Exhibit 12.1

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

	2008			2007			2006			2005			2004
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests	$	(5,740	)	$	1,843		$	(25,372	)	$	(3,105	)	$	(2,153	)
Add:
Gain on sale of investment property, net of applicable income tax provision		10,799			5,535			3,012			15,733			118,056
Distributed income of equity investees		23,751			7,716			169,481			34,948			195,938
Amortization of capitalized interest		2,022			1,478			975			1,196			1,084
Fixed charges		48,276			32,419			32,301			26,961			29,042
Subtract:
Capitalized interest		(14,894	)		(23,343	)		(20,554	)		(17,193	)		(14,028	)
Earnings	$	64,214		$	25,648		$	159,843		$	58,540		$	327,939
Fixed charges:
Interest expense	$	33,151		$	8,816		$	11,119		$	9,094		$	14,623
Capitalized interest		14,894			23,343			20,554			17,193			14,028
Interest component of rental expense (30%)		231			260			628			674			391
Fixed charges	$	48,276		$	32,419		$	32,301		$	26,961		$	29,042
Ratio of Earnings to Fixed Charges		1.33			0.79			4.95			2.17			11.29

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

	2008			2007			2006			2005			2004
Earnings:
Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests (A)	$	(5,740	)	$	1,843		$	(25,372	)	$	(3,105	)	$	(2,153	)
Add:
Gain on sale of investment property, net of applicable income tax provision		10,799			5,535			3,012			15,733			118,056
Distributed income of equity investees		23,751			7,716			169,481			34,948			195,938
Amortization of capitalized interest		2,022			1,478			975			1,196			1,084
Fixed charges		63,233			47,669			47,551			42,211			37,084
Subtract:
Capitalized interest		(14,894	)		(23,343	)		(20,554	)		(17,193	)		(14,028	)
Preferred dividends		(14,957	)		(15,250	)		(15,250	)		(15,250	)		(8,042	)
Earnings	$	64,214		$	25,648		$	159,843		$	58,540		$	327,939
Fixed charges:
Interest expense	$	33,151		$	8,816		$	11,119		$	9,094		$	14,623
Capitalized interest		14,894			23,343			20,554			17,193			14,028
Interest component of rental expense (30%)		231			260			628			674			391
		48,276			32,419			32,301			26,961			29,042
Preferred stock dividends		14,957			15,250			15,250			15,250			8,042
Fixed charges	$	63,233		$	47,669		$	47,551		$	42,211		$	37,084
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.02			0.54			3.36			1.39			8.84

(A) Prior years’ pre-tax income (loss) from continuing operations is adjusted for 2008 discontinued operations.