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Colonial Properties Trust Reports Results For Fourth Quarter 2012

Colonial Properties Trust (NYSE: CLP) announced its results for the quarter and year ended December 31, 2012.

For the fourth quarter 2012, the company reported net income available to common shareholders (EPS) of $16.0 million, or $0.18 per diluted share, compared with net income available to common shareholders of $9.1 million, or $0.10 per diluted share, for the same period in 2011. The increase compared with the prior-year period is primarily attributable to $22.7 million of gains recognized from the sale of four multifamily apartment communities and one commercial asset during the fourth quarter 2012 and an increase in multifamily same-property net operating income (NOI) in 2012 as a result of improving rental rates, partially offset by certain one-time charges totaling $14.2 million, as further discussed below under Other Charges.

For the year ended December 31, 2012, the company reported net income available to common shareholders of $19.9 million, or $0.22 per diluted share, compared with net income available to common shareholders of $3.4 million, or $0.04 per diluted share, for 2011. The increase compared with the prior-year is primarily attributable to an increase in multifamily same-property NOI in 2012 as a result of improving rental rates, income derived from multifamily apartment communities acquired during 2011 and 2012, and a $21.9 million gain recognized from the company’s disposition of its ownership interest in the DRA/CLP office joint venture, partially offset by certain one-time charges totaling $14.2 million, as further discussed below under Other Charges.

Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the fourth quarter 2012 was $18.1 million, or $0.19 per diluted share, compared with $26.4 million, or $0.28 per diluted share, for the same period in 2011. FFO for the year ended December 31, 2012 totaled $105.1 million, or $1.11 per diluted share, compared with $104.7 million, or $1.15 per diluted share, for the same period in 2011. The results were primarily influenced by an increase in company’s multifamily same-property NOI as a result of improving rental rates and income from multifamily apartment communities acquired in 2011 and 2012, partially offset by the Other Charges discussed below.

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