This Day On The Street
Continue to site right-arrow
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 Second Quarter 2012

Stocks in this article: CLP

“The strong same-property performance of our multifamily portfolio continues to reflect solid execution by our leasing and operations teams as well as the benefit of exceptional market fundamentals. We have been able to drive financial results by increasing rents and controlling operating expenses, while maintaining high occupancy levels,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “We also were able to execute on our strategic initiatives by exiting the DRA/CLP office joint venture. This transaction was a significant step forward in accelerating the simplification of our platform as the DRA/CLP office joint venture was our largest remaining commercial joint venture.”

Highlights for the Second Quarter 2012

  • Multifamily same-property NOI increased 7.3 percent compared with second quarter 2011
  • Multifamily same-property revenue increased 4.9 percent compared with second quarter 2011
  • Ended the quarter with multifamily same-property physical occupancy of 96.0 percent
  • Acquired the Colonial Grand at Fairview in Dallas, Texas, for a total purchase price of $29.8 million
  • Entered into a new five-year $150 million unsecured term loan; and
  • Sold its remaining 15 percent ownership interest in the 18-asset DRA/CLP office joint venture

Multifamily Operating Performance

Multifamily NOI for the second quarter 2012 increased 7.3 percent compared with the second quarter 2011 for the 30,323 apartment homes included in the consolidated same-property results. Multifamily same-property revenues increased 4.9 percent and expenses increased 1.5 percent compared with the second quarter 2011. The increase in revenues was primarily due to an improvement in both new and renewal lease rates. Same-property physical occupancy as of June 30, 2012, was 96.0 percent compared with 96.2 percent at June 30, 2011.

Sequentially, multifamily same-property NOI for the second quarter 2012 increased 2.7 percent compared with the first quarter 2012, with revenues increasing 1.8 percent and expenses increasing 0.5 percent compared with the prior quarter. The increase in expenses is primarily due to an increase in repair and maintenance expenses, offset by a decrease in insurance expenses, as a result of reduced insurance claims.

2 of 9

Select the service that is right for you!

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 17,891.88 +87.08 0.49%
S&P 500 2,070.43 -0.22 -0.01%
NASDAQ 4,767.6210 +2.2410 0.05%

Brokerage Partners

Rates from

  • 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