Cousins and Temple-Inland Realty Acquire Interest in 1,150 Acres in South Paulding.

Business Editors

ATLANTA--(BUSINESS WIRE)--April 23, 2003

TEMCO land purchase kicks off The Georgian, a new 1,386-home

development adjacent to the Tom Fazio-designed golf course, The Frog

at The Georgian Resort

TEMCO Associates, a joint venture of Cousins Real Estate Corporation and Temple-Inland Realty Inc., has purchased a majority interest in 1,150 acres in south Paulding County, west of Atlanta, for a new 1,386-home development called The Georgian. Cousins Real Estate Corporation is an existing subsidiary of Cousins Properties Incorporated (NYSE:CUZ). Plans call for The Georgian to be divided into several neighborhoods and the development will be adjacent to The Frog at The Georgian Resort, an existing 18-hole, Tom-Fazio-designed golf course.

"South Paulding County offers every convenience, yet retains a very rural feeling," said Bruce Smith, president of Cousins' Land Division. "The neighborhood's access to Interstate 20 and amenities like Arbor Place Mall, grocery stores, theaters and restaurants - not to mention being built around one of Atlanta's premier golf courses - bodes well for its success."

A team of homebuilders is currently being reviewed for The Georgian, which will feature traditionally designed homes on 1/4-acre or larger lots. Plans also call for a 15-acre amenity package in the development. TEMCO will begin infrastructure work on the land this spring and the first homes are expected by the second quarter of 2004.

The Georgian will be TEMCO's second large-scale development in Paulding County. TEMCO has also developed Bentwater, an award-winning golf community in northeast Paulding County. Bentwater has been one of metro Atlanta's top-selling communities for three years running, selling nearly 300 lots in 2002 alone.

Temple-Inland Inc. is a major manufacturer of corrugated packaging and building products, with a diversified financial services operation. The Company's 2.1 million acres of forestland are certified as managed in compliance with ISO 14001 and in accordance with the Sustainable Forestry Initiative (SFI(SM)) program of the American Forest & Paper Association to ensure forest management is conducted in a scientifically sound and environmentally sensitive manner. Temple-Inland's common stock (TIN) is traded on the New York Stock Exchange and the Pacific Exchange. Temple-Inland's address on the World Wide Web is www.templeinland.com

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 14.2 million square feet of office and medical office space, 3.3 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 6.1 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.

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 with the Securities and Exchange Commission, including the Form 8-K filed on March 9, 2001. The words "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. 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.