Cousins Properties Declares $3.40 Per Share Special Dividend.

$175 Million Distribution is Company's Third Special Dividend in Past Four Years

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announced today its Board of Directors has declared a special cash dividend of approximately $175 million, or $3.40 per share. The dividend is payable December 1, 2006, to common shareholders of record on November 24, 2006. The special dividend is the result of taxable gains from sales of or agreements to sell wholly owned and joint venture assets, including:

* Bank of America Plaza, a 1.25-million square-foot office building in Atlanta, sold to an affiliate of California-based BentleyForbes for $436 million in September 2006.

* Frost Bank Tower, a 531,000-square-foot office building in Austin, Texas, sold to Chicago-based Equity Office (NYSE: EOP) for $188 million in September 2006.

* The Avenue of the Peninsula, a 371,000-square-foot retail center in Rolling Hills Estates, California, sold to Stoltz Real Estate Partners for $96.5 million in November 2006.

* The Shops at World Golf Village, an 80,000-square-foot retail center in St. Augustine, Florida, sold to MW Golf Properties LLC for $13.5 million in February 2006.

* Seven ground leases adjacent to North Point Mall in Alpharetta, Georgia for $14.3 million expected to be sold by the end of 2006.

"This marks the third time in four years that Cousins has captured a substantial part of the value we've created in our properties and redistributed it back to our shareholders through a special dividend. That's quite rare in the REIT world and we are delighted to have provided this benefit to out shareholders," said Tom Bell, president and CEO of Cousins Properties. "As we head into a period of intense development, our aim at Cousins remains constant: create value through the development and operation of top-quality real estate, harvest that value when the time is right and give our shareholders an outstanding total return on their investment.

"Under the REIT provisions of the Internal Revenue Code, substantial gains must be distributed in order for the Company not to incur corporate level taxes. The Board and management determined that, due to our strong financial position, an all-cash distribution was in order," Bell said. "I would note that, based on current estimates of 2006 taxable income and gains, approximately 78 percent of the distribution should be taxed at the 15 percent federal capital gain rate, with approximately 22 percent being taxed at the 25 percent federal recapture rate. Of course, these estimates may change."

Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including development, acquisition, financing, management and leasing. Cousins actively invests in office, multi-family, retail, industrial and land development projects. The Company's portfolio consists of interests in 7.3 million square feet of office space, 4.2 million square feet of retail space, 2 million square feet of industrial space, one multi-family residential project and 23 single-family neighborhood developments, over 9,200 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 14.9 million square feet of office and retail 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 on the Company, please visit Cousins' Web site at 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 risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, 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 failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Report on Form 10-K for the year ended December 31, 2005. 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.