Colonial Properties Trust Reports Results For Second Quarter 2012
“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.
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