The REIT recently sold the 337,000-sf St. Louis Place and 274,000-sf 1441 Main St. in Columbia, SC, as well as a 97-acre retail site in Woodbridge, VA, grossing $72.6 million. It still has one more office building in St. Louis and two in Columbia, as well as single assets in Baltimore; Charlotte; Columbus, OH; Minneapolis; Pittsburgh; Sacramento and Tulsa, all markets it considers non-core.

The company figures its investment in 10 properties on the market is approximately $146 million more than their current market value. In addition, a $600-million mortgage on the Grace Building and the World Apparel Center in Midtown Manhattan and a $750-million unsecured credit facility resulted in a $6-million loss caused by retiring other debt early.

Those financial hits work out to $1 per share in funds from operations, which will show up in the company's second-quarter statements. Although the full-year result is likely to be a net loss, Trizec Properties claims its dividend is safe.

"We are pleased that our recently-completed financing activities enable us -- in addition to providing more liquidity and balance sheet flexibility -- to move forward at an accelerated pace to reposition our portfolio with a sharp focus on our core holdings," says president and chief executive officer Tim Callahan. "The temporary FFO impact notwithstanding, we are pleased with the progress we are making in this area. In the meantime, we continue to meet our operating and leasing goals."