ATLANTA-Two locally based REITs posted opposite results last year: Cousins Properties Inc. says its net income grew 13% to $29.5 million from $24.9 million over the year despite $142 million in impairment charges, while Post Properties Inc. had a net loss of $10.9 million in 2009, compared to a net loss of $16.3 million the prior year.

Cousins, which invests in various commercial real estate sectors, recorded $168.6 million in gains from property sales throughout 2009, but charges for the year included a $39-million impairment on its Terminus 200 project. The company’s revenue increased 5% over the year to $224.9 million.

“Compared with a year ago, we have a stronger balance sheet and a leaner organization combined with a team that is focused on executing the fundamentals of our business–leasing, sales and generating fees,” Cousins CEO Larry Gellerstedt stated in a release. The company noted that its office portfolio was 87% leased at year end, while its retail centers were 84% leased and industrial buildings were 51% leased.

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