Colonial Properties Trust Sells Metropolitan Midtown For $94 Million
The Company believes the verdicts should be vacated or a new trial ordered, and intends to pursue all available post-trial remedies. However, the Company cannot give any assurance as to the outcome of these efforts.
As a result of the jury verdict, the Company has recorded an increase to its loss contingency reserve of $12.7 million in the fourth quarter of 2012, which is reflected in Impairment and Other Losses. The Company has adjusted its net income available to common shareholders and earnings per share (EPS) and Funds from Operations Available to Common Shareholders and Unitholders (FFO) and FFO per share for the quarter and year ended December 31, 2012, which was previously reported by the Company on January 24, 2013. The Company’s adjusted financial statements for the quarter and year ended December 31, 2012 are attached to this press release.
After giving effect to the increase in contingency reserves resulting from the jury verdict, the Company’s revised reported net income available to common shareholders and EPS for the fourth quarter 2012 is $4.2 million and $0.05 per diluted share, respectively (revised from $16.0 million or $0.18 per diluted share). For the year ended December 31, 2012, the Company’s revised reported net income available to common shareholders and EPS is $8.2 million and $0.09 per diluted share, respectively (revised from $19.9 million or $0.22 per diluted share).
The revised reported FFO, a widely accepted measure of REIT performance, for the fourth quarter 2012 is $5.4 million or $0.06 per diluted share (revised from $18.1 million or $0.19 per diluted share). The revised reported FFO for the year ended December 31, 2012 is $92.5 million or $0.98 per diluted share (revised from $105.1 million or $1.11 per diluted share).The jury verdict and revised reported results do not impact any of the Company’s covenants under its credit facilities.
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