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Colonial Properties Trust Reports Results For Third Quarter 2012

Stocks in this article: CLP

Colonial Properties Trust (NYSE: CLP) announced its results for the quarter ended September 30, 2012.

For the third quarter 2012, the company reported a net loss available to common shareholders (EPS) of $6.5 million, or $0.08 per diluted share, compared with net income available to common shareholders of $12.5 million, or $0.14 per diluted share, for the same period in 2011. The decrease over the prior-year period is primarily attributable to $23.7 million of gains recognized from the sale of six multifamily apartment communities during the third quarter 2011, partially offset by an increase in multifamily same-property net operating income (NOI) in 2012 as a result of improving rental rates and income derived from multifamily apartment communities acquired during 2011 and 2012. For the nine months ended September 30, 2012, the company reported net income available to common shareholders of $4.0 million, or $0.04 per diluted share, compared with a net loss available to common shareholders of $5.6 million, or $0.07 per diluted share, for the same period in 2011. The increase is primarily attributable to the increase in multifamily same-property NOI as a result of improving rental rates and income derived from multifamily apartment communities acquired during 2011 and 2012.

Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the third quarter 2012 was $29.0 million, or $0.31 per diluted share, compared with $26.4 million, or $0.28 per diluted share, for the same period in 2011. FFO for the nine months ended September 30, 2012 totaled $86.9 million, or $0.92 per diluted share, compared with $78.4 million, or $0.87 per diluted share, for the same period in 2011. The increase over the prior-year periods is primarily attributable to an increase in NOI from the company’s multifamily same-property communities as a result of improving rental rates and income from multifamily apartment communities acquired in 2011 and 2012.

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