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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Colonial Properties Trust Reports Results For Fourth Quarter 2012

In December 2012, the company purchased two apartment communities with an average age of seven years for a total purchase price of $67.3 million. The following properties were acquired: the 306-unit Colonial Reserve at Las Colinas in Dallas, Texas, and the 272-unit Colonial Grand at Canyon Ranch in Austin, Texas.

Dispositions

In October 2012, the company sold the 612,000-square-foot retail center Colonial Promenade Alabaster located in Birmingham, Alabama, for $37.4 million.

In December 2012, the company sold four apartment communities with an average age of 31 years for total proceeds of $95.4 million. The following properties were sold: the 425-unit Autumn Hill in Charlottesville, Virginia; the 229-unit Colonial Village at Canyon Hills in Austin, Texas; the 250-unit Colonial Village at Highland Hills in Raleigh, North Carolina; and the 476-unit Heatherwood in Charlotte, North Carolina.

In December 2012, the company sold its remaining 10 percent ownership interest in the Bluerock office portfolio, which consisted of nine office assets located in Huntsville, Alabama comprising 1.7 million square feet of leasable space. The company received $2.0 million in cash and no longer has responsibility for $10.7 million of associated mortgage debt and $7.9 million of other liabilities, which represented the company’s pro-rata share of such debt and liabilities.

In January 2013, the company sold its remaining 10 percent ownership interest in the 388,000-square-foot retail center Colonial Promenade at Hoover in Birmingham, Alabama. The company received $0.5 million in cash and no longer has responsibility for $1.5 million of associated mortgage debt, which represented the company’s pro-rata share of such debt.

Other Charges

In the fourth quarter 2012, the company recorded charges of $8.2 million related to a proposed settlement with respect to the previously disclosed UCO litigation. The charges are comprised of an increase in the loss contingency accrual of $4.9 million and $3.3 million non-cash impairment charge on certain for-sale residential lots. The loss contingency accrual and impairment are reflected in Impairment and Other Losses on the company’s consolidated statement of operations.

4 of 10

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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