Cousins Properties Delays Filing Form 10-K.

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) today announced that it will file for a fifteen-day extension of the March 16, 2005, filing deadline for its 2004 Form 10-K. Like many other publicly-held real estate and retail companies, Cousins is reviewing its accounting treatment for operating leases, including accounting for rent holidays and accounting for landlord/tenant incentives in light of a February 7, 2005, letter from the Chief Accountant of the SEC to the American Institute of Certified Public Accountants that attempted to clarify these matters. In addition, in consultation with Deloitte & Touche, Cousins also is reviewing its accounting for stock options following the adjustments which were made as a result of special dividend payments to the Company's shareholders totaling $9.22 per share for 2003 and 2004.

Cousins believes that the results of changes to these accounting policies, if any, will not affect its cash position or cash flows and will not materially affect its financial position.

Cousins intends to file its 2004 10-K on or before March 31, 2005.

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, industrial and land development projects. The Company's portfolio consists of interests in 7.2 million square feet of office and medical office space, 3.1 million square feet of retail space, over 3,000 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 10.6 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 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, the ability to analyze the accounting issues noted in this release in order to file its 2004 Form 10-K on or before its extended due date, 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 Current Report on Form 8-K filed on December 10, 2003. 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.