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Colonial Properties Trust Reports Results For First Quarter 2012

Financing Activity

As previously disclosed in March 2012, the company, through its operating partnership, Colonial Realty Limited Partnership (CRLP), the company entered into a new $500 million unsecured revolving credit facility with a syndicate of banks. The unsecured revolving credit facility has an initial four-year term maturing in March 2016, with a one-year extension option. The new credit facility replaces CRLP’s $675 million unsecured revolving credit facility that was scheduled to mature in June 2012. As of March 31, 2012, $210 million was outstanding under the new unsecured revolving credit facility.

The unsecured revolving credit facility has a stated interest rate of LIBOR plus a margin of 1.40 percent and requires the payment of an annual facility fee currently equal to 30 basis points of the aggregate loan commitments. The unsecured revolving credit facility provides for the interest rate margin and facility fee to be adjusted up or down within stated ranges based on changes in the credit ratings of the company’s senior unsecured debt.

Quarterly Dividend on Common Shares

On April 25, 2012, the Board of Trustees declared a quarterly cash dividend on common shares for the second quarter 2012 of $0.18 per common share. The dividend is payable May 14, 2012, to shareholders of record as of May 7, 2012, representing an ex-dividend date of May 3, 2012.

2012 EPS and FFO per Share Guidance

Based on the first quarter results, the company has updated its same-property revenue and net operating income growth assumptions for the full-year 2012, as well as the timing of certain transactions. The diluted EPS and FFO per share guidance range remain unchanged for the full-year 2012. These projections are set forth and reconciled below:

   

Full-Year2012 Range

Low

 

 

High

Diluted EPS

$

(0.12

)

 

 

$

0.04

Plus: Real Estate Depreciation & Amortization

1.45

1.45

Less: Gain on Sale of Operating Properties  

(0.10

)

 

   

(0.20

)

Total Diluted FFO per share

$

1.23

   

 

$

1.29

 
 

Following are the assumptions reflected in the company’s full-year 2012 guidance:

  • Multifamily same-property net operating income: growth of 6.00 to 8.00 percent.
    • Revenue: Increase of 4.75 to 5.75 percent
    • Expense: Increase of 2.50 to 3.50 percent
  • Development spending of $125 million to $150 million.
  • Acquisitions of $100 million to $150 million.
  • Dispositions of $100 million to $150 million.
  • Land and for-sale residential property dispositions of $5 million to $10 million.
  • Corporate G&A expenses of $23 million to $24 million.

The company’s guidance range reflects the existence of volatile economic conditions, and is based on a number of assumptions, many of which are outside the company’s control and all of which are subject to change. The company’s guidance may change if actual results vary from these assumptions.

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