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ATLANTA-Cousins Properties Inc. is reporting a strong first quarter performance with net income and funds from operations both up. Net income was $8.4 million, or 16 cents per share, compared with $5.5 million or 11 cents per share. FFO totaled $19.1 million, or 37 cents per share, versus $16.3 million or 32 cents last year.

"The increase in net income available and FFO is primarily attributable to the recognition of revenues on the company's two multifamily projects; revenues on development projects that have become fully or partially operational; and increases in income from joint ventures, offset by a decrease in gains on sale of investment properties," Cousins CEO and president Tom Bell says in a prepared statement.

He adds, "As a development-oriented business, our FFO will vary from quarter to quarter, depending upon the stabilization of new development projects and the sale of mature assets." Bell says Cousins "has communicated this fundamental difference in our strategy to investors for many years. This quarter, for instance, our FFO was higher than in the first three quarters of last year but lower than the fourth quarter."