Atlanta real estate trust Cousins Properties continued to shed assets it has deemed “non-core” to its operations in the first quarter.
Cousins has been selling assets to put cash to work on new projects amid a changing real estate landscape.
Cousins said its net loss to common shareholders was $13.1 million, or 13 cents per share, compared to $7.9 million, or 8 cents per share in the first quarter of 2011.
Funds from operations, a measure used by real estate investment trusts to define operating performance, were $13.5 million, or 13 cents per share, up from $8.1 million or 8 cents per share last year.
Cousins said it sold 18 residential developments held a joint venture for $23.5 million, and also sold a retail development, The Avenue Collierville for $55 million. The company said it expects to sell two Atlanta-area properties in the second quarter.
Net operating income from properties it continues to hold from last year was up 5.4 percent.
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