This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Colonial Properties Trust Reports Results For First Quarter 2012

Colonial Properties Trust (NYSE: CLP) announced its results for the quarter ended March 31, 2012.

For the first quarter 2012, the company reported a net loss available to common shareholders of $6.0 million, or $0.07 per diluted share, compared with a net loss available to common shareholders of $11.6 million, or $0.15 per diluted share, for the same period in 2011. Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the first quarter 2012 was $28.0 million, or $0.30 per diluted share, compared with $23.3 million, or $0.27 per diluted share, for the same period in 2011. The increase in the first quarter 2012 FFO is primarily a result of an 8.3 percent increase in multifamily same-property net operating income (NOI) as a result of improving rental rates and the income derived from the multifamily apartment communities acquired in 2011.

A reconciliation of net income/loss available to common shareholders to FFO, and a reconciliation of NOI to income/loss from continuing operations, as well as definitions and statements of purpose are included in the financial tables accompanying this press release.

“The multifamily operating fundamentals remain attractive and are providing the fuel for driving strong same-property and financial results,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “Rental rates have been increasing, turnover has remained steady and occupancies have remained high. We are excited about heading into the spring leasing season with this level of operating momentum, and as a result have increased our same-property NOI growth assumptions included in our 2012 guidance. At this point in the cycle, we remain focused on unlocking the value of our land through developing and simplifying the business through selective commercial dispositions.”

Highlights for the First Quarter 2012

  • Multifamily same-property NOI increased 8.3 percent compared with first quarter 2011
  • Multifamily same-property revenue increased 6.0 percent compared with first quarter 2011
  • Ended the quarter with multifamily same-property physical occupancy of 96.0 percent
  • Acquired the 350-unit Colonial Grand at Brier Falls in Raleigh, North Carolina, for $45.0 million
  • Commenced development of Colonial Reserve at South End, a 353-unit apartment community located in Charlotte, North Carolina
  • Entered into a new $500 million unsecured revolving credit facility; and
  • Standard & Poor’s upgraded the company’s senior unsecured notes rating to BBB-

Multifamily Operating Performance

Multifamily NOI for the first quarter 2012 increased 8.3 percent compared with the first quarter 2011 for the 30,323 apartment homes included in the consolidated same-property results. Multifamily same-property revenues increased 6.0 percent and expenses increased 2.5 percent compared with the first quarter 2011. The increase in revenues was primarily due to an improvement in both new and renewal lease rates and a consistently high occupancy level. The increase in expenses was primarily due to increased on-site payroll costs and property taxes.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,040.37 +29.69 0.16%
S&P 500 2,111.73 +4.34 0.21%
NASDAQ 5,082.9290 +12.9030 0.25%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs