Cousins Properties sells more assets
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.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
