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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Colonial Properties Trust Reports Results For First Quarter 2012

Sequentially, multifamily same-property NOI for the first quarter 2012 increased 0.3 percent compared with the fourth quarter 2011, with revenues increasing 0.6 percent and expenses increasing 1.1 percent compared with the prior quarter. The increase in expenses is primarily due to property taxes and repair and maintenance expenses.

Asset Recycling Transactions

In January 2012, as previously announced, the company acquired Colonial Grand at Brier Falls, a 350-unit Class A apartment community located in Raleigh, North Carolina, for a total purchase price of $45.0 million. The apartment community was built in 2008. The purchase was funded with proceeds from asset dispositions and borrowings on the company’s unsecured credit facility.

In February 2012, the company disposed of its 25 percent interest in Colonial Promenade Madison, an 111,000-square-foot retail center located in Huntsville, Alabama, to one of its joint venture partners for $3.0 million in cash. The property was unencumbered. Net proceeds from the sale were used to repay a portion of the outstanding balance on the company’s unsecured credit facility.

Development Activity

Construction continued during the quarter on three wholly-owned apartment communities: Colonial Grand at Hampton Preserve, a $58.3 million development with 486 units in Tampa, Florida; Colonial Grand at Double Creek, a $31.7 million development with 296 units in Austin, Texas; and Colonial Grand at Lake Mary (Phase I), a $30.3 million development with 232 units in Orlando, Florida.

During the quarter, the company started construction on two wholly-owned apartment communities: Colonial Reserve at South End, a $59.3 million development with 353 units in Charlotte, North Carolina, and Colonial Grand at Lake Mary (Phase II), a $13.9 million development with 108 units in Orlando, Florida. Colonial Reserve at South End is scheduled for delivery in the fourth quarter 2012 and projected stabilization is expected in the fourth quarter 2014 and Colonial Grand Lake Mary (Phase II) is scheduled for delivery in the fourth quarter 2012 and projected stabilization is expected in the first quarter 2014.

2 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,051.33 -28.24 -0.17%
S&P 500 1,996.54 -0.20 -0.01%
NASDAQ 4,562.1080 +4.4130 0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs