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ATLANTA-Despite a drop in residential lot sales, locally basedCousins Properties Inc. reported net income of $14.4 million, or 27cents per share, for the first quarter, during a Tuesday conferencecall. This compares with net income of $8.4 million, or 16 centsper share, for the same quarter last year.

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Cousins executive president and CFO James Fleming said duringthe conference call that two transactions helped to buoy earningsfor the quarter. These included the sale of five ground-leasedoutparcels at the company's North Point property for an aggregateprice of $10.1 million. The $8.2-million aggregate gain on the saleof these outparcels was included in the company's calculation ofFFO, as these properties had not previously been depreciated. Thecompany also sold 41 acres of land adjacent to the Avenue CarriageCrossing in Metropolitan Nashville for $11.7 million generating FFOof $4.4 million. "The sale of the land helped to offset a decreasein profit from residential lot sales," Fleming said.

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The company also reported first quarter funds from operations tocommon stockholders of $24.5 million, or 46 cents per share. Thisreflects an increase over last year's FFO of $19.1 million, or 37cents per share.

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Other significant transactions during the quarter included theacquisition of 109 acres of land for $36.2 million and beganconstruction of the first phase of the Avenue Forsyth, a 527,000-sflifestyle center in north Metropolitan Atlanta.

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"The first four months of 2007 have been momentous with ourconstruction starts at the Avenue Forsyth and 10 Terminus Place,along with our corporate headquarters move back to DowntownAtlanta," says Cousins chairman and CEO Tom Bell. "We've alsostarted moving in the first tenants at Terminus 100, began sitework for Terminus 200 and are pursuing substantial office users atseveral of our projects including One Ninety One Peachtree Tower.While our residential business is still troubled with declining lotsales, our other businesses are performing quite well."

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