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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.

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