Exhibit 99.1

COUSINS PROPERTIES INCORPORATED

Quarterly Information Package
For the Quarter Ended September 30, 2008

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	27
Debt Outstanding	29
Reconciliations of Non-GAAP Financial Measures	32
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. These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), 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 the risks identified in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. 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 such plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

News Release

FOR IMMEDIATE RELEASE

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

Web site address: www.cousinsproperties.com

COUSINS PROPERTIES REPORTS RESULTS FOR
QUARTER ENDED SEPTEMBER 30, 2008

     ATLANTA (November 5, 2008) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 30, 2008. 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 Available to Common Stockholders (“FFO”) was $20.9 million, or $0.41 per share, for the third quarter of 2008 compared with FFO of $7.3 million, or $0.14 per share, for the third quarter of 2007. FFO was $50.9 million, or $0.98 per share, for the nine months ended September 30, 2008, compared with $41.2 million, or $0.77 per share, for the same period in 2007.

     Net Income Available to Common Stockholders (“Net Income Available”) was $7.0 million, or $0.14 per share, for the third quarter of 2008 compared with Net Income Available of $7.8 million, or $0.15 per share, for the third quarter of 2007. Net Income Available was $11.7 million, or $0.23 per share, for the nine months ended September 30, 2008, compared with $22.7 million, or $0.43 per share, for the same period in 2007.

     Third quarter highlights of the Company included the following:

• Sold two outparcels ground leased by Red Robin and Men’s Wearhouse at The Avenue Carriage Crossing for $3.25 million, generating FFO of approximately $1.6 million.

• Through its CL Realty and Temco joint ventures, sold three land tracts for $5.3 million, generating gains of $3.3 million. The Company’s share of these gains, representing pre-tax FFO, is approximately $1.7 million.

• Through its 50 Biscayne joint venture, sold all of the remaining 120 residential units for $30.3 million. At quarter end, this venture held only seven unsold commercial units, three of which closed in October 2008.

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

1

CUZ Reports Third Quarter Results
Page 2
November 5, 2008

• Commenced closings of units at its 10 Terminus Place residential project. The Company recognized approximately $744,000 of pre-tax gain on closings of nine of the 137 units.

• Received a pre-tax fee of approximately $13.5 million from a development contract, partially offset by a commission of approximately $3.4 million.

• Celebrated the grand opening of Tiffany Springs MarketCenter, a 584,000-square-foot power center in Kansas City, Missouri. This center was 87% leased at September 30, 2008.

• Entered into an $18.4 million mortgage loan secured by its Lakeshore Park Plaza office building. This non-recourse loan matures August 1, 2012 and bears interest at 5.89%.

Other highlights subsequent to quarter-end:

• Sold its 3100 Windy Hill Road office building for $12.5 million, recognizing a gain on sale of approximately $2.5 million.

• Entered into two $75 million interest rate swaps on floating-rate LIBOR-based borrowings at 2.995% and 2.69% for two years.

     At September 30, 2008, the Company’s portfolio of operational office buildings was 94% leased (98% after the sale of the 3100 Windy Hill Road office building), its portfolio of operational retail centers was 91% leased and its operational industrial buildings were 40% leased.

     At September 30, 2008, the Company and its joint ventures had seven office and retail projects under development and redevelopment totaling 3.8 million Company-owned square feet, and two multi-family projects under development that will ultimately contain 208 units. The Company estimates its share of the total unfunded costs of these projects will be approximately $162.1 million and expects completion of these projects throughout the next three years. In addition, the Company and its joint ventures had 24 residential communities in which approximately 2,000 completed lots are in inventory and an additional 8,300 lots are available for future development and/or sale.

     “Given the economic conditions, our team continued to think creatively and delivered good results in the third quarter,” said Tom Bell, Chairman and CEO of Cousins. “While the current economic recession and constipated credit markets continue to make our business difficult, we believe the downturn will ultimately lead to strong, value-creating development and acquisition opportunities for Cousins.”

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

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2

CUZ Reports Third Quarter Results
Page 3
November 5, 2008

     The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Thursday, November 6, 2008, to discuss the results of the quarter ended September 30, 2008. The number to call for this interactive teleconference is (303) 262-2053. A replay of the conference call will be available for 14 days by dialing (303) 590-3000 and entering the passcode 11120303#. The replay can be accessed on the Company’s Web site, www.cousinsproperties.com, through the “Q3 2008 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.

     Celebrating its 50^th anniversary in 2008, Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail, industrial and land development projects. Since its founding, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 4,000 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit 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 risk. These include, but are not limited to, general and local economic conditions (including the current general recession and state of the credit markets), local real estate conditions (including the overall condition of the residential markets), 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 Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. 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.

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3

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
REVENUES:
Rental property revenues	$	38,337		$	30,659		$	109,344		$	80,275
Fee income		21,736			10,513			37,096			28,439
Multi-family residential sales		5,459			20			5,459			20
Residential lot and outparcel sales		3,747			4,551			6,746			7,453
Interest and other		991			439			3,291			4,939
		70,270			46,182			161,936			121,126
COSTS AND EXPENSES:
Rental property operating expenses		14,641			12,303			42,663			33,111
General and administrative expenses		13,020			9,862			32,733			31,514
Reimbursed general and administrative expenses		4,006			4,857			11,745			13,499
Depreciation and amortization		13,272			10,380			37,148			28,109
Multi-family residential cost of sales		4,715			23			4,715			(24	)
Residential lot and outparcel cost of sales		1,917			3,344			3,695			5,684
Interest expense		8,705			3,265			22,347			3,796
Loss on extinguishment of debt		—			446			—			446
Other		1,975			1,054			4,279			2,172
		62,251			45,534			159,325			118,307
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES, MINORITY INTEREST AND INCOME FROM UNCONSOLIDATED JOINT VENTURES		8,019			648			2,611			2,819
(PROVISION) BENEFIT FOR INCOME TAXES FROM OPERATIONS		(916	)		1,806			4,477			3,906
MINORITY INTEREST IN INCOME (LOSS) OF CONSOLIDATED SUBSIDIARIES		(766	)		286			(1,688	)		(1,418	)
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		3,497			(898	)		8,553			6,911
INCOME FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		9,834			1,842			13,953			12,218
GAIN ON SALE OF INVESTMENT PROPERTIES, NET OF APPLICABLE INCOME TAX PROVISION		1,387			355			10,391			4,857
INCOME FROM CONTINUING OPERATIONS		11,221			2,197			24,344			17,075
DISCONTINUED OPERATIONS, NET OF APPLICABLE INCOME TAX
PROVISION:
Income (loss) from discontinued operations		(431	)		(408	)		(1,179	)		(1,001	)
Gain on sale of investment properties		—			9,872			—			18,014
		(431	)		9,464			(1,179	)		17,013
NET INCOME		10,790			11,661			23,165			34,088
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,812	)		(3,812	)		(11,437	)		(11,437	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	6,978		$	7,849		$	11,728		$	22,651
PER COMMON SHARE INFORMATION — BASIC:
Income (loss) from continuing operations	$	0.14		$	(0.03	)	$	0.25		$	0.11
Income (loss) from discontinued operations		0.00			0.18			(0.02	)		0.33
Basic net income available to common stockholders	$	0.14		$	0.15		$	0.23		$	0.44
PER COMMON SHARE INFORMATION — DILUTED:
Income (loss) from continuing operations	$	0.14		$	(0.03	)	$	0.25		$	0.11
Income (loss) from discontinued operations		0.00			0.18			(0.02	)		0.32
Diluted net income available to common stockholders	$	0.14		$	0.15		$	0.23		$	0.43
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.37		$	0.37		$	1.11		$	1.11
WEIGHTED AVERAGE SHARES		51,209			51,690			51,182			51,744
DILUTED WEIGHTED AVERAGE SHARES		51,652			51,690			51,797			53,214

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES
FUNDS FROM OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Net Income Available to Common Stockholders	$	6,978		$	7,849		$	11,728		$	22,651
Depreciation and amortization:
Consolidated properties		13,272			10,380			37,148			28,109
Discontinued properties		138			174			486			672
Share of unconsolidated joint ventures		1,621			1,133			4,485			3,303
Depreciation of furniture, fixtures and equipment and amortization of specifically identifiable intangible assets:
Consolidated properties		(989	)		(752	)		(2,720	)		(1,999	)
Discontinued properties		(6	)		(7	)		(19	)		(19	)
Share of unconsolidated joint ventures		(27	)		(1	)		(78	)		(1	)
Gain on sale of investment properties, net of applicable income tax provision:
Consolidated		(1,387	)		(355	)		(10,391	)		(4,857	)
Discontinued properties		—			(9,872	)		—			(18,014	)
Share of unconsolidated joint ventures		—			(1,232	)		—			(1,198	)
Gain on sale of undepreciated investment properties		1,331			(1	)		10,223			12,539
Funds From Operations Available to Common Stockholders	$	20,931		$	7,316		$	50,862		$	41,186
Per Common Share — Basic:
Net Income Available	$	.14		$	.15		$	.23		$	.44
Funds From Operations	$	.41		$	.14		$	.99		$	.80
Weighted Average Shares-Basic		51,209			51,690			51,182			51,744
Per Common Share — Diluted:
Net Income Available	$	.14		$	.15		$	.23		$	.43
Funds From Operations	$	.41		$	.14		$	.98		$	.77
Weighted Average Shares-Diluted		51,652			52,778			51,797			53,214

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

     FFO is used by industry analysts, investors and the Company 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. In addition to Company management evaluating the operating performance of its reportable segments based on FFO results, management 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)

	September 30,			December 31,
	2008			2007
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $170,274 and $142,955 in 2008 and 2007, respectively	$	844,211		$	654,633
Operating properties held for sale, net of accumulated depreciation of $8,007 in 2008		9,335			—
Land held for investment or future development		105,375			105,117
Projects under development		247,193			358,925
Residential lots under development		54,729			44,690
Total properties		1,260,843			1,163,365
CASH AND CASH EQUIVALENTS		54,641			17,825
RESTRICTED CASH		2,109			3,587
NOTES AND OTHER RECEIVABLES, net of allowance for doubtful accounts of $1,507 and $883 in 2008 and 2007, respectively		55,405			44,414
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		199,490			209,477
OTHER ASSETS		84,094			70,943
TOTAL ASSETS	$	1,656,582		$	1,509,611
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
NOTES PAYABLE	$	852,771		$	676,189
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES		68,357			57,208
DEFERRED GAIN		171,894			171,931
DEPOSITS AND DEFERRED INCOME		7,238			5,997
TOTAL LIABILITIES		1,100,260			911,325
MINORITY INTERESTS (includes redeemable minority interest with a book value of $6,518 with a maximum redemption amount of $14,820 as of September 30, 2008)		44,394			45,783
COMMITMENTS AND CONTINGENCIES
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, 54,952,780 and 54,850,505 shares issued in 2008 and 2007, respectively		54,953			54,851
Additional paid-in capital		353,266			348,508
Treasury stock at cost, 3,570,082 shares in 2008 and 2007		(86,840	)		(86,840	)
Accumulated other comprehensive income		(4,503	)		(4,302	)
Cumulative undistributed net income (distributions in excess of net income)		(4,948	)		40,286
TOTAL STOCKHOLDERS’ INVESTMENT		511,928			552,503
TOTAL LIABILITIES AND STOCKHOLDERS’ INVESTMENT	$	1,656,582		$	1,509,611

6

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

			2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		399,742			34,491			217,441			14,407			395			7,849			(4,979	)		17,672			1,839			2,911			6,978			11,728
		FFO AVAILABLE TO COMMON STOCKHOLDERS (“FFO”), EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT		109,483			73,746			74,469			24,487			9,383			7,316			7,251			48,437			13,811			16,120			20,931			50,862
		BASIC WEIGHTED AVERAGE COMMON SHARES		49,005			49,989			50,655			51,719			51,825			51,690			51,588			51,705			51,148			51,187			51,209			51,182
		DILUTED WEIGHTED AVERAGE COMMON SHARES		51,016			51,747			52,513			53,596			53,306			52,778			52,401			52,932			51,670			52,040			51,652			51,797
		NET INCOME (LOSS) PER COMMON SHARE — BASIC		8.16			0.69			4.29			0.28			0.01			0.15			(0.10	)		0.34			0.04			0.06			0.14			0.23
		NET INCOME (LOSS) PER COMMON SHARE — DILUTED		7.84			0.67			4.14			0.27			0.01			0.15			(0.10	)		0.34			0.04			0.06			0.14			0.23
		FFO PER COMMON SHARE — BASIC		2.23			1.48			1.47			0.47			0.18			0.14			0.14			0.94			0.27			0.31			0.41			0.99
		FFO PER COMMON SHARE — DILUTED		2.15			1.43			1.42			0.46			0.18			0.14			0.14			0.92			0.27			0.31			0.41			0.98
(H	)	2ND GENERATION TI & LEASING COSTS AND BUILDING CAPEX (1)		19,258			9,439			13,421			6,897			6,455			4,087			1,540			18,979			6,936			8,375			5,010			20,321
		REGULAR COMMON DIVIDENDS		72,869			74,649			75,495			19,194			19,251			19,185			19,152			76,782			18,974			18,992			18,995			56,961
		SPECIAL COMMON DIVIDEND		356,493			—			175,470			—			—			—			—			—			—			—			—			—
		REGULAR COMMON DIVIDENDS PER SHARE		1.48			1.48			1.48			0.37			0.37			0.37			0.37			1.48			0.37			0.37			0.37			1.11
		SPECIAL COMMON DIVIDEND PER SHARE		7.15			—			3.40			—			—			—			—			—			—			—			—			—
		COMMON STOCK PRICE AT PERIOD END		30.27			28.30			35.27			32.86			29.01			29.36			22.10			22.10			24.71			23.10			25.23			25.23
		NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		50,092			50,665			51,748			52,018			51,793			51,858			51,280			51,280			51,292			51,336			51,383			51,383
		PREFERRED STOCK — SERIES A — PRICE AT PERIOD END		26.15			25.75			25.90			25.64			26.00			24.90			22.38			22.38			21.14			22.50			18.00			18.00
		NUMBER OF PREFERRED SHARES — SERIES A — OUTSTANDING AT PERIOD END		4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000			4,000
		PREFERRED STOCK — SERIES B — PRICE AT PERIOD END		25.00			25.40			25.53			25.82			24.95			23.98			20.59			20.59			20.45			21.78			17.00			17.00
		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		1,516,285			1,433,820			1,825,152			1,709,311			1,502,515			1,522,551			1,133,288			1,133,288			1,267,425			1,185,862			1,296,393			1,296,393
		PREFERRED EQUITY MARKET CAPITALIZATION		204,600			204,600			205,720			205,840			203,800			195,520			171,880			171,880			166,360			177,120			140,000			140,000
(A	)	ADJUSTED DEBT (1)		350,346			514,560			376,516			436,009			558,816			645,219			773,482			773,482			898,205			899,140			973,524			973,524
		TOTAL MARKET CAPITALIZATION		2,071,231			2,152,980			2,407,388			2,351,160			2,265,131			2,363,289			2,078,650			2,078,650			2,331,990			2,262,122			2,409,917			2,409,917
		ADJUSTED DEBT AS A % OF TOTAL MARKET CAPITALIZATION		17	%		24	%		16	%		19	%		25	%		27	%		37	%		37	%		39	%		40	%		40	%		40	%
(A	)	RECOURSE DEBT (1)		50,238			196,824			226,855			282,264			394,356			340,480			205,658			205,658			328,106			337,110			392,422			392,422
		RECOURSE DEBT AS A % OF TOTAL MARKET CAPITALIZATION		2	%		9	%		9	%		12	%		17	%		14	%		10	%		10	%		14	%		15	%		16	%		16	%
		COMMON EQUITY MARKET CAPITALIZATION		1,516,285			1,433,820			1,825,152			1,709,311			1,502,515			1,522,551			1,133,288			1,133,288			1,267,425			1,185,862			1,296,393			1,296,393
		PREFERRED EQUITY MARKET CAPITALIZATION		204,600			204,600			205,720			205,840			203,800			195,520			171,880			171,880			166,360			177,120			140,000			140,000
(A	)	TOTAL DEBT (INCLUDING SHARE OF JV’S)		438,050			615,645			487,234			549,934			676,515			762,981			846,355			846,355			967,832			967,885			1,040,513			1,040,513
		TOTAL MARKET CAPITALIZATION		2,158,935			2,254,065			2,518,106			2,465,085			2,382,830			2,481,051			2,151,523			2,151,523			2,401,617			2,330,867			2,476,906			2,476,906
		TOTAL DEBT AS A % OF TOTAL MARKET CAPITALIZATION		20	%		27	%		19	%		22	%		28	%		31	%		39	%		39	%		40	%		42	%		42	%		42	%
(B	)	CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S) (1)		31,656			11,908			14,653			714			1,242			4,089			6,149			12,194			7,400			8,422			9,852			25,674
		FFO BEFORE INTEREST		141,139			85,654			89,122			25,201			10,625			11,405			13,400			60,631			21,211			24,542			30,783			76,536
		INTEREST EXPENSE COVERAGE RATIO		4.46			7.19			6.08			35.30			8.55			2.79			2.18			4.97			2.87			2.91			3.12			2.98
(C	)	FIXED CHARGES (excluding preferred dividends)(1)		43,854			20,505			24,089			3,000			2,604			4,878			8,173			18,655			8,751			9,675			11,277			29,703
		FFO PLUS FIXED CHARGES (excluding preferred dividends)		131,854			86,337			89,637			25,229			10,653			11,433			13,428			60,743			21,238			24,574			30,816			76,628
		FIXED CHARGE COVERAGE RATIO (excluding preferred dividends)		3.22			4.21			3.72			8.41			4.09			2.34			1.64			3.26			2.43			2.54			2.73			2.58
(C	)	FIXED CHARGES (including preferred dividends)(1)		51,896			35,755			39,339			6,813			6,416			8,691			11,985			33,905			12,564			13,487			15,089			41,140
		FFO PLUS FIXED CHARGES (including preferred dividends)		139,896			101,587			104,887			29,042			14,465			15,246			17,240			75,993			25,051			28,386			34,628			88,065
		FIXED CHARGE COVERAGE RATIO (including preferred dividends)		2.87			2.84			2.67			4.26			2.25			1.75			1.44			2.24			1.99			2.10			2.29			2.14

7

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

			2004		2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
(D	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		OFFICE:
		191 PEACHTREE		0		0			1,964			2,199			2,036			2,555			2,558			9,349			2,661			2,750			2,857			8,268
		221 PEACHTREE CENTER GARAGE		0		0			0			0			128			222			160			510			147			189			189			525
		AMERICAN CANCER SOCIETY CENTER (FORMERLY INFORUM)		12,808		11,376			11,774			2,678			2,436			3,454			3,391			11,959			3,555			3,598			3,665			10,818
		TERMINUS 100		0		0			0			0			120			1,783			3,096			5,000			4,056			4,161			3,771			11,988
		ONE GEORGIA CENTER		1,369		(1,361	)		(219	)		140			(98	)		38			(190	)		(109	)		(148	)		530			977			1,359
		THE POINTS AT WATERVIEW		1,949		1,872			2,124			508			549			552			569			2,179			531			504			545			1,580
		LAKESHORE PARK PLAZA		1,459		722			922			388			459			436			511			1,794			505			541			515			1,561
		MERIDIAN MARK PLAZA		4,224		4,487			4,475			1,135			1,053			1,065			1,086			4,339			1,109			1,178			1,136			3,423
		555 NORTH POINT CENTER EAST		945		1,506			1,771			466			462			474			480			1,882			488			525			426			1,439
		333 NORTH POINT CENTER EAST		1,036		1,395			1,183			320			334			319			314			1,287			310			280			435			1,025
		200 NORTH POINT CENTER EAST		417		363			839			322			356			406			406			1,490			416			406			299			1,121
		100 NORTH POINT CENTER EAST		1,010		1,020			1,035			309			312			348			351			1,320			458			317			392			1,167
		600 UNIVERSITY PARK PLACE		1,797		1,701			1,107			324			426			400			408			1,557			425			419			420			1,264
		GALLERIA 75		899		1,036			897			181			158			168			142			650			132			153			169			454
		COSMOPOLITAN CENTER		0		0			13			52			14			132			143			341			125			123			142			390
		ATHEROGENICS		1,222		1,241			1,263			319			318			322			319			1,279			324			328			328			980
		INHIBITEX		0		666			917			230			226			229			227			912			229			230			226			685
		SUBTOTAL		29,135		26,024			30,065			9,571			9,290			12,905			13,971			45,738			15,323			16,232			16,492			48,047
		RETAIL:
		THE AVENUE CARRIAGE CROSSING		0		743			5,835			1,775			1,748			1,662			1,589			6,774			1,487			1,660			1,700			4,847
		THE AVENUE WEBB GIN		0		0			1,653			1,276			1,271			1,533			1,478			5,558			1,612			1,495			1,620			4,727
		SAN JOSE MARKETCENTER		0		0			3,846			1,422			1,612			1,705			1,711			6,450			1,835			1,835			1,876			5,546
		THE AVENUE FORSYTH		0		0			0			0			0			0			0			0			73			546			1,184			1,803
		TIFFANY SPRINGS MARKETCENTER		0		0			0			0			0			0			0			0			0			(3	)		492			489
		PROPERTIES CONTRIBUTED TO CP VENTURE FIVE (AVENUE FUND)		13,179		16,623			9,068			(31	)		(36	)		(60	)		82			(45	)		34			1			(3	)		32
		SUBTOTAL		13,179		17,366			20,402			4,442			4,595			4,840			4,860			18,736			5,041			5,534			6,869			17,444
		INDUSTRIAL:
		KING MILL — BUILDING 3A		0		0			405			306			301			297			283			1,187			297			294			295			886
		KING MILL — BUILDING 3B		0		0			0			0			0			0			(32	)		(32	)		(72	)		(69	)		(66	)		(207	)
		LAKESIDE RANCH — BUILDING 20		0		0			0			31			231			302			230			794			240			163			184			587
		JEFFERSON MILL — BUILDING A		0		0			0			0			0			0			0			0			0			(29	)		(29	)		(58	)
		SUBTOTAL		0		0			405			337			532			599			481			1,949			465			359			384			1,208
		OTHER RENTAL OPERATIONS:
		OTHER		1,432		1,021			203			19			22			11			30			82			39			(8	)		(49	)		(18	)
		SUBTOTAL		1,432		1,021			203			19			22			11			30			82			39			(8	)		(49	)		(18	)
		PROPERTIES SOLD, NOT IN DISCONTINUED OPERATIONS, RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		7,615		2			0			0			0			0			0			0			0			0			0			0
		TOTAL CONSOLIDATED RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		51,361		44,413			51,076			14,369			14,439			18,355			19,342			66,505			20,868			22,117			23,696			66,681
(E	)	DISCONTINUED OPERATIONS RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (1):
		3100 WINDY HILL RD		2,974		2,944			2,676			(256	)		(281	)		(264	)		(231	)		(1,032	)		(233	)		(204	)		(296	)		(733	)
		GA 400 LAND LEASES		1,463		1,432			1,537			123			1			2			0			126			0			0			0			0
		FROST BANK TOWER		3,486		5,123			4,548			13			17			2			9			41			0			33			0			33
		THE AVENUE OF THE PENINSULA		4,213		4,446			5,114			11			62			5			(13	)		65			0			5			3			8
		3301 WINDY RIDGE PARKWAY		1,659		1,693			2,750			102			104			22			(4	)		224			0			(1	)		0			(1	)
		OTHER		15,760		718			41			0			9			0			0			9			0			0			0			0
		TOTAL DISCONTINUED OPERATIONS RENTAL PROPERTY
		REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		29,555		16,356			16,666			(7	)		(88	)		(233	)		(239	)		(567	)		(233	)		(167	)		(293	)		(693	)

8

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

			2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
(G	)	RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY FFO:
		OUTPARCEL SALES NET OF COST OF SALES — WHOLLY OWNED (1)		471			1,367			1,656			0			0			768			249			1,017			755			25			1,551			2,331
		TRACT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		29,627			15,483			2,481			4,355			0			0			622			4,977			3,736			4,741			375			8,852
		TRACT SALES NET OF COST OF SALES — JOINT VENTURES (1)		2,198			3,390			6,675			0			463			0			188			651			0			931			1,695			2,626
		TOTAL TRACT & OUTPARCEL SALES NET OF COS		31,825			18,873			9,156			4,355			463			0			810			5,628			3,736			5,672			2,070			11,478
		OTHER INVESTMENT PROPERTY NET OF COST OF SALES — WHOLLY OWNED (1)		0			0			11,867			8,185			0			(1	)		0			8,184			0			415			956			1,371
		TOTAL OTHER INVESTMENT PROPERTY SALES NET OF COS		0			0			11,867			8,185			0			(1	)		0			8,184			0			415			956			1,371
		LOT SALES NET OF COST OF SALES — WHOLLY OWNED (1)		4,222			4,162			2,877			218			344			440			122			1,124			43			398			279			720
		LOT SALES NET OF COST OF SALES — JOINT VENTURES (1)		6,993			10,479			8,217			406			758			407			250			1,822			121			237			182			540
		TOTAL LOT SALES NET OF COS		11,215			14,641			11,094			624			1,102			848			372			2,946			164			635			461			1,260
		INTEREST — JOINT VENTURES (1)		(135	)		(152	)		(284	)		(35	)		(35	)		(83	)		(85	)		(238	)		(101	)		(85	)		(139	)		(325	)
		OTHER — JOINT VENTURES (1)		(226	)		(528	)		(381	)		(141	)		(38	)		(237	)		(671	)		(1,087	)		1,014			258			(235	)		1,037
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS — JOINT VENTURES (1)		0			(62	)		0			0			0			0			0			0			(21	)		(21	)		(21	)		(63	)
		TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY FFO		43,150			34,139			33,108			12,988			1,492			1,295			675			16,450			5,547			6,899			4,643			17,089
(I	)	MULTI-FAMILY FFO:
		MULTI-FAMILY SALES NET OF COST OF SALES — CONSOLIDATED (1)		0			1,828			3,731			0			47			(3	)		100			144			0			0			744			744
		MULTI-FAMILY SALES NET OF COST OF SALES — JOINT VENTURES (1)		0			7,182			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)		650			(227	)		973			1,396
		TOTAL MULTI-FAMILY FFO		0			9,010			14,074			2,424			1,851			(3,348	)		(968	)		(41	)		650			(227	)		1,717			2,140
		DEVELOPMENT INCOME		3,310			3,056			4,585			574			2,204			1,568			1,535			5,881			1,013			1,219			14,322			16,554
		MANAGEMENT FEES		21,931			24,058			24,437			6,354			6,698			6,043			5,687			24,782			5,791			6,153			6,388			18,332
		LEASING & OTHER FEES		4,463			8,084			6,443			1,138			958			2,902			653			5,651			754			430			1,026			2,210
		TERMINATION FEES		2,132			545			631			3,557			664			(17	)		989			5,193			131			(109	)		355			377
		INTEREST INCOME & OTHER		2,528			1,886			742			110			169			455			502			1,236			1,229			1,049			636			2,914
		GENERAL & ADMINISTRATIVE EXPENSES:
		GENERAL & ADMINISTRATIVE EXPENSES		(33,702	)		(40,702	)		(42,536	)		(10,583	)		(11,069	)		(9,862	)		(9,129	)		(40,643	)		(10,599	)		(9,114	)		(9,648	)		(29,361	)
		COMMISSION ON DEVELOPMENT FEE		0			0			0			0			0			0			0			0			0			0			(3,372	)		(3,372	)
		REIMBURSED GENERAL & ADMINISTRATIVE EXPENSES		(13,227	)		(15,116	)		(16,056	)		(4,107	)		(4,535	)		(4,857	)		(3,668	)		(17,167	)		(3,786	)		(3,953	)		(4,006	)		(11,745	)
		TOTAL GENERAL & ADMINISTRATIVE EXPENSES		(46,929	)		(55,818	)		(58,592	)		(14,690	)		(15,604	)		(14,719	)		(12,797	)		(57,810	)		(14,385	)		(13,067	)		(17,026	)		(44,478	)
		INTEREST EXPENSE CONSOLIDATED:
		2007 CREDIT FACILITY — FLOATING @ LIBOR + .75% to 1.25%								0			0			0			(1,795	)		(1,513	)		(3,308	)		(1,339	)		(1,949	)		(2,082	)		(5,370	)
		UNSECURED TERM LOAN — FIXED SWAP RATE OF 5.01% + .70% to 1.20%								0			0			0			(560	)		(1,417	)		(1,977	)		(1,470	)		(1,479	)		(1,479	)		(4,428	)
		THE AMERICAN CANCER SOCIETY CENTER (FORMERLY THE INFORUM) - 6.45%								0			0			0			(756	)		(2,271	)		(3,027	)		(2,240	)		(2,240	)		(2,263	)		(6,743	)
		333 & 555 NORTH POINT CENTER DEBT - 7%		(2,207	)		(2,165	)		(2,121	)		(523	)		(520	)		(516	)		(513	)		(2,072	)		(510	)		(507	)		(503	)		(1,520	)
		MERIDIAN MARK PLAZA DEBT - 8.27%		(2,048	)		(2,021	)		(1,991	)		(493	)		(491	)		(489	)		(487	)		(1,959	)		(484	)		(482	)		(480	)		(1,446	)
		600 UNIVERSITY PARK DEBT - 7.38%		(1,020	)		(1,009	)		(995	)		(247	)		(246	)		(245	)		(245	)		(983	)		(243	)		(242	)		(241	)		(726	)
		100 NORTH POINT CENTER EAST DEBT - 5.39%		(932	)		(932	)		(932	)		(231	)		(208	)		(170	)		(170	)		(780	)		(169	)		(172	)		(170	)		(511	)
		200 NORTH POINT CENTER EAST DEBT - 5.39%		(826	)		(826	)		(826	)		(205	)		(191	)		(170	)		(170	)		(736	)		(168	)		(172	)		(170	)		(510	)
		LAKESHORE PARK PLAZA DEBT - 5.89%								0			0			0			0			0			0			0			0			(230	)		(230	)
		LAKESHORE PARK PLAZA DEBT - 6.78%		(666	)		(648	)		(631	)		(155	)		(154	)		(152	)		(151	)		(612	)		(150	)		(115	)		0			(265	)
		KING MILL DEBT - 9%		0			(34	)		(293	)		(109	)		(114	)		(121	)		(124	)		(469	)		(121	)		(122	)		(125	)		(368	)
		JEFFERSON MILL DEBT - 9%		0			0			(23	)		(40	)		(53	)		(62	)		(64	)		(218	)		(65	)		(67	)		(70	)		(202	)
		THE POINTS AT WATERVIEW DEBT - 5.66%		0			(11	)		(1,051	)		(284	)		(263	)		(262	)		(261	)		(1,070	)		(259	)		(258	)		(257	)		(774	)
		TERMINUS 100 DEBT - 6.13%		0			0			0			0			0			0			(2,358	)		(2,358	)		(2,800	)		(2,801	)		(2,801	)		(8,402	)
		SAN JOSE MARKETCENTER DEBT - 5.6%		0			0			0			0			0			0			(448	)		(448	)		(1,223	)		(1,224	)		(1,225	)		(3,672	)
		2005 CREDIT FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			(8,752	)		(2,732	)		(3,578	)		(1,704	)		0			(8,014	)		0			0			0			0
		2005 TERMINUS CONSTRUCTION FACILITY — FLOATING @ LIBOR + .80% to 1.30%		0			0			(2,598	)		(1,072	)		(1,265	)		(910	)		(19	)		(3,265	)		0			0			0			0
		BRIDGE LOAN — FLOATING @ LIBOR + .75%								0			0			0			(907	)		52			(855	)		0			0			0			0
		BANK OF AMERICA PLAZA FINANCING - 6.9575%		(10,406	)		(10,197	)		(7,447	)		0			(2	)		0			0			(2	)		0			0			0			0
		THE AVENUE EAST COBB DEBT - 8.39%		(3,188	)		(3,153	)		(1,546	)		0			0			0			0			0			0			0			0			0
		CREDIT FACILITY — FLOATING @ LIBOR + .90% to 1.50%		(764	)		(3,979	)		(2,103	)		0			0			0			0			0			0			0			0			0
		OTHER		(6,594	)		(1,312	)		(363	)		0			(2	)		(2	)		(2	)		(6	)		(2	)		(1	)		(4	)		(7	)
		CAPITALIZED		14,028			17,193			20,553			6,091			6,555			5,556			5,141			23,343			4,968			4,464			3,395			12,827
		TOTAL INTEREST EXPENSE CONSOLIDATED		(14,623	)		(9,094	)		(11,119	)		0			(531	)		(3,265	)		(5,020	)		(8,816	)		(6,275	)		(7,367	)		(8,705	)		(22,347	)

9

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

			2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
		OTHER EXPENSES — CONTINUING OPERATIONS:
		LOSS ON EXTINGUISHMENT OF DEBT (NOT ASSOCIATED WITH PROPERTY SALE)		0			0			0			0			0			(446	)		0			(446	)		0			0			0			0
		PROPERTY TAXES		(664	)		(754	)		(524	)		(187	)		165			(230	)		(327	)		(579	)		(248	)		(102	)		(247	)		(597	)
		MINORITY INTEREST EXPENSE		(1,417	)		(3,037	)		(4,130	)		(862	)		(842	)		285			(238	)		(1,656	)		(671	)		(251	)		(766	)		(1,688	)
		PREDEVELOPMENT & OTHER		(1,284	)		(568	)		(2,287	)		(173	)		(924	)		(824	)		(322	)		(2,243	)		(1,507	)		(447	)		(1,728	)		(3,682	)
		TOTAL OTHER EXPENSES		(3,365	)		(4,359	)		(6,941	)		(1,222	)		(1,601	)		(1,215	)		(887	)		(4,925	)		(2,426	)		(800	)		(2,741	)		(5,967	)
(E	)	OTHER EXPENSES — DISCONTINUED OPERATIONS:		(5,870	)		0			0			0			0			0			0			0			0			0			0			0
		INCOME TAX (PROVISION)/BENEFIT:
		CONTINUING OPERATIONS		(2,744	)		(7,756	)		(4,193	)		1,027			1,073			1,806			517			4,423			3,217			2,176			(916	)		4,477
(E	)	DISCONTINUED OPERATIONS (1)		0			(126	)		(2	)		0			0			0			0			0			0			0			0			0
		TOTAL INCOME TAX (PROVISION)/BENEFIT		(2,744	)		(7,882	)		(4,195	)		1,027			1,073			1,806			517			4,423			3,217			2,176			(916	)		4,477
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS:
		CONSOLIDATED		(2,652	)		(2,951	)		(2,911	)		(501	)		(746	)		(752	)		(769	)		(2,768	)		(770	)		(961	)		(989	)		(2,720	)
(E	)	DISCONTINUED OPERATIONS		0			0			0			0			(12	)		(7	)		(6	)		(25	)		(7	)		(6	)		(6	)		(19	)
		SHARE OF UNCONSOLIDATED JOINT VENTURES		0			0			0			0			0			(1	)		(4	)		(5	)		(4	)		(5	)		(6	)		(15	)
		TOTAL NON-REAL ESTATE DEPRECIATION & AMORTIZATION		(2,652	)		(2,951	)		(2,911	)		(501	)		(758	)		(760	)		(779	)		(2,798	)		(781	)		(972	)		(1,001	)		(2,754	)
(F	)	JOINT VENTURE FFO (EXCLUDING 905 JUNIPER, 50 BISCAYNE, TEMCO, CL REALTY, PINE MOUNTAIN BUILDERS, HANDY ROAD & VERDE) (1):
		CP VENTURE TWO LLC		1,861			1,722			1,725			436			425			404			389			1,654			400			364			406			1,170
		CP VENTURE FIVE LLC		0			0			3,849			609			683			589			572			2,453			606			571			568			1,745
		TEN PEACHTREE PLACE ASSOCIATES		1,533			1,506			1,433			296			312			299			319			1,226			326			331			350			1,007
		CHARLOTTE GATEWAY VILLAGE, LLC (GATEWAY VILLAGE)		1,208			1,191			1,208			302			302			302			302			1,208			302			302			302			906
		CRAWFORD LONG — CPI, LLC		1,447			1,865			2,007			515			524			532			476			2,047			533			526			523			1,582
		AVENUE MURFREESBORO		0			0			0			0			0			79			29			108			318			442			519			1,279
		OTHER		29,229			21,269			11,493			21			(18	)		56			(234	)		(175	)		39			62			(26	)		75
		TOTAL SHARE OF JOINT VENTURE FFO		35,278			27,553			21,715			2,179			2,228			2,261			1,853			8,522			2,524			2,598			2,642			7,764
		PREFERRED STOCK DIVIDENDS		(8,042	)		(15,250	)		(15,250	)		(3,813	)		(3,812	)		(3,813	)		(3,812	)		(15,250	)		(3,813	)		(3,812	)		(3,812	)		(11,437	)
		FFO AVAILABLE TO COMMON STOCKHOLDERS, EXCLUDING LOSS ON EXTINGUISHMENT OF DEBT		109,483			73,746			74,469			24,487			9,383			7,316			7,251			48,437			13,811			16,120			20,931			50,862
		LOSS ON EXTINGUISHMENT OF DEBT		(605	)		0			(18,207	)		0			0			0			0			0			0			0			0			0
		FFO AVAILABLE TO COMMON STOCKHOLDERS, AS DEFINED		108,878			73,746			56,262			24,487			9,383			7,316			7,251			48,437			13,811			16,120			20,931			50,862
		GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET:
		CONTINUING OPERATIONS		118,056			15,733			3,012			4,440			62			355			678			5,535			3,792			5,212			1,387			10,391
(G	)	LESS GAIN ON SALE OF UNDEPRECIATED INVESTMENT PROPERTIES		(29,627	)		(15,483	)		(14,348	)		(12,540	)		0			1			(622	)		(13,161	)		(3,736	)		(5,156	)		(1,331	)		(10,223	)
		DISCONTINUED OPERATIONS		81,927			1,037			86,495			8,164			(22	)		9,872			81			18,095			0			0			0			0
		SHARE OF UNCONSOLIDATED JOINT VENTURES		176,265			1,935			135,618			(44	)		10			1,232			(12	)		1,186			0			0			0			0
		TOTAL GAIN ON SALE OF INVESTMENT PROPERTIES, NET		346,621			3,222			210,777			20			50			11,460			125			11,655			56			56			56			168
		DEPRECIATION & AMORTIZATION OF REAL ESTATE (1):
		CONSOLIDATED		(26,421	)		(23,319	)		(27,913	)		(8,681	)		(7,801	)		(9,628	)		(10,918	)		(37,028	)		(10,495	)		(11,650	)		(12,283	)		(34,428	)
(E	)	DISCONTINUED OPERATIONS		(13,456	)		(10,316	)		(12,866	)		(338	)		(148	)		(167	)		(168	)		(821	)		(167	)		(168	)		(132	)		(467	)
		SHARE OF UNCONSOLIDATED JOINT VENTURES		(15,880	)		(8,842	)		(8,819	)		(1,081	)		(1,089	)		(1,132	)		(1,269	)		(4,571	)		(1,366	)		(1,447	)		(1,594	)		(4,407	)
		TOTAL REAL ESTATE DEPRECIATION & AMORTIZATION		(55,757	)		(42,477	)		(49,598	)		(10,100	)		(9,038	)		(10,927	)		(12,355	)		(42,420	)		(12,028	)		(13,265	)		(14,009	)		(39,302	)
		NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		399,742			34,491			217,441			14,407			395			7,849			(4,979	)		17,672			1,839			2,911			6,978			11,728

10

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

JOINT VENTURES	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
COUSINS’ SHARE OF CP VENTURE TWO LLC (2):
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES (REVENUES LESS OPERATING EXPENSES):
COUSINS’ SHARE OF CP VENTURE TWO LLC -OFFICE PORTFOLIO		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%		11.50	%
OFFICE:
FIRST UNION TOWER		322			8			0			0			0			0			0			0			0			0			0			0
GRANDVIEW II		276			196			157			0			(1	)		0			0			(1	)		0			0			0			0
100 NORTH POINT CENTER EAST		0			0			0			0			0			0			0			0			0			0			0			0
200 NORTH POINT CENTER EAST		1			0			0			0			0			0			0			0			0			0			0			0
PRESBYTERIAN MEDICAL PLAZA		106			111			106			28			30			24			34			116			21			29			26			76
SUBTOTAL OFFICE		705			315			263			28			29			24			34			115			21			29			26			76
COUSINS’ SHARE OF CP VENTURE TWO LLC -RETAIL PORTFOLIO		11.50	%		11.50	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%		10.32	%
RETAIL:
NORTH POINT MARKETCENTER		591			649			668			156			154			155			148			613			155			143			152			450
MANSELL CROSSING II		141			144			153			34			36			0			2			72			0			0			0			0
GREENBRIER MARKETCENTER		518			517			534			128			121			135			127			511			133			128			137			398
LOS ALTOS MARKETCENTER		363			354			358			89			89			89			78			345			90			65			91			246
SUBTOTAL RETAIL		1,613			1,664			1,713			407			400			379			355			1,541			378			336			380			1,094
TOTAL REVENUES LESS OPERATING EXPENSES		2,318			1,979			1,976			435			429			403			389			1,656			399			365			406			1,170
INTEREST EXPENSE		(248	)		(240	)		(231	)		0			0			0			0			0			0			0			0			0
OTHER, NET		0			(17	)		(20	)		1			(4	)		1			0			(2	)		1			(1	)		0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		(209	)		0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,861			1,722			1,725			436			425			404			389			1,654			400			364			406			1,170
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(852	)		(667	)		(670	)		(123	)		(123	)		(115	)		(116	)		(477	)		(112	)		(111	)		(131	)		(354	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		0			0			736			0			0			1,231			(7	)		1,224			0			0			0			0
NET INCOME (LOSS)		1,009			1,055			1,791			313			302			1,520			266			2,401			288			253			275			816
COUSINS’ SHARE OF CP VENTURE FIVE (2):								40.63	%		11.50	%		11.50	%		11.50	%		11.50	%		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			1,382			201			192			156			174			723			175			182			184			541
THE AVENUE PEACHTREE CITY		0			0			843			132			122			123			114			491			122			116			112			350
THE AVENUE WEST COBB		0			0			1,132			158			179			184			164			685			167			142			152			461
THE AVENUE VIERA		0			0			947			154			159			155			152			620			164			155			153			472
VIERA MARKETCENTER		0			0			198			51			52			54			51			208			55			50			52			157
TOTAL REVENUES LESS OPERATING EXPENSES		0			0			4,502			696			704			672			655			2,727			683			645			653			1,981
INTEREST EXPENSE		0			0			(634	)		(88	)		(88	)		(87	)		(87	)		(350	)		(87	)		(86	)		(86	)		(259	)
OTHER, NET		0			0			(19	)		1			68			4			4			77			10			12			1			23
FUNDS FROM OPERATIONS		0			0			3,849			609			684			589			572			2,454			606			571			568			1,745
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			(2,018	)		(298	)		(332	)		(331	)		(244	)		(1,205	)		(261	)		(269	)		(359	)		(889	)
NET INCOME (LOSS)		0			0			1,831			311			352			258			328			1,249			345			302			209			856
COUSINS’ SHARE OF TEN PEACHTREE PLACE ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		2,211			2,326			2,239			496			511			497			516			2,020			516			521			539			1,576
INTEREST EXPENSE		(678	)		(820	)		(806	)		(200	)		(199	)		(198	)		(197	)		(794	)		(190	)		(190	)		(189	)		(569	)
FUNDS FROM OPERATIONS		1,533			1,506			1,433			296			312			299			319			1,226			326			331			350			1,007
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,134	)		(1,128	)		(1,060	)		(271	)		(250	)		(270	)		(261	)		(1,052	)		(267	)		(267	)		(267	)		(801	)
NET INCOME		399			378			373			25			62			29			58			174			59			64			83			206
COUSINS’ SHARE OF GATEWAY VILLAGE (2) (3):
REVENUES LESS OPERATING EXPENSES		1,208			1,191			1,208			302			302			302			302			1,208			302			302			302			906
INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		1,208			1,191			1,208			302			302			302			302			1,208			302			302			302			906
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(32	)		(33	)		(32	)		(8	)		(8	)		(8	)		(8	)		(32	)		(8	)		(8	)		(8	)		(24	)
NET INCOME		1,176			1,158			1,176			294			294			294			294			1,176			294			294			294			882

11

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

JOINT VENTURES	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008  1st			2008  2nd			2008  3rd			2008  YTD
COUSINS’ SHARE OF CRAWFORD LONG — CPI (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		3,071			3,467			3,586			906			913			920			862			3,601			918			909			904			2,731
INTEREST EXPENSE		(1,624	)		(1,602	)		(1,579	)		(391	)		(389	)		(388	)		(386	)		(1,554	)		(385	)		(383	)		(381	)		(1,149	)
FUNDS FROM OPERATIONS		1,447			1,865			2,007			515			524			532			476			2,047			533			526			523			1,582
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(1,352	)		(1,447	)		(1,468	)		(347	)		(340	)		(336	)		(329	)		(1,352	)		(321	)		(321	)		(321	)		(963	)
NET INCOME		95			418			539			168			184			196			147			695			212			205			202			619
COUSINS’ SHARE OF AVENUE MURFREESBORO (2):																	50	%		50	%		50	%		50	%		50	%		50	%		50	%
REVENUES LESS OPERATING EXPENSES		0			0			0			0			0			147			407			554			680			753			844			2,277
OTHER, NET					0			0			0			0			0			0			0			0			0			27			27
INTEREST EXPENSE		0			0			0			0			0			(68	)		(374	)		(442	)		(362	)		(311	)		(352	)		(1,025	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			(4	)		(4	)		(4	)		(5	)		(6	)		(15	)
FUNDS FROM OPERATIONS		0			0			0			0			0			79			29			108			314			437			513			1,264
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			(38	)		(272	)		(310	)		(351	)		(425	)		(462	)		(1,238	)
NET INCOME		0			0			0			0			0			41			(243	)		(202	)		(37	)		12			51			26
COUSINS’ SHARE OF 905 JUNIPER, LLC (2):					72	%
MULTI-FAMILY SALES, NET OF COS		0			514			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		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
NET INCOME		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			6,515			10,172			2,289			1,676			(3,460	)		(3,832	)		(3,327	)		199			195			1,263			1,657
OTHER, NET		0			153			171			135			128			115			2,764			3,142			451			(422	)		(290	)		(261	)
FUNDS FROM OPERATIONS		0			6,668			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)		650			(227	)		973			1,396
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		0			6,668			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)		650			(227	)		973			1,396
COUSINS’ SHARE OF OTHER (2):
REVENUES LESS OPERATING EXPENSES		40,201			15,874			11,333			17			(11	)		65			(9	)		62			22			73			33			128
INTEREST EXPENSE		(8,478	)		0			0			0			0			0			0			0			0			0			0			0
OTHER, NET		791			5,411			172			4			(7	)		(8	)		(227	)		(238	)		17			(11	)		(59	)		(53	)
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		(35	)		(16	)		(12	)		0			0			0			0			0			0			0			0			0
MARK-TO-MARKET DEBT ADJUSTMENT		(3,250	)		0			0			0			0			0			0			0			0			0			0			0
IMPAIRMENT LOSS ON DEPRECIABLE PROPERTY		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		29,229			21,269			11,493			21			(18	)		57			(236	)		(176	)		39			62			(26	)		75
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(12,421	)		(5,014	)		(2,991	)		(5	)		(4	)		(5	)		(5	)		(19	)		(35	)		(35	)		(35	)		(105	)
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		176,265			1,935			134,882			(44	)		8			0			(5	)		(41	)		0			0			0			0
NET INCOME		193,073			18,190			143,384			(28	)		(14	)		52			(246	)		(236	)		4			27			(61	)		(30	)
COUSINS’ SHARE OF TEMCO ASSOCIATES (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		5,336			4,092			7,523			82			228			134			253			697			14			32			992			1,038
INTEREST EXPENSE		(135	)		(152	)		(146	)		(35	)		(35	)		(35	)		(34	)		(139	)		(34	)		(33	)		(33	)		(100	)
OTHER, NET		(6	)		105			125			(45	)		61			16			(306	)		(274	)		(89	)		276			(128	)		59
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			0			0			0			0			(21	)		(21	)		(21	)		(63	)
FUNDS FROM OPERATIONS		5,195			4,045			7,502			2			254			115			(87	)		284			(130	)		254			810			934
DEPRECIATION & AMORTIZATION OF REAL ESTATE		(88	)		(114	)		(114	)		(29	)		(31	)		(30	)		(33	)		(123	)		(11	)		(11	)		(11	)		(33	)
NET INCOME		5,107			3,931			7,388			(27	)		223			85			(120	)		161			(141	)		243			799			901

12

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

JOINT VENTURES	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008  1st			2008  2nd			2008  3rd			2008  YTD
COUSINS’ SHARE OF CL REALTY, LLC (2):		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%
RESIDENTIAL LOT AND TRACT SALES, NET OF COS		3,457			9,052			6,629			330			976			280			150			1,736			101			1,093			885			2,079
INTEREST EXPENSE		0			0			0			0			0			(48	)		(51	)		(99	)		(44	)		(40	)		(88	)		(172	)
OTHER, NET		(220	)		(150	)		(137	)		(53	)		(58	)		(210	)		(317	)		(638	)		1,110			(12	)		(100	)		998
FUNDS FROM OPERATIONS		3,237			8,902			6,492			277			918			22			(218	)		999			1,167			1,041			697			2,905
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		3,237			8,902			6,492			277			918			22			(218	)		999			1,167			1,041			697			2,905
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		398			725			739			(5	)		18			(7	)		35			41			6			43			0			49
OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		398			725			739			(5	)		18			(7	)		35			41			6			43			0			49
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME		398			725			739			(5	)		18			(7	)		35			41			6			43			0			49
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
INTEREST EXPENSE		0			0			(138	)		0			0			0			0			0			(23	)		(12	)		(18	)		(53	)
OTHER, NET		0			0			(155	)		(43	)		(41	)		(43	)		(48	)		(175	)		(7	)		(6	)		(7	)		(20	)
FUNDS FROM OPERATIONS		0			0			(293	)		(43	)		(41	)		(43	)		(48	)		(175	)		(30	)		(18	)		(25	)		(73	)
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			0			0			0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0			0			(293	)		(43	)		(41	)		(43	)		(48	)		(175	)		(30	)		(18	)		(25	)		(73	)
COUSINS’ SHARE OF VERDE GROUP, LLC (2):					4.94	%		N/A			N/A			N/A			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
OTHER, NET		0			(483	)		(214	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(62	)		0			0			0			0			0			0			0			0			0			0
FUNDS FROM OPERATIONS		0			(545	)		(214	)		0			0			0			0			0			0			0			0			0
DEPRECIATION & AMORTIZATION OF REAL ESTATE		0			(439	)		(467	)		0			0			0			0			0			0			0			0			0
NET INCOME (LOSS)		0			(984	)		(681	)		0			0			0			0			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 5 to “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007.

14

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of September 30, 2008
($ in thousands)

												Cousins’		Cousins’		Actual or
	Company		Total			Leased GLA (%)				Cousins’		Share of		Share of		Projected Dates
	Owned		Project			Total Project	Cousins’	Approximate		Share of		Cost Incurred		Remaining		for Completion and
Project	GLA (2)		GLA (3)			(fully executed)	Ownership %	Total Cost		Total Cost		at 9/30/08		Costs		Fully Operational/Sold
OFFICE/MULTI-FAMILY
Terminus 200 (Atlanta, GA)		565,000		565,000		3%	50%	$	165,600	$	82,800	$	34,682		48,118	const. - 3Q-09 fully operational 3Q-10
191 Peachtree Tower (4) (Atlanta, GA)		1,221,000		1,221,000		72% / 89% (5)	100%		233,750		233,750		182,996		50,754	acquired 3Q-06 fully stabilized 2Q-12
Palisades West (Austin, TX)
Building 1		216,000		216,000		100%	50%									const. - 4Q-08 fully operational 4Q-08
Building 2		157,000		157,000		21%	50%									const. - 4Q-08 fully operational 4Q-09
Total — Palisades West		373,000		373,000					84,600		42,300		33,944		8,356
TOTAL OFFICE		2,159,000		2,159,000					483,950		358,850		251,622		107,228
10 Terminus Place (Atlanta, GA)		137 Units		137 Units		N/A	100%		80,800		80,800		77,697		3,103	const. - 4Q-08 fully sold - 3Q-11
Glenmore Garden Villas (Charlotte, NC)		71 Units		71 Units		N/A	50%		27,600		13,800		4,551		9,249	const. - 2Q-10 fully sold - 4Q-11
TOTAL MULTI-FAMILY		208 Units		208 Units	(6)				108,400		94,600		82,248		12,352
TOTAL OFFICE/MULTI-FAMILY		2,159,000		2,159,000					592,350		453,450		333,870		119,580
RETAIL
Tiffany Springs MarketCenter (Kansas City, MO)		246,000		584,000		87%	88.5%		59,700		52,828		47,319		5,508	const. - 3Q-08 fully operational 3Q-09
The Avenue Murfreesboro (Suburban Nashville, TN)
Phases I and II		692,000		692,000		77%	50%									const. - 4Q-07 fully operational 4Q-08
Phase III A		8,000		8,000		100%	50%									const. - 4Q-07 fully operational 4Q-07
Phase III B		19,000		19,000		0%	50%									const. - 2Q-10 fully operational 2Q-11
Phase IV A		19,000		19,000		100%	50%									const. - 3Q-08 fully operational 3Q-08
Phase IV B		16,000		16,000		0%	50%									const. - 2Q-10 fully operational 2Q-11
Phase V A		30,000		30,000		100%	50%									const. - 3Q-08 fully operational 3Q-08
Phase V B		26,000		26,000		0%	50%									const. - 2Q-10 fully operational 2Q-11
Total — Avenue Murfreesboro		810,000		810,000					153,100		76,550		63,086		13,465

15

COUSINS PROPERTIES INCORPORATED
DEVELOPMENT PIPELINE (1)
As of September 30, 2008
($ in thousands)

											Cousins’			Cousins’		Actual or
	Company		Total		Leased GLA (%)				Cousins’		Share of			Share of		Projected Dates
	Owned		Project		Total Project	Cousins’	Approximate		Share of		Cost Incurred			Remaining		for Completion and
Project	GLA (2)		GLA (3)		(fully executed)	Ownership %	Total Cost		Total Cost		at 9/30/08			Costs		Fully Operational/Sold
RETAIL (continued)
The Avenue Forsyth (Suburban Atlanta, GA)
Phase IA		472,000		472,000	59%	88.5%										const. - 2Q-08 fully operational 2Q-09
Phase IB		64,000		64,000	0%	88.5%										const. - 3Q-10 fully operational 3Q-11
Total — Avenue Forsyth		536,000		536,000				145,100		128,400		106,326			22,074
The Avenue Carriage Crossing Expansion (7) (Suburban Memphis, TN)
Phase II		20,000		20,000	0%	100%		5,200		5,200		3,680			1,520	const. - 4Q-07 fully operational 4Q-08
TOTAL RETAIL		1,612,000		1,950,000				363,100		262,978		220,411			42,567
Accumulated Depreciation on Partially
Operational Properties and Cost of Sales on Multi-Family projects		—		—				—		—		(5,710	)		—
TOTAL PORTFOLIO		3,771,000		4,109,000			$	955,450	$	716,428	$	548,571	(8)	$	162,147

(1)	This schedule includes all Office/Multi-Family and Retail 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 that 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)	As of September 30, 2008, 89% leased but 72% leased excluding the Wachovia lease which is expected to expire on December 31, 2008. Leased square footage includes 65,000 square feet occupied by the Company.
(6)	As of October 31, 2008 only four unsold commercial units remain in the 50 Biscayne project.
(7)	A third party will share in the results of operations and any gain on sale of the property, even though shown as 100% owned.
(8)	Reconciliation to Condensed Consolidated Balance Sheet

Total Cousins’ Investment per above schedule	$	548,571
Less: Operating Property under redevelopment/repositioning		(182,996	)
Less: Investment in unconsolidated joint ventures
Palisades West		(33,944	)
The Avenue Murfreesboro		(63,086	)
Terminus 200		(34,682	)
Glenmore Garden Villas		(4,551	)
Add: Prudential’s 11.5% interest in Tiffany Springs MarketCenter		5,158
Add: Prudential’s 11.5% interest in The Avenue Forsyth		12,723
Consolidated projects under development per balance sheet	$	247,193

16

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of September 30, 2008

								Percent Leased
					Company’s			(Fully Executed)
	Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet		Interest			6/30/2008			9/30/2008
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	%
Terminus 100	Atlanta	Georgia		656,000		100.00	%		95	%		95	%
One Georgia Center (a)	Atlanta	Georgia		375,000		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	%		94	%		92	%
The Points at Waterview	Dallas	Texas		203,000		100.00	%		100	%		100	%
Lakeshore Park Plaza (b)	Birmingham	Alabama		196,000		100.00	%		96	%		96	%
3100 Windy Hill Road (c)	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	%		96	%		98	%
333 North Point Center East	Atlanta	Georgia		130,000		100.00	%		100	%		100	%
200 North Point Center East	Atlanta	Georgia		130,000		100.00	%		83	%		100	%
100 North Point Center East	Atlanta	Georgia		128,000		100.00	%		97	%		97	%
600 University Park Place (b)	Birmingham	Alabama		123,000		100.00	%		100	%		100	%
Galleria 75	Atlanta	Georgia		114,000		100.00	%		72	%		72	%
Cosmopolitan Center	Atlanta	Georgia		85,000		100.00	%		85	%		93	%
Presbyterian Medical Plaza at University	Charlotte	North Carolina		69,000		11.50	%		100	%		83	%
AtheroGenics	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
Inhibitex	Atlanta	Georgia		51,000		100.00	%		100	%		100	%
Total Office Operating Portfolio				5,487,000								94	%(c)
OFFICE DEVELOPMENT/REDEVELOPMENT PROPERTIES (d)
191 Peachtree Tower (e)	Atlanta	Georgia		1,221,000		100.00	%		86	%		89	%
Terminus 200 (a)	Atlanta	Georgia		565,000		50.00	%		0	%		3	%
Palisades West Building 1	Austin	Texas		216,000		50.00	%		100	%		100	%
Palisades West Building 2	Austin	Texas		157,000		50.00	%		21	%		21	%
Total Office Development/Redevelopment Properties				2,159,000
TOTAL OFFICE, OPERATING AND DEVELOPMENT/REDEVELOPMENT				7,646,000

17

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE
As of September 30, 2008

								Percent Leased
					Company’s			(Fully Executed)
	Metropolitan		Rentable		Ownership			Prior Quarter			Current Quarter
Property Description	Area	State	Square Feet		Interest			6/30/2008			9/30/2008
II.  RETAIL OPERATING PROPERTIES
The Avenue Carriage Crossing (b)	Memphis	Tennessee		491,000		100.00	%		92	%		92	%
North Point MarketCenter	Atlanta	Georgia		401,000		10.32	%		100	%		100	%
Greenbrier MarketCenter	Chesapeake	Virginia		376,000		10.32	%		99	%		99	%
The Avenue Webb Gin	Atlanta	Georgia		356,000		100.00	%		83	%		81	%
The Avenue Viera	Viera	Florida		332,000		11.50	%		94	%		95	%
The Avenue West Cobb	Atlanta	Georgia		257,000		11.50	%		94	%		93	%
The Avenue East Cobb	Atlanta	Georgia		231,000		11.50	%		99	%		100	%
San Jose MarketCenter	San Jose	California		214,000		100.00	%		97	%		97	%
The Avenue Peachtree City	Atlanta	Georgia		183,000		11.50	%		98	%		98	%
Viera MarketCenter	Viera	Florida		178,000		11.50	%		95	%		95	%
Los Altos MarketCenter	Long Beach	California		157,000		10.32	%		100	%		100	%
Total Retail Operating Properties				3,176,000								91	%
RETAIL DEVELOPMENT PROPERTIES (d)
The Avenue Murfreesboro (f)	Nashville	Tennessee		810,000		50.00	%		77	%		79	%
The Avenue Forsyth (a) (f)	Atlanta	Georgia		536,000		88.50	%		58	%		59	%
Tiffany Springs MarketCenter (a)	Kansas City	Missouri		246,000		88.50	%		68	%		69	%
The Avenue Carriage Crossing Expansion (b)	Memphis	Tennessee		20,000		100.00	%		0	%		0	%
Total Retail Development Properties				1,612,000
TOTAL RETAIL, OPERATING AND DEVELOPMENT				4,788,000
III. INDUSTRIAL OPERATING PROPERTIES
Lakeside Ranch Business Park-Building 20	Dallas	Texas		749,000		(a	)		48	%		48	%
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	%
Jefferson Mill Business Park-Building A	Atlanta	Georgia		459,000		75.00	%		0	%		0	%
TOTAL INDUSTRIAL OPERATING PROPERTIES				2,004,000								40	%
TOTAL PORTFOLIO OPERATING AND DEVELOPMENT				14,438,000

18

COUSINS PROPERTIES INCORPORATED
PORTFOLIO LISTING
BY PROPERTY TYPE & GEOGRAPHICAL CONCENTRATION
As of September 30, 2008

			Company		Weighted			Percent Leased -
			Share of		Portfolio			Fully Executed
	Rentable		Rentable		Ownership			Excludes
	Square Feet		Square Feet		%			Development Properties
SUMMARY BY TYPE
Office		7,646,000		6,231,000		61	%		94	%(c)
Retail		4,788,000		2,411,000		23	%		91	%
Industrial		2,004,000		1,690,000		16	%		40	%
TOTAL		14,438,000		10,332,000		100	%
SUMMARY BY STATE
Georgia		8,836,000		6,872,000		67	%		80	%
Texas		1,325,000		1,139,000		11	%		59	%
Tennessee		1,321,000		916,000		9	%		92	%
North Carolina		1,134,000		540,000		5	%		100	%
Alabama		319,000		319,000		3	%		98	%
California		371,000		230,000		2	%		97	%
Missouri		246,000		218,000		2	%		N/A
Florida		510,000		59,000		1	%		95	%
Virginia		376,000		39,000		0	%		99	%
		14,438,000		10,332,000		100	%

(a)	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.
(b)	These projects are shown as 100% owned by the Company; however, they are owned in a joint venture with a third party who may receive a participation in operations and/or on sale of the property depending upon achievement of certain thresholds.
(c)	The 3100 Windy Hill Road office building was sold to a third party on October 7, 2008. The Office Portfolio was 98% leased at September 30, 2008, excluding this property.
(d)	These properties are under construction, redevelopment and/or in lease up.
(e)	Operating property purchased with intent to redevelop and reposition. 201 Peachtree, a 7,500 square foot building adjacent to 191 Peachtree Tower, is also under redevelopment and is included in the amounts above.
(f)	Total square footage for this property includes anticipated expansions; however, the percent leased excludes the expansions.

19

COUSINS PROPERTIES INCORPORATED
SAME PROPERTY INFORMATION

	Third Quarter 2008 vs									Nine Months
	Second Quarter 2008									2008 vs 2007
	Office			Retail			Total			Office			Retail			Total
Rental Property Revenues(1) less Operating Expenses		2.3	%		5.1	%		3.6	%		9.5	%		-1.3	%		5.1	%
Cash Basis Rental Property Revenues(2) less Operating Expenses		2.0	%		4.7	%		3.2	%		12.1	%		-1.0	%		6.7	%

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

(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 September 30, 2008

OFFICE

As of September 30, 2008, the Company’s office portfolio included 20 commercial office buildings, excluding all properties currently under development, held for redevelopment and buildings in lease-up stage. The weighted average remaining lease term of these office buildings was approximately eight years as of September 30, 2008. 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)		108,033			401,352			185,810			437,509			192,058			446,430			214,679			233,093			636,858			1,396,605			4,252,427
% of Leased Space		3	%		9	%		4	%		10	%		5	%		10	%		5	%		6	%		15	%		33	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,703		$	5,647		$	2,974		$	6,073		$	3,400		$	8,604		$	4,868		$	4,482		$	11,545		$	31,258		$	80,554
Annual Contractual
Rent/Sq. Ft. (2)	$	15.76		$	14.07		$	16.01		$	13.88		$	17.70		$	19.27		$	22.68		$	19.23		$	18.13		$	22.38		$	18.94
Wholly Owned:
Square Feet Expiring (1)		106,562			374,534			173,567			418,615			139,464			300,243			195,512			214,683			99,251			1,063,428			3,085,859	(3)
% of Leased Space		3	%		12	%		6	%		14	%		5	%		10	%		6	%		7	%		3	%		34	%		100	%
Annual Contractual
Rent (000’s) (2)	$	1,681		$	5,244		$	2,766		$	5,851		$	2,359		$	5,914		$	4,386		$	4,210		$	1,599		$	26,337		$	60,347
Annual Contractual
Rent/Sq. Ft. (2)	$	15.77		$	14.00		$	15.94		$	13.98		$	16.91		$	19.70		$	22.43		$	19.61		$	16.12		$	24.77		$	19.56
Joint Venture:
Square Feet Expiring (1)		2,878			41,118			18,589			32,285			135,014			278,700			38,333			23,697			1,071,594			446,007			2,088,215	(4)
% of Leased Space		0	%		2	%		1	%		2	%		7	%		13	%		2	%		1	%		51	%		21	%		100	%
Annual Contractual
Rent (000’s) (2)	$	53		$	690		$	333		$	423		$	2,707		$	5,185		$	964		$	370		$	19,829		$	7,283		$	37,837
Annual Contractual
Rent/Sq. Ft. (2)	$	18.53		$	16.78		$	17.93		$	13.11		$	20.05		$	18.60		$	25.15		$	15.60		$	18.50		$	16.33		$	18.12

(1)	Where a tenant has the option to cancel its lease without penalty, the lease expiration date used in the table above reflects the cancellation option date rather than the lease expiration date.
(2)	Annual Contractual Rent excludes the operating expense reimbursement portion of the rent payable. If the lease does not provide for pass through of such operating expense reimbursements, an estimate of operating expenses is deducted from the rental rate shown. The contractual rental rate shown is the estimated rate in the year of expiration.
(3)	Rentable square feet leased as of September 30, 2008 out of approximately 3,360,000 total rentable square feet.
(4)	Rentable square feet leased as of September 30, 2008 out of approximately 2,127,000 total rentable square feet.

21

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2008

RETAIL

As of September 30, 2008, 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 September 30, 2008. 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 Company’s % share of Joint Venture Properties):
Square Feet Expiring (1)		10,752			12,584			26,814			89,065			69,692			32,109			21,426			78,527			383,249			448,925			1,173,143
% of Leased Space		1	%		1	%		2	%		7	%		6	%		3	%		2	%		7	%		33	%		38	%		100	%
Annual Contractual Rent(000’s)(2)	$	144		$	266		$	567		$	2,336		$	1,621		$	836		$	508		$	2,078		$	9,617		$	9,730		$	27,703
Annual Contractual Rent/Sq.Ft.(2)	$	13.40		$	21.10		$	21.15		$	26.22		$	23.26		$	26.02		$	23.69		$	26.46		$	25.09		$	21.67		$	23.61
Wholly Owned:
Square Feet Expiring (1)		7,721			1,826			3,204			61,159			36,594			16,635			2,275			54,561			362,301			400,733			947,009	(3)
% of Leased Space		1	%		0	%		0	%		7	%		4	%		2	%		0	%		6	%		38	%		42	%		100	%
Annual Contractual Rent(000’s)(2)	$	122		$	34		$	101		$	1,895		$	953		$	442		$	82		$	1,595		$	9,173		$	8,934		$	23,331
Annual Contractual Rent/Sq.Ft.(2)	$	15.75		$	18.40		$	31.45		$	30.99		$	26.05		$	26.56		$	36.00		$	29.23		$	25.32		$	22.30		$	24.64
Joint Venture:
Square Feet Expiring (1)		28,984			99,352			215,300			264,325			306,871			136,971			170,097			216,455			190,909			432,576			2,061,840	(4)
% of Leased Space		1	%		5	%		11	%		13	%		15	%		7	%		8	%		10	%		9	%		21	%		100	%
Annual Contractual Rent(000’s)(2)	$	207		$	2,112		$	4,201		$	4,087		$	6,113		$	3,477		$	3,763		$	4,307		$	4,005		$	7,221		$	39,493
Annual Contractual Rent/Sq.Ft.(2)	$	7.16		$	21.26		$	19.51		$	15.46		$	19.92		$	25.39		$	22.12		$	19.90		$	20.98		$	16.69		$	19.15

(1)	Certain leases contain termination options, with or without penalty, if co-tenancy clauses or sales volume levels are not achieved. The expiration date per the lease is used for these leases in the above table, although early termination is possible.
(2)	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.
(3)	Gross leasable area leased as of September 30, 2008 out of approximately 1,061,000 total gross leasable area.
(4)	Gross leasable area leased as of September 30, 2008 out of approximately 2,115,000 total gross leasable area.

22

COUSINS PROPERTIES INCORPORATED
SQUARE FEET EXPIRING
As of September 30, 2008

INDUSTRIAL

As of September 30 2008, 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), Jefferson Mill Distribution Park, Building A, and Lakeside Ranch Business Park, Building 20. The leases provide for pass through of operating expenses and contractual rents which escalate over time. The leases expire as follows:

	2012			Total
Company’s % share of Joint Venture Properties:
Square Feet Expiring		668,671			668,671
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,063		$	2,063
Annual Contractual Rent/Sq. Ft. (1)	$	3.09		$	3.09
Joint Venture:
Square Feet Expiring		773,021			773,021	(2)
% of Leased Space		100	%		100	%
Annual Contractual Rent (000’s) (1)	$	2,368		$	2,368
Annual Contractual Rent/Sq. Ft. (1)	$	3.06		$	3.06

(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 September 30, 2008 out of approximately 2,004,000 total rentable square feet.

23

COUSINS PROPERTIES INCORPORATED
TOP 25 LARGEST TENANTS
BASED ON SQUARE FEET IN OPERATING PORTFOLIO
As of September 30, 2008

			Percentage of Total Portfolio			Average Remaining
	Tenant (1)	Product Type	at the Company’s Share (2)			Lease Term (Years)
1.	Bank of America	Office		7.1	%		7.3
2.	HD Supply	Industrial		4.7	%		3.6
3.	Snapper	Industrial		4.2	%		3.4
4.	American Cancer Society	Office		3.7	%		13.8
5.	Georgia Department of Transportation	Office		3.3	%		9.8
6.	AT&T	Office		1.8	%		1.0
7.	Georgia Lottery Corporation	Office		1.7	%		11.2
8.	Internap Network Services	Office		1.6	%		11.6
9.	AGL Services Company	Office		1.5	%		4.5
10.	MedAssets Net Revenue Systems, LLC	Office		1.5	%		6.5
11.	Bombardier Aerospace Corporation	Office		1.3	%		4.4
12.	CB Richard Ellis	Office		1.3	%		8.8
13.	Emory University	Office		1.0	%		8.2
14.	US South Communications	Office		1.0	%		2.6
15.	Citigroup	Office		0.9	%		10.0
16.	Northside Hospital	Office		0.9	%		3.2
17.	KIDS II, Inc.	Office		0.9	%		7.3
18.	The Gap Inc.	Retail		0.8	%		2.8
19.	Turner Broadcasting System, Inc.	Office		0.8	%		2.7
20.	Barnes & Noble	Retail		0.8	%		7.2
21.	Sapient Corporation	Office		0.8	%		0.7
22.	Premiere Global Services, Inc.	Office		0.7	%		9.9
23.	Inhibitex	Office		0.7	%		6.6
24.	AtheroGenics	Office		0.7	%		0.4
25.	Wachovia	Office		0.6	%		8.8
	Total leased square feet of Top 25 Largest Tenants			44.3	%		6.7

(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 September 30, 2008

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000)(2)
CONSOLIDATED
Round Rock/Austin, Texas Land Austin, TX	Retail and Commercial		100	%		60		2005	$	17,115
King Mill Distribution Park Suburban Atlanta, GA	Industrial		100%	(3)		130		2005		17,018
Jefferson Mill Business Park Suburban Atlanta, GA	Industrial and Commercial		100%	(3)		172		2006		13,701
Terminus Atlanta, GA	Mixed Use		100	%		3		2005		10,854
615 Peachtree Street Atlanta, GA	Mixed Use		100	%		2		1996		10,164
Lakeside Ranch Business Park Dallas, TX	Industrial and Commercial		(4	)		48		2006		9,282
Research Park V Austin, TX	Commercial		100	%		6		1998		4,933
Lancaster Dallas, TX	Industrial		(4	)		47		2007		4,847
Land Adjacent to The Avenue Forsyth Suburban Atlanta, GA	Retail		100	%		11		2007		4,512
505 & 511 Peachtree Street Atlanta, GA	Mixed Use		100	%		1		2004		3,389
North Point Suburban Atlanta, GA	Mixed Use		100	%		37		1970-1985		3,162
555 & 557 Peachtree Street Atlanta, GA	Mixed Use		100	%		1		2004		2,600
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	%		9		2002		—	(5)
TOTAL CONSOLIDATED LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT									$	105,375

25

COUSINS PROPERTIES INCORPORATED
INVENTORY OF LAND HELD FOR INVESTMENT OR FUTURE DEVELOPMENT
(excluding Building Pads (1))
As of September 30, 2008

		Company’s			Developable				Cost
		Ownership			Land Area		Year		Basis
Description and Location	Zoned Use	Interest			(Acres)		Acquired		($000)(2)
JOINT VENTURES
TEMCO ASSOCIATES TRACTS:
Paulding County Suburban Atlanta, GA	Residential and Mixed Use		50	%		5,641		2005	$	13,161
Happy Valley Suburban Atlanta, GA	Residential		50	%		228		2003		2,755
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	%		363		2002		—	(5)
Long Meadow Farms Houston, TX	Residential and Mixed Use		19	%		156		2002		—	(5)
Waterford Park Rosenberg, TX	Commercial		50	%		37		2005		—	(5)
Summer Lakes Rosenberg, TX	Commercial		50	%		4		2003		—	(5)
Village Park McKinney, TX	Residential		50	%		2		2003-2005		—	(5)
OTHER JOINT VENTURES:
Wildwood Office Park Suburban Atlanta, GA	Office and Commercial		50	%		36		1971-1989		21,856
Handy Road Associates, LLC Suburban Atlanta, GA	Large Lot Residential		50	%		1,187		2004		5,308
Total Acres						8,308

(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 buildings which could be built on the land is estimated as follows:

	Ownership Interest			Square Footage
Ten Peachtree Place		50.0	%		400,000
One Georgia Center		88.5	%		300,000
The Points at Waterview		100.0	%		60,000

(2)	Cost Basis reflects the Company’s basis for consolidated properties and the venture’s basis for joint venture properties.
(3)	A third party has the option to purchase certain tracts aggregating approximately 145 acres through June 30, 2011, under certain circumstances, and is obligated to purchase certain other tracts aggregating approximately 89 acres on or before December 31, 2009.
(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 most likely will be disproportionate.
(5)	These residential communities have adjacent land that may be sold to third parties in large tracts for residential, multi-family or commercial development. The basis of these tracts and the lot inventory are included on the Inventory of Residential Lots schedule.

26

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of September 30, 2008

			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		10		906		73		—		—		702		204	$	5,105
Fulton County
Suburban Atlanta, GA
Callaway Gardens (50% owned)(4)		2006		8		559		109		1		9		11		548		12,916
Harris County
Pine Mountain, GA
Blalock Lakes		2006		9		399		94		—		1		16		383		35,664
Coweta County
Newnan, GA
Longleaf at Callaway (5)		2002		7		138		16		—		1		123		15		488
Harris County
Pine Mountain, GA
River’s Call		1999		11		107		14		1		1		94		13		556
East Cobb County
Suburban Atlanta, GA
Total consolidated						2,109		306		2		12		946		1,163		54,729
Temco Associates (50% owned) (6)
Bentwater		1998		11		1,676		5		—		—		1,671		5		15
Paulding County
Suburban Atlanta, GA
The Georgian (75% owned)		2003		14		1,385		260		—		1		288		1,097		23,088
Paulding County
Suburban Atlanta, GA
Seven Hills		2003		9		1,077		264		—		7		634		443		15,890
Paulding County
Suburban Atlanta, GA
Harris Place		2004		6		27		9		—		—		18		9		649
Paulding County
Suburban Atlanta, GA
Total Temco						4,165		538		—		8		2,611		1,554		39,642
CL Realty, LLC (50% owned) (6)
Long Meadow Farms (37.5% owned)		2003		14		2,106		156		—		3		602		1,504		19,129
Fort Bend County
Houston, TX
Summer Creek Ranch		2003		13		2,568		187		1		3		796		1,772		22,940
Tarrant County
Fort Worth, TX
Bar C Ranch		2004		15		1,181		138		—		1		176		1,005		8,250
Tarrant County
Fort Worth, TX
Summer Lakes		2003		10		1,144		177		—		31		325		819		7,632
Fort Bend County
Rosenberg, TX

27

COUSINS PROPERTIES INCORPORATED
INVENTORY OF RESIDENTIAL LOTS
As of September 30, 2008

			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		9		1,069			46			16			60			310			759		$	21,053
Brazoria County
Pearland, TX
Village Park		2003		7		560			17			2			4			339			221			7,014
Collin County
McKinney, TX
Waterford Park		2005		7		493			—			—			—			—			493			8,098
Fort Bend County
Rosenberg, TX
Stonewall Estates (50% owned)		2005		7		354			103			23			33			147			207			7,108
Bexar County
San Antonio, TX
Manatee River Plantation		2003		8		457			109			—			—			348			109			4,186
Manatee County
Tampa, FL
Stillwater Canyon		2003		8		335			6			—			—			226			109			2,967
Dallas County
DeSoto, TX
Creekside Oaks		2003		10		301			176			—			—			125			176			6,072
Manatee County
Bradenton, FL
Blue Valley (25% owned)		2005		7		198			3			—			—			25			173			33,256
Cherokee & Fulton Counties
Alpharetta, GA
Village Park North		2005		7		189			12			6			10			67			122			2,428
Collin County
McKinney, TX
Bridle Path Estates		2004		8		87			—			—			—			—			87			3,433
Hillsborough County
Tampa, FL
West Park		2005		8		85			—			—			—			21			64			5,258
Cobb County
Suburban Atlanta, GA
Total CL Realty						11,127			1,130			48			145			3,507			7,620			158,824
Total						17,401			1,974			50			165			7,064			10,337		$	253,195
Company Share of Total						8,375			973			18			69			3,698			4,676		$	122,287
Company Weighted Average Ownership						48	%		49	%		36	%		42	%		52	%		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 joint venture which 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 the Company is a joint venture partner. As a result of this relationship, the Company recognizes profits when houses are built and sold, rather than at the time lots are sold, as is the case with the Company’s other residential developments. As of September 30, 2008, 119 houses have been sold by this venture.
(6)	The Company 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, 2007 for a description of these entities.

28

COUSINS PROPERTIES INCORPORATED
DEBT OUTSTANDING
AS OF SEPTEMBER 30, 2008

												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%)	$	221,000			100	%		8/29/2011		4.88	%	$	221,000	$	—	$	221,000
UNSECURED TERM LOAN		100,000			100	%		8/29/2012		5.91	%(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 (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		28,297			100	%		11/1/2011		7.00	%		28,297				28,297
MERIDIAN MARK PLAZA		22,870			100	%		9/1/2010		8.27	%				22,870		22,870
100/200 NORTH POINT CENTER EAST (INTEREST ONLY UNTIL 7/1/2010)		25,000			100	%		6/1/2012		5.39	%				25,000		25,000
THE POINTS AT WATERVIEW		17,531			100	%		1/1/2016		5.66	%				17,531		17,531
600 UNIVERSITY PARK		12,816			100	%		8/10/2011		7.38	%				12,816		12,816
LAKESHORE PARK PLAZA		18,323			100	%		8/1/2012		5.89	%				18,323		18,323
KING MILL PROJECT I (INTEREST ONLY)(4)		2,703			75	%		8/29/2011		9.00	%				2,703		2,703
KING MILL PROJECT I (INTEREST ONLY)(4)		2,047			75	%		6/26/2009		9.00	%				2,047		2,047
JEFFERSON MILL PROJECT I (INTEREST ONLY)(4)		2,620			75	%		9/13/2009		9.00	%				2,620		2,620
VARIOUS		264			100	%	VARIOUS		VARIOUS				44		220		264
TOTAL CONSOLIDATED		852,771	(5)							5.87	%		354,341		498,430		852,771		4.2
UNCONSOLIDATED DEBT
CF MURFREESBORO ASSOCIATES (LIBOR +1.15%) ($131MM CONSTRUCTION LOAN)		107,051			50	%		7/20/2010		5.08	%		21,410		32,116		53,526
EMORY CRAWFORD LONG MEDICAL OFFICE TOWER		50,890			50	%		6/1/2013		5.90	%				25,445		25,445
AVENUE EAST COBB		37,167			11.5	%		8/1/2010		8.39	%				4,274		4,274
TEN PEACHTREE PLACE		27,999			50	%		4/1/2015		5.39	%				14,000		14,000
HANDY ROAD ASSOCIATES (PRIME +0.5%)		3,251			50	%		3/31/2010		5.50	%				1,626		1,626
PINE MOUNTAIN BUILDERS (PRIME)		3,022			50	%		6/26/2009		5.00	%				1,511		1,511
TERMINUS 200 LLC (LIBOR + 1.65%) ($138MM CONSTRUCTION LOAN)		26,529			50	%		6/6/2011		5.58	%		13,265		—		13,265
GLENMORE GARDENS VILLA (LIBOR + 2.25%) ($13.5MM CONSTRUCTION LOANS)		6,812			50	%		10/3/2010		6.18	%		3,406		—		3,406
TEMCO:
BENTWATER LINKS		3,226			50	%		1/22/2009		7.98	%				1,613		1,613
BENTWATER LINKS, EQUIPMENT NOTE		23			50	%		1/15/2009		7.00	%				12		12
CL REALTY:
SUMMER LAKES (PRIME + 1.5%)		2,338			50	%		2/22/2009		6.50	%				1,169		1,169
MCKINNEY VILLAGE PARK (LIBOR + 2.25%)		1,124			50	%		3/28/2009		6.18	%				337		337
WATERFORD PARK (PRIME + 1.5%)		1,137			50	%		5/8/2009		6.50	%				569		569
TOTAL UNCONSOLIDATED		270,569								5.56	%		38,081		82,672		120,753		3.0
TOTAL ADJUSTED DEBT	$	1,123,340								5.83	%	$	392,422	$	581,102	$	973,524		4.1
INVESTMENT ENTITY DEBT (6)
CHARLOTTE GATEWAY VILLAGE	$	125,307			50	%		12/1/2016		6.41	%			$	62,654	$	62,654
CL REALTY:
BLUE VALLEY (PRIME)		22,960			12.5	%		9/30/2009		5.00	%				2,870		2,870
LONG MEADOW FARMS (PRIME )		2,574			18.75	%		9/8/2009		5.00	%				483		483
STONEWALL ESTATES (PRIME)		3,928			25.0	%		5/31/2010		5.00	%				982		982
TOTAL INVESTMENT ENTITY DEBT		154,769								6.34	%		—		66,989		66,989		7.7
TOTAL	$	1,278,109								5.87	%	$	392,422	$	648,091	$	1,040,513		4.3

(1)	Subject to customary carve-outs for non-recourse loans.
(2)	The interest rate on this instrument is LIBOR plus 0.70% to 1.20%. The Company entered into an interest rate swap that effectively fixes the underlying LIBOR rate at 5.01%. Rate at the end of the quarter represents stated rate of LIBOR plus 0.90% 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)	Subsequent to quarter end, the Company entered into two $75 million interest rate swaps on floating-rate LIBOR-based borrowings at 2.995% and 2.69% for two years.
(6)	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
Second Quarter 2008 Compared to Third Quarter 2008
(in thousands, except percentages)

	Same Property
	Office									Retail							Total									Non-Same						All Properties
	Q2 2008			Q3 2008			% Change			Q2 2008		Q3 2008		% Change			Q2 2008			Q3 2008			% Change			Q2 2008			Q3 2008			Q2 2008			Q3 2008
RENTAL PROPERTY REVENUES	$	28,999		$	29,847					$	20,185	$	20,190				$	49,184		$	50,037					$	15,673		$	16,867		$	64,857		$	66,904
RENTAL PROPERTY OPERATING EXPENSES		11,603			12,045						6,337		5,637					17,940			17,682						6,114			6,144			24,054			23,826
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	17,396		$	17,802			2.3	%	$	13,848	$	14,553		5.1	%	$	31,244		$	32,355			3.6	%	$	9,559		$	10,723		$	40,803		$	43,078
RENTAL PROPERTY REVENUES	$	28,999		$	29,847					$	20,185	$	20,190				$	49,184		$	50,037					$	15,673		$	16,867		$	64,857		$	66,904
Less: STRAIGHT-LINE RENTS		108			166						299		365					407			531						2,251			1,800			2,658			2,331
AMORTIZATION OF LEASE INDUCEMENTS		(47	)		(54	)					21		21					(26	)		(33	)					(189	)		(168	)		(215	)		(201	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		4			4						0		0					4			4						(816	)		(841	)		(812	)		(837	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		28,934			29,731						19,865		19,804					48,799			49,535						14,427			16,076			63,226			65,611
RENTAL PROPERTY OPERATING EXPENSES		11,603			12,045						6,337		5,637					17,940			17,682						6,114			6,144			24,054			23,826
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	17,331		$	17,686			2.0	%	$	13,528	$	14,167		4.7	%	$	30,859		$	31,853			3.2	%	$	8,313		$	9,932		$	39,172		$	41,785
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	28,999		$	29,847					$	20,185	$	20,190				$	49,184		$	50,037					$	15,673		$	16,867		$	64,857		$	66,904
RENTAL PROPERTY OPERATING EXPENSES		11,603			12,045						6,337		5,637					17,940			17,682						6,114			6,144			24,054			23,826
	$	17,396		$	17,802					$	13,848	$	14,553				$	31,244		$	32,355					$	9,559		$	10,723		$	40,803		$	43,078
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																$	22,117		$	23,696
DISCONTINUED OPERATIONS (3)																																	(167	)		(293	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																	3,568			3,681
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																	25,518			27,084
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																	15,285			15,994
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																$	40,803		$	43,078

(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
Nine Months 2008 Compared to Nine Months 2007
(in thousands, except percentages)

	Same Property																											Non-Same						All Properties
	Office									Retail									Total
	9M 2007			9M 2008			% Change			9M 2007			9M 2008			% Change			9M 2007			9M 2008			% Change			9M 2007			9M 2008			9M 2007			9M 2008
RENTAL PROPERTY REVENUES	$	80,381		$	87,010					$	45,683		$	46,429					$	126,064		$	133,439					$	31,986		$	60,709		$	158,050		$	194,148
RENTAL PROPERTY OPERATING EXPENSES		32,965			35,080						12,593			13,760						45,558			48,840						11,331			21,314			56,889			70,154
RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	47,416		$	51,930			9.5	%	$	33,090		$	32,669			-1.3	%	$	80,506		$	84,599			5.1	%	$	20,655		$	39,395		$	101,161		$	123,994
RENTAL PROPERTY REVENUES	$	80,381		$	87,010					$	45,683		$	46,429					$	126,064		$	133,439					$	31,986		$	60,709		$	158,050		$	194,148
Less: STRAIGHT-LINE RENTS		1,821			583						654			503						2,475			1,086						3,128			7,116			5,603			8,202
AMORTIZATION OF LEASE INDUCEMENTS		(69	)		(147	)					(65	)		(22	)					(134	)		(169	)					(29	)		(346	)		(163	)		(515	)
AMORTIZATION OF ACQUIRED ABOVE MARKET LEASES		(256	)		13						0			0						(256	)		13						(4,551	)		(2,644	)		(4,807	)		(2,631	)
CASH BASIS RENTAL PROPERTY REVENUES (1)		78,885			86,561						45,094			45,948						123,979			132,509						33,438			56,583			157,417			189,092
RENTAL PROPERTY OPERATING EXPENSES		32,965			35,080						12,593			13,760						45,558			48,840						11,331			21,314			56,889			70,154
CASH BASIS RENTAL PROPERTY REVENUES LESS OPERATING EXPENSES	$	45,920		$	51,481			12.1	%	$	32,501		$	32,188			-1.0	%	$	78,421		$	83,669			6.7	%	$	22,107		$	35,269		$	100,528		$	118,938
RECONCILIATION OF RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES
RENTAL PROPERTY REVENUES	$	80,381		$	87,010					$	45,683		$	46,429					$	126,064		$	133,439					$	31,986		$	60,709		$	158,050		$	194,148
RENTAL PROPERTY OPERATING EXPENSES		32,965			35,080						12,593			13,760						45,558			48,840						11,331			21,314			56,889			70,154
	$	47,416		$	51,930					$	33,090		$	32,669					$	80,506		$	84,599					$	20,655		$	39,395		$	101,161		$	123,994
RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
OPERATING PROPERTIES (2)																																		$	47,164		$	66,681
DISCONTINUED OPERATIONS (3)																																			(329	)		(693	)
SHARE OF UNCONSOLIDATED JOINT VENTURES (4)																																			8,706			10,769
COMPANY’S’ SHARE OF RENTAL REVENUES LESS RENTAL PROPERTY EXPENSES																																			55,541			76,757
PARTNERS’ SHARE OF UNCONSOLIDATED JVs (5)																																			45,620			47,237
TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES																																		$	101,161		$	123,994

(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	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
(A	)	ADJUSTED DEBT:
		CONSOLIDATED DEBT		302,286			467,516			315,149			367,681			477,971			557,557			676,189			676,189			793,882			787,506			852,771			852,771
		SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT		135,764			148,129			172,085			182,253			198,544			205,424			170,166			170,166			173,950			180,379			187,742			187,742
		TOTAL DEBT INCLUDING SHARE OF JV’S		438,050			615,645			487,234			549,934			676,515			762,981			846,355			846,355			967,832			967,885			1,040,513			1,040,513
		SHARE OF INVESTMENT ENTITY DEBT		(87,704	)		(101,085	)		(110,718	)		(113,925	)		(117,699	)		(117,762	)		(72,873	)		(72,873	)		(69,627	)		(68,745	)		(66,989	)		(66,989	)
		ADJUSTED DEBT		350,346			514,560			376,516			436,009			558,816			645,219			773,482			773,482			898,205			899,140			973,524			973,524
		RECOURSE DEBT		50,238			196,824			226,855			282,264			394,356			340,480			205,658			205,658			328,106			337,110			392,422			392,422
		NON-RECOURSE DEBT		300,108			317,736			149,661			153,745			164,460			304,738			567,824			567,824			570,099			562,030			581,102			581,102
		ADJUSTED DEBT		350,346			514,560			376,516			436,009			558,816			645,218			773,482			773,482			898,205			899,140			973,524			973,524
(B	)	CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JOINT VENTURES):
		CONSOLIDATED INTEREST EXPENSE		14,623			9,094			11,119			0			531			3,265			5,020			8,816			6,275			7,367			8,705			22,347
		DISCONTINUED OPERATIONS INTEREST EXPENSE		5,870			0			0			0			0			0			0			0			0			0			0			0
		SHARE OF JOINT VENTURE INTEREST EXPENSE		11,163			2,814			3,534			714			711			824			1,129			3,378			1,125			1,055			1,147			3,327
		CONSOLIDATED INTEREST EXPENSE (INC SHARE OF JV’S)		31,656			11,908			14,653			714			1,242			4,089			6,149			12,194			7,400			8,422			9,852			25,674
(C	)	FIXED CHARGES:
		CONSOLIDATED INTEREST EXPENSE (INCLUDING SHARE OF JV’S)		31,656			11,908			14,653			714			1,242			4,089			6,149			12,194			7,400			8,422			9,852			25,674
		LESS INVESTMENT ENTITY DEBT INTEREST EXPENSE		(124	)		(240	)		(231	)		0			0			0			0			0			0			0			0			0
		PRINCIPAL PAYMENTS:
		CONSOLIDATED		6,560			5,361			3,926			628			516			536			529			2,209			519			471			486			1,476
		SHARE OF JOINT VENTURES		5,257			2,793			5,226			1,630			818			225			1,467			4,140			805			750			906			2,461
		GROUND LEASE PAYMENTS:
		CONSOLIDATED		493			671			500			22			22			22			22			88			21			23			23			67
		SHARE OF JOINT VENTURES		12			12			15			6			6			6			6			24			6			9			10			25
		TOTAL FIXED CHARGES (excluding Preferred Dividends)		43,854			20,505			24,089			3,000			2,604			4,878			8,173			18,655			8,751			9,675			11,277			29,703
		PREFERRED STOCK DIVIDENDS		8,042			15,250			15,250			3,813			3,812			3,813			3,812			15,250			3,813			3,812			3,812			11,437
		TOTAL FIXED CHARGES (including Preferred Dividends)		51,896			35,755			39,339			6,813			6,416			8,691			11,985			33,905			12,564			13,487			15,089			41,140
(D	)	RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES:
		RENTAL PROPERTY REVENUES		77,748			72,402			85,032			24,122			25,494			30,659			32,370			112,645			34,307			36,700			38,337			109,344
		RENTAL PROPERTY OPERATING EXPENSES		(26,385	)		(27,988	)		(33,955	)		(9,753	)		(11,055	)		(12,303	)		(13,028	)		(46,139	)		(13,439	)		(14,583	)		(14,641	)		(42,663	)
		RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		51,363			44,414			51,077			14,369			14,439			18,356			19,342			66,506			20,868			22,117			23,696			66,681
(E	)	INCOME FROM DISCONTINUED OPERATIONS:
		RENTAL PROPERTY REVENUES		40,477			28,132			23,766			419			363			92			(38	)		836			3			6			6			15
		LEASE TERMINATION FEES & OTHER INCOME		4,433			302			3,155			47			14			11			40			112			2			0			0			2
		RENTAL PROPERTY OPERATING EXPENSES		(15,357	)		(12,078	)		(10,257	)		(473	)		(465	)		(337	)		(241	)		(1,516	)		(238	)		(173	)		(299	)		(710	)
		TOTAL RENTAL PROPERTY REVENUES LESS RENTAL PROPERTY OPERATING EXPENSES		29,553			16,356			16,664			(7	)		(88	)		(234	)		(239	)		(568	)		(233	)		(167	)		(293	)		(693	)
		INTEREST EXPENSE		(5,870	)		0			0			0			0			0			0			0			0			0			0			0
		OTHER, NET		0			0			0			0			0			0			0			0			0			0			0			0
		MINORITY INTEREST EXPENSE		0			0			0			0			0			0			0			0			0			0			0			0
		MARK-TO-MARKET DEBT ADJUSTMENT		(605	)		0			0			0			0			0			0			0			0			0			0			0
		PROVISION FOR INCOME TAXES		0			(126	)		(2	)		0			0			0			0			0			0			0			0			0
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			0			0			0			(12	)		(7	)		(6	)		(25	)		(7	)		(6	)		(6	)		(19	)
		FUNDS FROM OPERATIONS		23,078			16,230			16,662			(7	)		(100	)		(241	)		(245	)		(593	)		(240	)		(173	)		(299	)		(712	)
		DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(13,456	)		(10,316	)		(12,866	)		(338	)		(148	)		(167	)		(168	)		(821	)		(167	)		(168	)		(132	)		(467	)
		INCOME FROM DISCONTINUED OPERATIONS		9,622			5,914			3,796			(345	)		(248	)		(408	)		(413	)		(1,414	)		(407	)		(341	)		(431	)		(1,179	)

32

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

		RECONCILIATIONS	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
(F	)	SHARE OF INCOME FROM UNCONSOLIDATED JOINT VENTURES:
		CP VENTURE TWO LLC		1,009			1,055			1,791			313			302			1,520			266			2,401			288			253			275			816
		CP VENTURE FIVE LLC		0			0			1,831			311			352			258			328			1,249			345			302			209			856
		TEN PEACHTREE PLACE ASSOCIATES		399			378			373			25			62			29			58			174			59			64			83			206
		GATEWAY VILLAGE		1,176			1,158			1,176			294			294			294			294			1,176			294			294			294			882
		CRAWFORD LONG — CPI		95			418			539			168			184			196			147			695			212			205			202			619
		AVENUE MURFREESBORO		0			0			0			0			0			41			(243	)		(202	)		(37	)		12			51			26
		905 JUNIPER, LLC		0			514			0			0			0			0			0			0			0			0			0			0
		50 BISCAYNE, LLC		0			6,668			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)		650			(227	)		973			1,396
		TEMCO ASSOCIATES		5,107			3,931			7,388			(27	)		223			85			(120	)		161			(141	)		243			799			901
		CL REALTY, LLC		3,237			8,902			6,492			277			918			22			(218	)		999			1,167			1,041			697			2,905
		PINE MOUNTAIN BUILDERS, LLC		398			725			739			(5	)		18			(7	)		35			41			6			43			0			49
		HANDY ROAD ASSOCIATES, LLC		0			0			(293	)		(43	)		(41	)		(43	)		(48	)		(175	)		(30	)		(18	)		(25	)		(73	)
		VERDE GROUP, LLC		0			(984	)		(681	)		0			0			0			0			0			0			0			0			0
		OTHER		193,073			18,190			143,384			(28	)		(14	)		52			(246	)		(238	)		4			27			(61	)		(30	)
		NET INCOME (INCOME FROM UNCONSOLIDATED JOINT VENTURES)		204,494			40,955			173,083			3,709			4,102			(898	)		(815	)		6,096			2,817			2,239			3,497			8,553
(G	)	CONSOLIDATED RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES AND COST OF SALES:
		RESIDENTIAL LOT AND OUTPARCEL SALES — WHOLLY OWNED:
		OUTPARCEL SALES		1,400			7,004			6,788			0			0			1,700			1,300			3,000			1,600			0			3,250			4,850
		LOT SALES		15,300			14,929			10,497			1,426			1,476			2,851			1,196			6,949			144			1,255			497			1,896
		TOTAL RESIDENTIAL AND OUTPARCEL SALES		16,700			21,933			17,285			1,426			1,476			4,551			2,496			9,949			1,744			1,255			3,747			6,746
		RESIDENTIAL LOT AND OUTPARCEL COST OF SALES — WHOLLY-OWNED:
		OUTPARCEL COST OF SALES		929			5,637			5,132			0			0			932			1,051			1,983			845			(25	)		1,699			2,519
		LOT COST OF SALES		11,078			10,767			7,620			1,208			1,132			2,411			1,074			5,825			101			857			218			1,176
		TOTAL RESIDENTIAL AND OUTPARCEL COST OF SALES		12,007			16,404			12,752			1,208			1,132			3,343			2,125			7,808			946			832			1,917			3,695
		OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			11,867			8,185			0			(1	)		0			8,184			0			415			956			1,371
		TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		29,627			15,483			2,481			4,355			0			0			622			4,977			3,736			4,741			375			8,852
		OUTPARCEL SALES, TRACT SALES, RESIDENTIAL LOT SALES AND OTHER INVESTMENT PROPERTY SALES, NET -WHOLLY OWNED		34,320			21,012			18,881			12,758			344			1,207			993			15,302			4,534			5,579			3,161			13,274
		SUMMARY:
		OUTPARCEL SALES NET OF COS — WHOLLY OWNED		471			1,367			1,656			0			0			768			249			1,017			755			25			1,551			2,331
		OTHER INVESTMENT PROPERTY INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		0			0			11,867			8,185			0			(1	)		0			8,184			0			415			956			1,371
		TRACT SALES NET OF COS — WHOLLY OWNED		29,627			15,483			2,481			4,355			0			0			622			4,977			3,736			4,741			375			8,852
		LOT SALES NET OF COS — WHOLLY OWNED		4,222			4,162			2,877			218			344			440			122			1,124			43			398			279			720
		TOTAL WHOLLY OWNED SALES, NET		34,320			21,012			18,881			12,758			344			1,207			993			15,302			4,534			5,579			3,161			13,274
		SHARE OF UNCONSOLIDATED JOINT VENTURES RESIDENTIAL LOT AND TRACT SALES AND COST OF SALES:
		RESIDENTIAL LOT AND TRACT SALES — JOINT VENTURES:
		LOT SALES		32,116			41,232			38,676			1,715			3,465			1,292			2,246			8,718			1,074			1,059			436			2,569
		TRACT SALES		3,434			6,218			14,235			0			855			0			500			1,355			0			931			2,660			3,591
		TOTAL RESIDENTIAL LOT AND TRACT SALES		35,550			47,450			52,911			1,715			4,320			1,292			2,746			10,073			1,074			1,990			3,096			6,160
		RESIDENTIAL LOT AND TRACT COST OF SALES — JOINT VENTURES:
		LOT COST OF SALES		25,123			30,753			30,459			1,309			2,707			884			1,996			6,896			953			822			254			2,029
		TRACT COST OF SALES		1,236			2,828			7,560			0			392			0			312			704			0			0			965			965
		TOTAL RESIDENTIAL LOT AND TRACT COST OF SALES		26,359			33,581			38,019			1,309			3,099			884			2,308			7,600			953			822			1,219			2,994
		RESIDENTIAL LOT SALES AND TRACT SALES, NET -JOINT VENTURES		9,191			13,869			14,892			406			1,221			408			438			2,473			121			1,168			1,877			3,166
		SHARE OF UNCONSOLIDATED JOINT VENTURES:
		LOT SALES LESS COST OF SALES		6,993			10,479			8,217			406			758			408			250			1,822			121			237			182			540
		TRACT SALES LESS COST OF SALES		2,198			3,390			6,675			0			463			0			188			651			0			931			1,695			2,626
		INTEREST EXPENSE		(135	)		(152	)		(284	)		(35	)		(35	)		(83	)		(85	)		(238	)		(101	)		(85	)		(139	)		(325	)
		OTHER		(226	)		(528	)		(381	)		(141	)		(38	)		(237	)		(671	)		(1,087	)		1,014			258			(235	)		1,037
		DEPRECIATION & AMORTIZATION OF NON-REAL ESTATE ASSETS		0			(62	)		0			0			0			0			0			0			(21	)		(21	)		(21	)		(63	)
		RESIDENTIAL LOT AND TRACT SALES, NET — SHARE OF JOINT VENTURES		8,830			13,127			14,227			230			1,148			88			(318	)		1,148			1,013			1,320			1,482			3,815
		TOTAL RESIDENTIAL, OUTPARCEL AND TRACT FFO		43,150			34,139			33,108			12,988			1,492			1,295			675			16,450			5,547			6,899			4,643			17,089

33

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

		RECONCILIATIONS	2004			2005			2006			2007 1st			2007 2nd			2007 3rd			2007 4th			2007 YTD			2008 1st			2008 2nd			2008 3rd			2008 YTD
(H	)	2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
		TOTAL BY TYPE:
		SECOND GENERATION LEASING RELATED COSTS		19,210			8,422			12,355			6,933			6,260			3,794			1,157			18,144			5,573			5,380			3,944			14,897
		SECOND GENERATION BUILDING IMPROVEMENTS		48			1,017			1,066			(37	)		195			293			383			834			1,363			2,995			1,066			5,424
				19,258			9,439			13,421			6,896			6,455			4,087			1,540			18,978			6,936			8,375			5,010			20,321
		TOTAL BY SEGMENT:
		OFFICE:
		SECOND GENERATION LEASING RELATED COSTS		18,882			7,820			9,332			6,919			6,260			3,794			1,157			18,130			5,573			5,380			3,944			14,897
		SECOND GENERATION BUILDING IMPROVEMENTS		(30	)		1,015			1,066			(37	)		195			293			383			834			1,363			2,995			1,066			5,424
				18,852			8,835			10,398			6,882			6,455			4,087			1,540			18,964			6,936			8,375			5,010			20,321
		RETAIL:
		SECOND GENERATION LEASING RELATED COSTS		328			602			3,023			15			0			0			0			15			0			0			0			0
		SECOND GENERATION BUILDING IMPROVEMENTS		78			2			0			0			0			0			0			0			0			0			0			0
				406			604			3,023			15			0			0			0			15			0			0			0			0
		TOTAL 2ND GENERATION TI & LEASING & BUILDING CAPEX		19,258			9,439			13,421			6,897			6,455			4,087			1,540			18,979			6,936			8,375			5,010			20,321
(I	)	CONSOLIDATED MULTI-FAMILY SALES AND COST OF SALES:
		MULTI-FAMILY SALES — CONSOLIDATED:
		MULTI-FAMILY SALES		0			11,233			23,134			0			0			20			0			20			0			0			5,459			5,459
		MULTI-FAMILY COST OF SALES		0			(9,405	)		(19,403	)		0			47			(23	)		100			124			0			0			(4,715	)		(4,715	)
		MULTI-FAMILY SALES — CONSOLIDATED, NET		0			1,828			3,731			0			47			(3	)		100			144			0			0			744			744
		MULTI-FAMILY SALES — JOINT VENTURES:
		MULTI-FAMILY SALES		0			26,127			56,734			9,696			9,199			(11,780	)		(7,181	)		(66	)		3,321			6,171			12,239			21,731
		MULTI-FAMILY COST OF SALES		0			(19,098	)		(46,562	)		(7,407	)		(7,523	)		8,320			3,349			(3,261	)		(3,122	)		(5,976	)		(10,976	)		(20,074	)
		OTHER, NET		0			153			171			135			128			115			2,764			3,142			451			(422	)		(290	)		(261	)
		MULTI-FAMILY SALES — SHARE OF JOINT VENTURES, NET		0			7,182			10,343			2,424			1,804			(3,345	)		(1,068	)		(185	)		650			(227	)		973			1,396
		TOTAL MULTI-FAMILY FFO		0			9,010			14,074			2,424			1,851			(3,348	)		(968	)		(41	)		650			(227	)		1,717			2,140

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, investors and the Company 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. In addition to Company management evaluating operating performance of its reportable segments based on FFO results, management uses FFO and FFO per share, along with other measures, to assess performance in connection with evaluating and granting incentive compensation to 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 $15.4 million in the aggregate, were recorded as loss on

36

COUSINS PROPERTIES INCORPORATED
DISCUSSION OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

37