Citigroup (C) disposed of two large real estate-owned property deals in 2011, causing the value of its REO book to shrink more than 70% in the first quarter compared to a year earlier.

The New York-based Citigroup's North American REO property was valued at $392 million in the first quarter, plummeting 71% from a year earlier when it totaled $1.33 billion.

The declines were a result of Citigroup selling or resolving large REO, a company spokesperson said, adding that its institutional clients group resolution of “one or two large properties in 2011” drove the declines.

The bank's institutional client group’s REO assets nearly disappeared in value, falling 99% to $7 million from $743 million in the first quarter of 2011.

Local consumer lending, which represents the U.S. residential real estate in Citi Holdings, fell 42% to $356 million from $619 million as a result of low “sales and not as much inflow due to foreclosures not making their way to OREO,” the spokesperson said.

The details of the REO disposition at this point are unclear.

On Monday, Citigroup reported first-quarter earnings of $2.93 billion, or 95 cents a share, down 2% from a year earlier when it earned $2.99 billion, or 99 cents a share.

Analysts expected the New York-based bank to earn $1.01 a share, according to Zack’s Investment Research.