Cousins Properties has one unit left to sell at 10 Terminus Place, closing in on a milestone for the real estate company.
“We are almost to the finish line at 10 Terminus Place. ... We expect to be fully out of 10 Terminus and the residential condo business in the next couple of quarters,” Cousins CEO Larry Gellerstedt said on Tuesday, revealing that only a single unit remains unsold.
The 32-story tower, with 137 condominiums, opened in 2008 at the busy intersection of Piedmont and Peachtree roads in Buckhead. But Cousins twice took impairment charges on the project, for a combined $37 million. That let the Atlanta-based company drop prices significantly -- by $300,000 for a three-bedroom unit, which led to sales.
Cousins, a publicly traded real estate investment trust, announced its fourth-quarter and yearly results late Monday, and addressed them with analysts on Tuesday. Gellerstedt continued to emphasize he wants the company to get out of “non-core” businesses, such as condos and industrial warehouses, and focus on its specialties, upscale office buildings and retail centers.
Funds from operations, a measure used by real estate investment trusts to define operating performance, were up considerably for the quarter and the year compared to 2009. FFO was 10 cents a share for the fourth quarter and 32 cents a share for the year. Earnings for the year were sharply lower than in 2009: a $27.5 million loss compared to a $14.4 million profit.
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