Colonial Properties Trust Reports Results For Second Quarter 2012

Colonial Properties Trust (NYSE: CLP) announced its results for the quarter ended June 30, 2012.

For the second quarter 2012, the company reported net income available to common shareholders of $16.4 million, or $0.19 per diluted share, compared with a net loss available to common shareholders of $6.4 million, or $0.08 per diluted share, for the same period in 2011. For the six months ended June 30, 2012, the company reported net income available to common shareholders of $10.4 million, or $0.12 per diluted share, compared with a net loss available to common shareholders of $18.1 million, or $0.22 per diluted share, for the same period in 2011. The increase over the prior-year periods is primarily attributable to the increase in multifamily same-property net operating income (NOI) as a result of improving rental rates, income derived from multifamily apartment communities acquired during 2011 and 2012, and a $21.9 million gain recognized from the company’s disposition of its ownership interest in the DRA/CLP office joint venture.

Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the second quarter 2012 was $29.9 million, or $0.32 per diluted share, compared with $28.7 million, or $0.32 per diluted share, for the same period in 2011. FFO for the six months ended June 30, 2012 totaled $58.0 million, or $0.61 per diluted share, compared with $51.9 million, or $0.58 per diluted share, for the same period in 2011. The increase over the prior-year periods is primarily attributable to an increase in NOI from the company’s multifamily same-property communities as a result of improving rental rates and income from multifamily properties acquired in 2011 and 2012.

A reconciliation of net income/loss available to common shareholders to FFO, and a reconciliation of NOI to income/loss from continuing operations, as well as definitions and statements of purpose are included in the financial tables accompanying this press release.

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