This Day On The Street
Continue to site
ADVERTISEMENT
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

Colonial Properties Trust Reports Results For Fourth Quarter 2012

The company also recorded an adjustment to a previously recognized gain on sale of property of approximately $4.2 million in the fourth quarter 2012 related to required infrastructure repairs on a retail asset that was originally developed by the company and sold in the fourth quarter of 2007. The company recognized a pre-tax gain of approximately $12.8 million when the property was originally sold in 2007. The company is evaluating its options with respect to, among other things, recovery of some or all of the costs associated with the repairs from the general contractor responsible for the infrastructure and site work.

Additionally, $1.8 million of restructuring charges were recorded in the fourth quarter 2012, related to severance costs associated with the departure of the company’s President and Chief Financial Officer, as well as departures of other management personnel as a result of additional simplification of the company’s operations.

Quarterly Dividend on Common Shares

On January 23, 2013, the Board of Trustees voted to increase the quarterly cash dividend on common shares for the first quarter 2013 by 16.7 percent to $0.21 per common share. The dividend is payable February 11, 2013, to shareholders of record as of February 4, 2013, representing an ex-dividend date of January 31, 2013.

2013 EPS and FFO per Share Guidance

The company’s guidance range for the full-year 2013 for EPS and FFO per share, with certain assumptions and the timing of certain transactions, is set forth and reconciled below:
 
Full-Year
2013 Range
Low     High
Diluted EPS $ 0.29     $ 0.45
Plus: Real Estate Depreciation & Amortization 1.35 1.35
Less: Gain on Sale of Operating Properties   (0.30 )       (0.40 )

Total Diluted FFO per share

$

1.34
     

$

1.40
 
 

Following are the assumptions reflected in the company’s full-year 2013 guidance:
  • Multifamily same-property net operating income: growth of 4.00 to 6.00 percent.
    • Revenue: Increase of 4.25 to 5.25 percent
    • Expense: Increase of 4.00 to 5.00 percent
  • Development spending of $125 million to $150 million.
  • Acquisitions of $150 million to $175 million.
  • Dispositions of $275 million to $325 million.
  • Corporate G&A expenses of $18 million to $19 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.

5 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,686.22 -43.89 -0.25%
S&P 500 2,066.05 -10.73 -0.52%
NASDAQ 4,983.7590 -25.4550 -0.51%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs