COUSINS PROPERTIES INC — Director's Dealing 2007

Aug 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COUSINS PROPERTIES INC (CUZ)
CIK: 0000025232
Period of Report: 2007-08-14

Reporting Person: Glover S Taylor (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-08-14	Common Stock	A	572	$24.0303	Acquired	43928	Direct
2007-08-15	Common Stock	M	152	—	Acquired	44080	Direct
2007-08-15	Common Stock	P	10200	$24.8149	Acquired	54280	Direct
2007-08-15	Common Stock	D	152	$24.03	Disposed	54128	Direct
2007-07-19	Common Stock	W	1500	—	Acquired	1500	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-08-15	Phantom Stock	$	M	152	Disposed	2010-08-15	Common Stock (152)	Direct

Footnotes

F2: Restricted stock units were granted under the Cousins Properties Incorporated 2005 Restricted Stock Unit (the 2005 RSU Plan) and have vested as to 25% of the total units granted. As permitted under the 2005 RSU Plan, the reporting person settled the 152 vested units for cash from CPI. Each restricted stock unit is the economic equivalent of one share of CPI common stock.

F3: Shares inherited by the reporting person's wife.

F4: Award of restricted stock units under the Cousins Properties Incorporated (CPI) 2005 Restricted Stock Unit Plan, as amended. Each unit represents a right to receive a payment in cash equal to the fair market value of one share of CPI's common stock as of the date payment is due under the Plan. These units will vest 25% per year on each anniversary date of the grant, with units being 100% vested in year 4 of the grant term. While the shares are being held prior to vesting, the reporting person will have the right to receive all cash dividends but will not have shareholder rights. All unvested shares will forfeit if the Director's service as a member of the CPI Board of Directors terminates, unless separation is due to death or change in control.

F1: Stock granted in lieu of cash for director's fees under the Cousins Properties Incorporated 1999 Incentive Stock Plan.