Exhibit 99.1

COUSINS PROPERTIES INCORPORATED

QUARTERLY INFORMATION PACKAGE

For the Quarter Ended June 30, 2012

TABLE OF CONTENTS

Press Release	1
Consolidated Statements of Operations	4
Funds From Operations	5
Consolidated Balance Sheets	6
Same Property Information	7
Key Performance Indicators	8
Funds From Operations – Summary	9
Funds From Operations – Supplemental Detail	10
Portfolio Listing	14
Same Property Performance – Leasing and Occupancy	15
Same Property Performance – Net Operating Income	16
Square Feet Expiring	17
Top 20 Tenants	18
Development Pipeline	19
Inventory of Commercial Land Held	20
Inventory of Lots and Tracts in Residential Projects	21
Debt Outstanding	22
Joint Venture Information	23
Calculations and Reconciliations of Non-GAAP Financial Measures	24
Discussion of Non-GAAP Financial Measures	30

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, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; loss of key personnel; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust, risks associated with development projects 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, 2011. The words “believes,” “expects,” “anticipates,” “estimates,” “plans,” “may,” “intend,” “will” or 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 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, except as required under U.S. federal securities laws.

Exhibit 99.1

CONTACT:

Gregg D. Adzema	Cameron Golden
Executive Vice President and	Vice President, Investor Relations and
Chief Financial Officer	Corporate Communications
(404) 407-1116	(404) 407-1984
greggadzema@cousinsproperties.com	camerongolden@cousinsproperties.com

COUSINS REPORTS RESULTS FOR SECOND QUARTER OF 2012

Highlights

• Funds From Operations was $0.13 per share.

• Same property net operating income increased 4.6% from the first six months of 2011.

• Sold three properties generating $68.8 million in net proceeds to the Company.

ATLANTA (July 31, 2012) – Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2012.

“It was another solid quarter, with the disposition of three non-core assets and positive leasing progress for the operating portfolio,” said Larry Gellerstedt, CEO of Cousins. “Consistent with our strategy, we’ll continue to simplify the platform and focus on recycling capital into attractive, targeted investment opportunities.”

Portfolio Activity

• Leased or renewed 186,000 square feet of office space and 84,000 square feet of retail space.

• Same property percent leased increased to 91% for office properties.

• Same property percent leased increased to 88% for retail properties.

Transaction Activity

• Sold Galleria 75 for of $9.2 million.

• Sold The Avenue Collierville for $55.0 million generating $54.6 million in net proceeds to the Company.

• Sold Ten Peachtree Place for $61.0 million, inclusive of tenant allowance and free rent, resulting in net proceeds of $5.0 million to the Company.

Financing Activity

• Repaid the $24.4 million 100/200 North Point mortgage note.

Financial Results

FFO was $13.2 million, or $0.13 per share, for the second quarter of 2012 compared with $10.9 million, or $0.11 per share, for the second quarter of 2011. FFO was $26.6 million, or $0.26 per share, for the six months ended June 30, 2012, compared with $19.0 million, or $0.18 per share, for the same period in 2011.

Net income available to common stockholders was $6.4 million, or $0.06 per share, for the second quarter of 2012 compared with net loss available of ($4.7) million, or ($0.05) per share, for the second quarter of 2011. Net loss available was ($6.7) million, or ($0.06) per share, for the six months ended June 30, 2012, compared with ($12.6) million, or ($0.12) per share, for the same period in 2011.

191 Peachtree Street NE  •  Suite 500  •  Atlanta, Georgia 30303-1740  •  404/407-1000  •  FAX 404/407-1002

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1

CUZ Reports Second Quarter Results

July 31, 2012

Investor Conference Call and Webcast

The Company will conduct a conference call at 11:00 a.m. (Eastern Time) on Wednesday, August 1, 2012, to discuss the results of the quarter ended June 30, 2012. The number to call for this interactive teleconference is (212) 231-2911.

A replay of the conference call will be available for 14 days by dialing (402) 977-9140 and entering the passcode 21598855. The replay can be accessed on the Company’s website, www.cousinsproperties.com, through the “Q2 2012 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page.

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 and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space. 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.

The Consolidated Statements of Operations, Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income (Loss) Available to FFO, and a schedule entitled Same Property Information, which reconciles same property net operating income to rental property revenues and rental property expenses, are attached to this press release. More detailed information on Net Income (Loss) 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 “Supplemental Information” and “SEC Filings” links on the “Investor Information & Filings” link of the Investor Relations page of the Company’s website at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1984.

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2

CUZ Reports Second Quarter Results

July 31, 2012

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, availability and terms of capital and financing; national and local economic conditions; the real estate industry in general and in specific markets; the potential for recognition of additional impairments due to continued adverse market and economic conditions or changes in Company business and financial strategy; leasing risks; loss of key personnel; potential acquisitions, new investments and/or dispositions; the failure of purchase, sale or other contracts to ultimately close; the financial condition of existing tenants; competition from other developers or investors; the risks associated with real estate development and acquisitions; the availability of buyers and adequate pricing if the Company intends to liquidate certain assets; rising interest and insurance rates; the availability of sufficient development or investment opportunities; environmental matters; the financial condition and liquidity of, or disputes with, joint venture partners; any failure to comply with debt covenants under credit agreements; any failure to continue to qualify for taxation as a real estate investment trust 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, 2011. The words “believes,” “expects,” “anticipates,” “estimates,” ”plans,” “may,” “intend,” “will” or 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 such 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, except as required under U.S. federal securities laws.

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3

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
REVENUES:
Rental property revenues		35,610		$	31,267			70,800		$	61,705
Fee income		2,786			3,435			5,642			6,820
Third party management and leasing revenues		6,029			4,605			10,740			8,693
Residential lot and outparcel sales		535			80			1,484			245
Other		253			562			1,718			5,707
		45,213			39,949			90,384			83,170
COSTS AND EXPENSES:
Rental property operating expenses		14,661			13,072			28,276			24,971
Third party management and leasing expenses		4,607			4,080			8,907			8,173
Residential lot and outparcel cost of sales		416			76			980			145
General and administrative expenses		5,645			6,133			12,268			13,533
Interest expense		5,875			7,358			12,143			14,902
Reimbursed expenses		1,357			1,371			2,733			2,883
Depreciation and amortization		12,750			10,896			25,861			21,877
Impairment loss		—			—			12,233			3,508
Separation expenses		79			77			292			178
Other		579			655			1,273			4,013
		45,969			43,718			104,966			94,183
LOSS ON EXTINGUISHMENT OF DEBT		—			—			(94	)		—
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES, UNCONSOLIDATED JOINT VENTURES AND SALE OF INVESTMENT PROPERTIES		(756	)		(3,769	)		(14,676	)		(11,013	)
BENEFIT (PROVISION) FOR INCOME TAXES FROM OPERATIONS		(33	)		(27	)		(60	)		37
INCOME FROM UNCONSOLIDATED JOINT VENTURES		9,762			2,312			11,948			4,808
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE GAIN ON SALE OF INVESTMENT PROPERTIES		8,973			(1,484	)		(2,788	)		(6,168	)
GAIN ON SALE OF INVESTMENT PROPERTIES		29			59			86			118
INCOME (LOSS) FROM CONTINUING OPERATIONS		9,002			(1,425	)		(2,702	)		(6,050	)
INCOME FROM DISCONTINUED OPERATIONS:
Income from discontinued operations		554			627			818			1,587
Gain (loss) on sale of discontinued investment properties		674			—			760			(384	)
		1,228			627			1,578			1,203
NET INCOME (LOSS)		10,230			(798	)		(1,124	)		(4,847	)
NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(602	)		(681	)		867			(1,262	)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		9,628			(1,479	)		(257	)		(6,109	)
DIVIDENDS TO PREFERRED STOCKHOLDERS		(3,227	)		(3,227	)		(6,454	)		(6,454	)
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS		6,401		$	(4,706	)		(6,711	)	$	(12,563	)
PER COMMON SHARE INFORMATION - BASIC AND DILUTED:
Income (loss) from continuing operations attributable to controlling interest		0.05		$	(0.05	)		(0.08	)	$	(0.13	)
Income from discontinued operations		0.01			0.01			0.02			0.01
Net income (loss) available to common stockholders		0.06		$	(0.05	)		(0.06	)	$	(0.12	)
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED		104,165			103,659			104,082			103,588
DIVIDENDS PER COMMON SHARE	$	0.045		$	0.045		$	0.09		$	0.09

4

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

FUNDS FROM OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011

(Unaudited, in thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net Income (Loss) Available to Common Stockholders	$	6,401		$	(4,706	)	$	(6,711	)	$	(12,563	)
Depreciation and amortization:
Consolidated properties		12,750			10,896			25,861			21,877
Discontinued properties		—			2,479			1,145			5,037
Share of unconsolidated joint ventures		2,500			2,663			5,166			5,346
Depreciation of furniture, fixtures and equipment:
Consolidated properties		(223	)		(372	)		(587	)		(935	)
Discontinued properties		—			—			—			—
Share of unconsolidated joint ventures		(5	)		(5	)		(10	)		(10	)
Impairment loss on depreciable investment property net of amounts attributable to noncontrolling interests		—			—			10,190			—
(Gain) loss on sale of investment properties:
Consolidated properties including amounts attributable to noncontrolling interests		(29	)		(59	)		(86	)		(118	)
Discontinued properties		(674	)		—			(760	)		384
Share of unconsolidated joint ventures		(7,509	)		—			(7,509	)		—
Other		(59	)		—			(59	)		—
Funds From Operations Available to Common Stockholders	$	13,152		$	10,896		$	26,640		$	19,018
Per Common Share - Basic and Diluted:
Net Income (Loss) Available	$	.06		$	(.05	)	$	(.06	)	$	(.12	)
Funds From Operations	$	.13		$	.11		$	.26		$	.18
Weighted Average Shares - Basic		104,165			103,659			104,082			103,588
Weighted Average Shares - Diluted		104,165			103,684			104,082			103,606

The table above shows Funds From Operations Available to Common Stockholders (“FFO”) and the related reconciliation to Net Income (Loss) Available to Common Stockholders 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 (loss) 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 and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO along with other measures, to assess performance in connection with evaluating and granting incentive compensation to its officers and other key employees.

5

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	June 30, 2012			December 31, 2011
	(unaudited)
ASSETS
PROPERTIES:
Operating properties, net of accumulated depreciation of $281,739 and $289,473 in 2012 and 2011, respectively	$	796,830		$	884,652
Projects under development		19,078			11,325
Land held		52,163			54,132
Residential lots		12,288			13,195
Other		533			637
Total properties		880,892			963,941
CASH AND CASH EQUIVALENTS		3,009			4,858
RESTRICTED CASH		4,917			4,929
NOTES AND ACCOUNTS RECEIVABLE, net of allowance for doubtful accounts of $2,213 and $5,100 in 2012 and 2011, respectively		11,206			11,359
DEFERRED RENTS RECEIVABLE		39,630			37,141
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		140,303			160,587
OTHER ASSETS		55,358			52,720
TOTAL ASSETS	$	1,135,315		$	1,235,535
LIABILITIES AND EQUITY
NOTES PAYABLE	$	461,021		$	539,442
ACCOUNTS PAYABLE AND OTHER LIABILITIES		38,193			38,592
DEFERRED INCOME		13,204			17,343
TOTAL LIABILITIES		512,418			595,377
COMMITMENTS AND CONTINGENT LIABILITIES
REDEEMABLE NONCONTROLLING INTERESTS		—			2,763
STOCKHOLDERS’ INVESTMENT:
Preferred stock, 20,000,000 shares authorized, $1 par value:
7.75% Series A cumulative redeemable preferred stock, $25 liquidation preference; 2,993,090 shares issued and outstanding in 2012 and 2011		74,827			74,827
7.50% Series B cumulative redeemable preferred stock, $25 liquidation preference; 3,791,000 shares issued and outstanding in 2012 and 2011		94,775			94,775
Common stock, $1 par value, 250,000,000 shares authorized, 107,785,195 and 107,272,078 shares issued in 2012 and 2011, respectively		107,785			107,272
Additional paid-in capital		688,903			687,835
Treasury stock at cost, 3,570,082 shares in 2012 and 2011		(86,840	)		(86,840	)
Distributions in excess of cumulative net income		(290,261	)		(274,177	)
TOTAL STOCKHOLDERS’ INVESTMENT		589,189			603,692
Nonredeemable noncontrolling interests		33,708			33,703
TOTAL EQUITY		622,897			637,395
TOTAL LIABILITIES AND EQUITY	$	1,135,315		$	1,235,535

6

COUSINS PROPERTIES INCORPORATED AND SUBSIDIARIES

SAME PROPERTY INFORMATION

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011

(Unaudited, in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Net Operating Income - Consolidated Properties
Rental property revenues	$	35,610	$	31,266	$	70,799	$	61,704
Rental property expenses		14,661		13,072		28,276		24,971
Net Operating Income - Consolidated Properties		20,949		18,194		42,523		36,733
Net Operating Income - Discontinued Operations
Rental property revenues		1,065		5,422		3,368		11,278
Rental property expenses		523		2,400		1,412		4,758
Net Operating Income - Discontinued Operations		542		3,022		1,956		6,520
Net Operating Income - Unconsolidated Joint Ventures		5,937		5,918		12,206		11,970
Total Net Operating Income	$	27,428	$	27,134	$	56,685	$	55,223
Net Operating Income:
Same property		24,424		23,559		49,385		47,228
Non-same property		3,004		3,575		7,301		7,995
Net Operating Income	$	27,428	$	27,134	$	56,685	$	55,223

This schedule shows same property net operating income and the related reconciliation to rental property revenues and rental property expenses. Net Operating Income is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Net Operating Income, which is 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 Net Operating Income. Additionally, appraisals of real estate are based on the value of an income stream before interest and depreciation. Same Property Net Operating Income includes those office and retail properties that have been fully operational in each of the comparable reporting periods. Same Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

7

COUSINS PROPERTIES INCORPORATED

KEY PERFORMANCE INDICATORS

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
Property Statistics
Number of Operating Properties		41			40			40			39			38			38			38			35			35
Rentable Square Feet (in thousands)		14,156			13,747			13,749			13,342			12,572			12,572			12,573			11,688			11,688
Acres of Commercial Land (Company share)		510			510			510			506			424			424			424			419			419
Acres of Residential Land (Company share)		4,829			4,831			4,228			4,228			4,596			4,596			4,026			4,026			4,026
Number of Residential Lots Remaining to be Sold (Company Share)		3,684			3,667			3,632			3,600			2,687			2,687			685			681			681
Leverage Ratios (1)
Debt/Total Market Capitalization		40	%		39	%		39	%		45	%		46	%		46	%		42	%		39	%		39	%
Debt/Total Undepreciated Assets		35	%		34	%		34	%		33	%		37	%		37	%		38	%		36	%		36	%
Debt + Preferred/Total Market Capitalization		50	%		49	%		48	%		57	%		57	%		57	%		52	%		49	%		49	%
Debt + Preferred/Total Undepreciated Assets		43	%		43	%		43	%		42	%		46	%		46	%		47	%		45	%		45	%
Coverage Ratios (1)
Interest Coverage		2.53			2.76			2.74			3.28			3.65			3.08			3.31			3.40			3.35
Fixed Charges Coverage		1.78			1.76			1.71			2.02			2.15			1.90			1.93			1.93			1.93
Debt/Annualized EBITDA		6.13			6.88			7.11			6.09			6.45			6.45			7.03			6.55			6.55
Dividend Ratios (1)
FFO Payout Ratio		111	%		57	%		43	%		33	%		-4	%		-24	%		35	%		36	%		35	%
FFO Before Certain Charges Payout Ratio		72	%		40	%		42	%		32	%		29	%		35	%		37	%		35	%		36	%
FAD Payout Ratio		226	%		133	%		297	%		94	%		-4	%		-17	%		55	%		59	%		57	%
FAD Before Certain Charges Payout Ratio		107	%		66	%		246	%		92	%		51	%		80	%		61	%		59	%		60	%
Operations Ratios (1)
General and Administrative Expenses/Revenues Including Discontinued Operations		12.2	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%		14.0	%		12.2	%		13.1	%
Annualized General and Administrative Expenses/Total Undepreciated Assets		1.5	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%		1.4	%		1.3	%		1.3	%

(1) See calculations and reconciliations of Non-GAAP financial measures.

8

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUMMARY (1)

($ in thousands, except per share)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
NET OPERATING INCOME
OFFICE		72,792			18,608			18,780			18,848			19,151			75,387			20,598			20,013			40,611
RETAIL		31,729			8,430			7,443			7,672			8,038			31,583			8,658			7,415			16,073
OTHER		3,721			1,051			911			907			714			3,583			1			—			1
TOTAL NET OPERATING INCOME		108,242			28,089			27,134			27,427			27,903			110,553			29,257			27,428			56,685
SALES LESS COST OF SALES
RESIDENTIAL LOTS		2,446			226			398			519			504			1,647			385			119			504
TRACTS AND OUTPARCEL		10,056			70			27			167			3,325			3,589			—			(30	)		(30	)
OTHER INVESTMENT PROPERTY		7,898			2,174			53			(2	)		25			2,250			(1	)		53			52
TOTAL SALES LESS COST OF SALES		20,400			2,470			478			684			3,854			7,486			384			142			526
FEE INCOME		14,443			3,385			3,435			3,909			3,092			13,821			2,856			2,786			5,642
THIRD PARTY MANAGEMENT AND LEASING REVENUES		18,977			4,088			4,605			5,398			5,268			19,359			4,711			6,029			10,740
OTHER INCOME		1,312			571			644			448			541			2,204			1,507			112			1,619
TOTAL FEE AND OTHER INCOME		34,732			8,044			8,684			9,755			8,901			35,384			9,074			8,927			18,001
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)		(4,300	)		(4,607	)		(8,907	)
REIMBURSED EXPENSES		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)		(1,376	)		(1,357	)		(2,733	)
SEPARATION EXPENSES		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)		(213	)		(79	)		(292	)
GENERAL AND ADMINISTRATIVE EXPENSES		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)		(6,623	)		(5,645	)		(12,268	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		(9,827	)		—			—			(74	)		—			(74	)		(94	)		—			(94	)
INTEREST EXPENSE		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(7,461	)		(32,515	)		(7,447	)		(6,937	)		(14,384	)
IMPAIRMENT LOSSES		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)		—			—			—
OTHER EXPENSES		(6,043	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)		(1,551	)		(1,232	)		(2,783	)
																										—
INCOME TAX (PROVISION) BENEFIT		1,079			64			(27	)		180			(31	)		186			(27	)		(33	)		(60	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)		(369	)		(228	)		(597	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(6,454	)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
WEIGHTED AVERAGE SHARES – BASIC		101,440			103,515			103,659			103,715			103,712			103,651			104,000			104,165			104,082
WEIGHTED AVERAGE SHARES – DILUTED		101,440			103,530			103,684			103,718			103,712			103,655			104,000			104,165			104,082
FFO PER SHARE – BASIC AND DILUTED		0.32			0.08			0.11			0.14			(1.06	)		(0.74	)		0.13			0.13			0.26

(1) Amounts may differ slightly from other schedules contained herein due to rounding.

9

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
NET OPERATING INCOME
OFFICE:
CONSOLIDATED PROPERTIES:
TERMINUS 100		14,781			4,015			3,897			3,669			3,956			15,537			4,063			4,039			8,102
191 PEACHTREE TOWER		13,117			3,228			3,238			3,641			3,937			14,044			3,789			3,745			7,534
THE AMERICAN CANCER SOCIETY CENTER		10,818			2,771			2,995			2,927			2,878			11,571			2,872			2,581			5,453
PROMENADE		—			—			—			—			693			693			2,014			2,324			4,338
MERIDIAN MARK PLAZA		3,686			895			946			1,021			1,001			3,863			1,015			996			2,011
LAKESHORE PARK PLAZA		2,203			546			505			490			558			2,099			559			559			1,118
THE POINTS AT WATERVIEW		1,927			415			423			523			463			1,824			504			557			1,061
333 NORTH POINT CENTER EAST		1,673			419			456			375			389			1,639			424			406			830
600 UNIVERSITY PARK PLACE		1,526			182			300			352			355			1,189			384			354			738
200 NORTH POINT CENTER EAST		1,575			438			420			374			359			1,591			356			329			685
100 NORTH POINT CENTER EAST		1,524			307			373			346			329			1,355			279			309			588
555 NORTH POINT CENTER EAST		2,038			506			448			406			418			1,778			195			224			419
INHIBITEX		896			225			224			224			224			897			225			223			448
COSMOPOLITAN CENTER		515			106			95			(76	)		(24	)		101			41			(20	)		21
OTHER		—			—			(4	)		(3	)		—			(7	)		(5	)		(29	)		(34	)
SUBTOTAL – OFFICE CONSOLIDATED		56,279			14,053			14,316			14,269			15,536			58,174			16,715			16,597			33,312
UNCONSOLIDATED PROPERTIES:
PALISADES WEST		5,012			1,511			1,512			1,511			1,536			6,070			1,528			1,474			3,002
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		3,679			933			992			960			937			3,822			970			920			1,890
TERMINUS 200		62			14			67			140			242			463			358			374			732
GATEWAY VILLAGE (2)		1,208			302			302			302			302			1,208			302			302			604
TEN PEACHTREE PLACE (3)		2,314			602			448			495			486			2,031			501			201			702
PRESBYTERIAN MEDICAL PLAZA		19			14			15			18			14			61			16			17			33
OTHER		(52	)		(19	)		(14	)		(20	)		(10	)		(63	)		(14	)		(17	)		(31	)
SUBTOTAL – OFFICE UNCONSOLIDATED		12,242			3,357			3,322			3,406			3,507			13,592			3,661			3,271			6,932
DISCONTINUED OPERATIONS:
GALLERIA 75 (4)		319			132			127			107			147			513			206			145			351
ONE GEORGIA CENTER		4,101			1,067			1,009			1,071			(39	)		3,108			15			—			15
8995 WESTSIDE PARKWAY		(149	)		(1	)		—			(5	)		—			(6	)		—			—			—
OTHER		—			—			6			—			—			6			1			—			1
SUBTOTAL – OFFICE DISCONTINUED		4,271			1,198			1,142			1,173			108			3,621			222			145			367
TOTAL – OFFICE NET OPERATING INCOME		72,792			18,608			18,780			18,848			19,151			75,387			20,598			20,013			40,611

10

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010		2011 1st			2011 2nd			2011 3rd			2011 4th		2011			2012 1st			2012 2nd			2012 YTD
RETAIL:
CONSOLIDATED PROPERTIES:
THE AVENUE FORSYTH		6,235		2,166			1,684			1,907			2,019		7,776			2,704			2,397			5,101
THE AVENUE WEBB GIN		5,295		1,463			1,322			1,239			1,251		5,275			1,258			1,087			2,345
TIFFANY SPRINGS MARKETCENTER		3,311		856			875			901			875		3,507			897			864			1,761
OTHER		—		—			(3	)		(1	)		1		(3	)		—			4			4
SUBTOTAL – RETAIL CONSOLIDATED		14,841		4,485			3,878			4,046			4,146		16,555			4,859			4,352			9,211
UNCONSOLIDATED PROPERTIES:
THE AVENUE MURFREESBORO		4,405		1,175			1,153			1,140			1,224		4,692			1,075			1,148			2,223
CW INVESTMENTS (5)		—		594			594			612			610		2,410			610			610			1,220
THE AVENUE EAST COBB		634		144			163			150			112		569			122			151			273
NORTH POINT MARKETCENTER		493		138			121			132			141		532			144			146			290
GREENBRIER MARKETCENTER		551		142			141			132			135		550			152			141			293
THE AVENUE WEST COBB		493		135			134			142			148		559			134			133			267
THE AVENUE VIERA		503		128			129			128			134		519			137			130			267
THE AVENUE PEACHTREE CITY		437		106			99			103			102		410			112			106			218
LOS ALTOS MARKETCENTER		220		84			10			60			67		221			71			53			124
VIERA MARKETCENTER		201		49			53			49			55		206			51			49			100
OTHER		—		—			(1	)		(1	)		—		(2	)		—			(1	)		(1	)
SUBTOTAL – RETAIL UNCONSOLIDATED		7,937		2,695			2,596			2,647			2,728		10,666			2,608			2,666			5,274
DISCONTINUED OPERATIONS:
THE AVENUE COLLIERVILLE (6)		5,238		1,254			1,023			970			1,163		4,410			1,190			405			1,595
SAN JOSE MARKETCENTER		3,713		(4	)		(54	)		9			1		(48	)		1			(8	)		(7	)
SUBTOTAL – RETAIL DISCONTINUED		8,951		1,250			969			979			1,164		4,362			1,191			397			1,588
TOTAL – RETAIL NET OPERATING INCOME		31,729		8,430			7,443			7,672			8,038		31,583			8,658			7,415			16,073
OTHER DISCONTINUED OPERATIONS:
LAKESIDE RANCH BUSINESS PARK – BUILDING 20		1,265		372			382			373			285		1,412			(1	)		1			—
KING MILL DISTRIBUTION PARK – BUILDING 3		1,785		537			529			534			429		2,029			2			(1	)		1
JEFFERSON MILL BUSINESS PARK – BUILDING A		575		141			—			—			—		141			—			—			—
SUBTOTAL – OTHER DISCONTINUED		3,625		1,050			911			907			714		3,582			1			—			1
OTHER CONSOLIDATED NET OPERATING INCOME		96		1			—			—			—		1			—			—			—
TOTAL – OTHER NET OPERATING INCOME		3,721		1,051			911			907			714		3,583			1			—			1
TOTAL NET OPERATING INCOME		108,242		28,089			27,134			27,427			27,903		110,553			29,257			27,428			56,685

11

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
SALES LESS COST OF SALES
LOT SALES LESS COST OF SALES – CONSOLIDATED		574			46			4			7			17			74			385			119			504
LOT SALES LESS COST OF SALES – UNCONSOLIDATED		1,872			180			394			512			487			1,573			—			—			—
SUBTOTAL – LOT SALES LESS COST OF SALES		2,446			226			398			519			504			1,647			385			119			504
TRACT SALES LESS COST OF SALES – CONSOLIDATED		1,697			—			—			—			3,258			3,258			—			(30	)		(30	)
TRACT SALES LESS COST OF SALES – UNCONSOLIDATED		3,607			20			27			167			67			281			—			—			—
OUTPARCEL SALES LESS COST OF SALES – CONSOLIDATED		4,670			50			—			—			—			50			—			—			—
OUTPARCEL SALES LESS COST – OF SALES UNCONSOLIDATED		82			—			—			—			—			—			—			—			—
SUBTOTAL – TRACT AND OUTPARCEL SALES LESS COST OF SALES		10,056			70			27			167			3,325			3,589			—			(30	)		(30	)
OTHER SALES LESS COST OF SALES – CONSOLIDATED		7,425			2,157			20			—			—			2,177			—			55			55
OTHER SALES LESS COST OF SALES – UNCONSOLIDATED		473			17			33			(2	)		25			73			(1	)		(2	)		(3	)
SUBTOTAL – OTHER SALES LESS COST OF SALES		7,898			2,174			53			(2	)		25			2,250			(1	)		53			52
TOTAL SALES LESS COST OF SALES		20,400			2,470			478			684			3,854			7,486			384			142			526
FEE INCOME
DEVELOPMENT FEES		2,013			532			612			994			712			2,850			525			640			1,165
MANAGEMENT FEES (7)		9,662			2,377			2,176			2,198			2,106			8,857			2,099			2,051			4,150
LEASING & OTHER FEES		2,768			476			647			717			274			2,114			232			95			327
TOTAL – FEE INCOME		14,443			3,385			3,435			3,909			3,092			13,821			2,856			2,786			5,642
THIRD PARTY MANAGEMENT AND LEASING REVENUES
DEVELOPMENT FEES		1,239			249			271			266			588			1,374			314			272			586
MANAGEMENT FEES (8)		13,539			3,359			3,341			3,136			3,226			13,062			3,396			3,452			6,848
LEASING & OTHER FEES		4,199			480			993			1,996			1,454			4,923			1,001			2,305			3,306
TOTAL – THIRD PARTY MANAGEMENT AND LEASING REVENUES		18,977			4,088			4,605			5,398			5,268			19,359			4,711			6,029			10,740
OTHER INCOME
TERMINATION FEES		562			452			369			368			437			1,626			234			22			256
INTEREST AND OTHER INCOME – CONTINUING OPERATIONS		715			98			190			83			96			467			1,277			78			1,355
INTEREST AND OTHER INCOME – DISCONTINUED OPERATIONS		35			21			85			(3	)		8			111			(4	)		12			8
TOTAL INTEREST INCOME & OTHER		1,312			571			644			448			541			2,204			1,507			112			1,619
TOTAL FEE AND OTHER INCOME		34,732			8,044			8,684			9,755			8,901			35,384			9,074			8,927			18,001
THIRD PARTY MANAGEMENT AND LEASING EXPENSES		(17,393	)		(4,093	)		(4,080	)		(4,241	)		(4,171	)		(16,585	)		(4,300	)		(4,607	)		(8,907	)
REIMBURSED EXPENSES		(6,297	)		(1,512	)		(1,371	)		(1,866	)		(1,459	)		(6,208	)		(1,376	)		(1,357	)		(2,733	)
SEPARATION EXPENSES		(1,045	)		(101	)		(77	)		(15	)		(4	)		(197	)		(213	)		(79	)		(292	)
GENERAL AND ADMINISTRATIVE EXPENSES		(28,517	)		(7,400	)		(6,133	)		(4,295	)		(6,338	)		(24,166	)		(6,623	)		(5,645	)		(12,268	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		(9,827	)		—			—			(74	)		—			(74	)		(94	)		—			(94	)

12

COUSINS PROPERTIES INCORPORATED

FUNDS FROM OPERATIONS – SUPPLEMENTAL DETAIL (1)

(in thousands, except per share amounts and percentages)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
INTEREST EXPENSE
CONSOLIDATED DEBT:
THE AMERICAN CANCER SOCIETY CENTER		(8,982	)		(2,215	)		(2,240	)		(2,264	)		(2,260	)		(8,979	)		(2,230	)		(2,223	)		(4,453	)
TERMINUS 100		(11,135	)		(1,842	)		(1,835	)		(1,829	)		(1,822	)		(7,328	)		(1,816	)		(1,808	)		(3,624	)
191 PEACHTREE TOWER		—			—			—			—			—			—			(28	)		(891	)		(919	)
UNSECURED CREDIT FACILITY		(5,235	)		(1,475	)		(1,480	)		(1,665	)		(1,585	)		(6,205	)		(1,648	)		(777	)		(2,425	)
MERIDIAN MARK PLAZA		(1,763	)		(409	)		(408	)		(407	)		(406	)		(1,630	)		(404	)		(403	)		(807	)
THE POINTS AT WATERVIEW		(983	)		(242	)		(240	)		(239	)		(237	)		(958	)		(235	)		(234	)		(469	)
MAHAN VILLAGE		—			—			—			—			—			—			—			(20	)		(20	)
100 NORTH POINT CENTER EAST		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)		(166	)		(4	)		(170	)
200 NORTH POINT CENTER EAST		(679	)		(169	)		(168	)		(167	)		(167	)		(671	)		(166	)		(4	)		(170	)
600 UNIVERSITY PARK PLACE		(933	)		(230	)		(229	)		(100	)		—			(559	)		—			—			—
333 & 555 NORTH POINT CENTER EAST		(1,906	)		(471	)		(317	)		—			—			(788	)		—			—			—
LAKESHORE PARK PLAZA		(1,112	)		(275	)		(273	)		—			—			(548	)		—			—			—
OTHER		(235	)		(47	)		—			—			—			(47	)		(1	)		—			(1	)
UNSECURED TERM LOAN		(3,538	)		—			—			—			—			—			—			—			—
CAPITALIZED		—			—			—			237			363			600			426			489			915
SUBTOTAL – CONSOLIDATED		(37,180	)		(7,544	)		(7,358	)		(6,601	)		(6,281	)		(27,784	)		(6,268	)		(5,875	)		(12,143	)
UNCONSOLIDATED DEBT:
THE AVENUE MURFREESBORO		(1,409	)		(458	)		(417	)		(484	)		(453	)		(1,812	)		(444	)		(437	)		(881	)
EMORY UNIVERSITY HOSPITAL MIDTOWN MEDICAL OFFICE TOWER		(1,472	)		(364	)		(361	)		(359	)		(357	)		(1,441	)		(355	)		(353	)		(708	)
TERMINUS 200		(155	)		(89	)		(93	)		(98	)		(113	)		(393	)		(126	)		(129	)		(255	)
TEN PEACHTREE PLACE (3)		(752	)		(184	)		(183	)		(182	)		(181	)		(730	)		(180	)		(80	)		(260	)
THE AVENUE EAST COBB		(246	)		(49	)		(49	)		(49	)		(49	)		(196	)		(49	)		(48	)		(97	)
TEMCO ASSOCIATES		(109	)		(26	)		(26	)		(25	)		(21	)		(98	)		(25	)		(15	)		(40	)
CL REALTY		(109	)		(22	)		(18	)		(15	)		(6	)		(61	)		—			—			—
SUBTOTAL – UNCONSOLIDATED		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)		(1,179	)		(1,062	)		(2,241	)
TOTAL INTEREST EXPENSE		(41,432	)		(8,736	)		(8,505	)		(7,813	)		(7,461	)		(32,515	)		(7,447	)		(6,937	)		(14,384	)
IMPAIRMENT LOSSES
IMPAIRMENT LOSS – CONSOLIDATED		(2,554	)		(3,508	)		—			—			(96,623	)		(100,131	)		—			—			—
IMPAIRMENT LOSS – OTHER		(3,746	)		—			—			—			—			—			—			—			—
IMPAIRMENT LOSS – UNCONSOLIDATED INVESTMENTS		—			—			(250	)		—			(28,753	)		(29,003	)		—			—			—
TOTAL – IMPAIRMENT LOSSES		(6,300	)		(3,508	)		(250	)		—			(125,376	)		(129,134	)		—			—			—
OTHER EXPENSES
NONCONTROLLING INTERESTS		(2,540	)		(581	)		(681	)		(613	)		(212	)		(2,087	)		(574	)		(631	)		(1,205	)
PROPERTY TAXES & OTHER HOLDING COSTS		(3,158	)		(803	)		(555	)		(522	)		(514	)		(2,394	)		(433	)		(320	)		(753	)
PREDEVELOPMENT & OTHER		(1,258	)		(59	)		(117	)		(266	)		(1,600	)		(2,042	)		(265	)		(143	)		(408	)
OTHER – UNCONSOLIDATED		914			43			—			(413	)		(97	)		(467	)		(279	)		(138	)		(417	)
TOTAL – OTHER EXPENSES		(6,042	)		(1,400	)		(1,353	)		(1,814	)		(2,423	)		(6,990	)		(1,551	)		(1,232	)		(2,783	)
INCOME TAX (PROVISION) BENEFIT		1,079			64			(27	)		180			(31	)		186			(27	)		(33	)		(60	)
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS
CONSOLIDATED		(1,884	)		(563	)		(372	)		(388	)		(365	)		(1,688	)		(364	)		(223	)		(587	)
DISCONTINUED OPERATIONS		(5	)		—			—			—			—			—			—			—			—
SHARE OF UNCONSOLIDATED JOINT VENTURES		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(5	)		(10	)
TOTAL – NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		(1,911	)		(568	)		(377	)		(393	)		(370	)		(1,708	)		(369	)		(228	)		(597	)
PREFERRED STOCK DIVIDENDS		(12,907	)		(3,227	)		(3,227	)		(3,226	)		(3,227	)		(12,907	)		(3,227	)		(3,227	)		(6,454	)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
WEIGHTED AVERAGE SHARES – BASIC		101,440			103,515			103,659			103,715			103,712			103,651			104,000			104,165			104,082
WEIGHTED AVERAGE SHARES – DILUTED		101,440			103,530			103,684			103,718			103,712			103,655			104,000			104,165			104,082
FFO PER SHARE – BASIC AND DILUTED		0.32			0.08			0.11			0.14			(1.06	)		(0.74	)		0.13			0.13			0.26

(1) Amounts may differ slightly from other schedules contained herein due to rounding.

(2) The Company receives an 11.46% current return on its $10.4 million investment in Gateway Village. Upon liquidation of the venture, the Company will receive up to a 17% internal rate of return on its investment.

(3) Property was sold on May 11, 2012.

(4) Property was sold on June 7, 2012.

(5) The Company receives a 16.00% current return on its $14.9 million original investment in CW Investments. CW Investments has an investment in four retail properties: Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village and Highland City Town Center.

(6) Property was sold on May 8, 2012.

(7) Management Fees include reimbursed expenses that are included in the “Reimbursed Expenses” line item.

(8) Management Fees related to third party management fee revenues include reimbursed expenses that are included in the “Third Party Management and Leasing Expenses” line item.

13

COUSINS PROPERTIES INCORPORATED

PORTFOLIO LISTING

OPERATING PROPERTIES

As of and For the Three Months ended June 30, 2012

								Company Share
	Property Description	Metropolitan Area	Rentable Square Feet		Company’s Ownership Interest			Percent Leased			% of Total Net Operating Income (3)			Property Level Debt ($000)
I.	OFFICE PROPERTIES
	Terminus 100	Atlanta		655,000		100.00	%		96	%		15	%		137,172
	191 Peachtree Tower	Atlanta		1,222,000		100.00	%		85	%		14	%		100,000
	The American Cancer Society Center	Atlanta		996,000		100.00	%		84	%		10	%		134,958
	Promenade (2)	Atlanta		775,000		90.90	%		66	%		9	%		—
	Meridian Mark Plaza	Atlanta		160,000		100.00	%		98	%		4	%		26,377
	Emory University Hospital Midtown Medical Office Tower	Atlanta		358,000		50.00	%		98	%		3	%		23,536
	555 North Point Center East	Atlanta		152,000		100.00	%		94	%		1	%		—
	333 North Point Center East	Atlanta		130,000		100.00	%		98	%		2	%		—
	200 North Point Center East	Atlanta		130,000		100.00	%		88	%		1	%		—
	100 North Point Center East	Atlanta		128,000		100.00	%		84	%		1	%		—
	Inhibitex	Atlanta		51,000		100.00	%		100	%		1	%		—
	Terminus 200 (1)	Atlanta		566,000		20.00	%		88	%		1	%		14,789
	Cosmopolitan Center	Atlanta		51,000		100.00	%		94	%		0	%		—
	GEORGIA			5,374,000					85	%		62	%		436,832
	Palisades West	Austin		373,000		50.00	%		99	%		6	%		—
	The Points at Waterview	Dallas		203,000		100.00	%		90	%		2	%		15,896
	TEXAS			576,000					94	%		8	%		15,896
	Lakeshore Park Plaza (2)	Birmingham		197,000		100.00	%		94	%		2	%		—
	600 University Park Place (2)	Birmingham		123,000		100.00	%		95	%		1	%		—
	ALABAMA			320,000					94	%		3	%		—
	Gateway Village (1)	Charlotte		1,065,000		50.00	%		100	%		1	%		37,894
	Presbyterian Medical Plaza	Charlotte		66,000		11.50	%		57	%		0	%		—
	NORTH CAROLINA			1,131,000					99	%		1	%		37,894
	TOTAL OFFICE PROPERTIES			7,401,000					88	%		74	%		490,622
II.	RETAIL PROPERTIES
	The Avenue Forsyth	Atlanta		524,000		88.50	%		90	%		9	%		—
	The Avenue Webb Gin	Atlanta		322,000		100.00	%		81	%		4	%		—
	The Avenue West Cobb	Atlanta		256,000		11.50	%		96	%		0	%		—
	North Point MarketCenter	Atlanta		401,000		10.32	%		100	%		1	%		—
	The Avenue East Cobb	Atlanta		230,000		11.50	%		87	%		1	%		4,109
	The Avenue Peachtree City	Atlanta		183,000		11.50	%		90	%		0	%		—
	GEORGIA			1,916,000					87	%		15	%		4,109
	The Avenue Murfreesboro	Nashville		751,000		50.00	%		87	%		4	%		48,280
	Mt. Juliet Village (1)	Nashville		91,000		50.50	%		80	%		1	%		3,106
	The Shops of Lee Village (1)	Nashville		74,000		50.50	%		87	%		0	%		2,803
	Creek Plantation Village (1)	Chattanooga		78,000		50.50	%		93	%		0	%		3,099
	TENNESSEE			994,000					87	%		5	%		57,288
	Tiffany Springs MarketCenter	Kansas City		238,000		88.50	%		85	%		3	%		—
	MISSOURI			238,000					85	%		3	%		—
	Highland City Town Center (1)	Lakeland		96,000		50.50	%		87	%		1	%		5,338
	The Avenue Viera	Viera		332,000		11.50	%		95	%		1	%		—
	Viera MarketCenter	Viera		178,000		11.50	%		94	%		0	%		—
	FLORIDA			606,000					91	%		2	%		5,338
	Greenbrier MarketCenter	Chesapeake		376,000		10.32	%		100	%		1	%		—
	VIRGINIA			376,000					100	%		1	%		—
	Los Altos MarketCenter	Long Beach		157,000		10.32	%		99	%		0	%		—
	CALIFORNIA			157,000					99	%		0	%		—
	TOTAL RETAIL PROPERTIES			4,287,000					88	%		26	%		66,735
	TOTAL PORTFOLIO			11,688,000					88	%		100	%		557,357

(1) This property 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.

(2) This property is shown as 100% as it is owned through a consolidated joint venture. The joint venture is with a third party who has contributed equity and the joint venture partner may receive distributions from the venture in connection with its equity ownership.

(3) Calculation is based on amounts for the three months ended June 30, 2012.

14

COUSINS PROPERTIES INCORPORATED

SAME PROPERTY PERFORMANCE

LEASING AND OCCUPANCY

	Property Description	Percent Leased 2Q11			Percent Leased 1Q 12			Percent Leased 2Q12			Weighted Average Occupancy 2Q 11 (1)			Weighted Average Occupancy 1Q 12 (1)			Weighted Average Occupancy 2Q 12 (1)
I.	OFFICE PROPERTIES
	Terminus 100		97	%		96	%		96	%		97	%		96	%		96	%
	191 Peachtree Tower		80	%		82	%		85	%		74	%		78	%		78	%
	The American Cancer Society Center		91	%		83	%		84	%		93	%		83	%		83	%
	Meridian Mark Plaza		97	%		98	%		98	%		95	%		97	%		97	%
	Emory University Hospital Midtown Medical Office Tower		100	%		99	%		98	%		100	%		99	%		95	%
	555 North Point Center East		98	%		96	%		94	%		98	%		58	%		66	%
	333 North Point Center East		98	%		98	%		98	%		98	%		98	%		98	%
	200 North Point Center East		100	%		88	%		88	%		100	%		88	%		88	%
	100 North Point Center East		94	%		84	%		84	%		94	%		84	%		83	%
	Inhibitex		100	%		100	%		100	%		100	%		100	%		100	%
	Terminus 200		85	%		88	%		88	%		31	%		87	%		87	%
	Cosmopolitan Center		54	%		94	%		94	%		93	%		94	%		94	%
	GEORGIA – Company Share (2)		89	%		88	%		89	%		87	%		85	%		85	%
	Palisades West		97	%		99	%		99	%		97	%		99	%		99	%
	The Points at Waterview		84	%		90	%		90	%		84	%		89	%		90	%
	TEXAS – Company Share (2)		90	%		94	%		94	%		90	%		93	%		94	%
	Lakeshore Park Plaza		91	%		96	%		94	%		90	%		93	%		95	%
	600 University Park Place		89	%		93	%		95	%		80	%		93	%		93	%
	ALABAMA – Company Share (2)		90	%		95	%		94	%		86	%		93	%		94	%
	Gateway Village		100	%		100	%		100	%		100	%		100	%		100	%
	Presbyterian Medical Plaza		78	%		84	%		57	%		78	%		78	%		80	%
	NORTH CAROLINA – Company Share (2)		100	%		100	%		99	%		100	%		100	%		100	%
	TOTAL OFFICE PROPERTIES – Company Share (2)		91	%		90	%		91	%		89	%		88	%		88	%
II.	RETAIL PROPERTIES
	The Avenue Forsyth		88	%		89	%		90	%		68	%		89	%		89	%
	The Avenue Webb Gin		90	%		81	%		81	%		87	%		82	%		82	%
	The Avenue West Cobb		97	%		95	%		96	%		96	%		95	%		95	%
	North Point MarketCenter		99	%		100	%		100	%		97	%		91	%		98	%
	The Avenue East Cobb		95	%		86	%		87	%		92	%		82	%		86	%
	The Avenue Peachtree City		91	%		89	%		90	%		88	%		90	%		88	%
	GEORGIA – Company Share (2)		90	%		87	%		87	%		77	%		87	%		87	%
	The Avenue Murfreesboro		86	%		87	%		87	%		85	%		86	%		87	%
	Mt. Juliet Village		77	%		80	%		80	%		77	%		80	%		80	%
	The Shops of Lee Village		79	%		83	%		87	%		77	%		81	%		79	%
	Creek Plantation Village		91	%		93	%		93	%		91	%		93	%		93	%
	TENNESSEE – Company Share (2)		85	%		87	%		87	%		84	%		86	%		86	%
	Tiffany Springs MarketCenter		82	%		85	%		85	%		81	%		83	%		83	%
	MISSOURI – Company Share (2)		82	%		85	%		85	%		81	%		83	%		83	%
	Highland City Town Center		87	%		87	%		87	%		87	%		87	%		87	%
	The Avenue Viera		96	%		95	%		95	%		94	%		95	%		94	%
	Viera MarketCenter		100	%		94	%		94	%		94	%		94	%		94	%
	FLORIDA – Company Share (2)		93	%		91	%		91	%		91	%		91	%		91	%
	Greenbrier MarketCenter		100	%		100	%		100	%		100	%		100	%		100	%
	VIRGINIA – Company Share (2)		100	%		100	%		100	%		100	%		100	%		100	%
	Los Altos MarketCenter		100	%		99	%		99	%		83	%		98	%		79	%
	CALIFORNIA – Company Share (2)		100	%		99	%		99	%		83	%		98	%		79	%
	TOTAL RETAIL PROPERTIES – Company Share (2)		88	%		87	%		88	%		81	%		87	%		87	%
	TOTAL PORTFOLIO – Company Share (2)		90	%		89	%		90	%		87	%		87	%		88	%

(1) Weighted average occupancy represents an average of the square footage occupied at the property during the quarter.

(2) Company Share represents the applicable percentage weighted for the Company's ownership interest.

15

COUSINS PROPERTIES INCORPORATED

SAME PROPERTY PERFORMANCE (1)

NET OPERATING INCOME

($ in thousands)

	Three Months Ended						Q2 ‘12 vs. Q2 ‘11 % Change			Q2 ‘12 vs. Q1 ‘12 % Change
	June 30,		June 30,		March 31,
	2012		2011		2012
Rental Property Revenues (2)
Office		29,139		29,014		28,842		0.4	%		1.0	%
Retail		9,875		9,467		9,710		4.3	%		1.7	%
Total Rental Property Revenues		39,014		38,481		38,552		1.4	%		1.2	%
Rental Property Operating Expenses (2)
Office		11,728		11,899		11,000		-1.4	%		6.6	%
Retail		2,862		3,023		2,590		-5.3	%		10.5	%
Total Rental Property Operating Expenses		14,590		14,922		13,590		-2.2	%		7.4	%
Same Property Net Operating Income
Office		17,411		17,115		17,841		1.7	%		-2.4	%
Retail		7,013		6,444		7,120		8.8	%		-1.5	%
Total Same Property Net Operating Income		24,424		23,559		24,961		3.7	%		-2.2	%

	Three Months Ended						Q2 ‘12 vs. Q2 ‘11 % Change			Q2 ‘12 vs. Q1 ‘12 % Change
	June 30,		June 30,		March 31,
	2012		2011		2012
Cash Basis Same Property Net Operating Income (3)
Office		16,375		14,725		16,533		11.2	%		-1.0	%
Retail		6,738		6,168		6,888		9.2	%		-2.2	%
Total Cash Basis Same Property Net Operating Income		23,113		20,893		23,421		10.6	%		-1.3	%

	Six Months Ended				% Change
	June 30,
	2012		2011
Rental Property Revenues (2)
Office		57,981		57,037		1.7	%
Retail		19,586		18,826		4.0	%
Total Rental Property Revenues		77,567		75,863		2.2	%
Rental Property Operating Expenses
Office		22,728		23,200		-2.0	%
Retail		5,453		5,435		0.3	%
Total Rental Property Operating Expenses		28,181		28,635		-1.6	%
Same Property Net Operating Income
Office		35,252		33,837		4.2	%
Retail		14,133		13,391		5.5	%
Total Same Property Net Operating Income		49,385		47,228		4.6	%

	Six Months Ended				% Change
	June 30,
	2012		2011
Cash Basis Same Property Net Operating Income (3)
Office		32,909		29,613		11.1	%
Retail		13,626		12,784		6.6	%
Total Cash Basis Same Property Net Operating Income		46,535		42,397		9.8	%

(1) Same Properties include those office and retail properties that were operational on January 1, 2011, excluding properties subsequently sold.

(2) Rental Property Revenues and Expenses includes results for the Company and its share of unconsolidated joint ventures.

(3) Cash Basis Same Property Net Operating Income includes that of the Company and its share of unconsolidated joint ventures. It represents Net Operating Income excluding straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents.

16

COUSINS PROPERTIES INCORPORATED

SQUARE FEET EXPIRING

As of June 30, 2012

OFFICE

As of June 30, 2012, the Company’s office portfolio included 19 commercial office buildings. The weighted average remaining lease term of these office buildings was approximately seven years as of June 30, 2012. 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:

	2012			2013			2014			2015			2016			2017			2018			2019			2020			2021 & Thereafter			Total
Company Share
Square Feet Expiring		129,616			290,265			355,272			508,386			701,429			548,644			346,071			300,251			248,568			1,813,477			5,241,979
% of Leased Space		2	%		5	%		7	%		10	%		13	%		10	%		7	%		6	%		5	%		35	%		100	%
Annual Contractual Rent ($000’s) (1)	$	1,700		$	6,401		$	7,134		$	11,305		$	13,620		$	14,079		$	9,667		$	7,401		$	6,515		$	46,084		$	123,906
Annual Contractual Rent/Sq. Ft. (1)	$	13.12		$	22.05		$	20.08		$	22.24		$	19.42		$	25.66		$	27.93		$	24.65		$	26.21		$	25.41		$	23.64

RETAIL

As of June 30, 2012, the Company’s retail portfolio included 16 retail properties. The weighted average remaining lease term of these retail properties was approximately eight years as of June 30, 2012. 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:

	2012			2013			2014			2015			2016			2017			2018			2019			2020			2021 & Thereafter			Total
Company Share
Square Feet Expiring (2)		32,931			80,519			90,079			68,377			134,424			139,298			320,166			301,904			63,963			399,449			1,631,110
% of Leased Space		2	%		5	%		6	%		4	%		8	%		9	%		20	%		18	%		4	%		24	%		100	%
Annual Contractual Rent ($000’s) (1)	$	491		$	1,860		$	1,765		$	1,390		$	2,750		$	3,151		$	7,039		$	6,711		$	1,170		$	5,932		$	32,259
Annual Contractual Rent/Sq. Ft. (1)	$	14.90		$	23.10		$	19.59		$	20.33		$	20.46		$	22.62		$	21.99		$	22.23		$	18.29		$	14.85		$	19.78

(1) Annual Contractual Rent shown is the estimated rate in the year of expiration. It includes the minimum contractual rent paid by the tenant which, in most of the office leases, includes a base year of operating expenses.

(2) 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.

17

COUSINS PROPERTIES INCORPORATED

TOP 20 TENANTS

As of June 30, 2012

	Tenant (1)	Product Type	Company Share of Annualized Base Rent (2)			Average Remaining Lease Term (Years)
1.	Deloitte & Touche	Office		4.8	%		10.3
2.	Smith, Gambrell & Russell, LLP	Office		3.7	%		9.0
3.	American Cancer Society	Office		3.5	%		10.0
4.	Internap Network Services	Office		2.6	%		7.8
5.	US South Communications	Office		2.5	%		9.1
6.	MedAssets Net Revenue Systems, LLC	Office		2.1	%		2.8
7.	Dimensional Fund Advisors	Office		2.1	%		11.3
8.	Morgan Stanley	Office		1.9	%		6.3
9.	tvsdesign	Office		1.8	%		11.0
10.	CB Richard Ellis, Inc.	Office		1.6	%		7.0
11.	Bombardier Aerospace Corporation	Office		1.5	%		10.7
12.	Emory University	Office		1.5	%		4.7
13.	Bank of America (3)	Office		1.5	%		4.4
14.	Wells Fargo Bank, N.A.	Office		1.4	%		3.8
15.	Northside Hospital	Office		1.4	%		2.5
16.	Georgia Lottery Corporation	Office		1.3	%		10.9
17.	Cumulus Media, Inc.	Office		1.3	%		5.4
18.	Premiere Global Services, Inc.	Office		1.3	%		6.2
19.	Synovus Financial Corp.	Office		1.0	%		5.4
20.	AMC Theatres	Retail		1.0	%		5.7
				39.9	%		7.8

(1) In some cases, the actual tenant may be an affiliate of the entity shown.

(2) Annualized Base Rent represents the annualized minimum rent paid by the tenant as of the date of this report. If the tenant is in a free rent period as of the date of this report, Annualized Base Rent represents the annualized minimum contractual rent the tenant will pay in the first month it is required to pay rent.

(3) The Company’s economic exposure for this tenant is limited to a fixed return through a joint venture arrangement.

NOTE: This schedule includes tenants whose leases have commenced and/or have taken occupancy. Leases that have been signed but have not commenced are excluded from this schedule.

18

COUSINS PROPERTIES INCORPORATED

DEVELOPMENT PIPELINE (1)

As of June 30, 2012

($ in thousands)

Project	Metropolitan Area		Company’s Ownership Interest			Estimated Project Cost (2)			Project Cost Incurred to Date (2)			Number of Apartment Units/Square Feet		Percent Leased			Estimated Opening (3)		Estimated Stabilization(4)
Emory Point (Phase I)		Atlanta, GA		75	%	$	102,300		$	59,114
Apartments													443		N/A			3Q 12		2Q 14
Retail													80,000		68	%		4Q 12		2Q 13
Mahan Village		Tallahassee, FL		100	%(5)	$	25,800	(5)	$	17,778	(5)
Retail													147,000		83	%		4Q 12		3Q 14

(1) This schedule shows projects currently under active development through the point of stabilization. Amounts included in the estimated project cost column represent the estimated costs of the project through stabilization. Significant estimation is required to derive these costs and the final costs may differ from these estimates. The projected dates for opening and stabilization are also estimates and are subject to change as the project proceeds through the development process.

(2) Amount represents 100% of the estimated project cost. The projects are being funded with a combination of equity from the partners and $61.1 million and $15 million of construction loans for Emory Point and Mahan Village, respectively. As of June 30, 2012, $17.9 million and $6.0 million were outstanding under the Emory Point and Mahan Village loans, respectively.

(3) Estimated opening represents the quarter within which the Company estimates the first retail space to be open for operations and the quarter the Company estimates the first apartment unit to be occupied.

(4) Estimated stabilization represents the quarter within which the Company estimates it will achieve 95% economic occupancy on the retail space and 93% on the apartments.

(5) Company’s ownership interest is shown at 100% as Mahan Village is owned in a joint venture which is consolidated with the Company. The Company receives a preferred return on cash flows from the venture and receives its contributed capital and an IRR look-back prior to any distributions to the partner related to its capital.

19

COUSINS PROPERTIES INCORPORATED

INVENTORY OF COMMERCIAL LAND HELD

As of June 30, 2012

Property Description	Metropolitan Area	Company’s Ownership Interest			Developable Land Area (Acres)
Jefferson Mill Business Park	Atlanta		100.00	%		117
King Mill Distribution Park	Atlanta		100.00	%		86
Wildwood Office Park	Atlanta		50.00	%		36
North Point	Atlanta		100.00	%		38
Wildwood Office Park	Atlanta		100.00	%		23
The Avenue Forsyth-Adjacent Land (1)	Atlanta		100.00	%		11
The Avenue Forsyth-Outparcels (2)	Atlanta		100.00	%		6
Terminus	Atlanta		100.00	%		4
615 Peachtree Street	Atlanta		100.00	%		2
The Avenue Webb Gin -Outparcels (2)	Atlanta		100.00	%		2
549 / 555 / 557 Peachtree Street	Atlanta		100.00	%		1
Georgia						326
Round Rock	Austin		100.00	%		60
Research Park V	Austin		100.00	%		6
Texas						66
Highland City Town Center -Outparcels, Adjacent Land (1) (2) (3)	Lakeland		50.50	%		55
Florida						55
The Shops of Lee Village-Outparcels (2) (3)	Nashville		50.50	%		6
The Avenue Murfreesboro-Outparcels (2) (3)	Nashville		50.00	%		5
Tennessee						11
Tiffany Springs MarketCenter-Outparcels (2)	Kansas City		100.00	%		12
Missouri						12
TOTAL COMMERCIAL LAND HELD						470
COMPANY’S SHARE OF TOTAL						419
COST BASIS OF COMMERCIAL LAND HELD					$	89,161
COMPANY’S SHARE OF COST BASIS OF COMMERCIAL LAND HELD (2)					$	63,203

(1) Land is adjacent to an existing retail center and is anticipated to either be sold to a third party or developed as an additional phase of the retail center.

(2) Land relates to outparcels available for sale or ground lease, which are included in the basis of the related operating property.

(3) 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.

20

COUSINS PROPERTIES INCORPORATED

INVENTORY OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS

As of June 30, 2012

Description	Metropolitan Area	Company’s Ownership Interest			Lots						Tracts (2)
					Estimated Lot Capacity  (1)		Total Sold		Remaining to be Sold		Sold  since Inception		Remaining
Callaway Gardens (3)	Atlanta		100.00	%		559		31		528		—		—
The Lakes at Cedar Grove	Atlanta		100.00	%		774		773		1		—		25
Blalock Lakes	Atlanta		100.00	%		154		22		132		—		1,205
Longleaf at Callaway	Atlanta		100.00	%		138		126		12		—		—
River’s Call	Atlanta		100.00	%		107		99		8		—		—
Paulding County	Atlanta		50.00	%		—		—		—		918		5,577
Georgia						1,732		1,051		681		918		6,807
Padre Island	Corpus Christi		50.00	%		—		—		—		—		15
Texas						—		—		—		—		15
TOTAL LOTS AND TRACTS IN RESIDENTIAL PROJECTS						1,732		1,051		681		918		6,822
COMPANY’S SHARE OF TOTAL						1,732		1,051		681		459		4,026
COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS													$	27,832
COMPANY’S SHARE OF COST BASIS OF LOTS AND TRACTS IN RESIDENTIAL PROJECTS													$	21,733

(1) This estimate represents management’s current projection of the total lot capacity for the related residential project, which includes lots sold since inception, current lot inventory and projected future development capacity.

(2) Tracts represents acres of land that may be sold to third parties in large tracts for residential or commercial development.

(3) Company’s ownership interest is shown at 100% as 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.

21

COUSINS PROPERTIES INCORPORATED

DEBT OUTSTANDING

As of June 30, 2012

($ in thousands)

	Company’s Ownership			Rate End of			Maturity		Company’s Share of Debt Maturities and Principal Payments																					Company’s Share
Description (Interest Rate Base, if not fixed)	Interest			Quarter			Date		2012			2013			2014			2015			2016			Thereafter			Total			Recourse (1)
CONSOLIDATED DEBT
Floating Rate Debt
Mahan Village (LIBOR + 1.65%; $15mm facility)		100.00	%(3)		1.90	%		9/12/2014		—			—			5,950			—			—			—			5,950			1,488
Credit Facility, Unsecured (LIBOR + 1.50%-2.10%; $350mm facility) (2)		100.00	%		1.85	%		2/28/2016		—			—			—			—			40,500			—			40,500			40,500
Total Floating Rate Debt										—			—			5,950			—			40,500			—			46,450			41,988
Fixed Rate Debt
Callaway Gardens		100.00	%		4.13	%		11/18/2013		—			168			—			—			—			—			168			—
The Points at Waterview		100.00	%		5.66	%		1/1/2016		245			512			541			573			14,025			—			15,896			—
The American Cancer Society Center (4)		100.00	%		6.45	%		9/1/2017		715			1,528			1,632			1,741			1,834			127,508			134,958			—
191 Peachtree Tower		100.00	%		3.35	%		10/1/2018		—			—			—			—			1,305			98,695			100,000			—
Meridian Mark Plaza		100.00	%		6.00	%		8/1/2020		182			381			405			430			456			24,523			26,377			—
Terminus 100		100.00	%		5.25	%		1/1/2023		1,049			2,182			2,300			2,424			2,554			126,663			137,172			—
Total Fixed Rate Debt										2,191			4,771			4,878			5,168			20,174			377,389			414,571			—
TOTAL CONSOLIDATED DEBT										2,191			4,771			10,828			5,168			60,674			377,389			461,021			41,988
UNCONSOLIDATED DEBT
Floating Rate Debt
CF Murfreesboro Associates (LIBOR + 3.0%; $113.2mm facility)		50.00	%		3.25	%		7/20/2013		—			48,280			—			—			—			—			48,280			26,220
Terminus 200 (LIBOR + 2.5%; $92mm facility)		20.00	%		2.75	%		12/31/2013		—			14,789			—			—			—			—			14,789			—
Emory Point (LIBOR + 1.85%, $61.1mm facility)		75.00	%		2.10	%		6/28/2014		—			—			13,410			—			—			—			13,410			3,353
Highland City Town Center (LIBOR + 2.65%)		50.50	%(3)		2.90	%		1/1/2016		52			109			116			123			4,938			—			5,338			—
Creek Plantation Village (LIBOR + 2.65%)		50.50	%(3)		2.90	%		1/1/2016		30			64			67			71			2,867			—			3,099			—
Mt. Juliet Village (LIBOR + 2.85%; $9.2mm facility)		50.50	%(3)		3.10	%		1/1/2016		—			51			58			62			2,935			—			3,106			1,538
The Shops of Lee Village (LIBOR + 2.85%; $7.1mm facility)		50.50	%(3)		3.10	%		1/1/2016		—			46			53			56			2,648			—			2,803			1,388
Total Floating Rate Debt										82			63,339			13,704			312			13,388			—			90,825			32,499
Fixed Rate Debt
Emory University Hospital Midtown Medical Office Tower		50.00	%		5.90	%		6/1/2013		288			23,248			—			—			—			—			23,536			—
Gateway Village (5)		50.00	%		6.41	%		12/1/2016		3,773			7,917			8,439			8,997			8,768			—			37,894			—
The Avenue East Cobb		11.50	%		4.52	%		12/1/2017		36			74			78			81			85			3,755			4,109			—
Total Fixed Rate Debt										4,097			31,239			8,517			9,078			8,853			3,755			65,539			—
TOTAL UNCONSOLIDATED DEBT									$	4,179		$	94,578		$	22,221		$	9,390		$	22,241		$	3,755		$	156,364		$	32,499
TOTAL DEBT									$	6,370		$	99,349		$	33,049		$	14,558		$	82,915		$	381,144		$	617,385		$	74,487
TOTAL MATURITIES (6)									$	—		$	86,485		$	19,361		$	—		$	67,913		$	359,104		$	532,863
% OF MATURITIES										0	%		16	%		4	%		0	%		13	%		67	%		100	%

Floating and Fixed Rate Debt Analysis
	Total Debt ($)		Total Debt (%)			Weighted Average Interest Rate			Weighted Average Maturity (Yrs.)
Floating Rate Debt	$	137,275		22	%		2.58	%		2.3
Fixed Rate Debt		480,110		78	%		5.36	%		6.8
Total Debt	$	617,385		100	%		4.74	%		5.8

(1) Non-recourse loans are subject to customary carve-outs.

(2) Total borrowing capacity of the Credit Facility at June 30, 2012 was $277.3 million based on certain covenant calculations. The spread over LIBOR at June 30, 2012 was 1.60% based on covenant calculations.

(3) The ownership percentage of the venture holding these loans and the allocation of results of operations and/or gain or loss on property sales may be disproportionate.

(4) The real estate and other assets of this property are restricted under a loan agreement such that these assets are not available to settle other debts of the Company.

(5) Gateway Village debt is non-recourse to the Company and the Company receives an 11.46% current return on its $10.4 million investment in Gateway Village. Upon liquidation of the venture, the Company may receive up to a 17% internal rate of return on its investment. Based on the nature of the investment, this debt is excluded from total debt in the Company’s credit facility financial covenant calculations.

(6) Maturities include lump sum principal payments due at the maturity date. Maturities do not include scheduled principal payments due prior to the maturity date.

22

COUSINS PROPERTIES INCORPORATED

JOINT VENTURE INFORMATION

As of June 30, 2012

		Cash Flows to Cousins
Unconsolidated Joint Ventures	Properties	Operating	Capital Transactions/Other	GAAP Accounting
CP Venture Five	The Avenue West Cobb, The Avenue East Cobb, The Avenue Peachtree City, The Avenue Viera, Viera MarketCenter	11.5% of operating cash flows.	11.5% of proceeds.	Recognize 11.5% of net income from venture.
Charlotte Gateway Village LLC	Gateway Village	Preferred return on investment of 11.46%.	Cousins receives 50% of proceeds after partner receives distributions equal to Cousins. Cousins distributions are capped at a cumulative 17% IRR.	Recognize 11.46% of invested capital each period.
CF Murfreesboro Associates	The Avenue Murfreesboro	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.
Palisades West LLC	Palisades West	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture. Net income includes non-cash deferred income of $443,000 per quarter.
CP Venture Two LLC	Presbyterian Medical Plaza, Greenbrier MarketCenter, Los Altos MarketCenter, North Point MarketCenter	10.4% of operating cash flows.	10.4% of proceeds.	Recognize 10.4% of net income from venture.
MSREF/Cousins Terminus 200 LLC	Terminus 200	20% of operating cash flows until Morgan Stanley receives a 15% IRR. Then, 12.5% of operating cash flows until Morgan Stanley receives a 20% IRR. Thereafter, 25% of operating cash flows.	Same as operating cash flow.	Recognize 20% of net income from venture.
CL Realty	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.
Cousins Watkins LLC	Mt. Juliet Village, The Shops of Lee Village, Creek Plantation Village, Highland City Town Center	Preferred return of 9%, 39.65% of remaining operating cash flows.	Cousins receives all proceeds until it receives a 16% IRR. Then, Watkins receives their unreturned capital. Thereafter, 39.65% of remaining proceeds.	Recognize net income equal to 16% of investment.
Temco Associates LLC	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.
EP I LLC	Emory Point	75% of operating cash flows.	75% of proceeds.	Recognize 75% of net income from venture.
Crawford Long-CPI, LLC	Emory University Hospital Midtown Medical Office Tower	50% of Operating Cash Flows.	50% of proceeds.	Recognize 50% of net income from venture.
Wildwood Associates	Land	50% of operating cash flows.	50% of proceeds.	Recognize 50% of net income from venture.
Consolidated Joint Ventures
CP Venture Six	The Avenue Forsyth, Tiffany Springs MarketCenter, Promenade	Cousins receives all operating cash flow after partner receives preferred return of 6.5%.	Cousins receives 88.5% of proceeds from non-liquidating capital transactions. Upon liquidation, Cousins receives proceeds equal to an 8.5% IRR after partner receives an 8.5% IRR. Thereafter, Cousins receives 88.5% of proceeds.	Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest for operating cash flows based on amounts earned by partner. Recognize additional minority interest to arrive at 8.5% IRR as assets are sold.
Cousins/Callaway LLC	Land	Cousins receives the first $1.5 million of cash flow; 77% of the next $17.7 million of cash flow; 50% of remaining cash flow until it receives an IRR of 20%; 40% of remaining until it receives an IRR of 25%; 25% of remainder.	Same as operating cash flow.	Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest based on amounts earned by partner.
Cousins/Daniel LLC	Lakeshore Park Plaza, 600 University Park Place	Through preferred returns, Cousins receives all operating cash flows.	Cousins receives all capital proceeds.	Recognize revenues and expenses as if a wholly-owned property. No minority interest currently recorded.
Mahan Village LLC	Mahan Village	Cousins receives preferred return of 9% and receives 87% of remainder after partner receives 9% preferred return.	Cousins receives all proceeds until it obtains a 16% IRR. Cousins receives 75% of remaining proceeds after partner receives its investment and a 9% preferred return.	Recognize revenues and expenses as if a wholly-owned property. Recognize minority interest based on amounts earned by partner.

23

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(in thousands, except per share amounts, percentage and ratios)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX:
TOTAL BY SEGMENT:
OFFICE:
SECOND GENERATION LEASING RELATED COSTS		5,363			1,896			6,357			5,821			2,528			16,602			1,933			2,393			4,326
SECOND GENERATION BUILDING IMPROVEMENTS		624			25			24			35			380			464			155			730			884
		5,987			1,921			6,381			5,856			2,908			17,067			2,087			3,122			5,210
RETAIL:
SECOND GENERATION LEASING RELATED COSTS		2,613			51			44			372			1,607			2,074			246			64			310
TOTAL 2ND GENERATION TI & LEASING COSTS & BUILDING CAPEX		8,600			1,972			6,425			6,228			4,515			19,140			2,333			3,186			5,520
NET OPERATING INCOME:
OFFICE CONSOLIDATED PROPERTIES		56,279			14,053			14,316			14,269			15,536			58,174			16,715			16,597			33,312
RETAIL CONSOLIDATED PROPERTIES		14,841			4,485			3,878			4,046			4,146			16,555			4,859			4,352			9,211
OTHER RENTAL OPERATIONS - CONSOLIDATED		96			1			—			—			—			1			—			—			—
NET OPERATING INCOME - CONSOLIDATED		71,216			18,539			18,194			18,316			19,683			74,732			21,574			20,949			42,523
RENTAL PROPERTY REVENUES		120,701			30,438			31,266			31,852			32,785			126,341			35,189			35,610			70,799
RENTAL PROPERTY OPERATING EXPENSES		(49,485	)		(11,899	)		(13,072	)		(13,536	)		(13,102	)		(51,609	)		(13,615	)		(14,661	)		(28,276	)
NET OPERATING INCOME - CONSOLIDATED		71,216			18,539			18,194			18,316			19,683			74,732			21,574			20,949			42,523
INCOME FROM DISCONTINUED OPERATIONS:
RENTAL PROPERTY REVENUES		27,628			5,855			5,421			5,689			3,381			20,346			2,302			1,065			3,367
RENTAL PROPERTY OPERATING EXPENSES		(10,780	)		(2,358	)		(2,400	)		(2,630	)		(1,395	)		(8,783	)		(889	)		(523	)		(1,412	)
NET OPERATING INCOME		16,848			3,497			3,021			3,059			1,986			11,563			1,413			542			1,955
INTEREST AND OTHER INCOME (EXPENSE)		64			21			85			(3	)		8			111			(4	)		12			8
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(5	)		—			—			—			—			—			—			—			—
FFO FROM DISCONTINUED OPERATIONS		16,907			3,518			3,106			3,056			1,994			11,674			1,409			554			1,963
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(12,061	)		(2,558	)		(2,479	)		(2,204	)		(1,517	)		(8,758	)		(1,145	)		—			(1,145	)
INCOME FROM DISCONTINUED OPERATIONS		4,846			960			627			852			477			2,916			264			554			818

24

COUSIN PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(in thousands, except per share amounts, percentages and ratios)

	2010			2011 1st			2011 2nd		2011 3rd			2011 4th		2011			2012 1st			2012 2nd			2012 YTD
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT
PROPERTY SALES AND COST OF SALES:
CONSOLIDATED:
RESIDENTIAL LOT AND OUTPARCEL SALES - CONSOLIDATED: RESIDENTIAL LOT SALES		2,514			165			80		165			2,605		3,015			949			535			1,484
OUTPARCEL SALES		13,429			—			—		—			—		—			—			—			—
TOTAL RESIDENTIAL LOT AND OUTPARCEL SALES		15,943			165			80		165			2,605		3,015			949			535			1,484
RESIDENTIAL LOT AND OUTPARCEL COST OF SALES - CONSOLIDATED:
RESIDENTIAL LOT COST OF SALES		1,940			119			76		158			2,588		2,941			564			416			979
OUTPARCEL COST OF SALES		8,759			(50	)		—		—			—		(50	)		—			—			—
TOTAL RESIDENTIAL LOT AND OUTPARCEL COST OF SALES-CONSOLIDATED		10,699			69			76		158			2,588		2,891			564			416			979
TRACT SALES INCLUDED IN GAIN ON SALE OF INVESTMENT PROPERTIES		1,697			—			—		—			3,258		3,258			—			(30	)		(30	)
RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY
SALES LESS COST OF SALES - CONSOLIDATED		6,941			96			4		7			3,275		3,382			385			90			475
SUMMARY - CONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES		574			46			4		7			17		74			385			119			504
OUTPARCEL SALES LESS COST OF SALES		4,670			50			—		—			—		50			—			—			—
TRACT SALES LESS COST OF SALES		1,697			—			—		—			3,258		3,258			—			(30	)		(30	)
TOTAL CONSOLIDATED SALES LESS COST OF SALES		6,941			96			4		7			3,275		3,382			385			89			474
OTHER SALES AND COST OF SALES:
CONSOLIDATED:
OTHER SALES - CONSOLIDATED:
OTHER SALES		34,442			4,657			7		—			—		4,664			—			174			174
OTHER COST OF SALES		(27,017	)		(2,500	)		13		—			—		(2,487	)		—			(119	)		(119	)
OTHER SALES LESS COST OF SALES - CONSOLIDATED		7,425			2,157			20		—			—		2,177			—			55			55
UNCONSOLIDATED:
OTHER SALES - UNCONSOLIDATED:
OTHER SALES		389			—			—		—			—		—			—			—			—
OTHER COST OF SALES		(266	)		(5	)		—		—			—		(5	)		—			—			—
OTHER, NET		350			22			33		(2	)		25		77			(1	)		(2	)		(3	)
OTHER SALES LESS COST OF SALES - SHARE OF UNCONSOLIDATED		473			17			33		(2	)		25		72			(1	)		(2	)		(3	)
TOTAL OTHER SALES FFO		7,898			2,174			53		(2	)		25		2,249			(1	)		53			52

25

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(in thousands, except per share amounts, percentages and ratios)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
UNCONSOLIDATED:
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES - UNCONSOLIDATED:
RESIDENTIAL LOT SALES		7,768			1,186			2,229			1,875			2,053			7,343			—			—			—
OUTPARCEL SALES		516			—			—			—			—			—			—			—			—
TRACT SALES		10,633			572			29			152			41			794			176			—			176
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES		18,917			1,758			2,258			2,027			2,093			8,137			176			—			176
RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES - UNCONSOLIDATED:
RESIDENTIAL LOT COST OF SALES		5,896			1,006			1,835			1,363			1,566			5,770			—			—			—
OUTPARCEL COST OF SALES		434			—			—			—			—			—			—			—			—
TRACT COST OF SALES		7,026			552			2			(15	)		(26	)		513			176			—			176
TOTAL RESIDENTIAL LOT, OUTPARCEL AND TRACT COST OF SALES		13,356			1,558			1,837			1,348			1,540			6,283			176			—			176
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES -UNCONSOLIDATED		5,561			200			421			679			554			1,854			—			—			—
SUMMARY - UNCONSOLIDATED:
RESIDENTIAL LOT SALES LESS COST OF SALES		1,872			180			394			512			487			1,573			—			—			—
OUTPARCEL SALES LESS COST OF SALES		82			—			—			—			—			—			—			—			—
TRACT SALES LESS COST OF SALES		3,607			20			27			167			67			281			—			—			—
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES - SHARE OF UNCONSOLIDATEDS		5,561			200			421			679			554			1,854			—			—			—
TOTAL RESIDENTIAL LOT, OUTPARCEL, TRACT AND OTHER INVESTMENT PROPERTY SALES LESS COST OF SALES		12,502			296			425			686			3,829			5,236			385			89			474
INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES:
NET OPERATING INCOME:
OFFICE PROPERTIES		12,242			3,357			3,322			3,406			3,507			13,592			3,661			3,271			6,932
RETAIL PROPERTIES		7,937			2,695			2,596			2,647			2,728			10,666			2,608			2,666			5,274
NET OPERATING INCOME		20,179			6,052			5,918			6,053			6,235			24,258			6,269			5,937			12,206
RESIDENTIAL LOT, OUTPARCEL AND TRACT SALES LESS COST OF SALES		5,561			200			421			679			554			1,854			—			—			—
OTHER SALES LESS COST OF SALES		473			17			33			(2	)		25			73			(1	)		(2	)		(3	)
TERMINATION FEES		48			58			—			—			15			73			42			18			60
INTEREST EXPENSE		(4,252	)		(1,192	)		(1,147	)		(1,212	)		(1,180	)		(4,731	)		(1,179	)		(1,062	)		(2,241	)
OTHER EXPENSE		913			43			—			(413	)		(97	)		(467	)		(279	)		(138	)		(417	)
IMPAIRMENT LOSSES		(3,746	)		—			(250	)		—			(28,753	)		(29,003	)		—			—			—
DEPRECIATION AND AMORTIZATION OF NON-REAL ESTATE ASSETS		(22	)		(5	)		(5	)		(5	)		(5	)		(20	)		(5	)		(5	)		(10	)
FUNDS FROM OPERATIONS - UNCONSOLIDATED JOINT VENTURES		19,154			5,173			4,970			5,100			(23,206	)		(7,963	)		4,847			4,748			9,595
GAIN ON SALE OF DEPRECIATED INVESTMENT PROPERTIES, NET		—			—			—			—			—			—			—			7,509			7,509
DEPRECIATION AND AMORTIZATION OF REAL ESTATE		(9,661	)		(2,678	)		(2,658	)		(2,440	)		(2,561	)		(10,337	)		(2,661	)		(2,495	)		(5,156	)
NET INCOME (LOSS) FROM UNCONSOLIDATED JOINT VENTURES		9,493			2,496			2,312			2,660			(25,767	)		(18,299	)		2,186			9,762			11,948

26

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(in thousands, except per share amounts, percentage and ratios)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
MARKET CAPITALIZATION
COMMON STOCK PRICE AT PERIOD END		8.34			8.35			8.54			5.85			6.41			6.41			7.58			7.75			7.75
NUMBER OF COMMON SHARES OUTSTANDING AT PERIOD END		103,392			103,631			103,714			103,714			103,702			103,702			104,139			104,215			104,215
COMMON STOCK CAPITALIZATION		862,289			865,319			885,718			606,727			664,730			664,730			789,374			807,666			807,666
PREFERRED STOCK-SERIES A-PRICE AT LIQUIDATION VALUE		74,827			74,827			74,827			74,827			74,827			74,827			74,827			74,827			74,827
PREFERRED STOCK-SERIES B-PRICE AT LIQUIDATION VALUE		94,775			94,775			94,775			94,775			94,775			94,775			94,775			94,775			94,775
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT		509,509			496,823			498,034			462,135			539,442			539,442			529,168			461,021			461,021
SHARE OF UNCONSOLIDATED DEBT		172,325			166,726			163,931			162,022			162,127			162,127			164,217			156,364			156,364
DEBT (2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385			617,385			617,385
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361			1,594,654			1,594,654
LEVERAGE RATIOS
DEBT (2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385			617,385			617,385
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361			1,594,654			1,594,654
DEBT (2) / TOTAL MARKET CAPITALIZATION		40	%		39	%		39	%		45	%		46	%		46	%		42	%		39	%		39	%
TOTAL ASSETS-CONSOLIDATED		1,371,282			1,335,453			1,337,132			1,294,376			1,235,535			1,235,535			1,199,634			1,135,315			1,135,315
ACCUMULATED DEPRECIATION-CONSOLIDATED		274,925			286,547			298,085			286,399			289,473			289,473			302,782			281,739			281,739
UNDEPRECIATED ASSETS-UNCONSOLIDATED (2)		485,993			485,029			499,381			507,201			516,686			516,686			467,303			454,388			454,388
LESS: INVESTMENT IN UNCONSOLIDATED JOINT VENTURES		(167,108	)		(165,119	)		(179,149	)		(181,947	)		(160,587	)		(160,587	)		(141,180	)		(140,303	)		(140,303	)
TOTAL UNDEPRECIATED ASSETS (2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539			1,731,139			1,731,139
DEBT (2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385			617,385			617,385
UNDEPRECIATED ASSETS (2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539			1,731,139			1,731,139
DEBT (2) / TOTAL UNDEPRECIATED ASSETS (2)		35	%		34	%		34	%		33	%		37	%		37	%		38	%		36	%		36	%
DEBT (2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385			617,385			617,385
PREFERRED STOCK AT LIQUIDATION VALUE		169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602			169,602
DEBT (2) + PREFERRED		851,436			833,151			831,567			793,759			871,171			871,171			862,987			786,987			786,987
TOTAL MARKET CAPITALIZATION		1,713,725			1,698,470			1,717,285			1,400,486			1,535,901			1,535,901			1,652,361			1,594,654			1,594,654
DEBT (2) + PREFERRED / TOTAL MARKET CAPITALIZATION		50	%		49	%		48	%		57	%		57	%		57	%		52	%		49	%		49	%
DEBT (2) + PREFERRED		851,436			833,151			831,567			793,759			871,171			871,171			862,987			786,987			786,987
TOTAL UNDEPRECIATED ASSETS (2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539			1,731,139			1,731,139
DEBT (2) + PREFERRED / TOTAL UNDEPRECIATED ASSETS (2)		43	%		43	%		43	%		42	%		46	%		46	%		47	%		45	%		45	%
EBITDA (2)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447			6,937			14,384
NON-REAL ESTATE DEPRECIATION AND AMORTIZATION		1,911			568			377			393			370			1,708			369			228			597
INCOME TAX PROVISION (BENEFIT)		(1,079	)		(64	)		27			(180	)		31			(186	)		27			33			60
IMPAIRMENT LOSSES		6,300			3,508			250			—			125,376			129,134			—			—			—
PREDEVELOPMENT CHARGES		732			—			—			—			937			937			—			—			—
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94			—			94
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227			3,227			6,454
EBITDA (2)		104,811			24,097			23,282			25,635			27,200			100,214			24,652			23,577			48,229
COVERAGE RATIOS (2)
EBITDA		104,811			24,097			23,282			25,635			27,200			100,214			24,652			23,577			48,229
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447			6,937			14,384
INTEREST COVERAGE RATIO (2)		2.53			2.76			2.74			3.28			3.65			3.08			3.31			3.40			3.35
INTEREST EXPENSE		41,432			8,736			8,505			7,813			7,461			32,515			7,447			6,937			14,384
SCHEDULED PRINCIPAL PAYMENTS		4,399			1,755			1,894			1,650			1,980			7,279			2,123			2,045			4,168
PREFERRED STOCK DIVIDENDS		12,907			3,227			3,227			3,226			3,227			12,907			3,227			3,227			6,454
FIXED CHARGES		58,738			13,718			13,626			12,689			12,668			52,701			12,797			12,209			25,006
EBITDA		104,811			24,097			23,282			25,635			27,200			100,214			24,652			23,577			48,229
FIXED CHARGES COVERAGE RATIO (2)		1.78			1.76			1.71			2.02			2.15			1.90			1.93			1.93			1.93
DEBT (2)		681,834			663,549			661,965			624,157			701,569			701,569			693,385			617,385			617,385
ANNUALIZED EBITDA (3)		111,284			96,388			93,128			102,540			108,800			108,800			98,608			94,308			94,308
DEBT (2) / ANNUALIZED EBITDA (3)		6.13			6.88			7.11			6.09			6.45			6.45			7.03			6.55			6.55

27

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

(in thousands, except per share amounts, percentage and ratios)

	2010			2011 1st			2011 2nd			2011 3rd			2011 4th			2011			2012 1st			2012 2nd			2012 YTD
DIVIDEND RATIOS
REGULAR COMMON DIVIDENDS:
CASH		12,176			4,653			4,663			4,667			4,667			18,651			4,687			4,686			9,374
COMMON STOCK		24,282			—			—			—			—			—			—			—			—
COMMON DIVIDENDS		36,458			4,653			4,663			4,667			4,667			18,651			4,687			4,686			9,374
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
FFO PAYOUT RATIO		111	%		57	%		43	%		33	%		-4	%		-24	%		35	%		36	%		35	%
FFO BEFORE CERTAIN CHARGES
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
IMPAIRMENT LOSSES (2)		6,300			3,508			250			—			125,376			129,134			—			—			—
PREDEVELOPMENT & OTHER CHARGES		732			—			—			—			937			937			(1,185	)		—			(1,185	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94			—			94
SEPARATION CHARGES		1,045			101			77			15			4			197			213			79			292
FFO BEFORE CERTAIN CHARGES		50,685			11,731			11,223			14,398			16,115			53,467			12,610			13,231			25,841
FFO BEFORE CERTAIN CHARGES PAYOUT RATIO		72	%		40	%		42	%		32	%		29	%		35	%		37	%		35	%		36	%
FAD (2)
FFO		32,781			8,122			10,896			14,309			(110,202	)		(76,875	)		13,488			13,152			26,640
FAS 13		(7,936	)		(2,637	)		(2,885	)		(3,095	)		(2,459	)		(11,076	)		(2,686	)		(2,152	)		(4,838	)
ABOVE AND BELOW MARKET RENTS		(90	)		(23	)		(15	)		(15	)		27			(26	)		108			92			200
SECOND GENERATION CAPEX		(8,600	)		(1,972	)		(6,425	)		(6,228	)		(4,515	)		(19,140	)		(2,333	)		(3,186	)		(5,520	)
FAD (2)		16,154			3,490			1,571			4,970			(117,149	)		(107,117	)		8,577			7,906			16,483
COMMON DIVIDENDS		36,458			4,653			4,663			4,667			4,667			18,651			4,687			4,686			9,374
FAD PAYOUT RATIO (2)		226	%		133	%		297	%		94	%		-4	%		-17	%		55	%		59	%		57	%
FAD BEFORE CERTAIN CHARGES
FAD (2)		16,154			3,490			1,571			4,970			(117,149	)		(107,117	)		8,577			7,906			16,483
IMPAIRMENT LOSSES (2)		6,300			3,508			250			—			125,376			129,134			—			—			—
PREDEVELOPMENT & OTHER CHARGES		732			—			—			—			937			937			(1,185	)		—			(1,185	)
LOSS ON DEBT EXTINGUISHMENT AND INTEREST RATE SWAP		9,827			—			—			74			—			74			94			—			94
SEPARATION CHARGES		1,045			101			77			15			4			197			213			79			292
FAD BEFORE CERTAIN CHARGES		34,058			7,099			1,898			5,059			9,168			23,225			7,699			7,985			15,684
FAD BEFORE CERTAIN CHARGES PAYOUT RATIO		107	%		66	%		246	%		92	%		51	%		80	%		61	%		59	%		60	%
OPERATIONS RATIOS
REVENUES		205,691			43,221			39,949			41,771			44,264			169,205			45,171			45,213			90,384
REVENUES FROM DISCONTINUED OPERATIONS		27,706			5,880			5,510			5,690			3,392			20,472			2,302			1,078			3,380
REVENUES INCLUDING DISCONTINUED OPERATIONS		233,397			49,101			45,459			47,461			47,656			189,677			47,473			46,291			93,764
GENERAL AND ADMINISTRATIVE EXPENSES		28,517			7,400			6,133			4,295			6,338			24,166			6,623			5,645			12,268
REVENUES INCLUDING DISCONTINUED OPERATIONS		233,397			49,101			45,459			47,461			47,656			189,677			47,473			46,291			93,764
GENERAL AND ADMINISTRATIVE EXPENSES/REVENUES INCLUDING DISCONTINUED OPERATIONS		12.2	%		15.1	%		13.5	%		9.0	%		13.3	%		12.7	%		14.0	%		12.2	%		13.1	%
TOTAL UNDEPRECIATED ASSETS (2)		1,965,092			1,941,910			1,955,449			1,906,029			1,881,107			1,881,107			1,828,539			1,731,139			1,731,139
ANNUALIZED GENERAL AND ADMINISTRATIVE EXPENSES (3) / TOTAL UNDEPRECIATED ASSETS		1.5	%		1.5	%		1.3	%		0.9	%		1.3	%		1.3	%		1.4	%		1.3	%		1.3	%

(1) AMOUNTS MAY DIFFER SLIGHTLY FROM OTHER SCHEDULES CONTAINED HEREIN DUE TO ROUNDING.

(2) INCLUDES COMPANY SHARE OF UNCONSOLIDATED JOINT VENTURES.

(3) ANNUALIZED REPRESENTS QUARTER AMOUNT ANNUALIZED.

28

COUSINS PROPERTIES INCORPORATED

CALCULATIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

($ in thousands)

	Three Months Ended							Six Months Ended
	June 30,			June 30,		March 31,		June 30,
	2012			2011		2012		2012		2011
Net Operating Income
Same Property		24,424			23,560		24,961		49,385		47,228
Non-Same Property		3,004			3,574		4,296		7,300		7,995
Consolidated Property Net Operating Income		27,428			27,134		29,257		56,685		55,223
Less: Non-Cash Items
Straight-line rent		2,138			2,842		3,330		4,832		5,509
Other		(3	)		140		8		5		290
Non-Cash Items		2,135			2,982		3,338		4,837		5,799
Cash Basis Property Net Operating Income		25,293			24,152		25,919		51,848		49,424
Net Operating Income (1)
Operating Properties		20,949			18,194		21,574		42,523		36,732
Discontinued Operations		542			3,022		1,414		1,956		6,521
Share of Unconsolidated Joint Ventures		5,937			5,918		6,269		12,206		11,970
Total Net Operating Income		27,428			27,134		29,257		56,685		55,223

(1) See reconciliation above within previous pages of the calculations and reconciliations of Non-GAAP financial measures.

29

COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

The Company uses non-GAAP financial measures in its filings and other public disclosures. 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 historic 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. The Company excludes from second generation costs amounts incurred to lease vacant space and other building improvements associated with properties acquired for redevelopment or repositioning.

“EBITDA” represents FFO plus consolidated and Company share of unconsolidated interest expense, non-real estate depreciation and amortization, income taxes, impairment losses, gain/loss on debt extinguishment and interest rate swap, and preferred stock dividends. Management believes that EBITDA provides analysts and investors with appropriate information to use in various ratios that evaluate the Company’s level of debt.

“Funds Available for Distribution” (“FAD”) represents FFO adjusted to exclude the effect of straight-line rent and above and below market lease amortization less 2^nd Generation Tenant Improvements and Leasing Costs and Building Capital Expenditures. Management believes that FAD provides analysts and investors with information that assists in the comparability of the Company’s dividend policy with other real estate companies.

“FAD Before Certain Charges” represents FAD before non-depreciable impairment losses, write off of predevelopment expenses, gain/loss on debt extinguishment and interest rate swap, valuation allowances on deferred tax assets and separation charges. Management

believes that FAD Before Certain Charges provides analysts and investors with appropriate information related to the Company’s core operations and for comparability of the results of its operations and dividend policy with other real estate companies.

“Funds From Operations Available to Common Stockholders” (“FFO”) is a supplemental operating performance measure used in the real estate industry. The Company calculates FFO in accordance with the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition, which is net income (loss) 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 real property, plus depreciation and amortization of real estate assets, impairment losses on depreciable investment property and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO is used by industry analysts and investors as a supplemental measure of an equity REIT’s operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial, improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Company management evaluates operating performance in part based on FFO. Additionally, the Company uses FFO and FFO per share, along with other measures, as a performance measure for incentive compensation to its officers and other key employees.

“FFO Before Certain Charges” represents FFO before non-depreciable impairment losses, write off of predevelopment expenses, gain/loss on debt extinguishment and interest rate swap, valuation allowances on deferred tax assets and separation charges. Management believes that FFO Before Certain Charges provides analysts and investors with appropriate information related to the Company’s core operations and for comparability of the results of its operations with other real estate companies.

30

COUSINS PROPERTIES INCORPORATED

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

“Net Operating Income” is used by industry analysts, investors and Company management to measure operating performance of the Company’s properties. Net Operating Income, which is 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 Net Operating Income 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 Net Operating Income” represents the Net Operating Income and Cash Basis Same Properties. Cash Basis Net Operating Income excludes straight-line rents, amortization of lease inducements and amortization of acquired above and below market rents. Same Properties include those office and retail properties that have been fully operational in each of the comparable reporting periods. Same-Property Net Operating Income allows analysts, investors and management to analyze continuing operations and evaluate the growth trend of the Company’s portfolio.

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