Cousins Properties Closes $45 Million Sale of Perimeter Expo.

Business Editors

ATLANTA--(BUSINESS WIRE)--Sept. 3, 2003

Cousins Properties Incorporated (NYSE:CUZ) announced today the $45 million sale of Perimeter Expo, a 176,000-square-foot retail center in suburban Atlanta, to a fund managed by J.P. Morgan Chase & Co. The transaction closed Sept. 3. Developed by Cousins in 1993, the two-story power center is home to retailers including Best Buy, Linens 'N Things, Office Max, Marshalls and Old Navy.

"Developing a two-story power center with anchors on the second level was an aggressive move and challenge back in 1993 but Perimeter Expo's performance over the last decade - and the strong interest from prospective buyers when we took this property to market - has validated our strategy," said Joel Murphy, president of Cousins' Retail Division. "We are proud to have yet another example of how Cousins derives benefit for its shareholders through the development of top quality assets."

The sale is Cousins' fourth property disposition this year. In May, the Company sold Mira Mesa MarketCenter, a 480,000-square-foot power center near San Diego, Calif. to California-based DSB Properties for $87 million. In June, Cousins closed on the $79.2 million sale of Cerritos Corporate Center, a two-building, 327,000-square-foot office project in Cerritos, Calif., to Los Angeles-based Maguire Partners. The $47.2 million sale of Presidential MarketCenter, a 374,000-square-foot power center in suburban Atlanta, to North Miami Beach, Fla.-based Equity One Inc. closed in August.

Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry, including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office and land development projects. The Company's portfolio consists of interests in 13.9 million square feet of office and medical office space, 2.1 million square feet of retail space and more than 300 acres of strategically located land for future commercial development. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 6.3 million square feet of office space. 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." For more information please visit www.cousinsproperties.com.