Exhibit 12

COUSINS PROPERTIES INCORPORATED

STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED

FIXED CHARGES
AND PREFERRED DIVIDENDS

(in thousands)



|                                                                                                                                                                       |  |      | September 30, |   |      |   | September 30, |      |  |   | September 30, |   |  |      | September 30, |   |  |   | September 30, |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | ------------- | - | ---- | - | ------------- | ---- |  | - | ------------- | - |  | ---- | ------------- | - |  | - | ------------- | -
|                                                                                                                                                                       |  | 2011 |               |   | 2010 |   |               | 2009 |  |   | 2008          |   |  | 2007 |              
|Earnings:                                                                                                                                                              |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|                                                                                                                                                                       |  |      |               |   |     
|Loss from continuing operations before taxes, unconsolidated joint ventures, sale of investment properties and net income
attributable to noncontrolling interests (A) |  | $    | (120,219      | ) |      | $ | (36,452       | )    |  | $ | (77,036       | ) |  | $    | (5,631        | ) |  | $ | (1,421        | )
|                                                                                                                                                                       |  |      |               |   |     
|Add:                                                                                                                                                                   |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|Gain on sale of investment property                                                                                                                                    |  |      | 3,494         |   |      |   | 1,938         |      |  |   | 168,637       |   |  |      | 10,180        |   |  |   | 5,535         |  
|Distributed income of equity investees                                                                                                                                 |  |      | 8,918         |   |      |   | 11,394        |      |  |   | 7,237         |   |  |      | 23,751        |   |  |   | 7,716         |  
|Amortization of capitalized interest                                                                                                                                   |  |      | 1,497         |   |      |   | 2,020         |      |  |   | 2,821         |   |  |      | 1,726         |   |  |   | 1,168         |  
|Fixed charges                                                                                                                                                          |  |      | 28,588        |   |      |   | 37,401        |      |  |   | 43,722        |   |  |      | 42,727        |   |  |   | 32,002        |  
|                                                                                                                                                                       |  |      |               |   |     
|Subtract:                                                                                                                                                              |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|Capitalized interest                                                                                                                                                   |  |      | (600          | ) |      |   |              |      |  |   | (3,736        | ) |  |      | (14,894       | ) |  |   | (23,474       | )
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|Earnings                                                                                                                                                               |  | $    | (78,322       | ) |      | $ | 16,301        |      |  | $ | 141,645       |   |  | $    | 57,859        |   |  | $ | 21,526        |  
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|                                                                                                                                                                       |  |      |               |   |     
|Combined Fixed Charges and Preferred Stock Dividends:                                                                                                                  |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|                                                                                                                                                                       |  |      |               |   |     
|Interest expense                                                                                                                                                       |  | $    | 27,784        |   |      | $ | 37,180        |      |  | $ | 39,759        |   |  | $    | 27,602        |   |  | $ | 8,268         |  
|Capitalized interest                                                                                                                                                   |  |      | 600           |   |      |   |              |      |  |   | 3,736         |   |  |      | 14,894        |   |  |   | 23,474        |  
|Interest component of rental expense (30%)                                                                                                                             |  |      | 204           |   |      |   | 221           |      |  |   | 227           |   |  |      | 231           |   |  |   | 260           |  
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|Total Fixed Charges                                                                                                                                                    |  |      | 28,588        |   |      |   | 37,401        |      |  |   | 43,722        |   |  |      | 42,727        |   |  |   | 32,002        |  
|Preferred stock dividends                                                                                                                                              |  |      | (12,907       | ) |      |   | (12,907       | )    |  |   | (12,907       | ) |  |      | (14,957       | ) |  |   | (15,250       | )
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|Combined Fixed Charges and Preferred Stock Dividends                                                                                                                   |  | $    | 15,681        |   |      | $ | 24,494        |      |  | $ | 30,815        |   |  | $    | 27,770        |   |  | $ | 16,752        |  
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  
|                                                                                                                                                                       |  |      |               |   |     
|Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends                                                                                              |  |      | (B            | ) |      |   | 0.67          |      |  |   | 4.60          |   |  |      | 2.08          |   |  |   | 1.28          |  
|                                                                                                                                                                       |  |      |               |   |      |   |               |      |  |   |               |   |  |      |               |   |  |   |               |  



|(A) | Prior years have been restated for the effect of discontinued operations. Therefore, the ratios are not comparable to amounts previously presented.
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|(B) | In 2011, the Company's Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends was negative. In addition, to the effect of
discontinued operations, the Company recognized impairment losses of $107.8 million in 2011.
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