This Day On The Street
Continue to site
ADVERTISEMENT
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

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.

2 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs