Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended March 31, 2008. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) was $13.8 million, or $0.27 per share, for the first quarter of 2008 compared with FFO of $24.5 million, or $0.46 per share, for the first quarter of 2007. Net Income Available to Common Stockholders (“Net Income Available”) was $1.8 million, or $0.04 per share, compared with Net Income Available of $14.4 million, or $0.27 per share, for the first quarter of 2007.

First quarter highlights of the Company included the following:

• Sold approximately 22 acres of land at the Company’s North Point property for approximately $6.3 million, generating FFO of approximately $3.7 million.
• Executed a 260,000-square-foot lease renewal and expansion with Deloitte & Touche at One Ninety One Peachtree Tower.
• Obtained new management and leasing contracts on approximately 2.0 million square feet of office and retail space owned by third parties.

Other highlights subsequent to quarter-end:

• Entered into agreements to sell 167 acres of land at two of the Company’s Atlanta-area industrial parks for approximately $18.5 million. The sale of 75 acres closed in April 2008, and the remaining acreage is expected to close in 2009.

At March 31, 2008, the Company’s portfolio of operational office buildings was 92% leased, its portfolio of operational retail centers was 91% leased and its operational industrial buildings were 50% leased.

At March 31, 2008, the Company and its joint ventures had nine retail, office and industrial projects under development and redevelopment totaling 4.9 million Company-owned square feet, and two multi-family projects under development containing a total of 208 units. The Company estimates the total cost of these projects will be approximately $1.2 billion and expects completion of these projects throughout the next three years. In addition, the Company and its joint ventures had 24 residential communities under various stages of development in which approximately 1,500 completed lots are in inventory and an additional 9,000 lots are available for future development and/or sale.

“We’ve made leasing a top priority this year and our first quarter results highlight some successes at several office and retail projects,” said Tom Bell, chairman and CEO of Cousins Properties. “Since quarter end, we’ve made even more progress at One Ninety One Peachtree and Terminus, and on the retail side, we’re looking forward to this week’s successful opening of The Avenue Forsyth, our fifth Atlanta-area Avenue.”

The Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets and a schedule entitled Funds From Operations, which reconciles Net Income Available to FFO, are attached to this press release. More detailed information on Net Income Available and FFO results is included in the “Net Income and Funds From Operations-Supplemental Detail” schedule which is included along with other supplemental information in the Company’s Current Report on Form 8-K, which the Company is furnishing to the Securities and Exchange Commission (“SEC”), and which can be viewed through the “Quarterly Disclosures” and “SEC Filings” links on the Investor Relations page of the Company’s Web site at www.cousinsproperties.com. This information may also be obtained by calling the Company’s Investor Relations Department at (404) 407-1390.

The Company will conduct a conference call at 10:00 a.m. (Eastern Time) on Tuesday, May 13, 2008, to discuss the results of the quarter ended March 31, 2008. The number to call for this interactive teleconference is (303) 262-2137. A replay of the conference call will be available for 14 days by dialing (303) 590-3000 and entering the passcode 11110955#. The replay can be accessed on the Company’s Web site, www.cousinsproperties.com, through the “1Q 2008 Cousins Properties Incorporated Earnings Conference Call” link on the Investor Relations page, as well as at www.streetevents.com and www.earnings.com. The rebroadcast will be available on the Investor Relations page of the Company’s Web site for 14 days.

Celebrating its 50^th anniversary in 2008, Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail, industrial and land development projects. Since its founding, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.

Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk. These include, but are not limited to, general and local economic conditions, local real estate conditions (including the overall condition of the residential markets), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company’s ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the ability of the Company to close properties under contract and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. The words “believes,” “expects,” “anticipates,” “estimates” and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

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

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

Cousins Properties Incorporated
James A. Fleming, 404-407-1150
Executive Vice President and Chief Financial Officer
jimfleming@cousinsproperties.com
or
Mark Russell, 404-407-1390
Senior Vice President and Senior Investment Officer
markrussell@cousinsproperties.com
www.cousinsproperties.com