Colonial Properties Trust Reports Results For Second Quarter 2013

Colonial Properties Trust (NYSE: CLP) announced its results for the second quarter ended June 30, 2013.

For the second quarter 2013, the company reported net income available to common shareholders (EPS) of $16.1 million, or $0.18 per diluted share, compared with net income available to common shareholders of $16.4 million, or $0.19 per diluted share, for the same period in 2012. For the six months ended June 30, 2013, the company reported net income available to common shareholders of $21.7 million, or $0.24 per diluted share, compared with net income available to common shareholders of $10.4 million, or $0.12 per diluted share, for the same period in 2012. The increase in the six months ended June 30, 2013, is primarily attributable to gains recognized from the sale of properties, improving rental rates resulting in an increase in multifamily same-property net operating income (NOI) and income derived from the acquisition and development of multifamily apartment communities, offset by properties sold since January 1, 2012.

Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the second quarter 2013 was $29.1 million, or $0.31 per diluted share, compared with $29.9 million, or $0.32 per diluted share, for the same period in 2012. FFO for the six months ended June 30, 2013, totaled $60.9 million, or $0.64 per diluted share, compared with $58.0 million, or $0.61 per diluted share, for the same period in 2012. The decrease in the second quarter 2013 FFO is primarily a result of properties sold since January 1, 2012, $1.2 million in transaction costs related to the proposed merger transaction with Mid-America Apartment Communities, Inc. (NYSE: MAA) recorded during the second quarter of 2012, and charges related to the settlement of certain litigation, offset by a 4.4 percent increase in multifamily same-property net operating income (NOI) from improving rental rates and the income derived from the acquisition and development of multifamily apartment communities.

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