For the second quarter of 2012, the company reported earnings of $0.33 per share compared to $1.85 per share in the second quarter of 2011. The difference is due primarily to higher gains from property sales in the second quarter of 2011 as well as the items discussed above.
Six Months Ended June 30, 2012
FFO for the six months ended June 30, 2012 was $1.24 per share compared to $1.14 per share in the same period of 2011.
For the six months ended June 30, 2012, the company reported Normalized FFO of $1.29 per share compared to $1.16 per share in the same period of 2011.For the six months ended June 30, 2012, the company reported earnings of $0.80 per share compared to $2.30 per share in the same period of 2011. Same Store Results On a same store second quarter to second quarter comparison, which includes 105,604 apartment units, revenues increased 5.5%, expenses increased 2.0% and NOI increased 7.5%. On a same store six-month to six-month comparison, which includes 103,950 apartment units, revenues increased 5.5%, expenses increased 1.9% and NOI increased 7.5%. Acquisitions/Dispositions During the second quarter of 2012, the company acquired two properties with a total of 812 apartment units for an aggregate purchase price of $510.9 million at a weighted average capitalization (cap) rate of 5.0%. During the quarter, the company sold nine properties, consisting of 1,662 apartment units, for an aggregate sale price of $129.9 million at a weighted average cap rate of 6.7% generating an unlevered internal rate of return (IRR), inclusive of management costs, of 9.0%. During the first six months of 2012, the company acquired five properties with a total of 1,356 apartment units for an aggregate purchase price of $670.0 million at a weighted average cap rate of 4.8% and two land parcels for $23.7 million.
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