Atlanta-based Cousins Properties announced its third quarter earnings Wednesday, posting $14.3 million in funds from operations, or 14 cents a share, compared with $886,000 in funds from operations, 1 cent per share, for the third quarter last year. Funds from operations is a measure used by real estate investment trusts to define operating performance. CEO Larry Gellerstedt said in a statement, “We were very pleased.”
The increase was helped by the sale one of Cousins’ major assets in downtown Atlanta, the 376,000 square foot One Georgia Center, an office building with tenants such as the Georgia Department of Transportation. The building sold for $48.6 million, netting Cousins $1.2 million. The real estate development and investment firm also sold 126 residential lots for a net gain of $519,000. A one time charge taken in the third quarter of last year also improved the results for the third quarter this year.
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