Multifamily NOI for 2012 increased 7.6 percent compared with 2011, with multifamily same-property revenues increasing 5.4 percent and expenses increasing 2.3 percent. The increase in revenues was primarily due to an improvement in both new and renewal lease rates and a consistently high occupancy level. For the year, the increase in expenses is primarily due to an increase in real estate taxes and payroll costs.Sequentially, multifamily same-property NOI for the fourth quarter 2012 increased 3.9 percent compared with the third quarter 2012, with revenues increasing 0.7 percent and expenses decreasing 4.1 percent compared with the prior quarter. The decrease in expenses is primarily due to seasonal decreases in utilities and repair and maintenance expenses in the fourth quarter 2012 compared with the third quarter 2012.
Colonial Properties Trust Reports Results For Fourth Quarter 2012
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