Exhibit 12

COUSINS PROPERTIES INCORPORATED
STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
($ in thousands)

	2007			2006			2005			2004			2003
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests (A)	$	116		$	(23,376	)	$	(842	)	$	140		$	(1,320	)
Add:
Gain on sale of investment property, net of applicable income tax provision		5,535			3,012			15,733			118,056			100,558
Distributed income of equity investees		22,587			256,625			64,562			247,532			58,488
Amortization of capitalized interest		1,478			975			1,196			1,084			631
Fixed charges		47,669			47,551			42,211			37,084			35,984
Subtract:
Capitalized interest		(23,343	)		(20,554	)		(17,193	)		(14,028	)		(9,684	)
Preferred dividends		(15,250	)		(15,250	)		(15,250	)		(8,042	)		(3,358	)
Earnings	$	38,792		$	248,983		$	90,417		$	381,826		$	181,299
Fixed charges:
Interest expense	$	8,816		$	11,119		$	9,094		$	14,623		$	22,576
Capitalized interest		23,343			20,554			17,193			14,028			9,684
Interest component of rental expense (30%)		260			628			674			391			366
		32,419			32,301			26,961			29,042			32,626
Preferred stock dividends		15,250			15,250			15,250			8,042			3,358
Fixed charges	$	47,669		$	47,551		$	42,211		$	37,084		$	35,984
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.81			5.24			2.14			10.30			5.04

     (A) Prior years’ pre-tax income (loss) from continuing operations is adjusted for 2007 discontinued operations.