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<SEC-DOCUMENT>0000950123-10-047865.txt : 20100511
<SEC-HEADER>0000950123-10-047865.hdr.sgml : 20100511
<ACCEPTANCE-DATETIME>20100511161411
ACCESSION NUMBER:		0000950123-10-047865
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100511
DATE AS OF CHANGE:		20100511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COUSINS PROPERTIES INC
		CENTRAL INDEX KEY:			0000025232
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				580869052
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-165498
		FILM NUMBER:		10821182

	BUSINESS ADDRESS:	
		STREET 1:		191 PEACHTREE STREET N.E.
		STREET 2:		SUITE 3600
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30303-1740
		BUSINESS PHONE:		404-407-1000

	MAIL ADDRESS:	
		STREET 1:		191 PEACHTREE STREET N.E.
		STREET 2:		SUITE 3600
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30303-1740
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>g23209e424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Filed
    Pursuant to Rule&#160;424(b)(2) <BR>
    Commission File
    <FONT style="white-space: nowrap">No.&#160;333-165498</FONT></FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Prospectus Supplement</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(To Prospectus Dated April&#160;13, 2010)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g23209g2320900.gif" alt="(COUSINS LOGO)"><B> </B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Cousins Properties Incorporated</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Up to 1,800,000&#160;Shares</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Common Stock</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have declared a dividend, or the Dividend, on our common
    stock of $0.09 per share, payable to holders of our common
    stock, or shareholders, of record at the close of business on
    May&#160;3, 2010. This represents an aggregate Dividend of
    approximately $9,078,000. The Dividend is expected to be paid on
    June&#160;18, 2010. This prospectus supplement relates to shares
    of our common stock that may be issued in connection with the
    Dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each shareholder may choose to receive payment of the Dividend
    either in cash or in shares of common stock, except that we will
    limit the aggregate amount of cash payable to shareholders
    (other than cash payable in lieu of fractional shares) to 33.34%
    of the total value of the Dividend, or approximately $3,027,000,
    which we refer to as the cash limitation. If shareholder cash
    elections would result in the payment of cash in excess of the
    cash limitation, we will allocate the cash among those
    shareholders who make cash elections on a pro rata basis as
    described in this document under &#147;Effect of Cash
    Limitation&#148; so that the amount of cash paid does not exceed
    the cash limitation, and pay those shareholders who make cash
    elections the remaining portion of the Dividend in shares of
    common stock. We will pay cash in lieu of issuing any fractional
    shares. Cash paid in lieu of fractional shares will not count
    toward the cash limitation. If you do not (or your bank, broker
    or other nominee does not on your behalf) timely return a
    properly completed election form by June&#160;4, 2010, which we
    refer to as the election date, you will be deemed to have made a
    cash election with respect to the Dividend, subject to the cash
    limitation and the ownership limit described in this prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock currently trades on the New York Stock
    Exchange, or NYSE, under the symbol &#147;CUZ&#148;. The market
    value per share of our common stock for purposes of the Dividend
    will be the average of the closing prices per share of our
    common stock on the NYSE on the three business day period
    immediately following the election date (June&#160;7, 8 and 9,
    2010). As a result, on the payment date, the value of the shares
    delivered in connection with the Dividend may be more or less
    than the amount of the Dividend calculated at $0.09 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus supplement relates to the issuance of up to
    1,800,000&#160;shares of our common stock in connection with the
    Dividend. The actual number of shares that will be issued in
    connection with the Dividend will depend on shareholder
    elections, the cash limitation, the ownership limitation and the
    average of the closing prices of our common stock on the NYSE on
    June&#160;7, 8 and 9, 2010. If shareholder cash elections would
    result in payment of the maximum amount of cash (33.34% of the
    total value of the Dividend, or approximately $3,027,000) then,
    based on the closing price of our common stock on May&#160;5,
    2010 of $8.00 per share, the number of shares issued would be
    approximately 756,000&#160;shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IF YOU WANT TO ELECT PAYMENT OF THE DIVIDEND IN STOCK OR
    CASH, YOU MUST COMPLETE AND SIGN THE ENCLOSED ELECTION
    FORM&#160;AND DELIVER IT TO AMERICAN STOCK TRANSFER&#160;&#038;
    TRUST&#160;COMPANY, LLC, THE TRANSFER AGENT, NO LATER THAN
    5:00&#160;P.M., EASTERN TIME, ON JUNE 4, 2010. </B>If the
    transfer agent does not receive a valid election from you by
    that time, you will be deemed to have made a cash election with
    respect to the Dividend, subject to the cash limitation and the
    ownership limit described in this prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you hold your shares through a bank, broker or nominee,
    please contact such bank, broker or nominee and inform them of
    the election they should make on your behalf.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Before making your choice, you are urged to read carefully
    the information under the heading &#147;Risk Factors&#148;
    beginning on page&#160;5 of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009, incorporated
    herein by reference.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any other
    state or federal regulatory body has approved or disapproved of
    the shares of common stock that may be issued in connection with
    the Dividend or passed upon the accuracy or adequacy of the
    information contained in this document. Any representation to
    the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus supplement is May&#160;11, 2010.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PAGE</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>SPECIAL NOTE&#160;ABOUT FORWARD LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>REASONS FOR THE DIVIDEND</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>THE ELECTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>EFFECT OF CASH LIMITATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>EFFECT OF OWNERSHIP LIMITATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>CERTAIN FEDERAL INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><U><FONT style="font-size: 8pt">PAGE</FONT></U></B>
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>COUSINS PROPERTIES INCORPORATED</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
    EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
    DIVIDENDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>DESCRIPTION OF COMMON STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>DESCRIPTION OF PREFERRED STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>DESCRIPTION OF DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>BOOK ENTRY PROCEDURES AND SETTLEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>CERTAIN FEDERAL INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This document contains two parts.</I>&#160;&#160;The first
    part is this prospectus supplement, which describes the terms of
    the Dividend and also adds to and updates information contained
    in the accompanying prospectus and the documents incorporated by
    reference into the prospectus. The second part is the
    accompanying prospectus, which gives more general information,
    some of which may not apply to the Dividend. To the extent there
    is a conflict between the information contained in this
    prospectus supplement, on the one hand, and the information
    contained in the accompanying prospectus or any document
    incorporated by reference herein or therein, on the other hand,
    the information in this prospectus supplement shall control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise stated or the context otherwise requires,
    references contained in this document to &#147;Cousins&#148;,
    &#147;we&#148;, &#147;our&#148;, and &#147;us&#148; refer to
    Cousins Properties Incorporated, and its direct and indirect
    subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in this
    document and the documents we have filed with the Securities and
    Exchange Commission. We have not authorized anyone to provide
    you with different information. You should not assume that the
    information contained in this document, or in the documents we
    have filed with the Securities and Exchange Commission, is
    accurate as of any date other than the date on the front of the
    respective document. The offering of our shares of common stock
    in connection with the Dividend may be restricted by law in
    certain
    <FONT style="white-space: nowrap">non-U.S.&#160;jurisdictions.</FONT>
    This prospectus supplement is not an offer to sell nor does it
    seek an offer to buy any shares of our common stock in any
    jurisdiction where the offer or sale is not permitted. An
    election made by any person in such a jurisdiction may be deemed
    invalid.</B>
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;ABOUT FORWARD LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our disclosure and analysis in this prospectus supplement, the
    accompanying prospectus and the documents that are incorporated
    by reference herein and therein contain &#147;forward-looking
    statements&#148; within the meaning of the federal securities
    laws and are subject to uncertainties and risks. These forward
    looking statements include information about possible or assumed
    future results of our business and our financial condition,
    liquidity, results of operations, plans and objectives. They
    also include, among other things, statements concerning
    anticipated revenues, income or loss, impairments, capital
    expenditures, distributions, capital structure, or other
    financial terms, as well as statements regarding subjects that
    are forward looking by their nature, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our business and financial strategy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to obtain future financing arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our understanding of our competition and our ability to compete
    effectively;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our projected operating results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market and industry trends;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estimates relating to future distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    projected capital expenditures;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest rates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward looking statements are based upon our beliefs,
    assumptions, and expectation of our future performance, taking
    into account the information currently available to us. These
    beliefs, assumptions, and expectations may change as a result of
    many possible events or factors, not all of which are known to
    us. If a change occurs, our business, financial condition,
    liquidity, and results of operations may vary materially from
    those expressed in our forward looking statements. You should
    carefully consider these risks when you make a decision
    concerning an investment in our common stock, along with the
    following factors, among others, that may cause actual results
    to vary from our forward looking statements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    availability and terms of capital and financing, both to fund
    our operations and to refinance our indebtedness at it matures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties related to the current recession, the
    national and local economic conditions, and the real estate
    industry in general, in our specific markets and the commercial,
    residential and condominium markets in particular;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued adverse market and economic conditions could require
    that we recognize additional impairments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    leasing risks, including our inability to obtain new tenants or
    renew tenants on favorable terms, or at all, upon the expiration
    of existing leases and the ability to lease newly developed or
    currently unleased space;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial condition of existing tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rising interest rates and insurance rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of sufficient development or investment
    opportunities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition from other developers or investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risks associated with development projects (such as
    construction delay, cost overruns and leasing/sales risk of new
    properties);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential liability for uninsured losses, condemnation or
    environmental liability;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential liability for a failure to meet regulatory
    requirements;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the financial condition and liquidity of, or disputes with, our
    joint venture partners;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any failure to comply with debt covenants under our credit
    agreements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any failure to continue to qualify for taxation as a real estate
    investment trust, or REIT;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the factors incorporated by reference into this prospectus
    including those described in the section entitled &#147;Risk
    Factors&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The words &#147;believes,&#148; &#147;expects,&#148;
    &#147;anticipates,&#148; &#147;estimates,&#148;
    &#147;plans,&#148; &#147;may,&#148; &#147;intend,&#148;
    &#147;will,&#148; or similar expressions are intended to
    identify forward-looking statements. You should not place undue
    reliance on these forward looking statements, which apply only
    as of the date of this prospectus supplement. We undertake no
    obligation to publicly update or revise any forward-looking
    statement, whether as a result of future events, new information
    or otherwise, except as required under U.S.&#160;federal
    securities laws.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REASONS
    FOR THE DIVIDEND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cousins is taxed as a real estate investment trust, or REIT, for
    U.S.&#160;federal income tax purposes. To qualify as a REIT and
    minimize taxes, we distribute to our shareholders each year at
    least 90% of our &#147;REIT taxable income,&#148; determined
    without regard to the dividends paid deduction and excluding net
    capital gains. The election option for the Dividend is being
    provided in order to qualify the Dividend, to the extent
    attributable to our current and accumulated earnings and
    profits, as a &#147;dividend&#148; for purposes of the 90%
    distribution requirement. To maintain cash liquidity for general
    corporate purposes, we intend to limit the cash portion of the
    Dividend to no more than 33.34% of the total value of the
    Dividend, or approximately $3,027,000.
</DIV>

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    ELECTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may choose to receive the Dividend either in cash or in
    shares of common stock by choosing one of the election options
    in the accompanying election form, subject to the cash
    limitation and ownership limitation described below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B>Cash Election:</B>&#160;You elect to receive payment of the
    Dividend in cash.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <B>Stock Election:</B>&#160;You elect to receive payment of the
    Dividend in the form of common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Your election may be limited by certain cash and ownership
    limitations, as described below, and you may not receive cash or
    common stock to the extent these limitations require that a
    different allocation be made to you. We will pay cash in lieu of
    issuing any fractional shares, rounded to the nearest penny.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IF YOU WANT TO ELECT PAYMENT OF THE DIVIDEND IN STOCK OR
    CASH, YOU MUST COMPLETE AND SIGN THE ENCLOSED ELECTION
    FORM&#160;AND DELIVER IT TO THE TRANSFER AGENT. FOR YOUR
    ELECTION TO BE EFFECTIVE, THE ELECTION FORM&#160;MUST BE
    RECEIVED BY THE TRANSFER AGENT NO LATER THAN 5:00&#160;P.M.,
    EASTERN TIME, ON JUNE&#160;4, 2010. </B>If the transfer agent
    does not receive a valid election from you by that time, you
    will be deemed to have made a cash election with respect to the
    Dividend, subject to the cash limitation and the ownership limit
    described below. At any time before the election deadline you
    may change your election by timely delivery to the transfer
    agent of a properly completed and later-dated election form. The
    method of delivery of the completed election form is at the
    option and risk of the shareholder making the election, and the
    delivery will be deemed made only when actually received by the
    transfer agent. In all cases, sufficient time should be allowed
    to ensure timely delivery. The submission of an election form
    with respect to the Dividend will constitute the electing
    shareholder&#146;s representation and warranty that such
    shareholder has full power and authority to make such election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For any given share of our common stock, an election with
    respect to the Dividend may be made only by the holder of record
    of that share at the close of business on May 3, 2010, which is
    the record date for the Dividend. If your shares are held in the
    name of a bank, broker or other nominee, please promptly inform
    such bank, broker or nominee if you would like them to make an
    election on your behalf.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility (including
    time of receipt) and acceptance by us of any Dividend election
    form will be resolved by us, in our sole discretion, and our
    determination as to the resolution of any such questions shall
    be final and binding on all parties. We reserve the absolute
    right to reject, at our sole discretion, any and all election
    forms determined by us not to be in proper form, not timely
    received, ineligible or otherwise invalid or the acceptance of
    which may, in the opinion of our counsel, be unlawful. We also
    reserve the absolute right to waive any defect or irregularity
    in the election form submitted by any particular shareholder,
    whether or not similar defects or irregularities are waived in
    the case of other shareholders. No valid election will be deemed
    to have been made until all defects and irregularities have been
    cured or waived to our satisfaction. Neither we nor the transfer
    agent nor any other person will be under any duty to give
    notification of any defects or irregularities in election forms
    or incur any liability for failure to give any such
    notification. Our interpretation of the terms and conditions of
    the Dividend will be final and binding.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-3
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shares of our common stock issued in connection with the
    Dividend will be issued only in book-entry form. On or about
    June&#160;18, 2010, the transfer agent will issue and mail to
    each of our shareholders of record who is a recipient of shares
    of our common stock as part of the Dividend a statement listing
    the number of shares of our common stock credited to such
    shareholder&#146;s book-entry account and a payment check for
    any cash to which such shareholder is entitled (including, if
    applicable, cash in lieu of fractional shares) as part of the
    Dividend. For each of those shareholders who hold through a
    bank, broker or other nominee, the shares of our common stock
    and cash to which the shareholder is entitled in connection with
    the Dividend will be delivered by the transfer agent to the
    shareholder&#146;s bank, broker or other nominee. The bank,
    broker or other nominee will then allocate the shares and cash
    into the shareholder&#146;s individual account. All cash
    payments to which a shareholder is entitled in connection with
    the Dividend will be rounded to the nearest penny.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPLETED ELECTION FORMS&#160;MUST BE RECEIVED BY THE
    TRANSFER AGENT. YOU MUST RETURN THE COMPLETED ELECTION
    FORM&#160;IN THE ENCLOSED ENVELOPE TO AMERICAN STOCK
    TRANSFER&#160;&#038; TRUST&#160;COMPANY, LLC, OPERATIONS CENTER,
    6201
    15<SUP style="font-size: 85%; vertical-align: top">th</SUP></B>

    <B>AVENUE, BROOKLYN, NY 11219 SO IT IS RECEIVED BY THE TRANSFER
    AGENT NO LATER THAN 5:00&#160;P.M., EASTERN TIME, ON JUNE 4,
    2010.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a shareholder of record and need additional
    information about completing the election form or other matters
    relating to the Dividend, please contact the transfer agent, at
    <FONT style="white-space: nowrap">1-800-937-5449.</FONT>
    If your shares are held through a bank, broker or other nominee,
    please contact such bank, broker or other nominee if you have
    any questions or need additional information about the Dividend
    or the election they may make on your behalf.
</DIV>

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EFFECT OF
    CASH LIMITATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you elect to receive the Dividend in the form of cash, you
    may not receive your entire payment in the form of cash, and you
    may instead receive a pro rata amount of cash with the remainder
    paid in shares of common stock.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While each shareholder may elect to receive the entire Dividend
    in cash, we intend to limit the total cash to be distributed in
    connection with the Dividend to 33.34% of the total value of the
    Dividend, or approximately $3,027,000, not including any cash
    payments in lieu of fractional shares. If satisfying all
    shareholder cash elections would result in the payment of cash
    in excess of the cash limitation, then the shareholders who
    elect to receive the Dividend in cash will receive a pro rata
    portion of the available cash and the remainder in shares of
    common stock, the value of which will be based on the average of
    the closing prices of our common stock on the NYSE on
    June&#160;7, 8 and 9, 2010 (subject to the ownership limitation
    described below and the payment of cash in lieu of any
    fractional shares). We reserve the right, in our sole
    discretion, to increase the maximum amount of cash paid in
    connection with the Dividend. All cash payments to which a
    shareholder is entitled will be rounded to the nearest penny.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EFFECT OF
    OWNERSHIP LIMITATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to assist us in complying with the limitation on the
    concentration of stock applicable to REITs, our Restated
    Articles of Incorporation, subject to certain exceptions,
    provide that no person, including entities, may own, or be
    deemed to own, by virtue of various attribution and constructive
    ownership provisions of the Internal Revenue Code of 1986, as
    amended, more than 3.9% in value of the outstanding shares of
    all classes of our stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ownership limit will apply to the common stock received in
    connection with the Dividend. Thus, if your receipt of common
    stock in connection with the Dividend would cause you to exceed
    the applicable ownership limit, you will receive cash to the
    extent required to bring you within this ownership limit. If
    common stock is issued to you in violation of the applicable
    ownership limit, all of the remedies applicable under the
    ownership limit will apply to these shares of common stock. For
    a further discussion of the ownership limit in our Articles of
    Incorporation, see &#147;Description of Common Stock&#160;&#151;
    Restrictions on Transfer&#148; in the accompanying prospectus.
</DIV>
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    <BR>
    S-4
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary of federal income tax considerations
    regarding the Dividend and the acquisition, holding and
    disposition of our common stock is based on current law, is for
    general information only and is not tax advice. This summary
    supplements the discussion set forth under the heading
    &#147;Certain Federal Income Tax Considerations&#148; in the
    accompanying prospectus. This discussion does not purport to
    deal with all aspects of taxation that may be relevant to
    particular holders of our common stock in light of their
    personal investment or tax circumstances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Federal
    Income Tax Consequences of the Dividend</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the following discussion, a
    U.S.&#160;shareholder is a holder of our common stock who, for
    U.S.&#160;federal income tax purposes, is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation or other entity taxable as a corporation created
    or organized in or under the laws of the United States or of any
    state or under the laws of the District of Columbia, unless
    regulations promulgated by the U.S.&#160;Department of the
    Treasury provide otherwise;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate, the income of which is subject to federal income
    taxation regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust whose administration is under the primary supervision of
    a U.S.&#160;court and with respect to which one or more
    U.S.&#160;persons have the authority to control all substantial
    decisions of the trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tax consequences of the Dividend will depend on a
    shareholder&#146;s particular tax circumstances. Holders of our
    common stock are urged to consult their tax advisors regarding
    the specific federal, state, local, and foreign income and other
    tax consequences of the Dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Dividend is intended to assist us in distributing to our
    shareholders an amount equal to our 2010 taxable income. For a
    discussion of this requirement, see &#147;Certain Federal Income
    Tax Considerations&#160;&#151; Taxation of Cousins Properties
    Incorporated&#148; in the accompanying prospectus. Each
    shareholder of record at the close of business on the record
    date will receive shares of our common stock or cash at such
    shareholder&#146;s election, subject to the cash limitation and
    the ownership limitation described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are limiting the maximum aggregate amount of cash to be
    distributed in connection with the Dividend. We are relying on
    recent Internal Revenue Service (&#147;IRS&#148;) guidance
    regarding certain REIT stock dividends confirming that
    (1)&#160;the Dividend will be treated as a taxable dividend for
    federal income tax purposes and (2)&#160;under current Treasury
    Regulations, the amount of the Dividend paid in common stock
    will be equal to the amount of cash that could have been
    received instead of the common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of United States Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each shareholder must include the sum of the value of the shares
    of our common stock and the amount of cash, if any, received in
    connection with the Dividend in its gross income as dividend
    income to the extent that the Dividend is considered to be made
    out of our current or accumulated earnings and profits. The IRS
    guidance confirms that, for this purpose, the amount of the
    Dividend paid in common stock will be equal to the amount of
    cash that could have been received instead of the common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A shareholder that receives shares of our common stock in
    connection with the Dividend would have a tax basis in such
    stock equal to the amount of cash that could have been received
    instead of such stock as described above, and the holding period
    in such stock would begin on the day following the payment date
    for the Dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For more information about the federal income tax consequences
    relating to the acquisition, holding and disposition of the
    common stock, please see the description under the headings
    &#147;Certain Federal Income Tax Considerations&#160;&#151;
    Taxation of Shareholders&#160;&#151; Taxation of Taxable
    Domestic Shareholders&#148; and &#147;&#151;&#160;Taxation of
    Tax-Exempt Shareholders&#148; in the accompanying prospectus.
</DIV>
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    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of
    <FONT style="white-space: nowrap">Non-United</FONT>
    States Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion is applicable to
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholders</FONT>
    that did not own more than 5% of our common stock at any time
    during the one-year period ending on the payment date of the
    Dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    of our common stock will treat the amount of the Dividend as
    ordinary income to the extent it is made out of our current or
    accumulated earnings and profits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholders,</FONT>
    the Dividend will be subject to withholding of United States
    federal income tax on a gross basis at a 30% rate or such lower
    rate as may be specified by an applicable income tax treaty,
    unless it is treated as effectively connected with the conduct
    by the
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholder</FONT>
    of a United States trade or business. Certain certification and
    disclosure requirements must be satisfied for the shareholder to
    be exempt from withholding under the effectively connected
    income exemption. If the Dividend is effectively connected with
    such a trade or business, a
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholder</FONT>
    will be subject to tax on the Dividend on a net basis (that is,
    after allowance of deductions) at graduated rates and generally
    will not be subject to withholding. A
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholder</FONT>
    that is a corporation may also be subject to an additional
    branch profits tax on the Dividend at a 30% rate or such lower
    rate as may be specified by an applicable income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, information reporting will apply to the payment of
    the Dividend, and backup withholding at the rate of 28% may
    apply, unless the payee certifies that it is not a
    U.S.&#160;person or otherwise establishes an exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For more information about the federal income tax consequences
    relating to the acquisition, holding and disposition of the
    common stock, please see the description under the heading
    &#147;Certain Federal Income Tax Considerations&#160;&#151;
    Taxation of Shareholders&#160;&#151; Taxation of Foreign
    Shareholders&#148; in the accompanying prospectus.
</DIV>

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the common stock and certain tax matters will be
    passed upon by King&#160;&#038; Spalding LLP, Atlanta, Georgia.
</DIV>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements and the related financial statement
    schedule<I>, </I>incorporated in this prospectus supplement by
    reference from Cousins Properties Incorporated&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    and the effectiveness of Cousins Properties Incorporated&#146;s
    internal control over financial reporting have been audited by
    Deloitte&#160;&#038; Touche LLP, an independent registered
    public accounting firm, as stated in their reports, which are
    incorporated herein by reference. Such financial statements and
    financial statement schedule have been so incorporated in
    reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the Securities and Exchange
    Commission (the &#147;SEC&#148;). Our SEC filings are available
    to the public over the Internet at the SEC&#146;s web site at
    www.sec.gov. Except as specifically described below, information
    included in the SEC&#146;s website is not incorporated by
    reference into this prospectus supplement. You may also read and
    copy any document we file with the SEC at its public reference
    room at 100&#160;F&#160;Street, N.E., Washington,&#160;D.C.
    20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    room. Our SEC filings are also available at the offices of the
    New York Stock Exchange. For further information on obtaining
    copies of our public filings at the New York Stock Exchange, you
    should call
    <FONT style="white-space: nowrap">(212)&#160;656-5060.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We &#147;incorporate by reference&#148; into this prospectus
    supplement some of the documents that we have filed and will
    file with the SEC, which means that we can disclose important
    information to you by referring you to these documents. The
    information incorporated by reference is an important part of
    this prospectus
</DIV>
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    <BR>
    S-6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    supplement, and information that we file subsequently with the
    SEC will automatically update this prospectus supplement. We
    incorporate by reference the documents and information listed
    below and any future filings we make with the SEC under
    Sections&#160;13(a), 13(c), 14, or 15(d) of the Securities
    Exchange Act of 1934, as amended, or the Exchange Act, after the
    date of this prospectus supplement and up until we sell all the
    securities offered by this prospectus supplement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the period ended March&#160;31, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on January&#160;15, 2010, February&#160;9, 2010,
    February&#160;25, 2010, March&#160;11, 2010, March&#160;29,
    2010, April&#160;15, 2010 and May&#160;10, 2010;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our common stock contained in our
    Registration Statement on Form
    <FONT style="white-space: nowrap">8-A</FONT>
    <FONT style="white-space: nowrap">(File&#160;No.&#160;1-11312)</FONT>
    dated August&#160;4, 1992, including any amendment or report
    filed for the purpose of updating such description.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of these filings (other than an exhibit
    to a filing unless that exhibit is specifically incorporated by
    reference into that filing) at no cost, by contacting us at the
    following address or telephone number:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Cousins
    Properties Incorporated
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    191 Peachtree Street
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Suite&#160;3600
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, Georgia
    <FONT style="white-space: nowrap">30303-1740</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Investor Relations
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone:
    <FONT style="white-space: nowrap">(404)&#160;407-1000</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also maintain an Internet site at www.cousinsproperties.com
    at which there is additional information about our business, but
    the contents of that site are not incorporated by reference
    into, and are not otherwise a part of, this prospectus
    supplement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g23209g2320900.gif" alt="(COUSINS LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">Cousins Properties
    Incorporated</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$500,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Warrants</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Debt Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Preferred Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell, from time to time, in one or more
    offerings, together or separately, any combination of the
    securities described in this prospectus. The aggregate initial
    offering price of the securities that we offer will not exceed
    $500,000,000. We may offer and sell these securities to or
    through one or more underwriters, dealers and agents, or
    directly, on a continuous or delayed basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus describes some of the general terms that may
    apply to these securities and the general manner in which they
    may be offered. We will provide specific terms of these
    securities in supplements to this prospectus. You should read
    this prospectus and any prospectus supplement, as well as the
    documents incorporated or deemed to be incorporated by reference
    in this prospectus, carefully before you invest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 191 Peachtree
    Street, Suite&#160;3600, Atlanta,
    <FONT style="white-space: nowrap">Georgia&#160;30303-1740</FONT>
    and our telephone number is
    <FONT style="white-space: nowrap">(404)&#160;407-1000.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock trades on the New York Stock Exchange under the
    symbol &#147;CUZ.&#148; On March&#160;12, 2010, the last sales
    price of our common stock on the New York Stock Exchange was
    $8.00 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Series&#160;A Cumulative Redeemable Preferred Stock trades
    on the New York Stock Exchange under the symbol
    &#147;CUZPRA.&#148; On March&#160;12, 2010, the last sales price
    of our Series&#160;A Cumulative Redeemable Preferred Stock on
    the New York Stock Exchange was $22.53 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Series&#160;B Cumulative Redeemable Preferred Stock trades
    on the New York Stock Exchange under the symbol
    &#147;CUZPRB.&#148; On March&#160;12, 2010, the last sales price
    of our Series&#160;B Cumulative Redeemable Preferred Stock on
    the New York Stock Exchange was $21.40 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves risks.&#160;&#160;You
    should refer to the risk factors included in our periodic
    reports and other information that we file with the Securities
    and Exchange Commission and carefully consider that information
    before buying our securities.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>These securities have not been approved or disapproved by the
    Securities and Exchange Commission or any state securities
    commission, nor has the Securities and Exchange Commission or
    any state securities commission passed upon the accuracy or
    adequacy of this prospectus. Any representation to the contrary
    is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell these securities directly, through agents, dealers
    or underwriters as designated from time to time, or through a
    combination of these methods. If any agents, dealers or
    underwriters are involved in the sale of any securities, the
    relevant prospectus supplement will set forth any applicable
    commissions or discounts. This prospectus may not be used to
    consummate sales of securities unless accompanied by the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus is April&#160;13, 2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>COUSINS PROPERTIES INCORPORATED</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
    EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
    DIVIDENDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>DESCRIPTION OF COMMON STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>DESCRIPTION OF PREFERRED STOCK</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>DESCRIPTION OF DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>BOOK ENTRY PROCEDURES AND SETTLEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>CERTAIN FEDERAL INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the Securities and Exchange Commission, or SEC, using
    a &#147;shelf&#148; registration process. Under this shelf
    process, we may sell any combination of the securities described
    in this prospectus in one or more offerings. This prospectus
    provides you with a general description of the securities that
    we may offer. Each time we sell securities, we will provide a
    prospectus supplement that will contain specific information
    about the terms of that offering. The prospectus supplement may
    also add, update or change information contained in this
    prospectus. You should read this prospectus and the applicable
    prospectus supplement together with the additional information
    described under the heading &#147;Where You Can Find More
    Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration statement that contains this prospectus
    contains additional information about us and the securities
    offered under this prospectus. The registration statement can be
    read at the SEC&#146;s web site or at the SEC offices mentioned
    under the heading &#147;Where You Can Find More
    Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not
    authorized anyone to provide you with information that is
    different. This prospectus may be used only where it is legal to
    sell these securities. You should not assume that the
    information contained or incorporated by reference in this
    prospectus is correct at any date other than the date of the
    document containing the information.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. Our SEC filings are
    available to the public over the Internet at the SEC&#146;s web
    site at www.sec.gov. Except as specifically described below,
    information included in the SEC&#146;s website is not
    incorporated by reference into this prospectus. You may also
    read and copy any document we file with the SEC at its public
    reference room at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    room. Our SEC filings are also available at the offices of the
    New York Stock Exchange. For further information on obtaining
    copies of our public filings at the New York Stock Exchange, you
    should call
    <FONT style="white-space: nowrap">(212)&#160;656-5060.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We &#147;incorporate by reference&#148; into this prospectus
    some of the documents that we have filed and will file with the
    SEC, which means that we can disclose important information to
    you by referring you to these documents. The information
    incorporated by reference is an important part of this
    prospectus and any prospectus supplement, and information that
    we file subsequently with the SEC will automatically update this
    prospectus and any prospectus supplement. We incorporate by
    reference the documents and information listed below and any
    future filings we make with the SEC under Sections&#160;13(a),
    13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as
    amended, or the Exchange Act, after the date of this prospectus
    and up until we sell all the securities offered by this
    prospectus and any prospectus supplement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on January&#160;15, 2010, February&#160;9, 2010,
    February&#160;25, 2010 and March&#160;11, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our Series&#160;A Cumulative Redeemable
    Preferred Stock contained in our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;1-11312)</FONT>
    filed July&#160;23, 2003, including any amendment or report
    filed for the purpose of updating such description;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our Series&#160;B Cumulative Redeemable
    Preferred Stock contained in our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;1-11312)</FONT>
    filed December&#160;16, 2004, including any amendment or report
    filed for the purpose of updating such description;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The description of our common stock contained in our
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;1-11312)</FONT>
    dated August&#160;4, 1992, including any amendment or report
    filed for the purpose of updating such description.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of these filings (other than an exhibit
    to a filing unless that exhibit is specifically incorporated by
    reference into that filing) at no cost, by contacting us at the
    following address or telephone number:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Cousins
    Properties Incorporated
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    191 Peachtree Street
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Suite&#160;3600
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, Georgia
    <FONT style="white-space: nowrap">30303-1740</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Investor Relations
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone:
    <FONT style="white-space: nowrap">(404)&#160;407-1000</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also maintain an Internet site at www.cousinsproperties.com
    at which there is additional information about our business, but
    the contents of that site are not incorporated by reference
    into, and are not otherwise a part of, this prospectus.
</DIV>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">COUSINS
    PROPERTIES INCORPORATED</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a diversified real estate company with extensive
    experience in development, acquisition, financing, management
    and leasing. Based in Atlanta, Georgia, we invest in office,
    multi-family, retail and land development projects. We have been
    a public company since 1962, and our common stock trades on the
    NYSE under the symbol &#147;CUZ.&#148; Our Series&#160;A and
    Series&#160;B Cumulative Redeemable Preferred Stock trades on
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the NYSE under the symbols &#147;CUZ PrA&#148; and &#147;CUZ
    PrB,&#148; respectively. We have elected to be taxed as a REIT
    under the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our strategy is to seek to produce strong shareholder returns by
    creating value through the acquisition, development and
    redevelopment of high quality, well-located office,
    multi-family, retail and residential properties. As part of our
    strategy, we are focused on continuing to strengthen our balance
    sheet by reducing leverage, achieving organic growth through
    <FONT style="white-space: nowrap">lease-up</FONT> of
    our properties and positioning ourselves for opportunistic real
    estate investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have developed substantially all of the income producing real
    estate assets that we own and operate. A key element in our
    strategy is to actively manage our portfolio of investment
    properties and, at the appropriate times, to engage in timely
    and strategic dispositions either by sale or through
    contributions to ventures in which we retain an ownership
    interest. These transactions seek to maximize the value of the
    assets we create, generate capital for additional development
    and acquisition opportunities and return a portion of the value
    created to our shareholders.
</DIV>

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our disclosure and analysis in this prospectus and the documents
    that are incorporated by reference herein contain
    &#147;forward-looking statements&#148; within the meaning of the
    federal securities laws and are subject to uncertainties and
    risks. These forward looking statements include information
    about possible or assumed future results of our business and our
    financial condition, liquidity, results of operations, plans and
    objectives. They also include, among other things, statements
    concerning anticipated revenues, income or loss, impairments,
    capital expenditures, distributions, capital structure, or other
    financial terms, as well as statements regarding subjects that
    are forward looking by their nature, such as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our business and financial strategy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to obtain future financing arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our understanding of our competition and our ability to compete
    effectively;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our projected operating results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market and industry trends;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estimates relating to future distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    projected capital expenditures;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest rates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward looking statements are based upon our beliefs,
    assumptions, and expectation of our future performance, taking
    into account the information currently available to us. These
    beliefs, assumptions, and expectations may change as a result of
    many possible events or factors, not all of which are known to
    us. If a change occurs, our business, financial condition,
    liquidity, and results of operations may vary materially from
    those expressed in our forward looking statements. You should
    carefully consider these risks when you make a decision
    concerning an investment in our common stock, along with the
    following factors, among others, that may cause actual results
    to vary from our forward looking statements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    availability and terms of capital and financing, both to fund
    our operations and to refinance our indebtedness at it matures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties related to the current recession, the
    national and local economic conditions, and the real estate
    industry in general, in our specific markets and the commercial,
    residential and condominium markets in particular;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued adverse market and economic conditions could require
    that we recognize additional impairments;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    leasing risks, including our inability to obtain new tenants or
    renew tenants on favorable terms, or at all, upon the expiration
    of existing leases and the ability to lease newly developed or
    currently unleased space;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial condition of existing tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rising interest rates and insurance rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of sufficient development or investment
    opportunities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition from other developers or investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risks associated with development projects (such as
    construction delay, cost overruns and leasing/sales risk of new
    properties);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential liability for uninsured losses, condemnation or
    environmental liability;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential liability for a failure to meet regulatory
    requirements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the financial condition and liquidity of, or disputes with, our
    joint venture partners;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any failure to comply with debt covenants under our credit
    agreements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any failure to continue to qualify for taxation as a real estate
    investment trust, or REIT;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the factors incorporated by reference into this prospectus
    including those described in the section entitled &#147;Risk
    Factors&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The words &#147;believes,&#148; &#147;expects,&#148;
    &#147;anticipates,&#148; &#147;estimates,&#148;
    &#147;plans,&#148; &#147;may,&#148; &#147;intend,&#148;
    &#147;will,&#148; or similar expressions are intended to
    identify forward-looking statements. You should not place undue
    reliance on these forward looking statements, which apply only
    as of the date of this prospectus. We undertake no obligation to
    publicly update or revise any forward-looking statement, whether
    as a result of future events, new information or otherwise,
    except as required under U.S.&#160;federal securities laws.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investment in our securities involves various risks. You
    should carefully consider the risk factors incorporated by
    reference to our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2009, and the other
    information contained in this prospectus, as updated by our
    subsequent filings under the Securities Exchange Act of 1934, as
    amended, or the Exchange Act, and the risk factors and other
    information contained in the applicable prospectus supplement
    before acquiring any of our securities.
</DIV>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated in the accompanying prospectus
    supplement, we intend to use the net proceeds of any sale of
    securities for general corporate purposes. Pending application
    of such net proceeds, we will invest such proceeds in
    interest-bearing accounts and short-term, interest-bearing
    securities, which are consistent with our intention to continue
    to qualify for taxation as a REIT.
</DIV>

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES AND</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    </A><B>RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PREFERRED STOCK DIVIDENDS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to combined fixed charges and preferred stock
    dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We compute the ratio of earnings to fixed charges by dividing
    earnings by fixed charges. We compute the ratio of earnings to
    combined fixed charges and preferred stock dividends by dividing
    earnings by combined fixed charges and preferred stock
    dividends. For this purpose, earnings consist of pre-tax income
    from continuing operations, adjusted for equity investees and
    minority interests, further adjusted for gain on sale of
    investment property, net of applicable income tax provision,
    distributed income of equity investees, amortization of
    capitalized interest and fixed charges less capitalized
    interest. Fixed charges consist of interest expense (including
    capitalized interest) and the portion of rental expense
    representing interest (estimated as 30%). Preferred stock
    dividends consist of dividends on our Series&#160;A preferred
    stock and Series&#160;B preferred stock.
</DIV>

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized common stock consists of 150,000,000&#160;shares
    of common stock, par value $1.00 per share. Each outstanding
    share of common stock entitles the holder to one vote on all
    matters presented to shareholders for a vote. Cumulative voting
    for the election of directors is not permitted, which means that
    holders of more than 50% of the shares of common stock voting
    for the election of directors can elect all of the directors if
    they choose to do so and the holders of the remaining shares
    cannot elect any directors. Holders of common stock have no
    preemptive rights. At March&#160;12, 2010, there were
    100,046,701&#160;shares of common stock outstanding and
    427,421&#160;shares of common stock reserved for issuance under
    our various plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares of common stock currently outstanding are listed for
    trading on the New York Stock Exchange, or the NYSE, under the
    symbol &#147;CUZ.&#148; We will apply to the NYSE to list the
    additional shares of common stock to be sold pursuant to any
    prospectus supplement, and we anticipate that such shares will
    be so listed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shares of common stock issued will be duly authorized, fully
    paid, and nonassessable. Distributions may be paid to the
    holders of common stock if and when declared by our board of
    directors out of funds legally available therefor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Georgia law, shareholders are generally not liable for our
    debts or obligations. If Cousins is liquidated, subject to the
    rights of any holders of preferred stock, if any, to receive
    preferential distributions, each outstanding share of common
    stock will be entitled to participate pro rata in the assets
    remaining after payment of, or adequate provision for, all of
    our known debts and liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Provisions
    of our Articles of Incorporation and Bylaws</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to any vote otherwise required by applicable law,
    our Restated and Amended Articles of Incorporation, as amended,
    or Articles of Incorporation, provide that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any merger or consolidation of Cousins with or into any other
    corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any sale, lease, exchange, mortgage, pledge, transfer or other
    disposition (in one transaction or a series of related
    transactions) of all or substantially all of the assets of
    Cousins;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adoption of any plan or proposal for the liquidation or
    dissolution of Cousins;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any reclassification of our securities or recapitalization or
    reorganization of Cousins,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    requires the affirmative vote of the holders of at least
    two-thirds of the then outstanding shares of common stock. In
    addition, any amendment of or addition to our Articles of
    Incorporation or our amended and restated Bylaws (our
    &#147;Bylaws&#148;) which would have the effect of amending,
    altering, changing or repealing the foregoing provisions of our
    Articles of Incorporation requires the affirmative vote of the
    holders of at least two-thirds of the then outstanding shares of
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions of our Articles of Incorporation described above
    and those described below under the caption &#147;Restrictions
    on Transfer&#148; may make it more difficult, and thereby
    discourage, attempts to take over control of Cousins, and may
    make it more difficult to remove incumbent management. None of
    these
</DIV>
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    <BR>
    5
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provisions, however, prohibit an offer for all of the
    outstanding shares of our common stock or a merger of Cousins
    with another entity. Other than as set forth in this prospectus,
    our board of directors has no present plans to adopt any
    additional measures which would discourage a takeover or change
    in control of Cousins.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Transfer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for Cousins to qualify as a REIT under the Code, not
    more than 50% in value of our outstanding stock may be owned,
    directly or indirectly, by five or fewer individuals (as defined
    in the Code to include certain entities) during the last half of
    a taxable year, and our stock must be beneficially owned by 100
    or more persons during at least 335&#160;days of a taxable year
    of 12&#160;months or during a proportionate part of a shorter
    taxable year. See &#147;Certain Federal Income Tax
    Considerations.&#148; Because our board of directors believes
    that it is essential for us to continue to qualify as a REIT,
    our board of directors has adopted, and our shareholders have
    approved, provisions of the Articles of Incorporation
    restricting the acquisition of shares of stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;11 of our Articles of Incorporation generally
    prohibits any transfer of shares of stock which would cause the
    transferee of such shares to &#147;Own&#148; shares in excess of
    3.9% in value of the outstanding shares of all classes of stock
    (the &#147;Limit&#148;). For purposes of Article&#160;11,
    &#147;Ownership&#148; of shares is broadly defined to include
    all shares that would be attributed to a &#147;Person&#148; for
    purposes of determining whether Cousins is &#147;closely
    held&#148; under Section&#160;856(a)(6) of the Code. A
    &#147;Person&#148; is broadly defined to include an individual,
    corporation, partnership, estate, trust (including a trust
    qualified under Section&#160;401(a) or 501(c)(1) of the Code),
    association, private foundation within the meaning of
    Section&#160;509(a) of the Code, joint stock company or other
    entity and also includes a group as that term is used for
    purposes of Section&#160;13(d)(3) of the Exchange Act, but does
    not include a corporate underwriter which participates in a
    public offering of our common stock for a period of seven days
    following the purchase by such underwriter. &#147;Person&#148;
    does not include an organization that qualifies under
    Section&#160;501(c)(3) of the Code and that is not a private
    foundation within the meaning of Section&#160;509(a) of the
    Code. Article&#160;11 also prohibits any Person, except for
    Persons who Owned shares in excess of the Limit on
    December&#160;31, 1986 (&#147;Prior Owners&#148;), from Owning
    shares in excess of the Limit. Article&#160;11 further prohibits
    Prior Owners (including certain family members and other persons
    whose shares are attributed to such Prior Owners under the
    relevant sections of the Code) from acquiring any shares not
    Owned as of December&#160;31, 1986, unless after any such
    acquisition, such Prior Owner would not Own a percentage of the
    value of our outstanding shares of stock greater than the
    percentage of the value of our outstanding shares of stock Owned
    by such Prior Owner on December&#160;31, 1986, excluding, for
    the purpose of calculating such Prior Owner&#146;s Ownership
    percentage after such acquisition, shares acquired since
    December&#160;31, 1986 through pro rata stock dividends or
    splits, shareholder approved stock plans or from Persons whose
    shares are attributed to such Prior Owner for determining
    compliance with the stock ownership requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Articles of Incorporation allow our board of directors, in
    the exercise of its sole and absolute discretion, to except from
    the Limit certain specified shares of stock proposed to be
    transferred to a Person who provided our board of directors with
    such evidence, undertakings and assurances our board of
    directors may require that such transfer to such Person of the
    specified shares of stock will not prevent our continued
    qualification as a REIT under the Code. Our board of directors
    may, but is not required to, condition the grant of any such
    exemption on obtaining an opinion of counsel, a ruling from the
    Internal Revenue Service, assurances from one or more third
    parties as to future acquisitions of shares or such other
    assurances as our board of directors may deem to be satisfactory.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, notwithstanding the prohibitions contained in
    Article&#160;11, a transfer occurs which, absent the
    prohibitions, would have resulted in the Ownership of shares in
    excess of the Limit or in excess of those owned by a Prior Owner
    on December&#160;31, 1986, such transfer is void and the
    transferee acquires no rights in the shares. Shares attempted to
    be acquired in excess of the Limit or shares attempted to be
    acquired by a Prior Owner after December&#160;31, 1986, as the
    case may be, would constitute &#147;Excess Shares&#148; under
    Article&#160;11.
</DIV>
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    <BR>
    6
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Excess Shares have the following characteristics under
    Article&#160;11:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Excess Shares shall be deemed to have been transferred to
    Cousins as Trustee of a trust (the &#147;Trust&#148;) for the
    exclusive benefit of the Person or Persons to whom the Excess
    Shares are later transferred;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an interest in the Trust (representing the number of Excess
    Shares held by the Trust attributable to the particular
    transferee) shall be transferable by the transferee (1)&#160;at
    a price not exceeding the price paid by such transferee in
    connection with the transfer to it or (2)&#160;if the shares
    became Excess Shares in a transaction other than for value, at a
    price not exceeding the Market Price (as defined) on the date of
    transfer, and only to a Person who could Own the shares without
    the shares being deemed Excess Shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Excess Shares shall not have any voting rights and shall not be
    considered for the purposes of any shareholder vote or of
    determining a quorum for such vote, but shall continue to be
    reflected as issued and outstanding stock of Cousins;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no dividends or distributions shall be paid with respect to
    Excess Shares, and any dividends paid in error on Excess Shares
    are payable back to us upon demand;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Excess Shares shall be deemed to have been offered for sale to
    Cousins for the period of 90&#160;days following the date on
    which the shares become Excess Shares, if notice is given by the
    transferee to us, or the date on which our board of directors
    determines that such shares are Excess Shares, if notice is not
    given by the transferee to Cousins. During such
    <FONT style="white-space: nowrap">90-day</FONT>
    period, we may accept the offer and purchase any or all of such
    Excess Shares at the lesser of the price paid by the transferee
    and the Market Price (as defined) on the date we accept the
    offer to purchase. Before any transfer of Excess Shares to any
    transferee, we must (1)&#160;be notified, (2)&#160;waive our
    rights to accept the offer to purchase the Excess Shares, and
    (3)&#160;determine in good faith that the shares do not
    constitute Excess Shares in the hands of the transferee.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Article&#160;11, if any Person acquires shares in
    violation of the prohibitions in Article&#160;11, and we would
    have qualified as a REIT under the Code but for such
    acquisition, that Person must indemnify us in an amount equal to
    the amount that will put us in the same financial position as we
    would have been in had we not lost our qualified REIT status.
    Such amount includes the full amount of all taxes, penalties,
    interest imposed and all costs (plus interest thereon) incurred
    by us as a result of losing our qualified REIT status. Such
    indemnification is applicable until we are again able to elect
    to be taxed as a REIT. If more than one Person has acquired
    shares in violation of Article&#160;11 at or prior to the time
    of the loss of REIT qualification, then all such Persons shall
    be jointly and severally liable for the indemnity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;11 also requires our board of directors to take
    such action as it deems advisable to prevent or refuse to give
    effect to any transfer or acquisition of our stock in violation
    of Article&#160;11, including refusing to make or honor on our
    books, or seeking to enjoin, a transfer in violation of
    Article&#160;11. Article&#160;11 does not limit the authority of
    our board of directors to take any other action as it deems
    necessary or advisable to protect us and the interests of our
    shareholders by preserving our qualified REIT status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Article&#160;11 further requires any Person who acquires or
    attempts to acquire shares in violation of Article&#160;11 to
    give us written notice of such transaction and to provide us
    with such other relevant information as we may request. We can
    request such information from any Person that we determine, in
    good faith, is attempting to acquire shares in violation of
    Article&#160;11.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All certificates representing shares of stock bear a legend
    referring to the restrictions described above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Directors&#146; Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Articles of Incorporation eliminate, subject to certain
    exceptions, the personal liability of a director to Cousins or
    our shareholders for monetary damages for breaches of such
    director&#146;s duty of care or other duties as a director. The
    Articles of Incorporation do not provide for the elimination of,
    or any limitation on, the personal liability of a director for
    (1)&#160;any appropriation, in violation of the director&#146;s
    duties, of any business opportunity of Cousins, (2)&#160;acts or
    omissions that involve intentional misconduct or a knowing
</DIV>
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    <BR>
    7
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    violation of law, (3)&#160;unlawful corporate distributions or
    (4)&#160;any transaction from which the director derived an
    improper personal benefit. These provisions of our Articles of
    Incorporation will limit the remedies available to a shareholder
    in the event of breaches of any director&#146;s duties to such
    shareholder or Cousins.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Article&#160;VI of our Bylaws, we are required to
    indemnify any person who is made or threatened to be made a
    party to any threatened, pending or completed action, suit or
    proceeding, whether civil, criminal, administrative or
    investigative and whether formal or informal (including any
    action by or in the right of Cousins), by reason of the fact
    that he is or was a director, officer, agent or employee of
    Cousins against expenses (including reasonable attorneys&#146;
    fees), judgments, fines and amounts paid in settlement actually
    and reasonably incurred by him in connection with such
    proceeding provided that such person shall not be indemnified in
    any proceeding in which he is adjudged liable to us for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any appropriation, in violation of his duties, or of any
    business opportunity of Cousins;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acts or omissions which involve intentional misconduct or
    knowing violation of law;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unlawful corporate distributions;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any transaction from which such person received improper
    personal benefit.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Expenses incurred by any person according to the foregoing
    provisions shall be paid by us in advance of the final
    disposition of such proceeding upon receipt of the written
    affirmation of such person&#146;s good faith belief that he has
    met the standards of conduct required under our Bylaws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    Agreements with Directors and Certain Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into indemnification agreements with our
    directors and certain officers providing contractual
    indemnification by us to the maximum extent authorized by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Action</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Bylaws allow action by the shareholders without a meeting
    only by unanimous written consent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Advance
    Notice for Shareholder Proposals or Nominations at
    Meetings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with our Bylaws, shareholders may,
    (i)&#160;nominate persons for election to the Board of Directors
    or bring other business before an annual meeting of shareholders
    and (ii)&#160;nominate persons for election to the Board of
    Directors at a special meeting of shareholders, only by
    delivering prior written notice to us and complying with certain
    other requirements. With respect to any annual meeting of
    shareholders, such notice must generally be received by our
    Corporate Secretary no later than the 90th&#160;day nor earlier
    than the 120th&#160;day prior to the first anniversary of the
    preceding year&#146;s annual meeting. With respect to any
    special meeting of shareholders, such notice must generally be
    received by our Corporate Secretary no later than the
    10th&#160;day following the day on which the date of the special
    meeting and either the names of the nominees proposed to be
    elected at such meeting or the number of directors to be elected
    is publicly announced or disclosed. Any notice provided by a
    shareholder under these provisions must include the information
    specified in our Bylaws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Georgia
    Anti-Takeover Statutes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Georgia Business Corporation Code restricts certain business
    combinations with &#147;interested shareholders&#148; and
    contains fair price requirements applicable to certain mergers
    with certain interested shareholders that are summarized below.
    The restrictions imposed by these statutes will not apply to a
    corporation unless it elects to be governed by these statutes.
    Cousins has not elected to be covered by these restrictions,
    but, although we have no present intention to do so, could elect
    to do so in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Georgia Business Corporation Code regulates business
    combinations such as mergers, consolidations, share exchanges
    and asset purchases where the acquired business has at least
    100&#160;shareholders residing in
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Georgia and has its principal office in Georgia, and where the
    acquiror became an interested shareholder of the corporation,
    unless either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction resulting in such acquiror becoming an
    interested shareholder or the business combination received the
    approval of the corporation&#146;s board of directors prior to
    the date on which the acquiror became an interested shareholder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the acquiror became the owner of at least 90% of the outstanding
    voting stock of the corporation, excluding shares held by
    directors, officers and affiliates of the corporation and shares
    held by certain other persons, in the same transaction in which
    the acquiror became an interested shareholder;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the acquiror became the owner of at least 90% of the outstanding
    voting stock of the corporation, excluding shares held by
    directors, officers and affiliates of the corporation and shares
    held by certain other persons, subsequent to the transaction in
    which the acquiror became an interested shareholder, and the
    business combination is approved by a majority of the shares
    entitled to vote, exclusive of shares owned by the interested
    shareholder, directors and officers of the corporation, certain
    affiliates of the corporation and the interested shareholder and
    certain employee stock plans.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this statute, an interested shareholder
    generally is any person who directly or indirectly, alone or in
    concert with others, beneficially owns or controls 10% or more
    of the voting power of the outstanding voting shares of the
    corporation. The statute prohibits business combinations with an
    unapproved interested shareholder for a period of five years
    after the date on which such person became an interested
    shareholder. The statute restricting business combinations is
    broad in its scope and is designed to inhibit unfriendly
    acquisitions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Georgia Business Corporation Code also prohibits certain
    business combinations between a Georgia corporation and an
    interested shareholder unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain &#147;fair price&#148; criteria are satisfied;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination is unanimously approved by the
    continuing directors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination is recommended by at least two-thirds
    of the continuing directors and approved by a majority of the
    votes entitled to be cast by holders of voting shares, other
    than voting shares beneficially owned by the interested
    shareholder;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interested shareholder has been such for at least three
    years and has not increased his ownership position in such
    three-year period by more than one percent in any
    <FONT style="white-space: nowrap">12-month</FONT>
    period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fair price statute is designed to inhibit unfriendly
    acquisitions that do not satisfy the specified &#147;fair
    price&#148; requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for our common stock is
    American Stock Transfer&#160;&#038; Trust&#160;Company.
</DIV>

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue warrants for the purchase of common stock. The
    warrants may be issued independently or together with any other
    securities offered by any prospectus supplement and may be
    attached to or separate from the common stock. Each series of
    warrants will be issued under a separate warrant agreement to be
    entered into between us and a warrant agent specified in the
    applicable prospectus supplement. The warrant agent will act
    solely as our agent in connection with the warrants of such
    series and will not assume any obligation or relationship of
    agency or trust for or with any holders or beneficial owners of
    warrants. The following sets forth certain general terms and
    provisions of the warrants offered by this prospectus. Further
    terms of the warrants and the applicable warrant agreement will
    be set forth in the applicable prospectus supplement.
</DIV>
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    <BR>
    9
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will describe the terms of
    the warrants in respect of which this prospectus is being
    delivered, including, where applicable, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate number of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which such warrants will be issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, number and terms of shares of common stock
    purchasable upon exercise of such warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the process for changes to or adjustments in the exercise price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date, if any, on and after which such warrants and the
    related common stock will be separately transferable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which each share of common stock purchasable upon
    exercise of such warrants may be purchased;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise such warrants shall
    commence and the date on which such right shall expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the minimum or maximum amount of such warrants which may be
    exercised at any one time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    information with respect to book-entry procedures, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a discussion of certain federal income tax
    considerations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of such warrants, including terms, procedures
    and limitations relating to the exchange and exercise of such
    warrants.
</TD>
</TR>

</TABLE>

<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section describes the general terms and provisions of the
    debt securities which may be offered by this prospectus. The
    debt securities will be issued under an Indenture (the
    &#147;Indenture&#148;) between us and U.S.&#160;Bank, National
    Association as Trustee (the &#147;Trustee&#148;). The Indenture
    has been filed as an exhibit to our Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-12031)</FONT>
    on September&#160;16, 1996 and is available for inspection at
    the SEC&#146;s website as described above under &#147;Where You
    Can Find More Information&#148; and at the corporate trust
    office of the Trustee. The Indenture is subject to, and governed
    by, the Trust&#160;Indenture Act of 1939, as amended. The
    statements made hereunder relating to the Indenture and the debt
    securities to be issued thereunder are summaries of certain
    provisions thereof and do not purport to be complete and are
    subject to, and are qualified in their entirety by reference to,
    all provisions of the Indenture and such debt securities. You
    should also read the applicable prospectus supplement, which
    will contain additional information and may update or change
    some of the information below. All section references appearing
    herein are to sections of the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities will be our direct, unsecured obligations
    and will rank equally with all other unsecured and
    unsubordinated indebtedness of Cousins. As of the date of this
    prospectus, we have no publicly registered debt outstanding. At
    December&#160;31, 2009, our consolidated outstanding debt was
    $590.2&#160;million. The debt securities may be issued without
    limit as to aggregate principal amount, in one or more series,
    in each case as established from time to time in or pursuant to
    authority granted by a resolution of our board of directors or
    as established in one or more indentures supplemental to the
    Indenture. All debt securities of one series need not be issued
    at the same time and, unless otherwise provided, a series may be
    reopened, without the consent of the holders of the debt
    securities of such series, for issuances of additional debt
    securities of such series (Section&#160;301).
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that there may be more than one Trustee
    thereunder, each with respect to one or more series of debt
    securities. Any Trustee under the Indenture may resign or be
    removed with respect to one or more series of debt securities,
    and a successor Trustee may be appointed to act with respect to
    such series (Section&#160;608). In the event that two or more
    persons are acting as Trustee with respect to different series
    of debt securities, each such Trustee shall be a trustee of a
    trust under the Indenture separate and apart from the trust
    administered by any other Trustee (Section&#160;609), and,
    except as otherwise indicated herein, any action described
    herein to be taken by a Trustee may be taken by each such
    Trustee with respect to, and only with respect to, the one or
    more series of debt securities for which it is Trustee under the
    Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference is made to the prospectus supplement relating to the
    series of debt securities offered thereby for the specific terms
    thereof, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;the title of such debt securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;the aggregate principal amount of such debt securities
    and any limit on such aggregate principal amount;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;the percentage of the principal amount at which such
    debt securities will be issued and, if other than the principal
    amount thereof, the portion of the principal amount thereof
    payable upon declaration of acceleration of the maturity thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;the date or dates, or the method for determining such
    date or dates, on which the principal of such debt securities
    will be payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;the rate or rates, or the method by which such rate or
    rates shall be determined, at which such debt securities will
    bear interest, if any;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;the date or dates, or the method for determining such
    date or dates, from which any interest will accrue, the dates on
    which any such interest will be payable, the record dates for
    such interest payment dates, or the method by which any such
    date shall be determined, the person to whom such interest shall
    be payable, and the basis upon which interest shall be
    calculated if other than that of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;the place or places where the principal of (and
    premium, if any), interest, if any, and additional amounts, if
    any, on such debt securities will be payable, such debt
    securities may be surrendered for registration of transfer or
    exchange and notices or demands to or upon us in respect of such
    debt securities and the Indenture may be served;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;the period or periods within which, the price or prices
    at which, and the terms and conditions upon which such debt
    securities may be redeemed, as a whole or in part, at our
    option, if we are to have such an option;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;the obligation, if any, of us to redeem, repay or
    purchase such debt securities pursuant to any sinking fund or
    analogous provision or at the option of a holder thereof, and
    the period or periods within which, the price or prices at
    which, and the terms and conditions upon which such debt
    securities will be redeemed, repaid or purchased, as a whole or
    in part, pursuant to such obligation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (10)&#160;if other than denominations of $1,000 and any integral
    multiple thereof, the denominations in which any registered debt
    securities (&#147;Registered Securities&#148;) shall be issuable
    and, if other than denominations of $5,000 and any integral
    multiple thereof, the denomination or denominations in which any
    bearer debt securities (&#147;Bearer Securities&#148;) shall be
    issuable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (11)&#160;if other than the Trustee, the identity of each
    security registrar
    <FONT style="white-space: nowrap">and/or</FONT>
    paying agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (12)&#160;if other than the principal amount thereof, the
    portion of the principal amount of the debt securities that
    shall be payable upon declaration of acceleration of the
    maturity thereof or the method by which such portion shall be
    determined;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (13)&#160;if other than U.S.&#160;dollars, the currency or
    currencies in which payment of the principal of (and premium, if
    any) or interest or additional amounts, if any, on the debt
    securities shall be payable or in which the debt securities
    shall be denominated;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (14)&#160;whether the amount of payments of principal of (and
    premium, if any) or interest, if any, on the debt securities may
    be determined with reference to an index, formula or other
    method (which index, formula or method may be based, without
    limitation, on one or more currencies, currency units, composite
    currencies, commodities, equity indices or other indices), and
    the manner in which such amounts shall be determined;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (15)&#160;whether the principal of (and premium, if any) or
    interest or additional amounts, if any, on the debt securities
    are to be payable, at our election or a holder (a
    &#147;Holder&#148;) thereof, in a currency or currencies,
    currency unit or units or composite currency or currencies other
    than that in which such debt securities are denominated or
    stated to be payable, the period or periods within which, and
    the terms and conditions upon which, such election may be made,
    and the time and manner of, and identity of the exchange rate
    agent with responsibility for, determining the exchange rate
    between the currency or currencies, currency unit or units or
    composite currency or currencies in which such debt securities
    are denominated or stated to be payable and the currency or
    currencies, currency unit or units or composite currency or
    currencies in which such debt securities are to be so payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (16)&#160;provisions, if any, granting special rights to the
    Holders of the debt securities upon the occurrence of such
    events as may be specified;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (17)&#160;any deletions from, modifications of or additions to
    the events of default (the &#147;Events of Default&#148;) or
    covenants of Cousins with respect to the debt securities,
    whether or not such Events of Default or covenants are
    consistent with the Events of Default or covenants set forth in
    the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (18)&#160;whether the debt securities are to be issuable as
    Registered Securities, Bearer Securities (with or without
    coupons) or both, any restrictions applicable to the offer, sale
    or delivery of Bearer Securities and the terms upon which Bearer
    Securities may be exchanged for Registered Securities and vice
    versa (if permitted by applicable laws and regulations), whether
    any debt securities are to be issuable initially in temporary
    global form and whether any debt securities are to be issuable
    in permanent global form with or without coupons and, if so,
    whether beneficial owners of interests in any such permanent
    global debt security may exchange such interests for debt
    securities of such series and of like tenor of any authorized
    form and denomination and the circumstances under which any such
    exchanges may occur, and, if Registered Securities are to be
    issuable as a global debt security, the identity of the
    depositary for such series;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (19)&#160;the date as of which any Bearer Securities and any
    temporary global debt security representing Outstanding (as
    hereinafter defined) debt securities shall be dated if other
    than the date of original issuance of the first debt security of
    the series to be issued;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (20)&#160;the person to whom any interest on any Registered
    Security shall be payable, if other than the person in whose
    name that debt security is registered at the close of business
    on the applicable record date (the &#147;Regular Record
    Date&#148;) for such interest, the manner in which, or the
    person to whom any interest on any Bearer Security shall be
    payable, if otherwise than upon presentation and surrender of
    the coupons appertaining thereto as they severally mature, and
    the extent to which, or the manner in which, any interest
    payable on a temporary global debt security on an interest
    payment date (an &#147;Interest Payment Date&#148;) will be paid;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (21)&#160;if the defeasance and covenant defeasance provisions
    described herein are to be inapplicable or any modifications of
    such provisions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (22)&#160;if the debt securities are to be issuable in
    definitive form (whether upon original issue or upon exchange of
    a temporary debt security) only upon receipt of certain
    certificates or other documents or satisfaction of other
    conditions, then the form
    <FONT style="white-space: nowrap">and/or</FONT> terms
    of such certificates, documents or conditions;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (23)&#160;whether and under what circumstances we will pay
    additional amounts on the debt securities in respect of any tax,
    assessment or governmental charge and, if so, whether we will
    have the option to redeem such debt securities rather than pay
    such additional amounts (and the terms of any such option);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (24)&#160;with respect to any debt securities that provide for
    optional redemption or prepayment upon the occurrence of certain
    events (such as a change of control of Cousins), (i)&#160;the
    possible effects of such provisions on the market price of our
    securities or in deterring certain mergers, tender offers or
    other takeover attempts, and our intention to comply with the
    requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-l</FONT>
    under the Exchange Act and any other applicable securities laws
    in connection with such provisions; (ii)&#160;whether the
    occurrence of the specified events may give rise to
    cross-defaults on other indebtedness such that payment on such
    debt securities may be effectively subordinated; and
    (iii)&#160;the existence of any limitations on our financial or
    legal ability to repurchase such debt securities upon the
    occurrence of such an event (including, if true, the lack of
    assurance that such a repurchase can be effected) and the
    impact, if any, under the Indenture of such a failure, including
    whether and under what circumstances such a failure may
    constitute an Event of Default;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (25)&#160;conversion or exchange provisions, if any;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (26)&#160;any other terms of such debt securities not
    inconsistent with the terms of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities may provide for less than the entire
    principal amount thereof to be payable upon declaration of
    acceleration of the maturity thereof (&#147;Original Issue
    Discount Securities&#148;). If material or applicable, special
    U.S.&#160;federal income tax, accounting and other
    considerations applicable to Original Issue Discount Securities
    will be described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described under &#147;&#151; Merger, Consolidation or
    Sale&#148; or as may be set forth in any prospectus supplement,
    the Indenture does not contain any other provisions that would
    limit the ability of us to incur indebtedness or that would
    afford holders of the debt securities protection in the event of
    (i)&#160;a highly leveraged or similar transaction involving us,
    or our management, or any affiliate of any such party,
    (ii)&#160;a change of control, or (iii)&#160;a reorganization,
    restructuring, merger or similar transaction involving us that
    may adversely affect the holders of the debt securities. In
    addition, subject to the limitations set forth under
    &#147;&#151; Merger, Consolidation or Sale,&#148; we may, in the
    future, enter into certain transactions, such as the sale of all
    or substantially all of our assets or the merger or
    consolidation of Cousins, that would increase the amount of our
    indebtedness or substantially reduce or eliminate our assets,
    which may have an adverse effect on our ability to service our
    indebtedness, including the debt securities. In addition,
    restrictions on ownership and transfers of our common stock are
    designed to preserve our status as a REIT and, therefore, may
    act to prevent or hinder a change of control. See
    &#147;Description of Common Stock&#160;&#151; Restrictions on
    Transfer.&#148; Reference is made to the applicable prospectus
    supplement for information with respect to any deletions from,
    modifications of or additions to the events of default or
    covenants that are described below, including any addition of a
    covenant or other provision providing event risk or similar
    protection.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will summarize the nature
    and scope of any event risk provisions contained in any offered
    debt security, including the types of events protected by such
    provisions and any limitations on our ability to satisfy our
    obligations under such provisions. The applicable prospectus
    supplement also will summarize anti-takeover provisions in other
    securities of Cousins, if any, which could have a material
    effect on the offered debt securities. Such summary will contain
    a detailed and quantifiable definition of any &#147;change in
    control&#148; provision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference is made to &#147;&#151; Certain Covenants&#148; below
    and to the description of any additional covenants with respect
    to a series of debt securities in the applicable prospectus
    supplement. Except as otherwise described in the applicable
    prospectus supplement, compliance with such covenants generally
    may not be waived with respect to a series of debt securities by
    our board of directors or by the Trustee unless the Holders of
    at least a majority in principal amount of all outstanding debt
    securities of such series consent to such waiver, except to the
    extent that the defeasance and covenant defeasance provisions of
    the Indenture described under &#147;&#151; Discharge, Defeasance
    and Covenant Defeasance&#148; below apply to such series of debt
    securities. See &#147;&#151; Modification of the Indenture.&#148;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Denominations,
    Interest, Registration and Transfer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise described in the applicable prospectus
    supplement, the debt securities of any series which are
    Registered Securities, other than Registered Securities issued
    in global form (which may be of any denomination) shall be
    issuable in denominations of $1,000 and any integral multiple
    thereof, and the debt securities which are Bearer Securities,
    other than Bearer Securities issued in global form (which may be
    of any denomination), shall be issuable in denominations of
    $5,000 (Section&#160;302).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the applicable prospectus
    supplement, the principal of (and premium, if any) and interest
    on any series of debt securities will be payable at the
    corporate trust office of the Trustee, provided that, at our
    option, payment of interest may be made by check mailed to the
    address of the Person entitled thereto as it appears in the
    applicable Security Register or by wire transfer of funds to
    such Person at an account maintained within the United States
    (Sections&#160;301, 307 and 1002).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any interest not punctually paid or duly provided for on any
    Interest Payment Date with respect to a debt security
    (&#147;Defaulted Interest&#148;) will forthwith cease to be
    payable to the Holder on the Regular Record Date and may either
    be paid to the Person in whose name such debt security is
    registered at the close of business on a special record date
    (the &#147;Special Record Date&#148;) for the payment of such
    Defaulted Interest to be fixed by the Trustee, notice whereof
    shall be given to the Holder of such debt security not less than
    10&#160;days prior to such Special Record Date, or may be paid
    at any time in any other lawful manner, all as more completely
    described in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain limitations imposed upon debt securities
    issued in book-entry form, the debt securities of any series
    will be exchangeable for other debt securities of the same
    series and of a like aggregate principal amount and tenor of
    different authorized denominations upon surrender of such debt
    securities at the corporate trust office of the Trustee. In
    addition, subject to certain limitations imposed upon debt
    securities issued in book-entry form, the debt securities of any
    series may be surrendered for registration of transfer thereof
    at the corporate trust office of the Trustee. Every debt
    security surrendered for registration of transfer or exchange
    shall be duly endorsed or accompanied by a written instrument of
    transfer. No service charge will be made for any registration of
    transfer or exchange of any debt securities, but the Trustee or
    we may require payment of a sum sufficient to cover any tax or
    other governmental charge payable in connection therewith
    (Section&#160;305). If the applicable prospectus supplement
    refers to any transfer agent (in addition to the Trustee)
    initially designated by us with respect to any series of debt
    securities, we may at any time rescind the designation of any
    such transfer agent or approve a change in the location through
    which any such transfer agent acts, except that we will be
    required to maintain a transfer agent in each place of payment
    for such series. We may at any time designate additional
    transfer agents with respect to any series of debt securities
    (Section&#160;1002).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither we nor the Trustee shall be required (i)&#160;to issue,
    register the transfer of or exchange any debt security if such
    debt security may be among those selected for redemption during
    a period beginning at the opening of business 15&#160;days
    before selection of the debt securities to be redeemed and
    ending at the close of business on (A)&#160;if such debt
    securities are issuable only as Registered Securities, the day
    of the mailing of the relevant notice of redemption and
    (B)&#160;if such debt securities are issuable as Bearer
    Securities, the day of the first publication of the relevant
    notice of redemption or, if such debt securities are also
    issuable as Registered Securities and there is no publication,
    the mailing of the relevant notice of redemption, or
    (ii)&#160;to register the transfer of or exchange any Registered
    Security so selected for redemption in whole or in part, except,
    in the case of any Registered Security to be redeemed in part,
    the portion thereof not to be redeemed, or (iii)&#160;to
    exchange any Bearer Security so selected for redemption except
    that such a Bearer Security may be exchanged for a Registered
    Security of that series and like tenor, provided that such
    Registered Security shall be simultaneously surrendered for
    redemption, or (iv)&#160;to issue, register the transfer of or
    exchange any debt security which has been surrendered for
    repayment at the option of the Holder, except the portion, if
    any, of such debt security not to be so repaid
    (Section&#160;305).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Merger,
    Consolidation or Sale</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may consolidate with, or sell, lease or convey all or
    substantially all of our assets to, or merge with or into, any
    other entity, provided that (a)&#160;we shall be the continuing
    entity, or the successor entity (if other than
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cousins) formed by or resulting from any such consolidation or
    merger or which shall have received the transfer of such assets
    shall expressly assume payment of the principal of (and premium,
    if any) and interest on all the debt securities and the due and
    punctual performance and observance of all of the covenants and
    conditions contained in the Indenture; (b)&#160;immediately
    after giving effect to such transaction and treating any
    indebtedness which becomes an obligation of us or any subsidiary
    of Cousins (a &#147;Subsidiary&#148;) as a result thereof as
    having been incurred by us or such Subsidiary at the time of
    such transaction, no Event of Default under the Indenture, and
    no event which, after notice or the lapse of time, or both,
    would become such an Event of Default, shall have occurred and
    be continuing; and (c)&#160;an officer&#146;s certificate and
    legal opinion covering such conditions shall be delivered to the
    Trustee (Sections&#160;801 and 803).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Existence.</I>&#160;&#160;Except as permitted under
    &#147;&#151; Merger, Consolidation or Sale,&#148; we are
    required to do or cause to be done all things necessary to
    preserve and keep in full force and effect our existence, rights
    and franchises; provided, however, that we shall not be required
    to preserve any right or franchise if we determine that the
    preservation thereof is no longer desirable in the conduct of
    our business and that the loss thereof is not disadvantageous in
    any material respect to the Holders of the debt securities
    (Section&#160;1006).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Maintenance of Properties.</I>&#160;&#160;We are required to
    cause all of our material properties used or useful in the
    conduct of our business or the business of any Subsidiary to be
    maintained and kept in good condition, repair and working order
    and supplied with all necessary equipment and to cause to be
    made all necessary repairs, renewals, replacements, betterments
    and improvements thereof, all as in our judgment may be
    necessary so that the business carried on in connection
    therewith may be properly and advantageously conducted at all
    times; provided, however, that we and our Subsidiaries shall not
    be prevented from selling or otherwise disposing for value their
    respective properties in the ordinary course of business
    (Section&#160;1007).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Insurance.</I>&#160;&#160;We are required to, and are
    required to cause each of our Subsidiaries to, keep all of our
    insurable properties insured against loss or damage at least
    equal to their then full insurable value with financially sound
    and reputable insurance companies (Section&#160;1008).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Payment of Taxes and Other Claims.</I>&#160;&#160;We are
    required to pay or discharge or cause to be paid or discharged,
    before the same shall become delinquent, (i)&#160;all taxes,
    assessments and governmental charges levied or imposed upon us
    or any Subsidiary or upon our income, profits or property or
    that of any Subsidiary, and (ii)&#160;all lawful claims for
    labor, materials and supplies which, if unpaid, might by law
    become a lien upon the property of us or any Subsidiary;
    provided, however, that we shall not be required to pay or
    discharge or cause to be paid or discharged any such tax,
    assessment, charge or claim whose amount, applicability or
    validity is being contested in good faith by appropriate
    proceedings (Section&#160;1009).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Provision of Financial Information.</I>&#160;&#160;The
    Holders of debt securities will be provided with copies of the
    annual reports and quarterly reports of Cousins. Whether or not
    we are subject to Section&#160;13 or 15(d) of the Exchange Act
    and for so long as any debt securities are outstanding, we will,
    to the extent permitted under the Exchange Act, be required to
    file with the SEC the annual reports, quarterly reports and
    other documents which we would have been required to file with
    the SEC pursuant to such Section&#160;13 or 15(d) (the
    &#147;Financial Statements&#148;) if we were so subject, such
    documents to be filed with the SEC on or prior to the respective
    dates (the &#147;Required Filing Dates&#148;) by which we would
    have been required so to file such documents if we were so
    subject. We will also in any event (x)&#160;within 15&#160;days
    of each Required Filing Date (i)&#160;transmit by mail to all
    Holders of debt securities, as their names and addresses appear
    in the security register for the debt securities (the
    &#147;Security Register&#148;), without cost to such Holders,
    copies of the annual reports and quarterly reports which we
    would have been required to file with the SEC pursuant to
    Section&#160;13 or 15(d) of the Exchange Act if we were subject
    to such Sections and (ii)&#160;file with the Trustee copies of
    the annual reports, quarterly reports and other documents which
    we would have been required to file with the SEC pursuant to
    Section&#160;13 or 15(d) of the Exchange Act if we were subject
    to such Sections and (y)&#160;if filing such documents by us
    with the SEC is not permitted under the Exchange Act, promptly
    upon written request and payment of the reasonable cost of
    duplication and delivery, supply copies of such documents to any
    prospective Holder (Section&#160;1010).
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Additional Covenants.</I>&#160;&#160;Any additional or
    different covenants of Cousins with respect to any series of
    debt securities will be set forth in the prospectus supplement
    relating thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default, Notice and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the following events are
    &#147;Events of Default&#148; with respect to any series of debt
    securities issued thereunder: (a)&#160;default for 30&#160;days
    in the payment of any installment of interest on any debt
    security of such series; (b)&#160;default in the payment of the
    principal of (or premium, if any, on) any debt security of such
    series at its maturity; (c)&#160;default in making any sinking
    fund payment as required for any debt security of such series;
    (d)&#160;default in the performance of any other covenant of
    Cousins contained in the Indenture (other than a covenant added
    to the Indenture solely for the benefit of a series of debt
    securities issued thereunder other than such series), such
    default having continued for 60&#160;days after written notice
    as provided in the Indenture; (e)&#160;default in the payment of
    an aggregate principal amount exceeding $5,000,000 of any
    evidence of recourse indebtedness of Cousins or any mortgage,
    indenture or other instrument under which such indebtedness is
    issued or by which such indebtedness is secured, such default
    having occurred after the expiration of any applicable grace
    period and having resulted in the acceleration of the maturity
    of such indebtedness, but only if such indebtedness is not
    discharged or such acceleration is not rescinded or annulled;
    (f)&#160;certain events of bankruptcy, insolvency or
    reorganization, or court appointment of a receiver, liquidator
    or trustee of us or any Significant Subsidiary or any of their
    respective property; and (g)&#160;any other Event of Default
    provided with respect to a particular series of debt securities.
    The term &#147;Significant Subsidiary&#148; means each
    significant subsidiary (as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated under the Securities Act) of Cousins.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an Event of Default under the Indenture with respect to debt
    securities of any series at the time Outstanding occurs and is
    continuing, then in every such case the Trustee or the Holders
    of not less than 25% in principal amount of the Outstanding debt
    securities of that series may declare the principal amount (or,
    if the debt securities of that series are Original Issue
    Discount Securities or Securities, the terms of which provide
    that the principal amount thereof payable at maturity may be
    more or less than the principal face amount thereof at original
    issuance (&#147;Indexed Securities&#148;), such portion of the
    principal amount as may be specified in the terms thereof) of
    all of the debt securities of that series to be due and payable
    immediately by written notice thereof to us (and to the Trustee
    if given by the Holders). However, at any time after such a
    declaration of acceleration with respect to debt securities of
    such series (or of all debt securities then Outstanding under
    the Indenture, as the case may be) has been made, but before a
    judgment or decree for payment of the money due has been
    obtained by the Trustee, the Holders of not less than a majority
    in principal amount of Outstanding debt securities of such
    series (or of all debt securities then Outstanding under the
    Indenture, as the case may be) may rescind and annul such
    declaration and its consequences if (a)&#160;we shall have
    deposited with the applicable Trustee all required payments of
    the principal of (and premium, if any) and interest on the debt
    securities of such series (or of all debt securities then
    Outstanding under the Indenture, as the case may be), plus
    certain fees, expenses, disbursements and advances of the
    Trustee and (b)&#160;all Events of Default, other than the
    nonpayment of accelerated principal of (or specified portion
    thereof), or premium (if any) or interest on the debt securities
    of such series (or of all debt securities then Outstanding under
    the Indenture, as the case may be) have been cured or waived as
    provided in the Indenture (Section&#160;502). The Indenture also
    provides that the Holders of not less than a majority in
    principal amount of the Outstanding debt securities of any
    series (or of all debt securities then Outstanding under the
    Indenture, as the case may be) may waive any past default with
    respect to such series and its consequences, except a default
    (x)&#160;in the payment of the principal of (or premium, if any)
    or interest on any debt security or such series or (y)&#160;in
    respect of a covenant or provision contained in the Indenture
    that cannot be modified or amended without the consent of the
    Holder of each Outstanding debt security affected thereby
    (Section&#160;513).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Trustee will be required to give notice to the Holders of
    debt securities within 90&#160;days of a default under the
    Indenture unless such default has been cured or waived;
    provided, however, that the Trustee may withhold notice to the
    Holders of any series of debt securities of any default with
    respect to such series (except a default in the payment of the
    principal of (or premium, if any) or interest on any debt
    security of such series or in the payment of any sinking fund
    installment in respect of any debt security of such series) if
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    specified Responsible Officers of the Trustee consider such
    withholding to be in the interest of such Holders
    (Section&#160;601).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that no Holders of debt securities of any
    series may institute any proceedings, judicial or otherwise,
    with respect to the Indenture or for any remedy thereunder,
    except in the case of failure of the Trustee, for 60&#160;days,
    to act after it has received a written request to institute
    proceedings in respect of an Event of Default from the Holders
    of not less than 25% in principal amount of the Outstanding debt
    securities of such series, as well as an offer of indemnity
    reasonably satisfactory to it (Section&#160;507). This provision
    will not prevent, however, any holder of debt securities from
    instituting suit for the enforcement of payment of the principal
    of (and premium, if any) and interest on such debt securities at
    the respective due dates thereof (Section&#160;508).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to provisions in the Indenture relating to the
    Trustee&#146;s duties in case of default, the trustee is under
    no obligation to exercise any of its rights or powers under the
    Indenture at the request or direction of any Holders of any
    series of debt securities then Outstanding under the Indenture,
    unless such Holders shall have offered to the Trustee thereunder
    reasonable security or indemnity (Section&#160;602). The Holders
    of not less than a majority in principal amount of the
    Outstanding debt securities of any series (or of all debt
    securities then Outstanding under the Indenture, as the case may
    be) shall have the right to direct the time, method and place of
    conducting any proceeding for any remedy available to the
    Trustee, or of exercising any trust or power conferred upon the
    Trustee. However, the Trustee may refuse to follow any direction
    which is in conflict with any law or the Indenture, which may
    involve the Trustee in personal liability or which may be unduly
    prejudicial to the holders of debt securities of such series not
    joining therein (Section&#160;512).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within 120&#160;days after the close of each fiscal year, we
    must deliver to the Trustee a certificate, signed by one of
    several of our specified officers, stating whether or not such
    officer has knowledge of any default under the Indenture and, if
    so, specifying each such default and the nature and status
    thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    of the Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Modifications and amendments of the Indenture will be permitted
    to be made only with the consent of the Holders of not less than
    a majority in principal amount of all Outstanding debt
    securities or series of Outstanding debt securities which are
    affected by such modification or amendment; provided, however,
    that no such modification or amendment may, without the consent
    of the Holders of each such debt security affected thereby,
    (a)&#160;change the Stated Maturity of the principal of, or
    premium (if any) or any installment of interest on, any such
    debt security; (b)&#160;reduce the principal amount of, or the
    rate or amount of interest on, or any premium payable on
    redemption of, any such debt security, or reduce the amount of
    principal of an Original Issue Discount Security that would be
    due and payable upon declaration of acceleration of the maturity
    thereof or would be provable in bankruptcy, or adversely affect
    any right of repayment of the holder of any such debt security;
    (c)&#160;change the place of payment, or the coin or currency,
    for payment of principal of, premium, if any, or interest on any
    such debt security; (d)&#160;impair the right to institute suit
    for the enforcement of any payment on or with respect to any
    such debt security; (e)&#160;reduce the above stated percentage
    of outstanding debt securities of any series necessary to modify
    or amend the Indenture, to waive compliance with certain
    provisions thereof or certain defaults and consequences
    thereunder or to reduce the quorum or voting requirements set
    forth in the Indenture; or (f)&#160;modify any of the foregoing
    provisions or any of the provisions relating to the waiver of
    certain past defaults or certain covenants, except to increase
    the required percentage to effect such action or to provide that
    certain other provisions may not be modified or waived without
    the consent of the Holders of such debt security
    (Section&#160;902). A debt security shall be deemed outstanding
    (&#147;Outstanding&#148;) if it has been authenticated and
    delivered under the Indenture unless, among other things, such
    debt security has been cancelled or redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Holders of not less than a
    majority in principal amount of a series of Outstanding debt
    securities have the right to waive compliance by us with certain
    covenants relating to such series of debt securities in the
    Indenture (Section&#160;1013).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Modifications and amendments of the Indenture may be made by us
    and the Trustee without the consent of any Holder of debt
    securities for any of the following purposes: (i)&#160;to
    evidence the succession of another
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Person to us as obligor under the Indenture; (ii)&#160;to add to
    our covenants for the benefit of the Holders of all or any
    series of debt securities or to surrender any right or power
    conferred upon us in the Indenture; (iii)&#160;to add Events of
    Default for the benefit of the Holders of all or any series of
    debt securities; (iv)&#160;to add or change any provisions of
    the Indenture to facilitate the issuance of, or to liberalize
    certain terms of, debt securities in bearer form, or to permit
    or facilitate the issuance of debt securities in uncertificated
    form, provided, that such action shall not adversely affect the
    interests of the Holders of the debt securities of any series in
    any material respect; (v)&#160;to change or eliminate any
    provisions of the Indenture, provided that any such change or
    elimination shall become effective only when there are no debt
    securities Outstanding of any series created prior thereto which
    are entitled to the benefit of such provision; (vi)&#160;to
    secure the debt securities; (vii)&#160;to establish the form or
    terms of debt securities of any series; (viii)&#160;to provide
    for the acceptance of appointment by a successor Trustee or
    facilitate the administration of the trusts under the Indenture
    by more than one Trustee; (ix)&#160;to cure any ambiguity,
    defect or inconsistency in the Indenture, provided that such
    action shall not adversely affect the interests of Holders of
    debt securities of any series in any material respect; or
    (x)&#160;to supplement any of the provisions of the Indenture to
    the extent necessary to permit or facilitate defeasance and
    discharge of any series of such debt securities, provided that
    such action shall not adversely affect the interests of the
    Holders of the debt securities of any series in any material
    respect (Section&#160;901).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that in determining whether the Holders
    of the requisite principal amount of Outstanding debt securities
    of a series have given any request, demand, authorization,
    direction, notice, consent or waiver thereunder or whether a
    quorum is present at a meeting of Holders of debt securities,
    (i)&#160;the principal amount of an Original Issue Discount
    Security that shall be deemed to be Outstanding shall be the
    amount of the principal thereof that would be due and payable as
    of the date of such determination upon declaration of
    acceleration of the maturity thereof, (ii)&#160;the principal
    amount of a debt security denominated in a foreign currency that
    shall be deemed Outstanding shall be the U.S.&#160;dollar
    equivalent, determined on the issue date for such debt security,
    of the principal amount (or, in the case of an Original Issue
    Discount Security, the U.S.&#160;dollar equivalent on the issue
    date of such debt security of the amount determined as provided
    in (i)&#160;above), (iii)&#160;the principal amount of an
    Indexed Security that shall be deemed Outstanding shall be the
    principal face amount of such Indexed Security at original
    issuance, unless otherwise provided with respect to such Indexed
    Security pursuant to the Indenture; and (iv)&#160;debt
    securities owned by us or any other obligor upon the debt
    securities or any of our affiliates or of such other obligor
    shall be disregarded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture contains provisions for convening meetings of the
    Holders of debt securities of a series (Section&#160;1501). A
    meeting will be permitted to be called at any time by the
    Trustee, and also, upon request, by us or the holders of at
    least 10% in principal amount of the Outstanding debt securities
    of such series, in any such case upon notice given as provided
    in the Indenture (Section&#160;1502). Except for any consent
    that must be given by the Holder of each debt security affected
    by certain modifications and amendments of the Indenture, any
    resolution presented at a meeting or adjourned meeting duly
    reconvened at which a quorum is present will be permitted to be
    adopted by the affirmative vote of the Holders of a majority in
    principal amount of the Outstanding debt securities of that
    series; provided, however, that, except as referred to above,
    any resolution with respect to any request, demand,
    authorization, direction, notice, consent, waiver or other
    action that may be made, given or taken by the Holders of a
    specified percentage, which is less than a majority, in
    principal amount of the Outstanding debt securities of a series
    may be adopted at a meeting or adjourned meeting duly reconvened
    at which a quorum is present by the affirmative vote of the
    Holders of such specified percentage in principal amount of the
    Outstanding debt securities of that series. Any resolution
    passed or decision taken at any meeting of Holders of debt
    securities of any series duly held in accordance with the
    Indenture will be binding on all Holders of debt securities of
    that series. The quorum at any meeting called to adopt a
    resolution, and at any reconvened meeting, will be Persons
    holding or representing a majority in principal amount of the
    Outstanding debt securities of a series; provided, however, that
    if any action is to be taken at such meeting with respect to a
    consent or waiver which may be given by the Holders of not less
    than a specified percentage in principal amount of the
    Outstanding debt securities of a series, the Persons holding or
    representing such specified percentage in principal amount of
    the Outstanding debt securities of such series will constitute a
    quorum (Section&#160;1504).
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing provisions, if any action is to be
    taken at a meeting of Holders of debt securities of any series
    with respect to any request, demand, authorization, direction,
    notice, consent, waiver or other action that the Indenture
    expressly provides may be made, given or taken by the Holders of
    a specified percentage in principal amount of all Outstanding
    debt securities affected thereby, or of the Holders of such
    series and one or more additional series: (i)&#160;there shall
    be no minimum quorum requirement for such meeting and
    (ii)&#160;the principal amount of the Outstanding debt
    securities of such series that vote in favor of such request,
    demand, authorization, direction, notice, consent, waiver or
    other action shall be taken into account in determining whether
    such request, demand, authorization, direction, notice, consent,
    waiver or other action has been made, given or taken under the
    Indenture (Section&#160;1504).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge,
    Defeasance and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may discharge certain obligations to Holders of any series of
    debt securities that have not already been delivered to the
    Trustee for cancellation and that either have become due and
    payable or will become due and payable within one year (or
    scheduled for redemption within one year) by irrevocably
    depositing with the Trustee, in trust, funds in such currency or
    currencies, currency unit or units or composite currency or
    currencies in which such debt securities are payable in an
    amount sufficient to pay the entire indebtedness on such debt
    securities in respect of principal (and premium, if any) and
    interest to the date of such deposit (if such debt securities
    have become due and payable) or to the Stated Maturity or
    Redemption&#160;Date, as the case may be (Sections&#160;1401 and
    1404).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, if the provisions of
    Article&#160;Fourteen are made applicable to the debt securities
    of or within any series pursuant to Section&#160;301 of the
    Indenture, we may elect either (a)&#160;to defease and be
    discharged from any and all obligations with respect to such
    debt securities (except for the obligation to pay additional
    amounts, if any, upon the occurrence of certain events of tax,
    assessment or governmental charge with respect to payments on
    such debt securities and the obligations to register the
    transfer or exchange of such debt securities, to replace
    temporary or mutilated, destroyed, lost or stolen debt
    securities, to maintain an office or agency in respect of such
    debt securities and to hold moneys for payment in trust)
    (&#147;defeasance&#148;) (Section&#160;1402)&#160;or (b)&#160;to
    be released from our obligations with respect to such debt
    securities under Sections&#160;1004 to 1011, inclusive, of the
    Indenture (including the restrictions described under
    &#147;Certain Covenants&#148;) and our obligation with respect
    to any other covenant, and any omission to comply with such
    obligations shall not constitute a default or an Event of
    Default with respect to such debt securities (&#147;covenant
    defeasance&#148;) (Section&#160;1403), in either case upon the
    irrevocable deposit by us with the Trustee, in trust, of an
    amount, in such currency or currencies, currency unit or units
    or composite currency or currencies in which such debt
    securities are payable at the stated maturity date specified
    thereon (&#147;Stated Maturity&#148;), or Government Obligations
    (as defined below), or both, applicable to such debt securities
    which through the scheduled payment of principal and interest in
    accordance with their terms will provide money in an amount
    sufficient to pay the principal of (and premium, if any) and
    interest on such debt securities, and any mandatory sinking fund
    or analogous payments thereon, on the scheduled due dates
    therefor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such a trust will only be permitted to be established if, among
    other things, we have delivered to the Trustee an Opinion of
    Counsel (as specified in the Indenture) to the effect that the
    Holders of such debt securities will not recognize income, gain
    or loss for U.S.&#160;Federal income tax purposes as a result of
    such defeasance or covenant defeasance and will be subject to
    U.S.&#160;Federal income tax on the same amounts, in the same
    manner and at the same times as would have been the case if such
    defeasance or covenant defeasance had not occurred, and such
    Opinion of Counsel, in the case of defeasance, must refer to and
    be based upon a ruling of the Internal Revenue Service or a
    change in applicable U.S.&#160;Federal income tax law occurring
    after the date of the Indenture (Section&#160;1404).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Government Obligations&#148; means securities which are
    (i)&#160;direct obligations of the United States of America or
    the government which issued the foreign currency in which the
    debt securities of a particular series are payable, for the
    payment of which its full faith and credit is pledged or
    (ii)&#160;obligations of a person controlled or supervised by
    and acting as an agency or instrumentality of the United States
    of America or such government which issued the foreign currency
    in which the debt securities of such series are payable, the
    payment of which is unconditionally guaranteed as a full faith
    and credit obligation by the United States of
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    America or such other government, which, in either case, are not
    callable or redeemable at the option of the issuer thereof, and
    shall also include a depository receipt issued by a bank or
    trust company as custodian with respect to any such Government
    Obligation or a specific payment of interest on or principal of
    any such Government Obligation held by such custodian for the
    account of the holder of a depository receipt, provided that
    (except as required by law) such custodian is not authorized to
    make any deduction from the amount payable to the holder of such
    depository receipt from any amount received by the custodian in
    respect of the Government Obligation or the specific payment of
    interest on or principal of the Government Obligation evidenced
    by such depository receipt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, if after we have deposited funds
    <FONT style="white-space: nowrap">and/or</FONT>
    Government Obligations to effect defeasance or covenant
    defeasance with respect to debt securities of any series,
    (a)&#160;the Holder of a debt security of such series is
    entitled to, and does, elect pursuant to the Indenture or the
    terms of such debt security to receive payment in a currency,
    currency unit or composite currency other than that in which
    such deposit has been made in respect of such debt security, or
    (b)&#160;a Conversion Event (as defined below) occurs in respect
    of the currency, currency unit or composite currency in which
    such deposit has been made, the indebtedness represented by such
    debt security shall be deemed to have been, and will be, fully
    discharged and satisfied through the payment of the principal of
    (and premium, if any) and interest on such debt security as they
    become due out of the proceeds yielded by converting the amount
    so deposited in respect of such debt security into the currency,
    currency unit or composite currency in which such debt security
    becomes payable as a result of such election or such Conversion
    Event based on the applicable market exchange rate.
    &#147;Conversion Event&#148; means the cessation of use of
    (i)&#160;a currency, currency unit or composite currency both by
    the government of the country which issued such currency and for
    the settlement of transactions by a central bank or other public
    institutions of or within the international banking community,
    (ii)&#160;the ECU both within the European Monetary System and
    for the settlement of transactions by public institutions of or
    within the European Community or (iii)&#160;any currency unit or
    composite currency other than the ECU for the purposes for which
    it was established.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, all payments of principal of (and premium, if any)
    and interest on any debt security that is payable in a foreign
    currency that ceases to be used by its government of issuance
    shall be made in U.S.&#160;dollars.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event we effect covenant defeasance with respect to any
    debt securities and such debt securities are declared due and
    payable because of the occurrence of any Event of Default other
    than the Event of Default described in clause&#160;(d) under
    &#147;&#151;  Events of Default, Notice and Waiver&#148; with
    respect to Sections&#160;1004 to 1011, inclusive, of the
    Indenture (which Sections would no longer be applicable to such
    debt securities) or described in clause&#160;(g) under
    &#147;&#151;  Events of Default, Notice and Waiver&#148; with
    respect to any other covenant as to which there has been
    covenant defeasance, the amount in such currency, currency unit
    or composite currency in which such debt securities are payable,
    and Government Obligations on deposit with the Trustee, will be
    sufficient to pay amounts due on such debt securities at the
    time of their Stated Maturity but may not be sufficient to pay
    amounts due on such debt securities at the time of the
    acceleration resulting from such Event of Default. However, we
    would remain liable to make payment of such amounts due at the
    time of acceleration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement may further describe the
    provisions, if any, permitting such defeasance or covenant
    defeasance, including any modifications to the provisions
    described above, with respect to the debt securities of or
    within a particular series.
</DIV>

<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section describes the general terms and provisions of our
    preferred stock that may be offered by this prospectus as well
    as a description of our Series&#160;A Cumulative Redeemable
    Preferred Stock, or Series&#160;A preferred stock, and
    Series&#160;B Cumulative Redeemable Preferred Stock, or
    Series&#160;B preferred stock, outstanding as of the date of
    this prospectus. We refer to our Series&#160;A preferred stock
    and Series&#160;B preferred stock collectively as our Existing
    preferred stock. The applicable prospectus supplement will
    describe the specific
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    terms of the series of the preferred stock offered through that
    prospectus supplement and any general terms outlined in this
    section that will not apply to that series of preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this section, we have summarized the material terms and
    provisions of the preferred stock as well as the material terms
    and provisions of the Existing preferred stock. You should read
    our Articles of Incorporation and the amendment to our Articles
    of Incorporation establishing the terms of the series of our
    preferred stock (the &#147;Certificate of Designations&#148;)
    relating to the applicable series of the preferred stock,
    including the Certificates of Designations setting forth the
    terms of the Existing preferred stock, for additional
    information before you buy any preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Preferred Stock Generally</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to our Articles of Incorporation, our board of
    directors has the authority, without further shareholder action,
    to issue a maximum of 20,000,000&#160;shares of preferred stock,
    $1.00&#160;par value per share. As of December&#160;31, 2009,
    there were 2,993,090&#160;shares of Series&#160;A preferred
    stock issued and outstanding and 3,791,000&#160;shares of
    Series&#160;B preferred stock issued and outstanding. Our
    Series&#160;A preferred stock trades on the NYSE under the
    symbol &#147;CUZPRA.&#148; Our Series&#160;B preferred stock
    trades on the NYSE under the symbol &#147;CUZPRB.&#148; We will
    apply to the NYSE to list the additional shares of preferred
    stock to be sold pursuant to any prospectus supplement, and we
    anticipate that such shares will be so listed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors has the authority to determine or fix the
    following terms with respect to shares of any series of
    preferred stock:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dividend rate, the times of payment and the date from which
    dividends will accumulate, if dividends are to be cumulative;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and upon what terms the shares will be redeemable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and upon what terms the shares will have a sinking fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether and upon what terms the shares will be convertible or
    exchangeable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the shares will have voting rights and the terms thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rights of the holders upon our liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up;</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restrictions on transfer to preserve our tax status as a
    REIT;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other relative rights, powers and limitations or
    restrictions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These terms will be described in the applicable prospectus
    supplement for any series of preferred stock that we offer. In
    addition, you should read the prospectus supplement relating to
    the particular series of the preferred stock offered thereby for
    specific terms, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the series of preferred stock and the number of
    shares offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the initial public offering price at which we will issue the
    preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any additional dividend, liquidation, redemption, sinking fund
    and other rights, preferences, privileges, limitations and
    restrictions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When we issue the preferred stock, the shares will be fully paid
    and nonassessable. This means that the full purchase price for
    the outstanding preferred stock will have been paid and the
    holders of such preferred stock will not be assessed any
    additional monies for such preferred stock. Unless the
    applicable prospectus supplement specifies otherwise:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    each series of preferred stock will rank senior to our common
    stock and equally in all respects with the outstanding shares of
    each other series of preferred stock;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the preferred stock will have no preemptive rights to subscribe
    for any additional securities which we may issue in the future.
    This means that the holders of preferred stock will have no
    right, as holders of preferred stock, to buy any portion of
    those issued securities.
</TD>
</TR>

</TABLE>
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    <BR>
    21
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Georgia law provides that no shareholder, including holders of
    preferred stock, shall be personally liable for the acts and
    obligations of a Georgia corporation. This means that with
    respect to the Company, the funds and property of the Company
    will be the only recourse for these acts or obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed above under &#147;Description of Common
    Stock&#160;&#151; Restrictions on Transfer,&#148; for us to
    qualify as a REIT under the Code, not more than 50% in value of
    our outstanding stock may be owned, directly or indirectly, by
    five or fewer individuals (as defined in the Code to include
    certain entities) during the last half of a taxable year. To
    assist us in meeting this requirement, we may take certain
    actions to limit the beneficial ownership, directly or
    indirectly, by a single person of our outstanding stock,
    including any of our preferred stock, in addition to the
    restrictions currently applicable to all classes of our stock
    pursuant to Article&#160;11 of our Articles of Incorporation.
    Therefore, the Certificate of Designations for each series of
    preferred stock may contain provisions restricting the ownership
    and transfer of the preferred stock. The applicable prospectus
    supplement will specify any additional ownership limitation
    relating to a series of preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registrar
    and Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Registrar and Transfer Agent for the preferred stock will be
    set forth in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the payment of dividends and amounts upon
    liquidation, the Existing preferred stock ranks:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    senior to our common stock and to any other class or series of
    our capital stock other than any class or series referred to in
    the next succeeding bullet points;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    on a parity with any other class or series of our capital stock
    the terms of which specifically provide that such class or
    series of capital stock ranks on a parity with the Existing
    preferred stock as to the payment of dividends and the
    distribution of assets in the event of any liquidation,
    dissolution or winding up;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to any class or series of our capital stock the terms of
    which specifically provide that such class or series of capital
    stock ranks senior to the Existing preferred stock as to the
    payment of dividends and the distribution of assets in the event
    of any liquidation, dissolution or winding up;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    junior to our indebtedness.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Series&#160;A preferred stock are entitled to
    receive, when and as declared by our board of directors, out of
    funds legally available for the payment of dividends, cumulative
    cash dividends at the rate of
    7<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">4</FONT>%
    per year of the $25.00 liquidation preference per share,
    equivalent to a fixed annual amount of $1.9375 per share.
    Holders of Series&#160;B preferred stock are entitled to
    receive, when and as declared by our board of directors, out of
    funds legally available for the payment of dividends, cumulative
    cash dividends at the rate of
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    per year of the $25.00 liquidation preference per share,
    equivalent to a fixed annual amount of $1.875 per share.
    Dividends on the Existing preferred stock are payable quarterly
    in arrears on February&#160;15, May&#160;15, August 15 and
    November 15 of each year, and if such day is not a business day,
    the next succeeding business day. We refer to each of these
    dates as a &#147;dividend payment date&#148; in this prospectus,
    and the period beginning after each dividend payment date and
    ending on the next succeeding dividend payment date is referred
    to as the &#147;dividend period.&#148; Any partial dividend
    period will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>
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    <BR>
    22
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends will be payable to holders of record as they appear in
    our stock records at the close of business on the applicable
    record date, which is the first day of the calendar month in
    which the applicable dividend payment date falls or on such
    other date designated by our board of directors for the payment
    of dividends that is not more than 30 nor less than 10&#160;days
    prior to such dividend payment date. We refer to each of these
    dates as a &#147;dividend record date&#148; in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No dividends on Existing preferred stock may be declared by our
    board of directors or paid or set apart for payment by us if
    such declaration or payment is restricted or prohibited by law,
    or at any time at which one or more of our contractual
    agreements, including any agreement relating to our outstanding
    indebtedness, (a)&#160;prohibits the declaration, payment or
    setting apart for payment of dividends or (b)&#160;provides that
    the declaration, payment or setting apart for payment of
    dividends would constitute a breach thereof or a default
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, dividends on the Existing
    preferred stock accrue regardless of whether:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our agreements, including our credit facilities, at any time
    prohibit the current payment of dividends;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we have earnings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there are funds legally available for the payment of such
    dividends;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such dividends are declared.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accrued but unpaid dividends on the Existing preferred stock
    will accumulate as of the dividend payment date on which they
    first become payable. No dividends will be declared or paid or
    set apart for payment, and no distribution will be made, on any
    of our common stock or any other series of preferred stock
    ranking, as to dividends, on a parity with or junior to the
    Existing preferred stock, other than a dividend that consists of
    shares of our common stock or shares of any other class of stock
    ranking junior to the Existing preferred stock as to dividends
    and upon liquidation, for any period unless full cumulative
    dividends on the Existing preferred stock have been, or
    contemporaneously are declared and paid, or declared and a sum
    sufficient for the payment thereof is set apart for such payment
    for all dividend periods ending on or prior to the date of such
    action with respect to our common stock or any other series of
    preferred stock ranking, as to dividends, on a parity with or
    junior to the Existing preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When dividends are not paid in full (or a sum sufficient for
    such full payment is not so set apart) with respect to the
    Existing preferred stock and any other series of preferred stock
    ranking on a parity as to dividends with the Existing preferred
    stock, all dividends declared upon the Existing preferred stock
    and any other series of preferred stock ranking on a parity as
    to dividends with the Existing preferred stock will be declared
    pro rata so that the amount of dividends declared per share of
    Existing preferred stock and such other series of preferred
    stock shall in all cases bear to each other the same ratio that
    accrued dividends per share on the Existing preferred stock and
    such other series of preferred stock (which shall not include
    any accrual in respect of unpaid dividends for prior dividend
    periods if such shares of preferred stock do not have a
    cumulative dividend) bear to each other. No interest, or sum of
    money in lieu of interest, will be payable in respect of any
    dividend payment or payments on the Existing preferred stock
    which may be in arrears.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless full cumulative dividends on the Existing preferred stock
    have been or contemporaneously are declared and paid, or
    declared and a sum sufficient for the payment thereof is set
    apart for payment, for all dividend periods ending on or prior
    to the date of any action described below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no dividends (other than in shares of our common stock or shares
    of our capital stock ranking junior to the Existing preferred
    stock as to dividends and upon liquidation) shall be declared or
    paid or set aside for payment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no other distribution may be declared or made upon shares of our
    common stock or any shares of our capital stock ranking junior
    to or on a parity with the Existing preferred stock as to
    dividends or upon liquidation;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no shares of our common stock, or any other shares of our
    capital stock ranking junior to or on a parity with the Existing
    preferred stock as to dividends or upon liquidation may be
    redeemed, purchased or
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    otherwise acquired by us for any consideration (or any moneys be
    paid to or made available for a sinking fund for the redemption
    of any such shares) (except by conversion into or exchange for
    other of our shares of capital stock ranking junior to the
    Existing preferred stock as to dividends and upon liquidation,
    and except for our redemption, purchase or acquisition of
    &#147;Excess Shares&#148; under our Articles of Incorporation to
    ensure that we remain a qualified REIT for federal income tax
    purposes).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the Existing preferred stock are not entitled to any
    dividend, whether payable in cash, property or shares of capital
    stock, in excess of full cumulative dividends on the Existing
    preferred stock as provided above. Any dividend payment made on
    the Existing preferred stock will first be credited against the
    earliest accrued but unpaid dividend due with respect to such
    shares which remains payable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Liquidation Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of our affairs, the holders of Existing preferred
    stock will be entitled to be paid out of our assets legally
    available for distribution to our shareholders a liquidation
    preference of $25.00 per share, plus all accrued and unpaid
    dividends to the date of payment, before any distribution of
    assets is made to holders of our common stock or any other class
    or series of our capital stock that ranks junior to the Existing
    preferred stock as to liquidation rights. After payment of the
    full amount of the liquidating distributions to which they are
    entitled, the holders of Existing preferred stock will have no
    right or claim to any of our remaining assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that, upon any voluntary or involuntary
    liquidation, dissolution or winding up, our available assets are
    insufficient to pay the amount of the liquidating distributions
    on all outstanding Existing preferred stock and the
    corresponding amounts payable on all other classes or series of
    our capital stock ranking on a parity with the Existing
    preferred stock in the distribution of assets, then the holders
    of the Existing preferred stock and all other such classes or
    series will share ratably in any such distribution of assets in
    proportion to the full liquidating distributions to which they
    would otherwise be respectively entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our consolidation, combination or merger with or into any other
    corporation, trust or entity or consolidation or merger of any
    other corporation with or into us, the sale, lease or conveyance
    of all or substantially all of our assets, property or business
    or any statutory share exchange, will not be deemed to
    constitute a liquidation, dissolution or winding up of us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, at our option upon not less than 30 nor more than
    60&#160;days prior written notice, may redeem the Existing
    preferred stock, in whole or in part, at any time or from time
    to time, for cash at a redemption price of $25.00 per share,
    plus all accrued and unpaid dividends on such shares to the date
    fixed for redemption (except as provided below), without
    interest. Holders of Existing preferred stock to be redeemed
    must surrender the Existing preferred stock at the place
    designated in the notice and will be entitled to the redemption
    price and any accrued and unpaid dividends payable upon the
    redemption following surrender. If notice of redemption of any
    Existing preferred stock has been given and if the funds
    necessary for such redemption have been set aside by us in trust
    for the benefit of the holders of any Existing preferred stock
    called for redemption, then from and after the redemption date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dividends will cease to accrue on the Existing preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Existing preferred stock will no longer be deemed
    outstanding;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all rights of the holders of the Existing preferred stock will
    terminate, except the holder&#146;s right to receive the
    redemption price.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If less than all of the outstanding Existing preferred stock is
    to be redeemed, the Existing preferred stock to be redeemed will
    be selected pro rata (as nearly as may be practicable without
    creating fractional shares) or by any other equitable method
    determined by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless full cumulative dividends on all Existing preferred stock
    have been, or contemporaneously are, declared and paid, or
    declared and a sum sufficient for the payment thereof is set
    apart for payment for all
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    dividend periods ending on or prior to the date of any
    applicable redemption, purchase or acquisition, no Existing
    preferred stock may be redeemed unless all outstanding shares of
    Existing preferred stock are simultaneously redeemed, and we may
    not purchase or otherwise acquire directly or indirectly any
    Existing preferred stock (except by exchange for shares of our
    capital stock ranking junior to the Existing preferred stock as
    to dividends and upon liquidation). This requirement will not
    prevent the Existing preferred stock from becoming &#147;Excess
    Shares&#148; under our Articles of Incorporation or the purchase
    by us of Excess Shares in order to ensure that we remain
    qualified as a REIT for federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of the Existing preferred stock do not prevent us from
    conducting open-market purchases of our Existing preferred stock
    <FONT style="white-space: nowrap">and/or</FONT> any
    of our other equity securities from time to time, in accordance
    with applicable law and subject to the limitations described
    under the headings &#147;Existing Preferred Stock&#160;&#151;
    Dividends&#148; and &#147;Existing Preferred Stock&#160;&#151;
    Redemption&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notice of redemption will be given by publication in a newspaper
    of general circulation in The City of New York, such publication
    to be made once a week for two successive weeks commencing not
    less than 30 nor more than 60&#160;days before the redemption
    date. A similar notice will be mailed by us, postage prepaid,
    not less than 30 nor more than 60&#160;days before the
    redemption date, addressed to the respective holders of record
    of the Existing preferred stock to be redeemed at their
    respective addresses as they appear on our stock transfer
    records. No failure to give such notice or any defect therein or
    in the mailing thereof shall affect the validity of the
    proceedings for the redemption of any Existing preferred stock
    except as to the holder to whom notice was defective or not
    given. Each notice will state:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares of Existing preferred stock to be redeemed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where shares of Existing preferred stock are
    to be surrendered for payment of the redemption price;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that dividends on the Existing preferred stock to be redeemed
    will cease to accrue on such redemption date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If less than all of the shares of Existing preferred stock held
    by any holder are to be redeemed, the notice mailed to the
    holder will also specify the number of shares to be redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of Existing preferred stock at the close of business
    on a dividend record date will be entitled to receive the
    dividend payable with respect to the Existing preferred stock on
    the corresponding dividend payment date notwithstanding the
    redemption thereof between the dividend record date and the
    corresponding dividend payment date. Except as provided above,
    we will make no payment or allowance for unpaid dividends,
    whether or not in arrears, on shares of Existing preferred stock
    that are called for redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Existing preferred stock has no stated maturity and is not
    be subject to any sinking fund or mandatory redemption. However,
    in order to ensure that we remain a qualified REIT for federal
    income tax purposes, Existing preferred stock owned by a
    shareholder in excess of the ownership limit specified in the
    Articles of Incorporation may become &#147;Excess Shares&#148;
    under our Articles of Incorporation, which we will have the
    right to purchase from the holder. See &#147;Existing Preferred
    Stock&#160;&#151; Restrictions on Ownership.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Voting Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the Existing preferred stock do not have any voting
    rights, except as set forth below or as otherwise from time to
    time required by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whenever we fail to pay dividends on any Existing preferred
    stock for six or more quarterly periods, which we refer to in
    this prospectus as a &#147;preferred dividend default,&#148; the
    holders of the series of preferred stock so affected (voting
    separately as a class with all other series of preferred stock,
    if any, ranking on a parity with the Existing preferred stock as
    to dividends or upon liquidation, referred to in this prospectus
    as &#147;parity preferred,&#148; upon which like voting rights
    have been conferred and are exercisable) will be entitled to
</DIV>
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    <BR>
    25
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    vote for the election of a total of two members of our board of
    directors, referred to in this prospectus as &#147;preferred
    directors&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at the next annual meeting of the shareholders or at a special
    meeting of the shareholders called by the holders of record of
    at least 20% of either the Series&#160;A preferred stock or the
    Series&#160;B preferred stock or the holders of 20% of any other
    series of such parity preferred so in arrears (unless such
    request is received less than 90&#160;days before the date fixed
    for the next annual or special meeting of the
    shareholders);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at each subsequent annual meeting until all dividends accrued on
    the applicable series of preferred stock for all dividend
    periods ending on or prior to the date of any applicable annual
    meeting shall have been fully paid or declared and a sum
    sufficient for the payment thereof set aside for payment.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If and when all accumulated dividends on the Existing preferred
    stock shall have been declared and paid in full or declared and
    set aside for payment in full, the holders thereof shall be
    divested of the foregoing voting rights (subject to revesting in
    the event of each and every preferred dividend default) and, if
    all accumulated dividends have been paid in full or declared and
    set aside for payment in full on all Existing preferred stock
    and series of parity preferred upon which like voting rights
    have been conferred and are exercisable, the term of office of
    each preferred director so elected shall terminate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any preferred director may be removed at any time with or
    without cause by, and shall not be removed otherwise than by the
    vote of, the holders of record of a majority of the outstanding
    Existing preferred stock (voting separately as a class with all
    other series of parity preferred, if any, upon which like voting
    rights have been conferred and are exercisable). So long as a
    preferred dividend default shall continue, any vacancy in the
    office of a preferred director may be filled by written consent
    of the preferred director remaining in office, or if none
    remains in office, by a vote of the holders of record of a
    majority of the outstanding Existing preferred stock when they
    have the voting rights described above (voting separately as a
    class with all other series of parity preferred, if any, upon
    which like voting rights have been conferred and are
    exercisable). The preferred directors will each be entitled to
    one vote per director on any matter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as any shares of Existing preferred stock remain
    outstanding, we will not, without the affirmative vote or
    consent of the holders of at least two-thirds of each class of
    the Existing preferred stock outstanding at the time, given in
    person or by proxy, either in writing or at a meeting (voting
    separately as a class):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of capital stock ranking senior to such
    class of Existing preferred stock with respect to payment of
    dividends or the distribution of assets upon liquidation,
    dissolution or winding up or reclassify any authorized shares of
    our capital stock into such shares, or create, authorize or
    issue any obligation or security convertible into or evidencing
    the right to purchase any such shares;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our Articles of
    Incorporation, by merger, consolidation or otherwise (an
    &#147;event&#148;), so as to materially and adversely affect any
    right, preference, privilege or voting power of such class of
    Existing preferred stock or the holders thereof,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided, however, with respect to the occurrence of any event
    set forth in the second bullet point above, so long as any
    shares of such class of Existing preferred stock remain
    outstanding with the terms thereof materially unchanged, taking
    into account that upon the occurrence of an event we may not be
    the surviving entity, the occurrence of any such event will not
    be deemed to materially and adversely affect any right,
    preference, privilege or voting power of such class of Existing
    preferred stock or the holders thereof, and provided further
    that (1)&#160;any increase in the amount of the authorized
    common stock or preferred stock or the creation or issuance of
    any other series of common stock or preferred stock, ranking on
    a parity with or junior to the Existing preferred stock with
    respect to payment of dividends or the distribution of assets
    upon liquidation, dissolution or winding up, or (2)&#160;any
    change to the number or classification of our directors, will
    not be deemed to materially and adversely affect such rights,
    preferences, privileges or voting powers, and provided further
    that any amendment to Article&#160;11 of our Articles of
    Incorporation relating to &#147;Excess Shares,&#148; the
    ownership limit set forth therein or any other matter described
    therein of any type or nature will not be deemed to materially
    and adversely affect such rights, preferences, privileges or
    voting powers so long as after
</DIV>
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    26
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    such amendment, any single &#147;Person&#148; may
    &#147;Own&#148; (each as defined in Article&#160;11 of the
    Articles of Incorporation prior to or after such amendment) 3.9%
    of the value of the outstanding shares of our capital stock
    without violating the ownership limit set forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing voting provisions will not apply, and each class
    of Existing preferred stock will not be entitled to vote, after
    any notice of redemption is mailed to the holders and a sum
    sufficient to redeem the shares of such class has been deposited
    with a bank, trust company, or other financial institution under
    an irrevocable obligation to pay the redemption price to the
    holders upon surrender of the shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Conversion</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Existing preferred stock is not convertible into or
    exchangeable for any of our other property or securities.
    However, to preserve our status as a REIT for federal income tax
    purposes, shares of Existing preferred stock may become
    &#147;Excess Shares&#148; under Article&#160;11 of our Articles
    of Incorporation. See &#147;Existing Preferred Stock&#160;&#151;
    Restrictions on Ownership.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Restrictions on Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For us to qualify as a REIT under the Code, not more than 50% in
    value of our outstanding stock may be owned, directly or
    indirectly, by five or fewer individuals (as defined in the Code
    to include certain entities) during the last half of a taxable
    year. To assist us in complying with this requirement, subject
    to certain exceptions, the Articles of Incorporation limit
    &#147;Ownership&#148; (as defined in the Articles of
    Incorporation) by a single &#147;Person&#148; (as defined in the
    Articles of Incorporation) to 3.9% of the aggregate value of all
    outstanding shares of all classes of stock (including the
    Existing preferred stock). For a more complete description of
    the transfer restrictions contained in our Articles of
    Incorporation, please see the discussion above under the heading
    &#147;Description of Common Stock&#160;&#151; Restrictions on
    Transfer.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Existing
    Preferred Stock&#160;&#151; Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent, registrar and dividend disbursing agent for
    the Existing preferred stock is American Stock
    Transfer&#160;&#038; Trust&#160;Company.
</DIV>

<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEPOSITARY SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section describes the general terms and provisions of the
    depositary shares. The prospectus supplement will describe the
    specific terms of the depositary shares offered through that
    prospectus supplement and any general terms outlined in this
    section that will not apply to those depositary shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue fractional interests in shares of preferred stock
    in the form of depositary shares. Each depositary share will
    represent a fractional ownership interest in one share of
    preferred stock, and will be evidenced by a depositary receipt.
    The shares of preferred stock represented by depositary shares
    will be deposited under a deposit agreement among us, a
    depositary, which will be a bank or trust company having its
    principal office in the United States and having a combined
    capital and surplus of at least $50&#160;million, and the
    holders from time to time of the depositary receipts evidencing
    the depositary shares. We will name the depositary in the
    applicable prospectus supplement. Subject to the terms of the
    deposit agreement, each holder of a depositary share will be
    entitled, through the depositary, in proportion to the
    applicable fraction of a share of preferred stock represented by
    that depositary share, to all the rights and preferences of the
    shares of preferred stock represented thereby (including
    dividend, voting, redemption and liquidation rights).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Immediately following the issuance of the shares of preferred
    stock, we will deposit the shares of preferred stock with the
    depositary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have summarized selected terms and provisions of the deposit
    agreement, the depositary shares and the depositary receipts in
    this section. The summary is not complete. We will file the form
    of deposit
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    agreement, including the form of depositary receipt, as an
    exhibit to a Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    before we issue the depositary shares. You should read the forms
    of deposit agreement and depositary receipt relating to a series
    of preferred stock for additional information before you buy any
    depositary shares that represent preferred stock of such series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends
    and Other Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The depositary will distribute any cash dividends or other cash
    distributions received in respect of the deposited shares of
    preferred stock to the record holders of depositary shares
    relating to the underlying shares of preferred stock in
    proportion to the number of depositary shares held by the
    holders. The depositary will distribute any property received by
    it other than cash to the record holders of depositary shares
    entitled to those distributions, unless it determines that the
    distribution cannot be made proportionally among those holders
    or that it is not feasible to make a distribution. In that
    event, the depositary may, with our approval, sell the property
    and distribute the net proceeds from the sale to the holders of
    the depositary shares in proportion to the number of depositary
    shares they hold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Record dates for the payment of dividends and other matters
    relating to the depositary shares will be the same as the
    corresponding record dates for the shares of preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amounts distributed to holders of depositary shares will be
    reduced by any amounts required to be withheld by the depositary
    or by us on account of taxes or other governmental charges.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    of Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the series of preferred stock underlying the depositary
    shares is subject to redemption, the depositary shares will be
    redeemed from the proceeds received by the depositary resulting
    from the redemption of the shares of preferred stock held by the
    depositary. The redemption price per depositary share will be
    equal to the applicable fraction of the redemption price per
    share payable with respect to the shares of preferred stock.
    Whenever we redeem shares of preferred stock held by the
    depositary, the depositary will redeem, as of the same
    redemption date, the number of depositary shares representing
    the shares of preferred stock so redeemed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In case of any redemption of less than all of the outstanding
    depositary shares, the depositary shares to be redeemed may be
    selected by the depositary pro rata or in any other manner
    determined by the depositary to be equitable and that preserves
    our REIT status. In any such case, we may redeem depositary
    shares only in certain increments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After the date fixed for redemption, the depositary shares
    called for redemption will no longer be deemed to be
    outstanding, and all rights of the holders of those shares will
    cease, except the right to receive the amount payable and any
    other property to which the holders were entitled upon the
    redemption. To receive this amount or other property, the
    holders must surrender the depositary receipts evidencing their
    depositary shares to the depositary. Any funds that we deposit
    with the depositary for any depositary shares that the holders
    fail to redeem will be returned to us after a period of two
    years from the date we deposit the funds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any series of preferred stock underlying the depositary
    shares is subject to conversion, the applicable prospectus
    supplement will describe the rights or obligations of each
    record holder of depositary receipts to convert the depositary
    shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless the related depositary shares have previously been called
    for redemption, any holder of depositary shares may receive the
    number of whole shares of preferred stock and any money or other
    property represented by those depositary receipts after
    surrendering the depositary receipts at the corporate trust
    office of the depositary, paying any taxes, charges and fees
    provided for in the deposit agreement and complying with any
    other requirement of the deposit agreement. Holders of
    depositary shares making these withdrawals will be entitled to
    receive whole shares of preferred stock, but holders of whole
    shares of preferred stock will
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    not be entitled to deposit those shares of preferred stock under
    the deposit agreement or to receive depositary receipts for
    those shares of preferred stock after withdrawal. If the
    depositary shares surrendered by the holder in connection with
    withdrawal exceed the number of depositary shares that represent
    the number of whole shares of preferred stock to be withdrawn,
    the depositary will deliver to that holder at the same time a
    new depositary receipt evidencing the excess number of
    depositary shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    the Shares of Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the depositary receives notice of any meeting at which the
    holders of the shares of preferred stock are entitled to vote,
    the depositary will mail the information contained in the notice
    to the record holders of the depositary shares relating to the
    shares of preferred stock. Each record holder of the depositary
    shares on the record date, which will be the same date as the
    record date for the shares of preferred stock, may instruct the
    depositary to vote the amount of the shares of preferred stock
    represented by the holder&#146;s depositary shares. To the
    extent possible, the depositary will vote the amount of the
    shares of preferred stock represented by depositary shares in
    accordance with the instructions it receives. We will agree to
    take all reasonable actions that the depositary determines are
    necessary to enable the depositary to vote as instructed. If the
    depositary does not receive specific instructions from the
    holders of any depositary shares representing the shares of
    preferred stock, it will vote all depositary shares of that
    series held by it proportionately with instructions received.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of the liquidation, dissolution or winding up of
    us, whether voluntary or involuntary, the applicable prospectus
    supplement will set forth the fraction of the liquidation
    preference accorded each share of preferred stock represented by
    the depositary share evidenced by a depositary receipt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    and Termination of the Deposit Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may amend the form of depositary receipt evidencing the
    depositary shares and any provision of the deposit agreement at
    any time and from time to time by agreement with the depositary.
    However, any amendment that imposes additional charges or
    materially and adversely alters any substantial existing right
    of the holders of depositary shares will not be effective unless
    the holders of at least a majority of the affected depositary
    shares then outstanding approve the amendment. We will make no
    amendment that impairs the right of any holder of depositary
    shares, as described above under &#147;&#151; Withdrawal of
    Preferred Stock&#148;, to receive shares of preferred stock and
    any money or other property represented by those depositary
    shares, except in order to comply with mandatory provisions of
    applicable law. Holders who retain or acquire their depositary
    receipts after an amendment becomes effective will be deemed to
    have agreed to the amendment and will be bound by the amended
    deposit agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The deposit agreement will automatically terminate if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all outstanding depositary shares have been redeemed;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a final distribution in respect of the shares of preferred stock
    has been made to the holders of depositary shares in connection
    with any liquidation, dissolution or winding up of us.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may terminate the deposit agreement at any time, and the
    depositary will give notice of that termination to the record
    holders of all outstanding depositary receipts not less than
    30&#160;days before the termination date. In that event, the
    depositary will deliver or make available for delivery to
    holders of depositary shares, upon surrender of the depositary
    receipts evidencing the depositary shares, the number of whole
    or fractional shares of preferred stock as are represented by
    those depositary shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Charges
    of Depositary; Taxes and Other Governmental Charges</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the fees, charges and expenses of the depositary
    provided in the deposit agreement to be payable by us. Holders
    of depositary receipts will pay any taxes and governmental
    charges and any charges provided in the deposit agreement to be
    payable by them, including a fee for the withdrawal of shares of
</DIV>
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    preferred stock upon surrender of depositary receipts. If the
    depositary incurs fees, charges or expenses for which it is not
    otherwise liable at the election of a holder of a depositary
    receipt or other person, that holder or other person will be
    liable for those fees, charges and expenses.
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    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    and Removal of Depositary</FONT></B>
</DIV>

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    The depositary may resign at any time by giving us notice, and
    we may remove or replace the depositary at any time.
    Resignations or removals will take effect upon the appointment
    of a successor depositary and its acceptance of the appointment.
    The successor depositary must be appointed within 60&#160;days
    after delivery of the notice of resignation or removal and must
    be a bank or trust company having its principal office in the
    United States and having a combined capital and surplus of at
    least $50&#160;million.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Reports
    to Holders</FONT></B>
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    We will deliver all required reports and communications to
    holders of the shares of preferred stock to the depositary. It
    will forward those reports and communications to the holders of
    depositary shares.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Liability of the Depositary</FONT></B>
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The depositary will not be liable if it is prevented or delayed
    by law or any circumstances beyond its control in performing its
    obligations under the deposit agreement. The obligations of the
    depositary under the deposit agreement will be limited to
    performance in good faith of its duties under the agreement, and
    it will not be obligated to prosecute or defend any legal
    proceeding in respect of any depositary shares, depositary
    receipts or shares of preferred stock unless satisfactory and
    reasonable protection from expenses and liability is furnished.
    This is called an indemnity. The depositary may rely upon
    written advice of counsel or accountants, upon information
    provided by holders of depositary receipts or other persons
    believed to be competent and upon documents believed to be
    genuine.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Ownership</FONT></B>
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As discussed above under &#147;Description of Common
    Stock&#160;&#151; Restrictions on Transfer,&#148; for us to
    qualify as a REIT under the Code, not more than 50% in value of
    our outstanding capital stock may be owned, directly or
    constructively, by five or fewer individuals, including certain
    entities that are treated as individuals for this purpose,
    during the last half of a taxable year. To assist us in meeting
    this requirement, we may take certain actions to limit the
    beneficial ownership, directly or indirectly, by a single person
    of our outstanding equity securities, including any of our
    preferred stock. Therefore, the Certificate of Designations for
    each series of preferred stock underlying the depositary shares
    may contain provisions restricting the ownership and transfer of
    the preferred stock. The deposit agreement may contain similar
    provisions. The applicable prospectus supplement will specify
    any additional ownership limitation relating to a series of
    preferred stock and any depositary shares.
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    <B><FONT style="font-family: 'Times New Roman', Times">BOOK
    ENTRY PROCEDURES AND SETTLEMENT</FONT></B>
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    We can issue the securities covered by this prospectus in
    definitive form or in the form of one or more global securities.
    The applicable prospectus supplement will describe the manner in
    which the securities offered thereby will be issued.
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    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
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    The following discussion summarizes the material federal income
    tax considerations relating to our taxation as a REIT under the
    Code. As used in this section, the terms &#147;we&#148; and
    &#147;our&#148; refer solely to Cousins Properties Incorporated
    and not to our subsidiaries and affiliates which have not
    elected to be taxed as REITs under the Code.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This section also summarizes material federal income tax
    considerations relating to the ownership and disposition of our
    common stock. A prospectus supplement will contain information
    about additional federal income tax considerations, if any,
    relating to a particular offering of warrants, debt securities,
    preferred stock or depositary shares.
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    King&#160;&#038; Spalding LLP has reviewed this summary and is
    of the opinion that the discussion contained herein fairly
    summarizes the federal income tax consequences that are material
    to a holder of our common stock. This discussion is not
    exhaustive of all possible tax considerations and does not
    provide a detailed discussion of any state, local or foreign tax
    considerations, nor does it discuss all of the aspects of
    federal income taxation that may be relevant to a prospective
    shareholder in light of his or her particular circumstances or
    to shareholders (including insurance companies, tax-exempt
    entities, financial institutions or broker-dealers, foreign
    corporations and persons who are not citizens or residents of
    the United States) who are subject to special treatment under
    the federal income tax laws.
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information in this section is based on the current
    provisions of the Code, current final, temporary and proposed
    regulations, the legislative history of the Code, current
    administrative interpretations and practices of the Internal
    Revenue Service, and court decisions. The reference to Internal
    Revenue Service interpretations and practices includes Internal
    Revenue Service practices and policies reflected in private
    letter rulings issued to other taxpayers, which would not be
    binding on the Internal Revenue Service in any of its dealings
    with us. These sources are being relied upon as of the date of
    this prospectus. No assurance can be given that future
    legislation, regulations, administrative interpretations and
    court decisions will not significantly change current law, or
    adversely affect existing interpretations of law, on which the
    information in this section is based. Any change of this kind
    could apply retroactively to transactions preceding the date of
    the change in law. Even if there is no change in applicable law,
    no assurance can be provided that the statements made in the
    following discussion will not be challenged by the Internal
    Revenue Service or will be sustained by a court if so challenged.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each prospective shareholder is advised to consult with his or
    her own tax advisor to determine the impact of his or her
    personal tax situation on the anticipated tax consequences of
    our status as a REIT and the ownership and sale of our stock.
    This includes the federal, state, local, and foreign income and
    other tax consequences of the ownership and sale of our stock,
    and the potential impact of changes in applicable tax laws.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Cousins Properties Incorporated</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;We have elected to be taxed as a REIT
    under Sections&#160;856 through 860 of the Code, and we believe
    that we have met the requirements for qualification and taxation
    as a REIT since our initial REIT election in 1987. We intend to
    continue to operate in such a manner as to continue to so
    qualify, but no assurance can be given that we have qualified or
    will remain qualified as a REIT. We have not requested and do
    not intend to request a ruling from the Internal Revenue Service
    as to our current status as a REIT. However, we have received an
    opinion from Deloitte Tax LLP stating that, since the
    commencement of our taxable year which began January&#160;1,
    2004 through the tax year ending December&#160;31, 2009, we have
    been organized and have operated in conformity with the
    requirements for qualification and taxation as a REIT under the
    Code, and our actual method of operation has enabled, and our
    proposed method of organization and operation will enable, us to
    continue to meet the requirements for qualification and taxation
    as a REIT, provided that we have been organized and have
    operated and continue to be organized and to operate in
    accordance with certain assumptions and representations made by
    us. It must be emphasized that this opinion is based on various
    assumptions and on our representations concerning our
    organization and operations, including an assumption that we
    qualified as a REIT at all times from January&#160;1, 1987
    through December&#160;31, 2003, and including representations
    regarding the nature of our assets and the conduct and method of
    operation of our business. The opinion cannot be relied upon if
    any of those assumptions and representations later prove
    incorrect. Moreover, continued qualification and taxation as a
    REIT depend upon our ability to meet, through actual annual
    operating results, distribution levels and diversity of stock
    ownership, the various REIT qualification tests imposed under
    the Code, the results of which will not be reviewed by Deloitte
    Tax LLP. Accordingly, no assurance can be given that the actual
    results of our operations will satisfy such requirements.
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    Additional information regarding the risks associated with our
    failure to qualify as a REIT is set forth under the caption
    &#147;Risk Factors.&#148;
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The opinion of Deloitte Tax LLP is based upon current law, which
    is subject to change either prospectively or retroactively.
    Changes in applicable law could modify the conclusions expressed
    in the opinion. Moreover, unlike a tax ruling (which we will not
    seek), this opinion is not binding on the Internal Revenue
    Service, and no assurance can be given that the Internal Revenue
    Service could not successfully challenge our status as a REIT.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we have qualified and continue to qualify for taxation as a
    REIT, we generally will not be subject to federal corporate
    income taxes on that portion of our ordinary income and capital
    gain that we distribute (or are deemed to distribute) currently
    to our shareholders. Even if we qualify as a REIT, however, we
    will be subject to federal income taxes under the following
    circumstances. First, we will be taxed at regular corporate
    rates on any undistributed taxable income, including
    undistributed net capital gains. Second, under certain
    circumstances, we may be subject to the &#147;alternative
    minimum tax&#148; on certain items of tax preference. Third, if
    we have (i)&#160;net income from the sale or other disposition
    of &#147;foreclosure property&#148; (which is, in general,
    property acquired by foreclosure or otherwise on default of a
    loan secured by the property) which is held primarily for sale
    to customers in the ordinary course of business or
    (ii)&#160;other non-qualifying income from foreclosure property,
    we will be subject to tax at the highest corporate rate on such
    income. Fourth, if we have net income from prohibited
    transactions (which are, in general, certain sales or other
    dispositions of property (other than foreclosure property) held
    primarily for sale to customers in the ordinary course of
    business), such income will be subject to a 100% tax. This 100%
    tax on income from prohibited transactions is discussed in more
    detail below. Fifth, if we should fail to satisfy the 75% gross
    income test or the 95% gross income test (as discussed below),
    and nonetheless have maintained our qualification as a REIT
    because certain other requirements have been met, we will be
    subject to a 100% tax on the income attributable to the greater
    of the amount by which we failed the 75% or 95% test, multiplied
    by a fraction intended to reflect our profitability. Sixth, if
    we were to violate one or more of the REIT asset tests (as
    discussed below) under certain circumstances, but the violation
    was due to reasonable cause and not willful neglect and we were
    to take certain remedial actions, we may avoid a loss of our
    REIT status by, among other things, paying a tax equal to the
    greater of $50,000 or the highest corporate tax rate multiplied
    by the net income generated by the non-qualifying asset during a
    specified period. Seventh, if we should fail to distribute
    during each calendar year at least the sum of (i)&#160;85% of
    our REIT ordinary income for such year, (ii)&#160;95% of our
    REIT capital gain net income for such year, and (iii)&#160;any
    undistributed taxable income (including net capital gain) from
    prior years, subject to certain adjustments, we would be subject
    to a 4% excise tax on the excess of such required distribution
    over the amounts actually distributed. Eighth, if we were to
    acquire any asset, directly or indirectly, from a C corporation
    (i.e., a corporation generally subject to full corporate level
    tax) in a transaction in which our basis in the asset is
    determined by reference to the basis of the asset (or any other
    property) in the hands of the C corporation, and we were to
    recognize gain on the disposition of such asset during the
    <FONT style="white-space: nowrap">10-year</FONT>
    period beginning on the date on which we acquired such asset,
    then, to the extent of such property&#146;s &#147;built-in&#148;
    gain (the excess of the fair market value of such property at
    the time we acquired it over the adjusted basis of such property
    at such time), such gain will be subject to tax at the highest
    regular corporate rate applicable. We refer to this tax as the
    &#147;Built-in Gains Tax.&#148; Ninth, if we fail to satisfy
    certain of the REIT qualification requirements under the Code
    (other than the gross income and asset tests), and the failure
    is due to reasonable cause and not willful neglect, we may be
    required to pay a penalty of $50,000 for each such failure to
    maintain our REIT status. Finally, if we fail to comply with the
    requirements to send annual letters to certain shareholders
    requesting information regarding the actual ownership of our
    outstanding stock and the failure was not due to reasonable
    cause or was due to willful neglect, we will be subject to a
    $25,000 penalty or, if the failure is intentional, a $50,000
    penalty.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Activities conducted by our taxable REIT subsidiaries, including
    Cousins Real Estate Corporation (&#147;CREC&#148;) and its
    subsidiaries, are subject to federal income tax at regular
    corporate rates. In general, a taxable REIT subsidiary may
    engage in activities that, if engaged in directly by a REIT,
    would produce income that does not satisfy the REIT gross income
    tests, described below, or income that, if earned by the REIT,
    would be subject to the 100% tax on prohibited transactions,
    also described below. A number of
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    constraints, however, are imposed on REITs and their taxable
    REIT subsidiaries to ensure that taxable REIT subsidiaries pay
    an appropriate corporate-level tax on their income. For example,
    a taxable REIT subsidiary is subject to the &#147;earnings
    stripping&#148; rules of the Code with respect to interest paid
    to the REIT, which could defer or disallow a portion of our
    taxable REIT subsidiaries&#146; deductions for interest paid to
    us under certain circumstances. In addition, if our taxable REIT
    subsidiaries make deductible payments to us (such as interest or
    rent), and the amount of those deductible payments is determined
    by the Internal Revenue Service to exceed the amount that
    unrelated parties would charge to each other, we would be
    subject to a 100% penalty tax on the excess payments. We would
    incur a similar 100% penalty tax on a portion of the rent we
    receive from our tenants, to the extent the Internal Revenue
    Service determines that the rent payments are attributable to
    certain services provided to our tenants by our taxable REIT
    subsidiaries without receiving adequate compensation either from
    us or from our tenants.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Requirements for Qualification.</I>&#160;&#160;The Code
    defines a REIT as a corporation, trust or association:
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;which is managed by one or more trustees or directors;
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;the beneficial ownership of which is evidenced by
    transferable shares or by transferable certificates of
    beneficial interest;
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;which would be taxable as a domestic corporation but
    for Sections&#160;856 through 859 of the Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;which is neither a financial institution nor an
    insurance company subject to certain provisions of the Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;the beneficial ownership of which is held by 100 or
    more persons;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;not more than 50% in value of the outstanding stock of
    which is owned, directly or indirectly, by or for five or fewer
    individuals (as defined in the Code to include certain entities);
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;which makes an election to be a REIT (or has made such
    an election for a previous taxable year, which election has not
    been revoked or terminated) and satisfies all relevant filing
    and other administrative requirements that must be met to elect
    and maintain REIT status;
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (8)&#160;which uses the calendar year as its taxable
    year;&#160;and
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (9)&#160;which meets certain other tests, described below,
    regarding the nature of its income and assets and regarding
    distributions to its shareholders.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code provides that conditions (1)&#160;through (4),
    inclusive, must be met during the entire taxable year, that
    condition (5)&#160;must be met during at least 335&#160;days of
    a taxable year of 12&#160;months, or during a proportionate part
    of a taxable year of less than 12&#160;months, and that
    condition (6)&#160;must be met during the last half of each
    taxable year. We have issued sufficient shares of our common
    stock with sufficient diversity of ownership to allow us to
    satisfy requirements (5)&#160;and (6). We will be treated as
    having met condition (6)&#160;above if we complied with certain
    Treasury Regulations for ascertaining the ownership of our stock
    and if we did not know (or after the exercise of reasonable
    diligence would not have known) that our stock was sufficiently
    closely held to cause us to fail condition (6). In addition,
    Article&#160;11 of our Articles of Incorporation contains
    restrictions regarding the transfer and ownership of our shares
    that are intended to assist us in continuing to satisfy the
    share ownership requirements described in clauses&#160;(5) and
    (6)&#160;above but without causing us to violate the freely
    transferable shares requirement described in clause&#160;(2)
    above. See &#147;Description of Common Stock&#160;&#151;
    Restrictions on Transfer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of a REIT owning an interest in a partnership, joint
    venture, limited liability company, or other legal entity that
    is classified as a partnership for federal income tax purposes
    (which we refer to collectively as partnerships), the REIT is
    deemed to own its proportionate share of the assets of the
    partnership and is deemed to be entitled to the income of the
    partnership attributable to such share (based on the REIT&#146;s
    capital interest in the partnership). In addition, the assets
    and gross income of the partnership will retain the same
    character in the hands of the REIT for purposes of
    Section&#160;856 of the Code, including satisfying the gross
    income tests and asset tests that are discussed below. We own
    interests in a number of partnerships (the &#147;Subsidiary
    Partnerships&#148;), and thus, our proportionate share of the
    assets, liabilities and items of income from
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Subsidiary Partnerships are treated as our assets,
    liabilities and items of income for purposes of applying the
    requirements described herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Income Tests.</I>&#160;&#160;To maintain our qualification as
    a REIT, we must satisfy two gross income requirements annually.
    First, at least 75% of our gross income (excluding gross income
    from prohibited transactions) for each taxable year must be
    derived directly or indirectly from investments relating to real
    property or mortgages on real property (including &#147;rents
    from real property&#148; and, in certain circumstances, mortgage
    interest) or from certain types of temporary investments.
    Second, at least 95% of our gross income (excluding gross income
    from prohibited transactions) for each taxable year must be
    derived from such real property investments described above, and
    from dividends, interest and gain from the sale or disposition
    of stock or securities, or from any combination of the
    foregoing. In our taxable years from 1998 through 2004, any
    payment that we received under certain kinds of financial
    instruments that we entered into to reduce the interest rate
    risks with respect to any indebtedness incurred or to be
    incurred to acquire or carry real estate assets, as well as any
    gain derived from the sale or other disposition of any such
    investment, constituted qualifying income for purposes of the
    95% gross income test (but not the 75% gross income test). In
    our taxable years beginning on or after January&#160;1, 2005,
    any transaction that we enter into to hedge indebtedness
    incurred or to be incurred to acquire or carry real estate
    assets must constitute a properly identified &#147;hedging
    transaction&#148; (in accordance with Section&#160;1221 of the
    Code and the Treasury Regulations thereunder) to avoid giving
    rise to non-qualifying gross income, and any income or gain that
    we derive from such a properly-identified hedging transaction
    will be excluded from our gross income for purposes of the 95%
    gross income test (but not the 75% gross income test). For
    hedging transactions entered into after July&#160;30, 2008, such
    income is also excluded for purposes of the 75% gross income
    test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rents that we receive will qualify as &#147;rents from real
    property&#148; in satisfying the above gross income tests only
    if several conditions are met. First, the amount of rent must
    not be based in whole or in part on the income or profits of any
    person. However, an amount received or accrued generally will
    not be excluded from &#147;rents from real property&#148; solely
    by reason of being based on a fixed percentage or percentages of
    receipts or sales. Second, rents received from a tenant will not
    qualify as &#147;rents from real property&#148; if we directly
    or constructively were deemed to own 10% or more of the
    ownership interests in such tenant (a &#147;Related Party
    Tenant&#148;), unless such tenant is our taxable REIT subsidiary
    and certain other conditions are satisfied. Third, if rent
    attributable to personal property that is leased in connection
    with a lease of real property is greater than 15% of the total
    rent received under the lease, then the portion of rent
    attributable to such personal property will not qualify as
    &#147;rents from real property.&#148; Finally, for rent to
    qualify as &#147;rents from real property,&#148; we generally
    must not operate or manage the property or furnish or render
    services to our tenants, other than through an &#147;independent
    contractor&#148; from whom we derive no revenue. The
    &#147;independent contractor&#148; requirement, however, does
    not apply to the extent the services we provide are
    &#147;usually or customarily rendered&#148; in connection with
    the rental of space for occupancy only and are not otherwise
    considered &#147;rendered to the occupant.&#148; In addition,
    the &#147;independent contractor&#148; requirement will not
    apply to noncustomary services we provide, if the annual value
    of such noncustomary services does not exceed 1% of the gross
    income derived from the property with respect to which the
    noncustomary services are provided (the &#147;1% de minimis
    exception&#148;). For this purpose, such services may not be
    valued at less than 150% of our direct cost of providing the
    services, and any gross income deemed to have been derived by us
    from the performance of noncustomary services pursuant to the 1%
    de minimis exception will constitute nonqualifying gross income
    under the 75% and 95% gross income tests. In addition, our
    taxable REIT subsidiaries are permitted to provide noncustomary
    services to our tenants without causing the rents we receive
    from such tenants to be disqualified as &#147;rents from real
    property.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From time to time, we may derive rent from certain tenants
    based, in whole or in part, on the net profits of the tenant,
    rent from Related Party Tenants, or rent that is more than 15%
    attributable to personal property. However, the amount of such
    nonqualifying rent income, if any, is not expected to be
    material, and we have complied and believe we will continue to
    comply with the 95% and 75% gross income tests. In addition,
    based on our knowledge of the real estate markets in the
    geographic regions in which we operate, we believe that all
    services that are provided to the tenants of the properties
    generally will be considered &#147;usually or customarily&#148;
    rendered in connection with the rental of comparable real
    estate. Further, we intend to provide any
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    noncustomary services only through qualifying independent
    contractors, through our taxable REIT subsidiaries or in
    compliance with the 1% de minimis exception.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We manage certain properties held by the Subsidiary
    Partnerships, and in return for such services, we receive
    certain management and accounting fees. We obtained a ruling
    from the Internal Revenue Service that the portion of such fees
    that is apportioned to the capital interests of the other
    partners constitutes non-qualifying gross income for purposes of
    Section&#160;856 of the Code, and the portion of each fee that
    is apportioned our capital interest is disregarded for purposes
    of Section&#160;856 of the Code. We also expect to receive
    certain other types of non-qualifying income, such as dividends
    and interest paid by CREC to us (which will qualify under the
    95% gross income test but not under the 75% gross income test).
    We believe, however, that the aggregate amount of such
    non-qualifying income in any taxable year will not cause us to
    exceed the limits on non-qualifying income under the 75% and 95%
    gross income tests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were to fail to satisfy one or both of the 75% or 95%
    gross income tests for any taxable year, we may nevertheless
    qualify as a REIT for such year if we are entitled to relief
    under certain provisions of the Code. These relief provisions
    generally will be available if our failure to meet such tests
    was due to reasonable cause and not due to willful neglect and
    we attach a schedule to our federal income tax return containing
    certain information concerning our gross income. It is not
    possible, however, to state whether in all circumstances we
    would be entitled to the benefit of these relief provisions. As
    discussed above in &#147;General,&#148; even if these relief
    provisions were to apply, a tax would be imposed with respect to
    the excess income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Asset Tests.</I>&#160;&#160;At the close of each quarter of
    our taxable year, we must satisfy several tests relating to the
    nature of our assets. First, at least 75% of the value of our
    total assets must be represented by real estate assets
    (including our allocable share of real estate assets held by the
    Subsidiary Partnerships), certain temporary investments in stock
    or debt instruments purchased with the proceeds of a stock
    offering or a public offering of long-term debt (but only for
    the one-year period beginning on the date we receive the
    applicable offering proceeds), cash, certain cash items and
    government securities. Second, not more than 25% of our total
    assets may be represented by securities other than those in the
    75% asset class. Third, of the investments included in the 25%
    asset class, the value of any one issuer&#146;s debt and equity
    securities that we own may not exceed 5% of the value of our
    total assets (the &#147;5% asset test&#148;). Fourth, we may not
    own more than 10% of the total voting power of any one
    issuer&#146;s outstanding securities (the &#147;10% voting
    securities test&#148;). Fifth, with respect to taxable years
    beginning after December&#160;31, 2000, we may not own more than
    10% of the total value of any one issuer&#146;s outstanding debt
    and equity securities (the &#147;10% value test&#148;), subject
    to certain exceptions. Mortgage debt secured by real estate
    assets constitutes a &#147;real estate asset&#148; and does not
    constitute a &#147;security&#148; for purposes of the foregoing
    tests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following assets are not treated as &#147;securities&#148;
    held by us for purposes of the 10% value test:
    (i)&#160;&#147;straight debt&#148; meeting certain requirements,
    unless we hold (either directly or through our
    &#147;controlled&#148; taxable REIT subsidiaries) certain other
    securities of the same corporate or partnership issuer that have
    an aggregate value greater than 1% of such issuer&#146;s
    outstanding securities; (ii)&#160;loans to individuals or
    estates; (iii)&#160;certain rental agreements calling for
    deferred rents or increasing rents that are subject to
    Section&#160;467 of the Code, other than with certain related
    persons; (iv)&#160;obligations to pay us amounts qualifying as
    &#147;rents from real property&#148; under the 75% and 95% gross
    income tests; (v)&#160;securities issued by a state or any
    political subdivision of a state, the District of Columbia, a
    foreign government, any political subdivision of a foreign
    government, or the Commonwealth of Puerto Rico, but only if the
    determination of any payment received or accrued under the
    security does not depend in whole or in part on the profits of
    any person not described in this category, or payments on any
    obligation issued by such an entity; (vi)&#160;securities issued
    by another qualifying REIT; and (vii)&#160;other arrangements
    identified in Treasury regulations (which have not yet been
    issued or proposed). In addition, any debt instrument issued by
    a partnership will not be treated as a &#147;security&#148;
    under the 10% value test if at least 75% of the
    partnership&#146;s gross income (excluding gross income from
    prohibited transactions) is derived from sources meeting the
    requirements of the 75% gross income test. If the partnership
    fails to meet the 75% gross income test, then the debt
    instrument issued by the partnership nevertheless will not be
    treated as a &#147;security&#148; to the extent of our interest
    as a partner in the partnership. Also, in looking through any
    partnership to determine our allocable share of any securities
    owned by the partnership, our share of the assets of the
    partnership, solely for purposes of applying the 10% value test
    in
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    taxable years beginning on or after January&#160;1, 2005, will
    correspond not only to our interest as a partner in the
    partnership but also to our proportionate interest in certain
    debt securities issued by the partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For taxable years beginning after December&#160;31, 2000, the 5%
    asset test, the 10% voting securities test, and the 10% value
    test do not apply to the securities of a taxable REIT
    subsidiary. However, the value of the debt and equity securities
    of all taxable REIT subsidiaries we own cannot represent more
    than 20% of the value of our total assets (with a 25% limit
    applying to our taxable years beginning on or after
    January&#160;1, 2009). Any corporation in which a REIT directly
    or indirectly owns stock (other than another REIT, a corporation
    which directly or indirectly operates or manages a lodging
    facility or a health care facility, and, with certain
    exceptions, a corporation which directly or indirectly provides
    to any person (under a franchise, license, or otherwise) rights
    to any brand name under which any lodging facility or health
    care facility is operated) may be treated as a taxable REIT
    subsidiary if the REIT and the corporation file a joint election
    with the Internal Revenue Service for the corporation to be
    treated as a taxable REIT subsidiary of the REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We own 100% of the stock of CREC, and we also have made loans to
    CREC. We have filed a joint election with CREC to have CREC, as
    well as its corporate subsidiaries, treated as our taxable REIT
    subsidiaries, effective as of January&#160;1, 2001. Accordingly,
    the debt and equity securities of CREC that we hold are not
    subject to the 5% asset test, the 10% voting securities test, or
    the 10% value test.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that our debt and equity securities of CREC, together
    with the debt and equity securities of our other taxable REIT
    subsidiaries, have represented, at all relevant times, less than
    20% of the value of our total assets. With respect to taxable
    years ending on or prior to December&#160;31, 2000, we believe
    that the securities of each such issuer also represented less
    than 5% of the value of our total assets. We also believe that
    the value of the securities, including unsecured debt, of each
    other issuer in which we have owned an interest, excluding
    equity interests in partnerships (which are looked through
    rather than treated as securities for purposes of the REIT asset
    tests), has never exceeded 5% of the total value of our assets
    and that we comply with the 10% voting securities test and the
    10% value test (taking into account the various exceptions
    referred to above). No independent appraisals have been
    obtained, however, to support these conclusions, and Deloitte
    Tax LLP, in rendering the tax opinion described above, is
    relying upon our representations regarding the value of our
    securities and our other assets. Although we plan to take steps
    to ensure that we continue to satisfy all of the applicable REIT
    asset tests, there can be no assurance that such steps will
    always be successful or will not require a reduction in our
    overall interest in the taxable REIT subsidiaries or changes in
    our other investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were to fail any of the asset tests discussed above at the
    end of any quarter without curing such failure within
    30&#160;days after the end of such quarter, we would fail to
    qualify as a REIT, unless we were to qualify under certain
    relief provisions. Under one of these relief provisions, if we
    were to fail the 5% asset test, the 10% voting securities test,
    or the 10% value test, we nevertheless would continue to qualify
    as a REIT if the failure was due to the ownership of assets
    having a total value not exceeding the lesser of 1% of our
    assets at the end of the relevant quarter or $10,000,000, and we
    were to dispose of such assets (or otherwise meet such asset
    tests) within six months after the end of the quarter in which
    the failure was identified. If we were to fail to meet any of
    the REIT asset tests for a particular quarter, but we did not
    qualify for the relief for <I>de minimis </I>failures that is
    described in the preceding sentence, then we would be deemed to
    have satisfied the relevant asset test if: (i)&#160;following
    our identification of the failure, we were to file a schedule
    with a description of each asset that caused the failure;
    (ii)&#160;the failure was due to reasonable cause and not due to
    willful neglect; (iii)&#160;we were to dispose of the
    non-qualifying asset (or otherwise meet the relevant asset test)
    within six months after the last day of the quarter in which the
    failure was identified, and (iv)&#160;we were to pay a penalty
    tax equal to the greater of $50,000, or the highest corporate
    tax rate multiplied by the net income generated by the
    non-qualifying asset during the period beginning on the first
    date of the failure and ending on the date we dispose of the
    asset (or otherwise cure the asset test failure). It is not
    possible to predict whether in all circumstances we would be
    entitled to the benefit of these relief provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Annual Distribution Requirements.</I>&#160;&#160;To qualify
    as a REIT, we are required to distribute dividends (other than
    capital gain dividends) to our shareholders in an amount at
    least equal to (A)&#160;the sum of (i)&#160;90% of our
    &#147;REIT taxable income&#148; (computed without regard to the
    dividends paid deduction and our net capital gain)
</DIV>
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    and (ii)&#160;90% of the net income (after tax), if any, from
    foreclosure property, minus (B)&#160;the sum of certain items of
    noncash income. Such distributions must be paid in the taxable
    year to which they relate, or in the following taxable year if
    declared before we timely file our tax return for such year and
    if paid on or before the first regular dividend payment after
    such declaration. To the extent that we do not distribute all of
    our net capital gain or distribute at least 90%, but less than
    100%, of our &#147;REIT taxable income,&#148; as adjusted, we
    will be subject to tax on the undistributed amount at regular
    corporate tax rates. Furthermore, if we should fail to
    distribute during each calendar year at least the sum of
    (i)&#160;85% of our REIT ordinary income for such year,
    (ii)&#160;95% of our REIT capital gain income for such year, and
    (iii)&#160;any undistributed taxable income (including any net
    capital gain) from prior periods, subject to certain
    adjustments, we will be subject to a 4% excise tax on the excess
    of such required distribution over the amounts actually
    distributed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have made and intend to continue to make timely distributions
    sufficient to satisfy the annual distribution requirements. It
    is possible, however, that we may not have sufficient cash or
    liquid assets, from time to time, to meet the distribution
    requirements due to timing differences between the receipt of
    income and actual payment of deductible expenses and the
    inclusion of such income and deduction of such expenses in
    arriving at our taxable income, or if the amount of
    nondeductible expenses (such as principal amortization or
    capital expenses) exceeds the amount of noncash deductions (such
    as depreciation). In the event that such timing differences
    occur, we may need to borrow money, sell assets, pay taxable
    stock dividends (for example, where shareholders may elect to
    receive a dividend paid in cash or with newly issued shares of
    our common stock), or take other measures to permit us to pay
    the required dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under certain circumstances, we may be able to rectify a failure
    to meet the distribution requirement for a year by paying
    &#147;deficiency dividends&#148; to our shareholders in a later
    year that may be included in our deduction for dividends paid
    for the earlier year. Thus, we may be able to avoid being taxed
    on amounts distributed as deficiency dividends; however, we will
    be required to pay interest and penalties, if any, to the
    Internal Revenue Service based upon the amount of any deduction
    taken for deficiency dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Failure to Qualify.</I>&#160;&#160;If we were to fail to
    satisfy one or more requirements for REIT qualification, other
    than an asset or income test violation of a type for which
    relief is otherwise available as described above, we would
    retain our REIT qualification if the failure was due to
    reasonable cause and not willful neglect, and if we were to pay
    a penalty of $50,000 for each such failure. It is not possible
    to predict whether in all circumstances we would be entitled to
    the benefit of this relief provision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were to fail to qualify for taxation as a REIT in any
    taxable year and no relief provisions were to apply, we would be
    subject to tax (including any applicable alternative minimum
    tax) on our taxable income at regular corporate rates.
    Distributions to shareholders in any year in which we fail to
    qualify will not be deductible from our taxable income, nor will
    they be required to be made. In such event, to the extent of
    current and accumulated earnings and profits, all distributions
    to our shareholders will be taxable as regular dividend income.
    Under these circumstances, subject to certain limitations in the
    Code, corporate shareholders may be eligible for the dividends
    received deduction and individual shareholders may be eligible
    for a reduced tax rate on &#147;qualified dividend income&#148;
    received from regular C corporations. Unless entitled to relief
    under specific statutory provisions, we also would be
    disqualified from taxation as a REIT for the four taxable years
    following the year during which qualification was lost. It is
    not possible to state whether in all circumstances we would be
    entitled to such statutory relief. In addition, to re-elect REIT
    status after being disqualified, we would have to distribute as
    dividends, no later than the end of our first taxable year as a
    re-electing REIT, all of the earnings and profits attributable
    to any taxable years for which we were a taxable C corporation.
    Thus, to re-elect REIT status after being disqualified, we could
    be required to incur substantial indebtedness or liquidate
    substantial investments in order to make such distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Prohibited Transactions Tax.</I>&#160;&#160;Any gain that a
    REIT recognizes from the sale of property held as inventory or
    otherwise held primarily for sale to customers in the ordinary
    course of business (excluding sales of foreclosure property and
    sales conducted by taxable REIT subsidiaries) will be treated as
    income from a prohibited transaction that is subject to a 100%
    penalty tax. Under existing law, whether property is held as
    inventory or primarily for sale to customers in the ordinary
    course of business is a question of fact that depends on all of
    the facts and circumstances of the particular transaction. Under
    a statutory safe harbor,
</DIV>
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    however, we will not be subject to the 100% tax with respect to
    a sale of property if (i)&#160;the property has been held for at
    least four years (shortened to two years for sales after
    July&#160;30, 2008)&#160;for the production of rental income
    prior to the sale, (ii)&#160;capitalized expenditures on the
    property in the four years preceding the sale (shortened to two
    years for sales after July&#160;30, 2008)&#160;are less than 30%
    of the net selling price of the property and (iii)&#160;we
    either (a)&#160;have seven or fewer sales of property (excluding
    certain property obtained through foreclosure and other than
    certain involuntary conversions) in the year of sale or (b)
    (x)&#160;the aggregate tax basis of property sold during the
    year of sale is 10% or less of the aggregate tax basis of all of
    our assets as of the beginning of the taxable year, or for sales
    after July&#160;30, 2008, the aggregate fair market value of
    property sold during the year of sale is 10% or less of the
    aggregate fair market value of all of our assets as of the
    beginning of the taxable year, in each case excluding sales of
    foreclosure property and involuntary conversions, and
    (y)&#160;substantially all of the marketing and development
    expenditures with respect to the property sold are made through
    an independent contractor from whom we derive no income. The
    sale of more than one property to a buyer as part of one
    transaction constitutes one sale for purposes of this safe
    harbor. Not all of our property sales will qualify for the safe
    harbor. Nevertheless, we intend to own our properties for
    investment with a view to long-term appreciation, to engage in
    the business of acquiring, developing and owning rental
    properties and making occasional sales of properties as are
    consistent with our investment objectives. However, the Internal
    Revenue Service may successfully contend that some of our sales
    are prohibited transactions, in which case we would be required
    to pay the 100% penalty tax on the gains resulting from any such
    sales. Because of this prohibited transactions tax, we intend
    that sales of property to customers in the ordinary course of
    business (such as condominiums or residential lots) will be made
    by a taxable REIT subsidiary, which will be subject to
    corporate-level tax on its profit but will not be subject to the
    100% penalty tax on prohibited transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other Tax
    Considerations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that each of the Subsidiary Partnerships qualifies as
    a partnership for federal income tax purposes and not as an
    association taxable as a corporation or as a publicly traded
    partnership (within the meaning of Section&#160;7704 of the
    Code).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a Subsidiary Partnership were treated as an association
    taxable as a corporation, the value of our interest in such
    partnership would no longer qualify as a real estate asset for
    purposes of the 75% asset test. Further, if a Subsidiary
    Partnership were treated as a taxable corporation, then we would
    cease to qualify as a REIT if our ownership interest in such
    partnership exceeded 10% of the partnership&#146;s voting
    interests, or the value of our debt and equity interest in such
    partnership exceeded 5% of the value of the our total assets or
    10% of the value of the partnership&#146;s outstanding debt and
    equity securities. Furthermore, in such a situation,
    distributions from the Subsidiary Partnership to us would be
    treated as dividends, which do not qualify in satisfying the 75%
    gross income test described above and which therefore could make
    it more difficult for us to meet such test, and we would not be
    able to deduct our share of losses generated by such Subsidiary
    Partnership in computing our net taxable income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Taxation of Taxable Domestic
    Shareholders.</I>&#160;&#160;Under current law, certain
    &#147;qualified dividend income&#148; received by domestic
    non-corporate shareholders in taxable years 2003 through 2010 is
    subject to tax at the same tax rates as long-term capital gain
    (generally, a maximum rate of 15% for such taxable years).
    Dividends received from REITs, however, generally are not
    eligible for these reduced tax rates and, therefore, will
    continue to be subject to tax at ordinary income rates
    (generally, a maximum rate of 35% for taxable years
    <FONT style="white-space: nowrap">2003-2010),</FONT>
    subject to three narrow exceptions. Under the first exception,
    dividends received from a REIT may be treated as &#147;qualified
    dividend income&#148; eligible for the reduced tax rates to the
    extent that the REIT itself has received qualified dividend
    income from other corporations (such as taxable REIT
    subsidiaries) in which the REIT has invested. Under the second
    exception, dividends paid by a REIT in a taxable year may be
    treated as qualified dividend income in an amount equal to the
    sum of (i)&#160;the excess of the REIT&#146;s &#147;REIT taxable
    income&#148; for the preceding taxable year over the
    corporate-level federal income tax payable by the REIT for such
    preceding taxable year and (ii)&#160;the excess of the
    REIT&#146;s income that was subject to the Built-in Gains Tax
    (as described above) in the preceding taxable year over the tax
    payable by the REIT on such
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    income for such preceding taxable year. Under the third
    exception, dividends received from a REIT may be treated as
    &#147;qualified dividend income&#148; to the extent attributable
    to earnings and profits accumulated in non-REIT taxable years.
    We do not expect to receive a material amount of dividends from
    our taxable REIT subsidiaries or from other taxable
    corporations, we do not expect to pay a material amount of
    federal income tax on undistributed REIT taxable income or a
    material amount of Built-in Gains Tax, and we believe we have
    previously distributed as dividends all of our non-REIT
    accumulated earnings and profits. Therefore, as long as we
    qualify as a REIT, distributions made to our taxable domestic
    shareholders out of current or accumulated earnings and profits
    (and not designated as capital gain dividends) will be taken
    into account by them as ordinary income (except, in the case of
    non-corporate shareholders who meet certain holding period
    requirements, to the limited extent that one of the foregoing
    exceptions applies). In addition, as long as we qualify as a
    REIT, corporate shareholders will not be eligible for the
    dividends received deduction as to any dividends received from
    us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under IRS guidance that applies to taxable years of publicly
    traded REITs ending on or before December&#160;31, 2011, we may
    declare a distribution on our common stock that is payable, at
    the election of each shareholder, either in the form of cash or
    newly issued shares of our common stock of equivalent value. The
    IRS guidance allows the amount of cash to be distributed in the
    aggregate to all shareholders to be limited to not less than 10%
    of the aggregate declared distribution, with a proration
    mechanic applying if too many shareholders elect to receive
    cash. In such circumstances, the shareholders who actually
    receive shares of common stock would be treated for federal
    income tax purposes as if they had received the distribution in
    cash, so that our shareholders would recognize dividend income,
    and we would be permitted to take a dividends paid deduction, to
    the extent the distribution does not exceed our current or
    accumulated earnings and profits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions that we designate as capital gain dividends will
    be taxed as long-term capital gains (to the extent they do not
    exceed our actual net capital gain for the taxable year) without
    regard to the period for which the shareholder has held his or
    her shares. However, corporate shareholders may be required to
    treat up to 20% of certain capital gain dividends as ordinary
    income. Distributions in excess of current and accumulated
    earnings and profits will not be taxable to a shareholder to the
    extent that they do not exceed the adjusted basis of the
    shareholder&#146;s shares of our common stock, but rather will
    reduce the adjusted basis of such shares. To the extent that
    such distributions exceed the adjusted basis of a
    shareholder&#146;s shares of our common stock, they will be
    included in income as long-term capital gain (or short-term
    capital gain if the shares have been held for one year or less),
    assuming the shares are a capital asset in the hands of the
    shareholder. In addition, any dividend that we declare in
    October, November or December of any year payable to a
    shareholder of record on a specific date in any such month shall
    be treated as both paid by us and received by the shareholder on
    December 31 of such year, provided that the dividend is actually
    paid by us during January of the following calendar year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may make an election to treat all or part of our
    undistributed net capital gain as if it had been distributed to
    our shareholders. These undistributed amounts would be subject
    to corporate-level tax payable by us. If we were to make such an
    election, our shareholders would be required to include in their
    income as long-term capital gain their proportionate shares of
    our undistributed net capital gain. Each shareholder would be
    deemed to have paid his or her proportionate share of the income
    tax imposed on us with respect to such undistributed net capital
    gain, and this amount would be credited or refunded to the
    shareholder in computing his or her own federal income tax
    liability. In addition, the tax basis of the shareholder&#146;s
    stock would be increased by his or her proportionate share of
    the undistributed net capital gains included in his or her
    income, less his or her proportionate share of the income tax
    imposed on us with respect to such gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Domestic shareholders may not include in their individual income
    tax returns any of our net operating losses or net capital
    losses. Instead, we would carry over such losses for potential
    offset against our future income, subject to certain
    limitations. Taxable distributions from us and gain from the
    sale of our shares will not be treated as passive activity
    income and, therefore, domestic shareholders generally will not
    be able to apply any &#147;passive activity losses&#148; (such
    as losses from certain types of limited partnerships in which a
    shareholder is a limited partner) against such income. In
    addition, taxable distributions from us generally will be
    treated as investment income for purposes of the investment
    interest limitations. Capital gains from the
</DIV>
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    disposition of our stock (or distributions, if any, taxable at
    capital gain rates), however, will be treated as investment
    income only if the shareholder so elects, in which case such
    capital gains or distributions, as the case may be, will be
    taxed at ordinary income rates. For purposes of computing each
    shareholder&#146;s alternative minimum taxable income, certain
    of our &#147;differently treated items&#148; for each taxable
    year (for example, differences in computing depreciation
    deductions for regular tax purposes and alternative minimum tax
    purposes) may be apportioned to our shareholders in accordance
    with section&#160;59(d)(1)(A) of the Code.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In general, any gain or loss realized upon a taxable disposition
    of our shares by a domestic shareholder who is not a dealer in
    securities will be treated as a capital gain or loss. Any loss
    upon a sale or exchange of shares of our common stock by a
    shareholder who has held such shares for six months or less
    (after applying certain holding period rules) will be treated as
    a long-term capital loss to the extent of actual or deemed
    distributions from us that were required to be treated by such
    shareholder as long-term capital gain. All or a portion of any
    loss realized upon a taxable disposition of our shares may be
    disallowed if other shares of our stock are purchased within
    30&#160;days before or after the disposition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For non-corporate taxpayers, the tax rate differential between
    capital gain and ordinary income may be significant. Under
    current law, the highest marginal non-corporate income tax rate
    applicable to ordinary income is 35%. Any capital gain
    recognized or otherwise properly taken into account before
    January&#160;1, 2011, generally will be taxed to a non-corporate
    taxpayer at a maximum rate of 15% with respect to capital assets
    held for more than one year. (Under current law, the maximum
    capital gains rate for non-corporate taxpayers will rise to 20%
    for gain taken into account on or after January&#160;1, 2011.)
    The tax rates applicable to ordinary income apply to gain from
    the sale or exchange of capital assets held for one year or
    less. In the case of capital gain attributable to the sale or
    exchange of certain real property held for more than one year,
    an amount of such gain equal to the amount of all prior
    depreciation deductions not otherwise required to be taxed as
    ordinary depreciation recapture income will be taxed at a
    maximum rate of 25%. With respect to distributions designated by
    us as capital gain dividends (including any deemed distributions
    of retained capital gains), subject to certain limits, we also
    may designate, and will notify our shareholders, whether the
    dividend is taxable to non-corporate shareholders at regular
    long-term capital gain rates or at the 25% rate applicable to
    unrecaptured depreciation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The characterization of income as capital or ordinary also may
    affect the deductibility of capital losses. Capital losses not
    offset by capital gains may be deducted against a non-corporate
    taxpayer&#146;s ordinary income only up to a maximum annual
    amount of $3,000. Non-corporate taxpayers may carry forward
    their unused capital losses. All net capital gain of a corporate
    taxpayer is subject to tax at ordinary corporate rates. A
    corporate taxpayer may deduct capital losses only to the extent
    of its capital gains, with unused losses eligible to be carried
    back three years and forward five years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Information Reporting and Backup Withholding
    .</I>&#160;&#160;We will report to our domestic shareholders and
    the Internal Revenue Service the amount of dividends paid during
    each calendar year, and the amount of tax withheld, if any, with
    respect thereto. Under the backup withholding rules, a
    shareholder may be subject to backup withholding, at a rate
    equal to the fourth lowest rate of federal income tax applicable
    to ordinary income of individuals (currently 28%), with respect
    to dividends paid unless such shareholder (a)&#160;is a
    corporation or comes within certain other exempt categories and,
    when required, demonstrates this fact, or (b)&#160;provides a
    taxpayer identification number, certifies as to no loss of
    exemption from backup withholding, and otherwise complies with
    applicable requirements of the backup withholding rules. A
    shareholder who does not provide his or her correct taxpayer
    identification number may also be subject to penalties imposed
    by the Internal Revenue Service. Any amount paid as backup
    withholding may be applied as a credit against the
    shareholder&#146;s federal income tax liability, which could
    result in a refund. In addition, we may be required to withhold
    a portion of capital gain distributions made to any shareholders
    who fail to certify their non-foreign status to us. See
    &#147;Taxation of Foreign Shareholders&#148; below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Taxation of Tax-Exempt Shareholders.</I>&#160;&#160;The
    Internal Revenue Service has ruled publicly that amounts
    distributed by a REIT to a tax-exempt employees&#146; pension
    trust do not constitute &#147;unrelated business taxable
    income&#148; (&#147;UBTI&#148;). Based upon this ruling and
    subject to the discussion below regarding qualified pension
    trust investors, distributions by us to a shareholder that is a
    tax-exempt entity should not constitute UBTI,
</DIV>
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    provided that the tax-exempt entity has not financed the
    acquisition of its shares with &#147;acquisition
    indebtedness&#148; within the meaning of the Code and the shares
    of our stock are not otherwise used in an unrelated trade or
    business of the tax-exempt entity. Revenue rulings, however, are
    interpretive in nature and subject to revocation or modification
    by the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A &#147;qualified trust&#148; (defined to be any trust described
    in section&#160;401(a) of the Code and exempt from tax under
    section&#160;501(a) of the Code) that holds more than 10% of the
    value of the shares of a REIT may be required, under certain
    circumstances, to treat a portion of distributions from the REIT
    as UBTI. This requirement will apply for a taxable year only if
    (i)&#160;the REIT satisfies the requirement that not more than
    50% of the value of its shares be held by five or fewer
    individuals (the &#147;five or fewer requirement&#148;) by
    relying on a special &#147;look-through&#148; rule under which
    shares held by qualified trust shareholders are treated as held
    by the beneficiaries of such trusts in proportion to their
    actuarial interests therein, and (ii)&#160;the REIT is
    &#147;predominantly held&#148; by qualified trusts. A REIT is
    &#147;predominantly held&#148; if either (i)&#160;a single
    qualified trust holds more than 25% of the value of the
    REIT&#146;s shares or (ii)&#160;one or more qualified trusts,
    each owning more than 10% of the value of the REIT&#146;s
    shares, hold in the aggregate more than 50% of the value of the
    REIT&#146;s shares. If the foregoing requirements are met, the
    percentage of any REIT dividend treated as UBTI to a qualified
    trust that owns more than 10% of the value of the REIT&#146;s
    shares is equal to the ratio of (a)&#160;the UBTI earned by the
    REIT (treating the REIT as if it were a qualified trust and
    therefore subject to tax on its UBTI) to (b)&#160;the total
    gross income (less certain associated expenses) of the REIT. A
    de minimis exception applies where the ratio set forth in the
    preceding sentence is less than 5% for any year. The provisions
    requiring qualified trusts to treat a portion of REIT
    distributions as UBTI will not apply if the REIT is able to
    satisfy the five or fewer requirement without relying upon the
    &#147;look-through&#148; rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Taxation of Foreign Shareholders.</I>&#160;&#160;The rules
    governing U.S.&#160;federal income taxation of nonresident alien
    individuals, foreign corporations, foreign partnerships and
    other foreign shareholders (collectively,
    <FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Shareholders&#148;)</FONT>
    are complex, and no attempt will be made herein to provide more
    than a limited summary of such rules. Prospective
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders</FONT>
    should consult with their own tax advisors to determine the
    impact of U.S.&#160;federal, state and local income tax laws
    with regard to an investment in our common stock, including any
    reporting requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions that are not attributable to gain from sales or
    exchanges by us of U.S.&#160;real property interests and not
    designated by us as capital gain dividends will be treated as
    dividends of ordinary income to the extent that they are made
    out of our current or accumulated earnings and profits. Such
    distributions, ordinarily, will be subject to a withholding tax
    equal to 30% of the gross amount of the distribution unless an
    applicable tax treaty reduces that tax. However, if income from
    the investment in our stock is treated as effectively connected
    with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#146;s</FONT>
    conduct of a U.S.&#160;trade or business, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    generally will be subject to a tax at graduated rates, in the
    same manner as U.S.&#160;shareholders are taxed with respect to
    such dividends (and may also be subject to the 30% branch
    profits tax if the shareholder is a foreign corporation). We
    expect to withhold U.S.&#160;income tax at the rate of 30% on
    the gross amount of any dividends paid to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    that are not designated as capital gain dividends unless
    (i)&#160;a lower treaty rate applies and the required IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    evidencing eligibility for that reduced rate is filed with us or
    (ii)&#160;the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    files an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    with us properly claiming that the distribution is
    &#147;effectively connected&#148; income. Distributions in
    excess of our current and accumulated earnings and profits will
    not be taxable to a shareholder to the extent that they do not
    exceed the adjusted basis of the shareholder&#146;s shares of
    stock, but rather will reduce the adjusted basis of such shares.
    To the extent that such distributions exceed the adjusted basis
    of a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#146;s</FONT>
    shares, such excess will constitute gain that may be subject to
    U.S.&#160;federal income tax under the provisions of the Foreign
    Investment in Real Property Tax Act of 1980
    (&#147;FIRPTA&#148;), as described below. If it cannot be
    determined at the time a distribution is made whether or not
    such distribution will be in excess of current and accumulated
    earnings and profits, the distribution will be subject to
    withholding at the rate applicable to ordinary dividends. In
    addition, the portion of such distributions in excess of current
    and accumulated earnings and profits, to the extent not subject
    to the 30% withholding tax on ordinary dividends, will be
    subject to a 10% withholding tax under FIRPTA, unless the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    obtains a withholding certificate from the Internal Revenue
    Service establishing the right to a reduced amount of FIRPTA
    withholding. The
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    may seek a refund from the Internal Revenue
</DIV>
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    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Service of excess tax withheld if it is subsequently determined
    that such distribution was, in fact, in excess of current and
    accumulated earnings and profits or, if the 10% withholding tax
    applied, did not give rise to taxable gain under FIRPTA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under current law, distributions to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    that are attributable to gain from sales or exchanges by us of
    U.S.&#160;real property interests will not be treated under
    FIRPTA as income &#147;effectively connected&#148; with a
    U.S.&#160;business carried on by the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder,</FONT>
    provided that (i)&#160;the distribution is received with respect
    to a class of our stock that is regularly traded on an
    established securities market located in the United States and
    (ii)&#160;the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    does not own more than 5% of that regularly traded class of
    stock at any time during the one-year period ending on the date
    of the relevant distribution. Rather than being subject to tax
    as effectively connected income under FIRPTA, such distributions
    will be treated as ordinary REIT dividends that are not capital
    gain dividends. Thus, such distributions generally will be
    subject to the 30% withholding tax described above (as opposed
    to a 35% withholding tax under prior law), such distributions
    will not be subject to the branch profits tax, and
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders</FONT>
    generally will not be required to file a U.S.&#160;federal
    income tax return by reason of receiving such distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of any
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    who is not eligible for the exception described above (an
    &#147;Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#148;),</FONT>
    for any year in which we qualify as a REIT, distributions that
    are attributable to gain from sales or exchanges by us of
    U.S.&#160;real property interests will be taxed to such
    Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    under the provisions of FIRPTA. Under FIRPTA, these
    distributions are taxed to an Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    as if such gain were effectively connected with a
    U.S.&#160;business. Thus, Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders</FONT>
    will be taxed on such distributions at the normal capital gain
    rates applicable to U.S.&#160;shareholders (subject to
    applicable alternative minimum tax and a special alternative
    minimum tax in the case of nonresident alien individuals) and
    will be required to file U.S.&#160;federal income tax returns.
    Also, distributions subject to FIRPTA may be subject to a 30%
    branch profits tax in the hands of a corporate Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    not entitled to treaty relief or exemption. We are required by
    applicable Treasury Regulations to withhold 35% of any
    distribution to an Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    that could be designated by us as a capital gain dividend. This
    amount may be applied as a credit against the Ineligible
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#146;s</FONT>
    FIRPTA tax liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain recognized by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    upon a sale of our stock generally will not be taxed under
    FIRPTA if we are a &#147;domestically controlled REIT,&#148;
    defined generally as a REIT in which at all times during a
    specified testing period less than 50% in value of the stock was
    held directly or indirectly by foreign persons. We believe that
    we currently qualify as a &#147;domestically controlled
    REIT,&#148; and that the sale of common stock by a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    therefore will not be subject to tax under FIRPTA. Because our
    stock is publicly traded, however, no assurance can be given
    that we are, or will continue to be, a domestically controlled
    REIT. If we were not a domestically controlled REIT, whether a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#146;s</FONT>
    gain would be taxed under FIRPTA would depend on whether our
    common stock is regularly traded on an established securities
    market at the time of sale and on the size of the selling
    shareholder&#146;s interest in our stock. In addition, gain not
    subject to FIRPTA will be taxable to a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    if (i)&#160;the investment in our common stock is treated as
    effectively connected with the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder&#146;s</FONT>
    U.S.&#160;trade or business, in which case the Non-U.S
    Shareholder will be subject to the same treatment as
    U.S.&#160;shareholders with respect to such gain, or
    (ii)&#160;the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    is a nonresident alien individual who was present in the United
    States for 183&#160;days or more during the taxable year and
    certain other conditions are met, in which case the nonresident
    alien individual will be subject to a 30% tax on the
    individual&#146;s capital gains. If the gain on the sale of our
    common stock were to be subject to tax under FIRPTA, the
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholder</FONT>
    would be subject to the same treatment as U.S.&#160;shareholders
    with respect to such gain (subject to applicable alternative
    minimum tax and a special alternative minimum tax in the case of
    nonresident alien individuals).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">State and
    Local Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cousins Properties Incorporated, its subsidiaries, and its
    shareholders may be subject to state or local taxation in
    various state or local jurisdictions, including those in which
    it or they transact business or reside (although shareholders
    who are individuals generally should not be required to file
    state income tax returns outside of their state of residence
    with respect to our operations and distributions), and their
    state and local tax
</DIV>
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    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    treatment may not conform to the federal income tax consequences
    discussed above. Consequently, prospective shareholders should
    consult their own tax advisors regarding the effect of state and
    local tax laws on an investment in our securities.
</DIV>

<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell any securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to or through underwriters or dealers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in block trades;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to one or more purchasers;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The distribution of the securities may be effected from time to
    time in one or more transactions at a fixed price or prices,
    which may be changed from time to time, at market prices
    prevailing at the time of sale or at prices related to
    prevailing market prices, or at negotiated prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each series of securities, the prospectus supplement will
    set forth the terms of the offering including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the initial public offering price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the names of any underwriters, dealers or agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase price of the securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our proceeds from the sale of the securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any underwriting discounts, agency fees, or other compensation
    payable to underwriters or agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any discounts or concessions allowed or reallowed or repaid to
    dealers;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the securities exchanges on which the securities will be listed,
    if any.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we use underwriters in the sale, they will buy the securities
    for their own account. The underwriters may then resell the
    securities in one or more transactions at a fixed public
    offering price or at varying prices determined at the time of
    sale or thereafter. The obligations of the underwriters to
    purchase the securities may be on a firm commitment basis or
    best efforts basis and will be subject to certain conditions. If
    the underwriters agree to purchase the securities on a firm
    commitment basis, they will be obligated to purchase all the
    securities offered if they purchase any securities. Any initial
    public offering price and any discounts or concessions allowed
    or re-allowed or paid to dealers may be changed from time to
    time. In connection with an offering, underwriters and selling
    group members and their affiliates may engage in transactions to
    stabilize, maintain or otherwise affect the market price of the
    securities in accordance with applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we use dealers in the sale, we will sell securities to such
    dealers as principals. The dealers may then resell the
    securities to the public at varying prices to be determined by
    such dealers at the time of resale. If we use agents in the
    sale, they will use their reasonable best efforts to solicit
    purchases for the period of their appointment. If we sell
    directly, no underwriters or agents would be involved. We are
    not making an offer of securities in any state that does not
    permit such an offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Underwriters, dealers and agents that participate in the
    securities distribution may be deemed to be underwriters as
    defined in the Securities Act. Any discounts, commissions, or
    profit they receive when they resell the securities may be
    treated as underwriting discounts and commissions under the
    Securities Act. We may have agreements with underwriters,
    dealers and agents to indemnify them against certain civil
    liabilities, including certain liabilities under the Securities
    Act, or to contribute with respect to payments that they may be
    required to make.
</DIV>
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    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may authorize underwriters, dealers or agents to solicit
    offers from certain institutions whereby the institution
    contractually agrees to purchase the securities from us on a
    future date at a specific price. This type of contract may be
    made only with institutions that we specifically approve. Such
    institutions could include banks, insurance companies, pension
    funds, investment companies and educational and charitable
    institutions. The underwriters, dealers or agents will not be
    responsible for the validity or performance of these contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not authorized any dealer, salesperson or other person
    to give any information or represent anything not contained in
    this prospectus. You must not rely on any unauthorized
    information. This prospectus does not offer to sell or buy any
    securities in any jurisdiction where it is unlawful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The securities, other than the common stock, will be new issues
    of securities with no established trading market and unless
    otherwise specified in the applicable prospectus supplement, we
    will not list any series of the securities on any exchange. It
    has not presently been established whether the underwriters, if
    any, of the securities will make a market in the securities. If
    the underwriters make a market in the securities, such market
    making may be discontinued at any time without notice. No
    assurance can be given as to the liquidity of the trading market
    for the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One or more of the underwriters, dealer or agents,
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more of their respective affiliates, may be a lender under
    our credit facility and may provide other commercial banking,
    investment banking and other services to us
    <FONT style="white-space: nowrap">and/or</FONT> our
    subsidiaries and affiliates in the ordinary course of our
    business.
</DIV>

<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements, the related financial statement
    schedule, incorporated in this Prospectus by reference from
    Cousins Properties Incorporated&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and the effectiveness of Cousins Properties Incorporated&#146;s
    internal control over financial reporting have been audited by
    Deloitte&#160;&#038; Touche LLP, an independent registered
    public accounting firm, as stated in their reports, which are
    incorporated herein by reference. Such financial statements and
    financial statement schedule have been so incorporated in
    reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<A name='126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The legality of the securities will be passed upon for Cousins
    by King&#160;&#038; Spalding LLP, Atlanta, Georgia.
</DIV>
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    <BR>
    44
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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>ELECTION FORM</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties Incorporated, a Georgia corporation (&#147;Cousins&#148;), has declared a dividend
(the &#147;Dividend&#148;) on its common stock of $0.09 per share, payable to its shareholders of record at
the close of business on May&nbsp;3, 2010. This represents an aggregate dividend of approximately
$9,078,000. The Dividend is expected to be paid on June&nbsp;18, 2010.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder may elect to receive the Dividend in cash or shares of common stock, except
that we intend to limit the aggregate amount of cash payable to shareholders in connection with the
Dividend (other than cash payable in lieu of fractional shares) to 33.34% of the total Dividend, or
approximately $3,027,000. If shareholder cash elections would result in the payment of cash in
excess of the cash limitation, we will allocate the cash among shareholders (as described in the
prospectus supplement accompanying this election form) and pay the remaining portion in common
stock. We will pay cash in lieu of issuing any fractional shares, but cash paid in lieu of
fractional shares will not count toward the limit on aggregate cash payments of 33.34% of the total
Dividend, or approximately $3,027,000.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the New York Stock Exchange under the symbol &#147;CUZ&#148;. The market
value per share of our common stock for purposes of the Dividend will be the average of the closing
prices per share of our common stock on the New York Stock Exchange
on June&nbsp;7, 8 and 9, 2010. As a
result, on the payment date, the value of the shares delivered in connection with the Dividend may
be more or less than the amount of the Dividend calculated at $0.09 per share.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect payment in cash or shares of common stock, complete and sign this
election form and deliver it to American Stock Transfer &#038; Trust Company, LLC, the transfer agent,
no later than 5:00 P.M., Eastern time, on June&nbsp;4, 2010.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please check only one of the boxes below to indicate whether you elect to receive the Dividend
in cash or shares of common stock for all of the shares of common stock that you owned on the close
of business on May&nbsp;3, 2010. At any time before the election deadline, you may change your
election by timely delivery to the transfer agent of a properly completed and later-dated election
form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you do not timely return a properly completed election form, you will be deemed to have
made a cash election with respect to the Dividend, subject to the cash limitation and the ownership
limitation described in the prospectus supplement accompanying this election form.
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt"><FONT style="font-family: wingdings">&#226;</FONT>
Please detach along perforated line and mail in the envelope provided. <FONT style="font-family: wingdings">&#226;</FONT>
</DIV>


<DIV align="left" style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR style="font-size:2pt">
    <TD width="15%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD width="15%" align="left"><P align="left" style="font-size: 15pt"><FONT style="font-family: wingdings">&#110;</FONT></P></TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>

</TR>
</TABLE>
</DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 6pt">COUSINS PROPERTIES INCORPORATED</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>ELECTION FORM</B></DIV>


<DIV align="Center" style="font-size: 8pt; margin-top: 0pt"><B>This
election is made in accordance with the accompanying prospectus
supplement of Cousins Properties Incorporated dated May&nbsp;11, 2010.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Please complete, sign, date and deliver this election form in the enclosed envelope to American
Stock Transfer &#038; Trust Company, LLC, Operations Center, 6201 15th Avenue, Brooklyn, NY
11219. If you do not return a properly completed election form to the transfer agent so that it is
received by 5:00 P.M., Eastern Time on June&nbsp;4, 2010, you will be deemed to have made a cash
election with respect to the Dividend, subject to the cash limitation
and the ownership limitation described in the prospectus
supplement accompanying this election form.
</DIV>


<DIV align="center" style="font-size: 7pt; margin-top: 12pt"><B>PLEASE MARK YOUR ELECTION IN BLUE OR BLACK INK AS SHOWN HERE. </B><FONT style="font-size: 10pt"><FONT face="Wingdings">&#253;</FONT></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>OPTION 1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>OPTION 2</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>STOCK ELECTION</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle" rowspan="2"><FONT style="font-size: 20pt"><FONT face="Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>CASH ELECTION</B>
</TD>
    <TD>&nbsp;</TD>

   <TD align="left" valign="middle" rowspan="2"><FONT style="font-size: 20pt"><FONT face="Wingdings">&#111;</FONT></FONT>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TO RECEIVE THE DIVIDEND ALL IN</B>
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>TO RECEIVE THE</B></TD>

    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>COMMON SHARES</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>DIVIDEND ALL IN CASH</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 12pt"><B>Please
sign and date this election form as your name appears below and return immediately in the enclosed envelope.</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 45%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%"><DIV style="border-top: 2px solid #000000; border-left: 2px solid #000000">&nbsp;</DIV></TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="border-left: 2px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 5pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="border-bottom: 0px solid #000000; border-right: 2px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="border-bottom: 2px solid #000000; border-right: 2px solid #000000">&nbsp;</DIV></TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 50%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom"  style="font-size: 15pt">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Owner sign here</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Date</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="border-top:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="border-top:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="border-bottom:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="border-bottom:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 4pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Owner sign here</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;Date</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="border-top:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="border-top:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 7pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="border-bottom:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="border-bottom:1px solid #000000; border-left:1px solid #000000;border-right:1px solid #000000">&nbsp;</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>
<BR clear="all"><BR>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top" style="font-size: 9pt">
    <TD nowrap align="left"><B>NOTE:</B></TD>
    <TD>&nbsp;</TD>
    <TD>Please sign exactly as your name or names appear on this election form . When shares are
held jointly, each holder should sign. When signing as executor, administrator, attorney,
trustee or guardian, please give full title as such. If the signer is a corporation, please
sign full corporate name by a duly authorized officer, giving full title as such. If signer is
a partnership, please sign in partnership name by an authorized person.</TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 2pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR style="font-size:2pt">
    <TD width="15%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD width="15%" align="right"><P align="left" style="font-size: 15pt"><FONT style="font-family: wingdings">&#110;</FONT></P></TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%" align="right"><P align="right" style="font-size: 15pt"><FONT style="font-family: wingdings">&#110;</FONT></P></TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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