COUSINS PROPERTIES REPORTS RECORD THIRD QUARTER RESULTS; FFO PER SHARE INCREASED 29%.

ATLANTA--(BUSINESS WIRE)--Nov. 11, 1997--Cousins Properties Incorporated (NYSE:CUZ), the Atlanta-based diversified real estate development company, today reported record funds from operations (FFO) for the third quarter and nine months ended September 30, 1997. For the quarter, FFO rose 29% to $14.4 million, or $0.49 per share, from $10.9 million, or $0.38 per share, for the third quarter of 1996. FFO for the nine-month period of 1997 was $41.2 million, a 26% increase from $32.7 million for the year-earlier period. On a per share basis for the nine-month period, FFO rose 23% to $1.41 per share from $1.15 per share for the year-earlier period.

Net income for the quarter was $10.9 million, or $0.37 per share, compared with net income of $7.0 million, or $0.25 per share, for the year-earlier quarter, a 48% increase on a per share basis. Net income for the nine months increased to $28.0 million, or $0.96 per share, from $22.9 million, or $0.80 per share, for the first nine months of 1996, a 20% increase on a per share basis.

Daniel M. DuPree, president and chief operating officer of Cousins, said, "Cousins Properties is pleased to report another quarter of record funds from operations, building on our long track record of growth. We continue to see a very attractive environment for new development across all of our product lines and geographic markets and believe the Company is on track for another record year." The strong growth in FFO and net income for the third quarter was fueled by an increase of approximately $5 million in rental property net operating income, primarily from properties developed or acquired in the past year. The Company also had a $1 million increase in development income, primarily from third-party development. Net income for the quarter benefited from a $2.6 million gain on the previously reported sale of two retail centers, Rivermont Station and Lovejoy Station, in July 1997.

Additional recent developments included:

Office Division

-- With the previously announced renewal of more than 400,000 s.f. of office leases which were scheduled to roll over in 1998, only approximately 4% of the Company's office portfolio remains subject to roll over in 1998. In 1999, less than 3% of the Company's office portfolio is scheduled to roll over.

Medical Office Division - Cousins/Richmond

-- Commenced construction on the previously announced 160,000 s.f. Meridian Mark Plaza in Atlanta adjacent to the campuses of Scottish Rite, Northside and St. Joseph's Hospitals. That project is now 63% leased with Northside Hospital and Scottish Rite Children's Medical Center as anchor leases.

The Atlanta office market continues to experience excellent absorption; for the first nine months of the year, the market absorbed nearly three million s.f. "This level of absorption shows the continued strength of the Atlanta office market," DuPree added.

The Company also announced that Cousins LORET Venture L.L.C. has obtained a commitment for long-term financing for the 424,000 s.f. office building now under construction in the Buckhead section of Atlanta. The financing is $70 million, with a 12-year term and an interest rate of 7.11%.

Cousins Properties Incorporated is one of the largest diversified real estate development companies in the U.S. The Company has extensive experience in the real estate industry, including the development, leasing, management, acquisition and financing of properties. The property types that Cousins actively invests in include office, retail, medical office and residential lot development. The Company's portfolio consists of more than 7.6 million square feet of office space, 2.7 million square feet of retail space and .2 million square feet of medical office space. Based in Atlanta, Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ."

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 risks, including, but not limited to, general economic conditions, local real estate conditions, interest rates, the Company's ability to obtain favorable financing, and other risks detailed from time to time in the Company's filings within the Securities and Exchange Commission, including the Form 10-Q for the quarter ended March 31, 1996. -0-

       COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
                         FUNDS FROM OPERATIONS
    FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1997
                              (UNAUDITED)
               (In thousands, except per share amounts)

                                     Three Months       Nine Months
                                    Ended Sept. 30,   Ended Sept. 30,
                                     1996     1997     1996     1997

Income before gain on sale
 of investment properties           $6,642   $7,900  $21,869  $22,583

Depreciation and amortization        4,383    5,991   12,215   18,196

Amortization of deferred
 financing costs and depreciation
 of furniture, fixtures and
 equipment                             (87)    (114)    (253)    (316)

Elimination of the recognition
 of rental revenues on
 a straight-line basis                (236)     491     (602)   1,259

Adjustment to reflect stock
 appreciation right expense on
 a cash basis                          208      180     (519)    (508)

Consolidated Funds From
 Operations                        $10,910  $14,448  $32,710  $41,214

Weighted Average Shares
 Outstanding                        28,610   29,223   28,431   29,137

Consolidated Funds From
 Operations Per Share                $ .38    $ .49   $ 1.15   $ 1.41


    The table above shows Funds From Operations ("FFO") for Cousins
Properties Incorporated and Consolidated Entities and its
unconsolidated joint ventures.  On a consolidated basis, FFO includes
the Company's FFO and the Company's share of FFO of its
unconsolidated joint ventures, but excludes the Company's share of
distributions from such ventures.  The Company calculates its FFO
using the National Association of Real Estate Investment Trusts
("NAREIT") definition of FFO adjusted to (i) eliminate the
recognition of rental revenues on a straight-line basis, (ii) reflect
stock appreciation right expense on a cash basis and (iii) recognize
certain fee income as cash is received rather than when recognized in
the financial statements.  The Company believes its FFO presentation
more properly reflects its operating results.
    Management believes the Company's FFO is not directly comparable
to other REITs which own a portfolio of mature income-producing
properties because the Company develops projects through a
development and lease-up phase before they reach their targeted cash
flow returns.  Furthermore, the Company eliminates in consolidation
fee income for developing and leasing projects owned by consolidated
entities, while capitalizing a smaller amount of related internal
costs.  In addition, unlike many REITs, the Company has considerable
land holdings which provide a strong base for future FFO growth as
land is developed or sold in future years.  Property taxes on the
land, which are expensed currently, reduce current FFO.
    As indicated above, the Company does not include straight-lined
rents in its FFO, as it could under the NAREIT definition of FFO.
Furthermore, most of the Company's leases are also escalated
periodically based on the Consumer Price Index, which unlike fixed
escalations, do not require rent to be straight-lined; under NAREIT's
definition straight-lining of rents produces higher FFO in the early
years of a lease and lower FFO in the later years of a lease.
    FFO is used by industry analysts as a supplemental measure of an
equity REIT's performance.  FFO should not be considered an
alternative to net income or other measurements under generally
accepted accounting principles as an indicator of operating
performance, or to cash flows from operating, investing, or financing
activities as a measure of liquidity.

Supplemental detail FFO information is available from the Company
upon request.


       COUSINS PROPERTIES INCORPORATED AND CONSOLIDATED ENTITIES
                   CONSOLIDATED STATEMENTS OF INCOME
    FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1997
                              (UNAUDITED)
              ($ in thousands, except per share amounts)

                                     Three Months       Nine Months
                                    Ended Sept. 30,   Ended Sept. 30,
                                     1996     1997     1996     1997
REVENUES:
 Rental property revenues          $ 8,457  $15,386  $21,827  $46,390
 Development income                     55    1,081    1,380    2,535
 Management fees                       787      863    1,959    2,552
 Leasing and other fees                110      197    1,362      387
 Residential lot and outparcel
  sales                              2,218    3,737    9,688    9,149
 Interest and other                  1,185      969    3,974    2,652

                                    12,812   22,233   40,190   63,665

INCOME FROM UNCONSOLIDATED
 JOINT VENTURES                      4,362    3,737   12,926   10,786

COSTS AND EXPENSES:
 Rental property operating
  expenses                           1,784    3,685    4,946   11,191
 General and administrative
  expenses                           2,315    3,403    6,622    9,750
 Depreciation and amortization       1,835    3,509    4,729   10,577
 Stock appreciation right expense      752      274      440      270
 Residential lot and outparcel
  cost of sales                      2,489    3,489    9,522    8,415
 Interest expense                    1,583    3,426    3,959   10,701
 Property taxes on undeveloped
  land                                 408      245      901      458
 Other                                 174      353      992    1,425

                                    11,340   18,384   32,111   52,787

INCOME FROM OPERATIONS BEFORE
 INCOME TAXES                        5,834    7,596   21,005   21,664

BENEFIT FOR INCOME TAXES FROM
 OPERATIONS                           (808)    (314)    (864)    (919)

INCOME BEFORE GAIN ON SALE OF
   INVESTMENT PROPERTIES             6,642    7,900   21,869   22,583

GAIN ON SALE OF INVESTMENT
 PROPERTIES, NET OF APPLICABLE
 INCOME TAX PROVISION                  397    2,974    1,017    5,370

NET INCOME                         $ 7,039  $10,874  $22,886  $27,953

INCOME PER SHARE:

 From operations before gain on
  sale of investment properties    $   .23  $   .27  $   .77  $   .78

 From gain on sale of investment
  properties, net of applicable
  income tax provision             $   .02  $   .10  $   .04  $   .18

NET INCOME PER SHARE               $   .25  $   .37  $   .80  $   .96

CASH DIVIDENDS DECLARED PER SHARE  $   .27  $   .31  $   .81  $   .93



WEIGHTED AVERAGE COMMON EQUIVALENT
 SHARES                             28,610   29,223   28,431   29,137

CONTACT: Cousins Properties Inc., Atlanta

Peter A. Tartikoff, 770/857-2384

or

Mark B. Riley, 770/857-2507