This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Colonial Properties Trust Reports Results For Third Quarter 2012

Stocks in this article: CLP

A reconciliation of net income/loss available to common shareholders to FFO, and a reconciliation of NOI to income/loss from continuing operations, as well as definitions and statements of purpose are included in the financial tables accompanying this press release.

“We were able to produce another quarter of strong multifamily operating results and further execute on our business strategy,” noted Thomas H. Lowder, Chairman and Chief Executive Officer. “Rates on new and renewal leases continue to improve and same-property occupancy increased to 96.7 percent. In addition, we received an investment grade rating from Moody’s, which reflects the improvement in our balance sheet and the benefits of the ongoing simplification of our business.”

Highlights for the Third Quarter 2012

  • Multifamily same-property NOI increased 8.3 percent compared with third quarter 2011
  • Ended the quarter with multifamily same-property physical occupancy of 96.7 percent
  • Multifamily same-property revenue increased 5.6 percent compared with third quarter 2011
  • Completed development and stabilized Colonial Grand at Hampton Preserve in Tampa, Florida, with 93.8 percent occupancy at September 30, 2012
  • Received investment grade credit rating of Baa3 from Moody’s Investors Service
  • Subsequent to quarter end, acquired Colonial Grand at Research Park for $38.0 million and disposed of Colonial Promenade Alabaster for a total of $37.4 million

Multifamily Operating Performance

Multifamily NOI for the third quarter 2012 increased 8.3 percent compared with the third quarter 2011 for the 30,323 apartment homes included in the consolidated same-property results. Multifamily same-property revenues increased 5.6 percent and expenses increased 2.0 percent compared with the third quarter 2011. The increase in revenues was primarily due to an improvement in both new and renewal lease rates, and an increase in occupancy. The increase in expenses is primarily due to an increase in real estate taxes and payroll costs. Same-property physical occupancy as of September 30, 2012, was 96.7 percent, compared with 96.1 percent at September 30, 2011.

2 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,318.31 -98.54 -0.57%
S&P 500 2,003.75 -17.50 -0.87%
NASDAQ 4,665.9160 -17.4910 -0.37%

Partners Compare Online Brokers

Free Reports

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