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-
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