,820		$	80		$	6,506		$	37,723
Annual Contractual Rent/Sq. Ft. (2)	$	5.80		$	16.72		$	17.38		$	14.54		$	19.34		$	18.89		$	22.78		$	18.67		$	13.12		$	15.90		$	17.89

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of December 31, 2007 out of approximately 2,721,000 total rentable square feet.
(4)	Rentable square feet leased as of December 31, 2007 out of approximately 2,130,000 total rentable square feet.

21 

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

RETAIL

As of December 31, 2007, the Company’s retail portfolio included 11 retail properties, excluding all properties currently under development and/or in lease-up. The weighted average remaining lease term of these retail properties was approximately nine years as of December 31, 2007. Most of the major tenant leases in these retail properties provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

																												2017 &
	2008			2009			2010			2011			2012			2013			2014			2015			2016			Thereafter			Total
Total (including only Company’s % share of Joint Venture Properties):
Square Feet Expiring		21,906			10,036			26,814			92,159			65,345			30,207			21,544			80,502			383,560			441,721			1,173,794
% of Leased Space		2	%		1	%		2	%		8	%		6	%		2	%		2	%		7	%		33	%		37	%		100	%
Annual Contractual Rent (000’s) (1)	$	497		$	222		$	567		$	2,401		$	1,515		$	773		$	511		$	2,157		$	9,623		$	9,400		$	27,666
Annual Contractual Rent/Sq. Ft. (1)	$	22.69		$	22.15		$	21.15		$	26.06		$	23.19		$	25.58		$	23.74		$	26.80		$	25.09		$	21.28		$	23.57
Wholly Owned:
Square Feet Expiring		15,230			1,213			3,204			61,159			32,594			15,422			2,275			57,040			362,301			393,495			943,933	(2)
% of Leased Space		2	%		0	%		0	%		7	%		3	%		2	%		0	%		6	%		38	%		42	%		100	%
Annual Contractual Rent (000’s) (1)	$	320		$	36		$	101		$	1,895		$	853		$	403		$	82		$	1,687		$	9,173		$	8,614		$	23,164
Annual Contractual Rent/Sq. Ft. (1)	$	21.01		$	29.68		$	31.45		$	30.99		$	26.18		$	26.10		$	36.00		$	29.57		$	25.32		$	21.89		$	24.54
Joint Venture:
Square Feet Expiring		59,486			81,864			215,300			294,294			303,858			130,778			171,122			212,079			193,614			432,303			2,094,698	(3)
% of Leased Space		3	%		4	%		10	%		14	%		15	%		6	%		8	%		10	%		9	%		21	%		100	%
Annual Contractual Rent (000’s) (1)	$	1,573		$	1,701		$	4,201		$	4,722		$	6,062		$	3,265		$	3,798		$	4,199		$	4,063		$	7,117		$	40,701
Annual Contractual Rent/Sq. Ft. (1)	$	26.45		$	20.77		$	19.51		$	16.05		$	19.95		$	24.97		$	22.19		$	19.80		$	20.98		$	16.46		$	19.43

(1)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable and any percentage rents due. The contractual rental rate shown is the estimated rate in the year of expiration.
(2)	Gross leasable area leased as of December 31, 2007 out of approximately 1,062,000 total gross leasable area.
(3)	Gross leasable area leased as of December 31, 2007 out of approximately 2,115,000 total gross leasable area.

22 

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

INDUSTRIAL

As of December 31, 2007, the Company’s operating industrial portfolio consisted of King Mill Distribution Park, Building 3, which is divided into two Phases, one of which is leased. The lease 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 Properties:
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	(2)
% 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.
(2)	Rentable square feet leased as of December 31, 2007 out of approximately 796,000 total rentable square feet.

23 

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET IN OPERATING PORTFOLIO
As of December 31, 2007

				Percentage of Total Portfolio			Average Remaining
Tenant (1)			Product Type	at the Company’s Share (2)			Lease Term (Years)
	1.	Bank of America	Office		9.2	%		8.0
	2.	Snapper	Industrial		5.4	%		4.2
	3.	American Cancer Society	Office		4.7	%		14.1
	4.	Georgia Department of Transportation	Office		4.0	%		10.0
	5.	AT&T	Office		2.4	%		1.8
	6.	Georgia Lottery Corporation	Office		2.2	%		5.5
	7.	Internap Network Services	Office		2.1	%		12.3
	8.	AGL Services Company	Office		2.0	%		5.3
	9.	Bombardier Aerospace Corporation	Office		1.7	%		5.2
	10.	MedAssets Net Revenue Systems, LLC	Office		1.5	%		6.3
	11.	Emory University	Office		1.3	%		9.0
	12.	Northside Hospital	Office		1.2	%		4.0
	13.	US South Communications	Office		1.2	%		3.2
	14.	The Gap Inc.	Retail		1.0	%		3.6
	15.	Turner Broadcasting System, Inc.	Office		1.0	%		3.4
	16.	Barnes & Noble	Retail		1.0	%		8.0
	17.	Sapient Corporation	Office		1.0	%		1.4
	18.	KIDS II, Inc.	Office		0.9	%		8.0
	19.	Inhibitex	Office		0.9	%		7.3
	20.	AtheroGenics	Office		0.9	%		1.2
	21.	Southern Communications Services	Office		0.7	%		3.0
	22.	Cost Plus, Inc.	Retail		0.7	%		8.6
	23.	Marshalls	Retail		0.6	%		7.6
	24.	Merrill Lynch	Office		0.6	%		6.5
	25.	Linens ‘N Things	Retail		0.6	%		7.3
		Total leased square feet of Top 25 Largest Tenants			48.8	%		7.1

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

24 

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

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
CONSOLIDATED
Round Rock/Austin, Texas Land
Austin, TX	Retail and Commercial		100	%		60		2005	$	17,107
Jefferson Mill Business Park
Suburban Atlanta, GA	Industrial and Commercial		100	%		259		2006		15,379
King Mill Distribution Park
Suburban Atlanta, GA	Industrial		100	%		132		2005		13,602
Land Adjacent to The Avenue Forsyth
Suburban Atlanta, GA	Retail		100	%		39		2007		12,749
615 Peachtree Street
Atlanta, GA	Mixed Use		100	%		2		1996		10,164
Terminus
Atlanta, GA	Mixed Use		100	%		3		2005		9,476
Lakeside Ranch Business Park
Dallas, TX	Industrial and Commercial		(4	)		48		2006		9,343
North Point
Suburban Atlanta, GA	Mixed Use		100	%		59		1970-1985		5,298
Lancaster
Dallas, TX	Industrial		(4	)		47		2007		4,812
505 & 511 Peachtree Street
Atlanta, GA	Mixed Use		100	%		1		2004		3,389
Land Adjacent to The Avenue Carriage Crossing
Suburban Memphis, TN	Retail		100	%		2		2004		1,969
Land Adjacent to The Avenue Webb Gin
Suburban Atlanta, GA	Retail		100	%		2		2005		946
Wildwood Office Park
Suburban Atlanta, GA	Mixed Use		100	%		23		1971-1989		883
The Lakes at Cedar Grove
Suburban Atlanta, GA	Mixed Use		100	%		10		2002		—	(5)
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT									$	105,117

25 

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

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest (2)			(Acres)		Acquired		($000)(3)
JOINT VENTURES
TEMCO ASSOCIATES TRACTS:
Paulding County
Suburban Atlanta, GA	Residential and Mixed Use		50	%		6,127		2005	$	14,204
Happy Valley
Suburban Atlanta, GA	Residential		50	%		228		2003		2,194
Seven Hills
Suburban Atlanta, GA	Residential and Mixed Use		50	%		85		2002–2005		—	(5)
CL REALTY, L.L.C. TRACTS:
Padre Island
Corpus Christi, TX	Residential and Mixed Use		50	%		15		2005		11,545
Summer Creek Ranch
Forth Worth, TX	Residential and Mixed Use		50	%		374		2002		—	(5)
Long Meadow Farms
Houston, TX	Residential and Mixed Use		19	%		186		2002		—	(5)
Waterford Park
Rosenberg, TX	Commercial		50	%		37		2005		—	(5)
Summer Lakes
Rosenberg, TX	Commercial		50	%		3		2003		—	(5)
Village Park
McKinney, TX	Residential		50	%		5		2003–2005		—	(5)
OTHER JOINT VENTURES:
Wildwood Office Park
Suburban Atlanta, GA	Office and Commercial		50	%		36		1971–1989		21,852
Handy Road Associates, LLC
Suburban Atlanta, GA	Large Lot Residential		50	%		1,187		2004		5,329
Austin Research Park
Austin, TX	Commercial		50	%		6		1998		3,557
Total Acres						8,975

(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			Square
	Interest			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)	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.
(5)	Residential communities with adjacent land that may 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.

26 

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

			Estimated		Estimated		Developed		Lots Sold		Lots Sold		Total		Remaining
	Year		Project Life		Total Lots to		Lots in		in Current		Year to		Lots		Lots to be		Cost
Description	Commenced		(In Years)		be Developed (1)		Inventory		Quarter		Date		Sold		Sold		Basis (2)
Cousins Real Estate Corporation (Consolidated)
The Lakes at Cedar Grove (3)		2001		9		844		73		1		27		702		142	$	4,954
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned)(4)		2006		6		567		—		2		2		2		565		7,441
Harris County
Pine Mountain, GA
Blalock Lakes		2006		9		399		95		1		15		15		384		31,206
Coweta County
Newnan, GA
Longleaf at Callaway (5)		2002		6		138		17		—		4		121		17		492
Harris County
Pine Mountain, GA
River’s Call		1999		12		107		14		1		2		93		14		597
East Cobb County
Suburban Atlanta, GA
Total consolidated						2,055		199		5		50		933		1,122		44,690
Temco Associates (50% owned) (6)
Bentwater		1998		10		1,676		5		1		2		1,671		5		142
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		14		1,385		260		2		5		287		1,098		22,386
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		9		1,077		266		7		66		627		450		15,463
Paulding County
Suburban Atlanta, GA
Harris Place		2004		6		27		9		—		2		18		9		646
Paulding County
Suburban Atlanta, GA
Total Temco						4,165		540		10		75		2,603		1,562		38,637
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		12		2,184		160		5		81		599		1,585		18,600
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		9		2,525		120		—		13		793		1,732		23,095
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		15		1,175		54		2		32		175		1,000		8,256
Tarrant County
Fort Worth, TX
Summer Lakes		2003		10		1,139		19		—		—		294		845		7,841
Fort Bend County
Rosenberg, TX

27 

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

			Estimated		Estimated			Developed			Lots Sold			Lots Sold			Total			Remaining
	Year		Project Life		Total Lots to			Lots in			in Current			Year to			Lots			Lots to be			Cost
Description	Commenced		(In Years)		be Developed (1)			Inventory			Quarter			Date			Sold			Sold			Basis (2)
CL Realty, LLC, continued
Southern Trails (80% owned)		2005		7		1,060			300			18			69			250			810		$	22,749
Brazoria County
Pearland, TX
Village Park		2003		7		568			21			22			24			335			233			7,470
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			7,594
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		7		380			14			17			84			114			266			4,698
Bexar County
San Antonio, TX
Manatee River Plantation		2003		7		457			109			—			—			348			109			4,156
Manatee County
Tampa, FL
Stillwater Canyon		2003		6		336			6			—			25			226			110			2,947
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			6,070
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		7		199			25			—			1			25			174			31,051
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		6		188			21			4			32			57			131			2,727
Collin County
McKinney, TX
Bridle Path Estates		2004		8		87			—			—			—			—			87			4,072
Hillsborough County
Tampa, FL
West Park		2005		4		82			—			—			—			21			61			5,184
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,174			1,025			68			361			3,362			7,812			156,510
Total						17,394			1,764			83			486			6,898			10,496		$	239,837
Company Share of Total						8,310			856			35			213			3,629			4,681		$	114,839
Company Weighted Average Ownership						48	%		49	%		42	%		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 December 31, 2007, 115 houses have been sold.
(6)	CREC owns 50% of Temco Associates and CL Realty, LLC. See the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 for a description of these entities.

28 

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF DECEMBER 31, 2007

											Company’s		Company’s		Total		Weighted
	Total		Ownership			Maturity		Rate end of			Share		Share		Company		Average Years
Description (Interest Rate Base, if not fixed)	Debt		Percentage			Date		Quarter			Recourse		Non-Recourse(1)		Share		to Maturity
CONSOLIDATED DEBT
CORPORATE CREDIT FACILITY, UNSECURED (LIBOR + 0.75%-1.25%)	$	52,600		100	%		8/29/2011		5.55	%	$	52,600			$	52,600
UNSECURED TERM LOAN		100,000		100	%		8/29/2012		5.81	%(2)		100,000				100,000
TERMINUS 100 (INTEREST ONLY)		180,000		100	%		10/1/2012		6.13	%		5,000		175,000		180,000
THE AMERICAN CANCER SOCIETY CENTER (FORMERLY INFORUM) (INTEREST ONLY UNTIL 10/1/2011) (3)		136,000		100	%		9/1/2017		6.45	%				136,000		136,000
SAN JOSE MARKETCENTER (INTEREST ONLY) (3)		83,300		100	%		12/1/2010		5.60	%				83,300		83,300
333/555 NORTH POINT CENTER EAST		28,862		100	%		11/1/2011		7.00	%		28,862				28,862
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		23,196		100	%		9/1/2010		8.27	%				23,196		23,196
THE POINTS AT WATERVIEW		17,818		100	%		1/1/2016		5.66	%				17,818		17,818
600 UNIVERSITY PARK		12,973		100	%		8/10/2011		7.38	%				12,973		12,973
LAKESHORE PARK PLAZA		8,785		100	%		11/1/2008		6.78	%				8,785		8,785
KING MILL PROJECT I (INTEREST ONLY)(4)		2,703		75	%		8/30/2008		9.00	%				2,703		2,703
KING MILL PROJECT 1 (INTEREST ONLY)(4)		2,046		75	%		6/26/2009		9.00	%				2,046		2,046
JEFFERSON MILL PROJECT 1 (INTEREST ONLY)(4)		2,601		75	%		9/13/2009		9.00	%				2,601		2,601
VARIOUS		305		100	%	VARIOUS		VARIOUS				236		69		305
TOTAL CONSOLIDATED		676,189							6.17	%		186,698		489,491		676,189		5.3
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		88,127		50	%		7/20/2010		5.85	%		17,625		26,439		44,064
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		51,558		50	%		6/1/2013		5.90	%				25,779		25,779
AVENUE EAST COBB		38,137		11.5	%		8/1/2010		8.39	%				4,386		4,386
TEN PEACHTREE PLACE		28,373		50	%		4/1/2015		5.39	%				14,187		14,187
HANDY ROAD ASSOCIATES (PRIME +.5%)		3,204		50	%		3/10/2008		7.75	%				1,602		1,602
PINE MOUNTAIN BUILDERS (PRIME)		2,347		50	%		10/24/2008		7.25	%				1,174		1,174
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		1,073		50	%		6/6/2011		6.35	%		537		—		537
GLENMORE GARDENS VILLA (LIBOR + 2.25%) ($13.5MM CONSTRUCTION LOANS)		1,596		50	%		10/3/2010		6.95	%		798		—		798
TEMCO.
BENTWATER LINKS		3,325		50	%		1/22/2009		7.98	%				1,663		1,663
BENTWATER LINKS, EQUIPMENT NOTE		72		50	%		1/15/2009		7.00	%				36		36
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		3,276		50	%		2/22/2009		8.75	%				1,638		1,638
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		2,270		50	%		3/28/2009		6.95	%				681		681
SOUTHERN TRAILS (LIBOR + 0.25%) ($13MM CONSTRUCTION LINE)		864		40	%		6/30/2008		4.95	%				346		346
WATERFORD PARK (PRIME + 1.5%)		804		50	%		5/8/2009		8.75	%				402		402
TOTAL UNCONSOLIDATED		225,026							6.07	%		18,960		78,333		97,293		3.9
TOTAL ADJUSTED DEBT	$	901,215							6.16	%	$	205,658	$	567,824	$	773,482		5.1
INVESTMENT ENTITY DEBT (5)
CHARLOTTE GATEWAY VILLAGE	$	133,864		50	%		12/1/2016		6.41	%			$	66,932	$	66,932
50 BISCAYNE BOULEVARD (LIBOR + 1.75%)		5,128		40	%		6/9/2008		6.45	%				2,051		2,051
CL REALTY.
BLUE VALLEY (PRIME)		17,395		12.5	%		5/11/2008		7.25	%				2,174		2,174
BLUE VALLEY (PRIME)		4,600		12.5	%		3/10/2008		7.25	%				575		575
BLUE VALLEY (PRIME)		850		12.5	%		9/28/2008		7.25	%				106		106
LONG MEADOW FARMS (PRIME)		3,293		18.75	%		9/8/2009		7.25	%				617		617
STONEWALL ESTATES (PRIME)		1,672		25.0	%		5/31/2010		7.25	%				418		418
TOTAL INVESTMENT ENTITY DEBT		166,802							6.46	%		—		72,873		72,873		8.3
TOTAL	$	1,068,017							6.18	%	$	205,658	$	640,697	$	846,355		5.4

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	The interest rate on this instrument is LIBOR plus .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 .80% plus interest rate swap differential.
(3)	The real estate and other assets of these properties are restricted under loan agreements such that these assets are not available to settle other debts of the Company.
(4)	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.
(5)	An investment entity is defined as an entity where the Company (1) has a fixed commitment to the venture, (2) has no direct or contingent liability for any indebtedness of the venture, except for customary carve-outs, which are commonly included in non-recourse financings and (3) is not the managing member of the venture. Investment entity debt is not included in any of the financial covenant calculations in the Company’s credit facility.

29

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

	Same Property
	Office									Retail								Total									Non-Same						All Properties
	Q3 2007			Q4 2007			% Change			Q3 2007			Q4 2007		% Change			Q3 2007			Q4 2007			% Change			Q3 2007			Q4 2007			Q3 2007			Q4 2007
RENTAL PROPERTY REVENUES	$	28,687		$	27,193					$	17,393		$	18,080				$	46,080		$	45,273					$	10,985		$	14,008		$	57,065		$	59,281
RENTAL PROPERTY OPERATING EXPENSES		12,167			10,789						4,535			5,658					16,702			16,447						4,092			5,353			20,794			21,800
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	16,520		$	16,404			-0.7	%	$	12,858		$	12,422		-3.4	%	$	29,378		$	28,826			-1.9	%	$	6,893		$	8,655		$	36,271		$	37,481
RENTAL PROPERTY REVENUES	$	28,687		$	27,193					$	17,393		$	18,080				$	46,080		$	45,273					$	10,985		$	14,008		$	57,065		$	59,281
Less: STRAIGHT-LINE RENTS		828			617						270			238					1,098			855						1,733			2,448			2,831			3,303
AMORTIZATION OF LEASE INDUCEMENTS		(59	)		(29	)					(22	)		21					(81	)		(8	)					(14	)		(159	)		(95	)		(167	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(10	)		(2	)					0			0					(10	)		(2	)					(1,108	)		(1,057	)		(1,118	)		(1,059	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		27,928			26,607						17,145			17,821					45,073			44,428						10,374			12,776			55,447			57,204
RENTAL PROPERTY OPERATING EXPENSES		12,167			10,789						4,535			5,658					16,702			16,447						4,092			5,353			20,794			21,800
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	15,761		$	15,818			0.4	%	$	12,610		$	12,163		-3.5	%	$	28,371		$	27,981			-1.4	%	$	6,282		$	7,423		$	34,653		$	35,404
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	28,687		$	27,193					$	17,393		$	18,080				$	46,080		$	45,273					$	10,985		$	14,008		$	57,065		$	59,281
RENTAL PROPERTY OPERATING EXPENSES		12,167			10,789						4,535			5,658					16,702			16,447						4,092			5,353			20,794			21,800
	$	16,520		$	16,404					$	12,858		$	12,422				$	29,378		$	28,826					$	6,893		$	8,655		$	36,271		$	37,481
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																	$	18,091		$	19,111
DISCONTINUED OPERATIONS (3)																																		20			(42	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																		3,003			3,126
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																		21,114			22,195
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																		15,157			15,286
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																	$	36,271		$	37,481

(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%.

30 

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

	Same Property
	Office									Retail									Total									Non-Same						All Properties
	12M 2006			12M 2007			% Change			12M 2006			12M 2007			% Change			12M 2006			12M 2007			% Change			12M 2006			12M 2007			12M 2006			12M 2007
RENTAL PROPERTY REVENUES	$	102,529		$	106,500					$	44,017		$	50,020					$	146,546		$	156,520					$	79,732		$	60,583		$	226,278		$	217,103
RENTAL PROPERTY OPERATING EXPENSES		38,150			43,108						11,198			12,979						49,348			56,087						30,142			22,669			79,490			78,756
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	64,379		$	63,392			-1.5	%	$	32,819		$	37,041			12.9	%	$	97,198		$	100,433			3.3	%	$	49,590		$	37,914		$	146,788		$	138,347
RENTAL PROPERTY REVENUES	$	102,529		$	106,500					$	44,017		$	50,020					$	146,546		$	156,520					$	79,732		$	60,583		$	226,278		$	217,103
Less: STRAIGHT-LINE RENTS		1,503			2,421						676			421						2,179			2,842						1,787			5,897			3,966			8,739
AMORTIZATION OF LEASE INDUCEMENTS		(24	)		(98	)					(72	)		(87	)					(24	)		(185	)					(265	)		(119	)		(289	)		(304	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(465	)		(179	)					0			0						(465	)		(179	)					(1,343	)		(4,500	)		(1,808	)		(4,679	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		101,515			104,356						43,413			49,686						144,856			154,042						79,553			59,305			224,409			213,347
RENTAL PROPERTY OPERATING EXPENSES		38,150			43,108						11,198			12,979						49,348			56,087						30,142			22,669			79,490			78,756
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	63,365		$	61,248			-3.3	%	$	32,215		$	36,707			13.9	%	$	95,508		$	97,955			2.6	%	$	49,411		$	36,636		$	144,919		$	134,591
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	102,529		$	106,500					$	44,017		$	50,020					$	146,546		$	156,520					$	79,732		$	60,583		$	226,278		$	217,103
RENTAL PROPERTY OPERATING EXPENSES		38,150			43,108						11,198			12,979						49,348			56,087						30,142			22,669			79,490			78,756
	$	64,379		$	63,392					$	32,819		$	37,041					$	97,198		$	100,433					$	49,590		$	37,914		$	146,788		$	138,347
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	53,752		$	65,473
DISCONTINUED OPERATIONS (3)																																			10,835			465
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			24,844			11,781
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			89,431			77,719
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			57,357			60,628
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	146,788		$	138,347

(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
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 4th			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			676,189			676,189
	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			170,166			170,166
	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			846,355			846,355
	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	)		(72,873	)		(72,873	)
	ADJUSTED DEBT		697,050			350,346			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			645,219			773,482			773,482
	RECOURSE DEBT		20,697			50,238			196,824			279,577			174,552			197,095			226,855			226,855			282,264			394,356			340,480			205,658			205,658
	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			567,824			567,824
	ADJUSTED DEBT		697,050			355,915			514,560			597,460			470,662			350,780			376,516			376,516			436,009			558,816			645,218			773,482			773,482
(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			5,020			8,816
	DISCONTINUED OPERATIONS INTEREST EXPENSE		9,459			5,870			0			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			1,129			3,378
	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			6,149			12,194
(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			6,149			12,194
	LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		0			(124	)		(240	)		(59	)		(58	)		(58	)		(56	)		(231	)		0			0			0			0			0
	PRINCIPAL PAYMENTS:
	CONSOLIDATED		6,862			6,560			5,361			1,282			1,192			946			506			3,926			628			516			536			529			2,209
	SHARE OF JOINT VENTURES		6,345			5,257			2,793			1,594			1,237			1,205			1,190			5,226			1,630			818			225			1,467			4,140
	GROUND LEASE PAYMENTS:
	CONSOLIDATED		587			493			671			176			175			127			22			500			22			22			22			22			88
	SHARE OF JOINT VENTURES		12			12			12			3			3			3			6			15			6			6			6			6			24
	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			8,173			18,655
	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			3,812			15,250
	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			11,985			33,905
(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			32,376			112,669
	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	)		(13,265	)		(47,196	)
	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			19,111			65,473
(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			(38	)		818
	LEASE TERMINATION FEES & OTHER INCOME		22,042			253			302			2,321			771			21			42			3,155			47			14			11			34			106
	RENTAL PROPERTY OPERATING EXPENSES		(19,460	)		(14,150	)		(10,738	)		(2,702	)		(3,157	)		(2,542	)		(568	)		(8,969	)		(209	)		(179	)		(67	)		(4	)		(459	)
	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			(8	)		465
	INTEREST EXPENSE		(9,459	)		(5,870	)		0			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			0
	MARK-TO-MARKET DEBT ADJUSTMENT		0			(605	)		0			0			0			0			0			0			0			0			0			0			0
	PROVISION FOR INCOME TAXES		0			0			(125	)		0			0			0			0			0			0			0			0			0			0
	FUNDS FROM OPERATIONS		50,083			20,105			13,288			5,791			3,832			3,050			1,315			13,988			249			193			31			(8	)		465
	DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(21,030	)		(12,776	)		(9,636	)		(3,144	)		(6,040	)		(2,416	)		(586	)		(12,186	)		(165	)		13			0			0			(152	)
	INCOME FROM DISCONTINUED OPERATIONS		29,053			7,329			3,652			2,647			(2,208	)		634			729			1,802			84			206			31			(8	)		313

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 4th			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			266			2,401
	CP VENTURE FIVE LLC		0			0			0			0			29			1,367			435			1,831			311			352			258			328			1,249
	TEN PEACHTREE PLACE ASSOCIATES		532			399			378			103			151			62			57			373			25			62			29			58			174
	CSC ASSOCIATES		11,904			11,486			10,962			2,719			2,764			135,861			764			142,108			(25	)		(11	)		16			(5	)		(25	)
	GATEWAY VILLAGE		1,176			1,176			1,158			294			294			294			294			1,176			294			294			294			294			1,176
	CRAWFORD LONG — CPI		379			95			418			119			134			151			135			539			168			184			196			147			695
	905 JUNIPER, LLC		0			0			514			0			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	)		(1,068	)		(185	)
	AVENUE MURFREESBORO		0			0			0			0			0			0			0			0			0			0			41			(243	)		(202	)
	CL REALTY, LLC		607			3,237			8,902			2,203			1,218			1,201			1,870			6,492			277			918			22			(218	)		999
	PINE MOUNTAIN BUILDERS, LLC		0			398			725			125			311			181			122			739			(5	)		18			(7	)		35			41
	TEMCO ASSOCIATES		3,137			5,107			3,931			3,822			823			252			2,491			7,388			(27	)		223			85			(120	)		161
	HANDY ROAD ASSOCIATES, LLC		0			0			0			(159	)		(39	)		(26	)		(69	)		(293	)		(43	)		(41	)		(43	)		(48	)		(175	)
	VERDE GROUP, LLC		0			0			(984	)		(293	)		(184	)		(204	)		0			(681	)		0			0			0			0			0
	OTHER		6,908			181,587			7,228			1,174			(16	)		(36	)		154			1,276			(3	)		(3	)		36			(241	)		(213	)
	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			4,102			(898	)		(815	)		6,096
(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			1,300			3,000
	LOT SALES		12,345			15,300			14,929			4,505			2,747			1,387			1,858			10,497			1,426			1,476			2,851			1,196			6,949
	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			2,496			9,949
	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			1,051			1,983
	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			1,074			5,825
	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			2,125			7,808
	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	)		0			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			622			4,977
	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			993			15,302
	SUMMARY:
	OUTPARCEL SALES NET OF COS — WHOLLY OWNED		120			471			1,367			0			62			798			796			1,656			0			0			768			249			1,017
	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	)		0			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			622			4,977
	LOT SALES NET OF COS — WHOLLY OWNED		2,803			4,222			4,162			1,302			769			349			457			2,877			218			344			440			122			1,124
	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			993			15,302
	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			2,246			8,718
	TRACT SALES		538			3,434			6,218			10,439			376			96			3,324			14,235			0			855			0			500			1,355
	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			2,746			10,073
	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			2,707			884			1,996			6,896
	TRACT COST OF SALES		66			1,236			2,828			6,275			82			37			1,166			7,560			0			392			0			312			704
	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			3,099			884			2,308			7,600
	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			1,221			408			438			2,473
	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			758			408			250			1,822
	TRACT SALES LESS COST OF SALES		472			2,198			3,390			4,164			294			59			2,158			6,675			0			463			0			188			651
	INTEREST EXPENSE		0			(135	)		(152	)		(175	)		(37	)		(36	)		(36	)		(284	)		(35	)		(35	)		(83	)		(85	)		(238	)
	DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			(62	)		0			0			0			0			0			0			0			0			0			0
	OTHER — JOINT VENTURE		(158	)		(226	)		(528	)		(176	)		5			(34	)		(176	)		(381	)		(141	)		(38	)		(237	)		(671	)		(1,087	)
	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			(318	)		1,148
	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			675			16,450

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 4th			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			1,157			18,144
	SECOND GENERATION BUILDING IMPROVEMENTS		1,160		48			1,017			312			155			102			497			1,066			(37	)		195			293			383			834
			14,507		19,258			9,439			3,158			5,120			3,907			1,236			13,421			6,896			6,455			4,087			1,540			18,978
	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			1,157			18,130
	SECOND GENERATION BUILDING IMPROVEMENTS		938		(30	)		1,015			312			155			102			497			1,066			(37	)		195			293			383			834
			13,295		18,852			8,835			2,518			2,763			3,893			1,224			10,398			6,882			6,455			4,087			1,540			18,964
	RETAIL:
	SECOND GENERATION LEASING RELATED COSTS		992		328			602			640			2,357			14			12			3,023			15			0			0			0			15
	SECOND GENERATION BUILDING IMPROVEMENTS		220		78			2			0			0			0			0			0			0			0			0			0			0
			1,212		406			604			640			2,357			14			12			3,023			15			0			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			1,540			18,979
(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			0			20
	MULTI-FAMILY COST OF SALES		0		0			(9,405	)		(5,358	)		(12,377	)		(1,346	)		(322	)		(19,403	)		0			47			(23	)		100			124
	MULTI-FAMILY SALES — CONSOLIDATED, NET		0		0			1,828			1,221			2,759			(320	)		71			3,731			0			47			(3	)		100			144
	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	)		(4,417	)		3,076
	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			3,349			(3,261	)
	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	)		(1,068	)		(185	)
	TOTAL MULTI-FAMILY FFO		0		0			9,010			3,018			5,388			2,666			3,002			14,074			2,424			1,851			(3,348	)		(968	)		(41	)

34 

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

35 

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

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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.

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