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TheStreet Open House

Colonial Properties Trust Reports Results For Third Quarter 2012

In September 2012, Moody’s Investors Service upgraded the company’s senior unsecured debt credit rating to investment grade with a rating of Baa3 and a stable outlook.

Other Charges

During the third quarter 2012, the company recorded a non-cash impairment charge of $3.0 million related to a commercial asset, which has been classified as held-for-sale on the company’s balance sheet. This non-cash impairment charge is reflected in EPS, but does not impact FFO.

Additionally, $0.9 million of non-cash charges were recorded in the third quarter 2012 related to a for-sale residential parcel of land held in a joint venture located in Atlanta, Georgia. The sale of this parcel of land is anticipated to occur in 2013. This impairment charge is reflected in EPS and FFO.

Quarterly Dividend on Common Shares

On October 24, 2012, the Board of Trustees declared a quarterly cash dividend on common shares for the fourth quarter 2012 of $0.18 per common share. The dividend is payable November 13, 2012, to shareholders of record as of November 5, 2012, representing an ex-dividend date of November 1, 2012.

2012 EPS and FFO per Share Guidance

Based on the third quarter results and transactions occurring during the third quarter and anticipated to occur in the fourth quarter, the company has updated its diluted EPS and FFO per share guidance range, certain assumptions and the timing of certain transactions for the full-year 2012. These projections are set forth and reconciled below:

     

Full-Year2012 Range

Low

 

 

High

Diluted EPS

$

0.33

 

 

$

0.47

Plus: Real Estate Depreciation & Amortization

1.45

1.45

Less: Gain on Sale of Operating Properties  

(0.55

)

 

   

(0.65

)

Total Diluted FFO per share

$

1.23

   

 

$

1.27

 
 

Following are the assumptions reflected in the company’s full-year 2012 guidance:

  • Multifamily same-property net operating income: growth of 7.0 to 7.75 percent.
    • Revenue: Increase of 5.0 to 5.50 percent
    • Expense: Increase of 2.25 to 2.75 percent
  • Development spending of $100 million to $110 million.
  • Acquisitions of $115 million to $185 million.
  • Dispositions of $150 million to $375 million.
  • Land and for-sale residential property dispositions of $5 million to $8 million.
  • Corporate G&A expenses of $23 million to $24 million.

The company’s guidance range reflects the existence of volatile economic conditions, and is based on a number of assumptions, many of which are outside the company’s control and all of which are subject to change. The company’s guidance may change if actual results vary from these assumptions.

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