This Day On The Street
Continue to site
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

Asset Recycling Transactions

In June 2012, the company acquired the newly developed 256-unit Class A apartment community Colonial Grand at Fairview located in Dallas, Texas, for a total purchase price of $29.8 million. The purchase was funded with proceeds from asset dispositions and borrowings on the company’s unsecured credit facility. Colonial Grand at Fairview was recently completed and is currently in lease-up.

Also, effective June 30, 2012, the company sold its remaining 15 percent ownership interest in the 18-asset DRA/CLP office joint venture with DRA Advisors LLC (the Joint Venture). Pursuant to the transaction, which was effective as of June 30, 2012, the Joint Venture repurchased the company’s 15 percent membership interest for $2.0 million, and the company no longer has responsibility for $111.3 million of Joint Venture mortgage debt, which represents the company’s pro rata share of debt of the Joint Venture’s mortgage debt. The $2.0 million consideration is payable to the company following the occurrence of one or more capital events and after certain returns have been achieved with respect to additional capital expected to be invested in the Joint Venture by other members of the Joint Venture. Additionally, the company was released from a $4.2 million contingent liability related to a debt guaranty provided by the Joint Venture, which amount represents the company’s pro rata share of such guaranty obligation. The company also expects to transition management and certain leasing responsibilities to a third party over the next 60 to 90 days.

Development Activity

Construction continued during the quarter on five wholly owned apartment communities: Colonial Grand at Hampton Preserve, a $58.3 million development with 486 units in Tampa, Florida; Colonial Grand at Double Creek, a $31.7 million development with 296 units in Austin, Texas; Colonial Grand at Lake Mary (Phase I), a $30.3 million development with 232 units in Orlando, Florida; Colonial Reserve at South End, a $59.3 million development with 353 units in Charlotte, North Carolina; and Colonial Grand at Lake Mary (Phase II), a $13.9 million development with 108 units in Orlando, Florida.

3 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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.81 0.50%
TSLA $222.56 -4.20%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs