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 PerformanceMultifamily 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.