Colonial Properties Trust Reports Earnings for First Quarter 2006.BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- Colonial Properties "Colonial Mall" redirects here. All malls with that name are owned by this company. Colonial Properties Trust NYSE: CLP is a multifamily focused real estate investment trust (REIT). Colonial manages retail, office and multi-family properties. Trust (NYSE NYSE See: New York Stock Exchange : CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. ), a diversified diversified (di·verˑ·s real estate investment trust that owns a portfolio of multifamily, office and retail properties, reported results for the quarter ending March 31, 2006. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Net income available to common shareholders was $5.5 million or $0.12 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the quarter, compared to $69.9 million or $2.51 per fully diluted share in the same period in 2005. The difference from the prior year is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to decreased gains on sales of assets and increased amortization, depreciation and interest expense as a result of growth in the company's asset base. E[acute accent]Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ), a widely accepted measure of REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). performance, increased to $45.8 million from $34.0 million in the same period a year ago. Funds from operations per fully diluted share/unit (FFOPS FFOPS Funds from Operations Per Share (financial term) ) were $0.82 versus $0.89 for the first quarter of 2005. The decrease in FFOPS was primarily due to the reduction of the company's overall leverage by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 700 basis points from the first quarter of 2005. A reconciliation of net income available to common shareholders to FFO is provided in the attached tables. E[acute accent]"We kicked off 2006 with excellent operating results and new business activity," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs H. Lowder, the company's chairman. "All of our divisions reported solid results. We celebrated the opening of our new lifestyle center in Knoxville Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn. and we initiated several development projects in all three operating divisions and our taxable REIT subsidiary. Earnings from condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. conversions are on schedule and all the units at Mira Vista at James Island James Island: see Charleston, S.C. , our Charleston Charleston, cities, United States Charleston. 1 City (1990 pop. 20,398), seat of Coles co., E Ill.; inc. 1835. Charleston is an industrial, rail, and trade center located in an agricultural area; shoes are also made. Eastern Illinois Univ. , S.C. project, were placed under contract in record time. Finally, we increased our dividend for the twelfth consecutive year, representing an increase every year since our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ." E[acute accent]Highlights for the first quarter of 2006: E[acute accent]Corporate: E[acute accent]--Recognized positive same-property net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. growth for each operating division: multifamily, 7.9 percent; office, 8.7 percent and retail, 4.1 percent; E[acute accent]--Recognized $0.03 of EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. and FFOPS contribution from management and development fees; E[acute accent]--Realized net $0.02 of EPS and FFOPS related to settlement of forward starting interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. and retirement of secured debt; E[acute accent]--Repurchased 1.1 million shares of the company's 7.62% Series E Cumulative Redeemable Redeemable Eligible for redemption under the terms of an indenture. Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. under the company's repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. plan; and E[acute accent]--Increased quarterly dividend for twelfth consecutive year to $0.68 per common share/unit. E[acute accent]Multifamily: E[acute accent]--Recognized a 7.9 percent increase in same-property NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics for the first quarter of 2006, the tenth Tenth can mean: In mathematics:
E[acute accent]--Reported occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy of 96.2 percent for stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. properties, a 90 basis point increase over the fourth quarter of 2005 and 100 basis points over first quarter 2005; reported occupancy on same-property portfolio of 96.3 percent, an increase of 90 basis points over the previous quarter and 110 basis points over first quarter 2005; E[acute accent]--Sold 10 former Cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to multifamily properties totaling 2,504 units for $141.6 million, one wholly-owned community as well as the company's 15 percent interest in four joint venture properties; and E[acute accent]--Acquired a 20 percent interest in a 358 unit community in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. and a 25 percent interest in a 270 unit community in Charlotte, N.C. E[acute accent]Over the past twelve months, the company sold 9,719 units for a total sales price of $543 million, representing a 6.5 percent capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. as part of a large transaction which was focused on improving the age and quality of the Colonial Properties multifamily portfolio. E[acute accent]Office: E[acute accent]--Reported an 8.7 percent increase in NOI on a same-property basis compared to first quarter of 2005; E[acute accent]--Posted occupancy on stabilized properties of 92.0 percent, a 70 basis point increase over the previous quarter and 250 basis points over the first quarter 2005: occupancy includes the former CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. properties with weighted average occupancy of 86.9 percent; reported occupancy on same-property portfolio of 95.3 percent, a 30 basis point increase sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen and a 600 basis point increase over the first quarter 2005; and E[acute accent]--Announced the development of a 160,000 square foot Class A office tower in the mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. of Colonial Brookwood Village Colonial Brookwood Village (also known as Brookwood Village or Brookwood Mall) is a 750,754 square foot (69747 m) upscale shopping mall located in "the hub of Mountain Brook, Vestavia, and Homewood, Alabama". in Birmingham, Ala. E[acute accent]Retail: E[acute accent]--Realized an increase of 4.1 percent in NOI on a same-property basis compared to the first quarter of 2005; E[acute accent]--Reported occupancy for stabilized properties of 90.2 percent; posted occupancy for the same-property portfolio of 90.3 percent, a 140 basis point increase over the same period in the prior year; E[acute accent]--Celebrated the grand opening of Colonial Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval , Turkey Creek Turkey Creek may be:
E[acute accent]--Contributed 90 percent of four open-air shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and representing approximately 750,000 square feet to a joint venture with the Cornfeld Group for a total sales price of $127.3 million. E[acute accent]For Sale: E[acute accent]--Recognized $0.05 of EPS and FFOPS contribution from the sales of residential units; E[acute accent]--Entered into a joint venture to develop three residential projects in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , two in Gulf Shores and one in Mobile; E[acute accent]--Began construction of Southgate Southgate, city (1990 pop. 30,771), Wayne co., SE Mich., a largely residential suburb of Detroit; settled 1840–60, inc. 1958. Transportation equipment is manufactured. on Fairview Fairview, borough (1990 pop. 10,733), Bergen co., NE N.J.; settled 1860, inc. 1894. Clothing and embroideries are made in Fairview. , a 47 unit condominium development located in Charlotte, N.C.; and E[acute accent]--Started construction of Regent's Park
n. 1. A residence in a city. 2. A row house, especially a fashionable one. project in the upscale neighborhood of Buckhead The term Buckhead may mean:
E[acute accent]Portfolio Overview - As of March 31, 2006 E[acute accent]Multifamily: The company owns or manages 43,937 units comprised of 104 wholly-owned properties totaling 31,555 units and 33 partially-owned properties with 9,619 units. Additionally, the company provides third-party management services for 2,763 units. E[acute accent]Office: Colonial Properties owns or manages 20.3 million square feet of office space. The company's office portfolio includes 35 wholly-owned properties and 27 partially-owned properties that together total 19.6 million square feet. The company manages six additional office properties totaling 0.7 million square-feet. E[acute accent]Retail: The company owns or manages 11.6 million square feet of retail space. The portfolio includes 35 wholly-owned and 14 partially-owned retail properties totaling 11.2 million square feet. The company manages an additional four retail centers with 0.4 million square feet of space. E[acute accent]EPS and FFO Per Share Guidance E[acute accent]The company's guidance for the second-quarter and full-year 2006 for fully diluted EPS and FFOPS is set forth and reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. below.
Second-Quarter 2006 Range Full-Year 2006 Range
Low - High Low - High
Fully Diluted EPS $0.70 - $1.18 $1.43 - $1.95
Plus: Real Estate
Depreciation &
Amortization 0.90 - 0.90 3.20 - 3.20
Less: Gain on
Sale of Assets (0.70) - (1.15) (0.85) - (1.25)
Fully Diluted FFOPS $0.90 - $0.93 $3.78 - $3.90
E[acute accent]"We remain focused on our core operations and expect strong operating results for 2006," Lowder said. "We are extremely excited about our development pipeline and are confident that we will deliver earnings from these projects. We remain committed to increasing our development pipeline and expect it to reach $1 billion by year end." E[acute accent]For additional details of disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of and investment activities, see the company's detailed Supplemental Financial Highlights available on the company's website. E[acute accent]Conference Call and Supplemental Materials E[acute accent]The company will hold its quarterly conference call Thursday Thursday: see week. , April 27 at 1:00 pm Central Time. The call will include a review of the company's first quarter performance and discussion of the company's strategy and expectations for the future. E[acute accent]To participate, dial 1-877-500-9123. As with previous calls, a replay will be available for one week by dialing 1-800-642-1687; the Conference ID will be 6620362. Access to the live call and a replay will be available through the company's website at www.colonialprop.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. : Shareholder Information." E[acute accent]Colonial Properties produces a supplemental information package that provides detailed information regarding operating performance, investing activities and the company's overall financial position. For a copy of Colonial Properties' detailed Supplemental Financial Highlights, please visit the Company's website at www.colonialprop.com under the "Investor Relations: Financial Reporting" tab or contact Barbara Barbara maid exemplifying personal and domestic neatness. [Br. Lit.: Old Curiosity Shop] See : Orderliness Pooley in Investor Relations at 800-645-3917. E[acute accent]Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in the Sunbelt Sunbelt Region, south and southwestern U.S. It is characterized by a warm climate, rapid population growth since 1970, and relatively conservative voting patterns. Comprising 15 states, it extends from Virginia and Florida in the southeast through Nevada in the southwest, . Colonial Properties Trust performs development, acquisition, management, leasing and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services for its portfolio and properties owned by third parties. The company has a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of approximately $5.9 billion. As of March 31, the company owns or manages 43,937 apartment units, 20.3 million square feet of office space and 11.6 million square feet of retail shopping space. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, visit www.colonialprop.com. E[acute accent]Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement E[acute accent]"Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain statements in this press release may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward looking statements. Factors that impact such forward looking statements include, among others, real estate conditions and markets; performance of affiliates or companies in which we have made investments; changes in operating costs operating costs npl → gastos mpl operacionales ; legislative or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; the effect of any rating agency action; the cost and availability of new debt financings Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay ; level and volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of interest rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. crisis; or other factors affecting the real estate industry generally. E[acute accent]Except as otherwise required by the federal securities laws, the company assumes no responsibility to update the information in this press release. E[acute accent]The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2005, which discuss these and other factors that could adversely affect the company's results.
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COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2006
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BALANCE SHEET
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($ in 000s) As of As of
3/31/2006 12/31/2005
---------- -----------
ASSETS
Real Estate Assets
------------------
Operating Properties $3,972,119 $ 3,974,925
Undeveloped Land & Construction in
Progress 237,993 202,052
---------- -----------
Total Real Estate, before Depreciation 4,210,112 4,176,977
Less: Accumulated Depreciation (486,657) (453,365)
Real Estate Assets Held for Sale, net 116,556 367,372
---------- -----------
Net Real Estate Assets 3,840,011 4,090,984
Cash and Equivalents 37,313 30,615
Restricted Cash 8,198 8,142
Accounts Receivable, net 23,183 28,543
Notes Receivable 51,869 36,387
Prepaid Expenses 15,995 19,549
Deferred Debt and Lease Costs 46,786 50,436
Investment in Unconsolidated Subsidiaries 125,377 123,700
Other Assets 96,253 110,902
---------- -----------
Total Assets $4,244,985 $ 4,499,258
========== ===========
LIABILITIES
Long-Term Liabilities
---------------------
Unsecured Credit Facility $ 166,600 $ 210,228
Notes and Mortgages Payable 2,133,327 2,274,620
Mortgages Payable Related to Real Estate
Assets Held for Sale - 9,502
---------- -----------
Total Long-Term Liabilities 2,299,927 2,494,350
Other Liabilities 119,765 138,861
---------- -----------
Total Liabilities 2,419,692 2,633,211
---------- -----------
MINORITY INTEREST & EQUITY
Limited Partners' Interest in Consolidated
Partnership 9,141 8,094
Preferred Shares and Units, at Liquidation Value
-------------------------------------------------
Series B 7 1/4%, Preferred Units 100,000 100,000
Series C 9 1/4%, Preferred Shares 50,000 50,000
Series D 8 1/8%, Preferred Shares 125,000 125,000
Series E 7 5/8%, Preferred Shares 105,503 133,159
---------- -----------
Total Preferred Shares and Units, at
Liquidation Value 380,503 408,159
Common Equity, including Minority Interest
in Operating Partnership 1,435,649 1,449,794
---------- -----------
Total Equity, including Minority Interest 1,825,293 1,866,047
---------- -----------
Total Liabilities and Equity $4,244,985 $ 4,499,258
========== ===========
---------------------------------------------
SHARES & UNITS OUTSTANDING, END OF PERIOD
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(shares and units in 000s) As of As of
3/31/2006 12/31/2005
---------- -----------
Basic
Shares 45,337 44,857
Operating Partnership Units (OP Units) 10,850 10,872
---------- -----------
Total Shares & OP Units 56,187 55,729
Dilutive Common Share Equivalents - 391
Diluted
Shares 45,337 45,248
Total Shares & OP Units 56,187 56,120
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COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2006
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CONSOLIDATED STATEMENTS OF INCOME
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($ in 000s, except per share data) Three Months Ended
----------------------
3/31/2006 3/31/2005
---------- ----------
Revenue
-------
Minimum Rent $ 113,760 $ 73,077 55.7%
Percentage Rent 414 660 -37.3%
Tenant Recoveries 7,933 8,984 -11.7%
Construction Revenues 12,140 -
Other Property Related Revenue 8,250 2,321 255.5%
Other Non-Property Related Revenue 4,108 3,126 31.4%
---------- ---------- --------
Total Revenue 146,605 88,168 66.3%
Operating Expenses
------------------
Property Operating Expenses:
General Operating Expenses 11,793 6,181 90.8%
Salaries and Benefits 8,885 3,627 145.0%
Repairs and Maintenance 10,319 8,293 24.4%
Taxes, Licenses, and Insurance 15,084 9,379 60.8%
---------- ---------- --------
Total Property Operating
Expenses 46,081 27,480 67.7%
General and Administrative 11,514 8,401 37.1%
Construction Expenses 11,370 -
Depreciation 39,529 23,628 67.3%
Amortization 7,967 3,307 140.9%
---------- ---------- --------
Total Operating Expenses 116,461 62,816 85.4%
---------- ---------- --------
Income from Operations 30,144 25,352 18.9%
Other Income (Expense)
----------------------
Interest Expense & Debt Cost
Amortization (33,811) (24,364) 38.8%
Loss on Retirement of Debt (1,179) -
Interest Income 1,539 210 632.9%
Income (Loss) from Investments (662) 270 -345.2%
Gain on Hedging Activities 2,464 280 780.0%
Gain on Sale of Property, net of
income taxes of $513 in 2006 and
$0 in 2005 6,024 1,025 487.7%
Income Taxes (796) (210) 279.0%
---------- ----------- -------
Total Other Income (Expense) (26,421) (22,789) 15.9%
---------- ----------- -------
Income before Minority Interest
& Discontinued Operations 3,723 2,563 45.3%
Minority Interest
-----------------
Minority Interest of Limited
Partners (120) (4) 2900.0%
Minority Interest in CRLP -
Preferred (1,813) (1,813) 0.0%
Minority Interest in CRLP - Common 869 799 8.8%
---------- -------------------
Total Minority Interest (1,064) (1,018) 4.5%
---------- -------------------
Income from Continuing Operations 2,659 1,545 72.1%
Discontinued Operations
-----------------------
Income from Discontinued Operations 1,763 7,180 -75.4%
Gain (Loss) on Disposal of Discontinued
Operations, net of income taxes of
$1,269 in 2006 and $0 in 2005 10,508 91,873 -88.6%
Minority Interest in CRLP - Common (2,191) (26,773) -91.8%
Minority Interest of Limited
Partners (979) (225) 335.1%
---------- -------------------
Income from Discontinued Operations 9,101 72,055 -87.4%
---------- -------------------
Net Income 11,760 73,600 -84.0%
---------- -------------------
Dividends to Preferred Shareholders (6,099) (3,695) 65.1%
---------
Preferred Share Issuance Costs (159) -
---------- ----------
Net Income Available to Common
Shareholders $ 5,502 $ 69,905 -92.1%
========== ========== ========
Earnings per Share - Basic
Continuing Operations $ (0.08)$ (0.08) 0.0%
Discontinued Operations 0.20 2.59 -92.3%
---------- ---------- --------
EPS - Basic $ 0.12 $ 2.51 -95.2%
========== ========== ========
Earnings per Share - Diluted
Continuing Operations $ (0.08)$ (0.08) 0.0%
Discontinued Operations 0.20 2.59 -92.3%
---------- ---------- --------
EPS - Diluted $ 0.12 $ 2.51 -95.2%
========== ========== ========
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COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2006
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FIRST QUARTER FUNDS FROM OPERATIONS
(FFO) RECONCILIATION
-------------------------------------------------------------------
($ in 000s, except per share data) Three Months Ended
----------------------
3/31/2006 3/31/2005
---------- ----------
Net Income Available to Common
Shareholders $ 5,502 $ 69,905 -92.1%
Minority Interest in CRLP (Operating
Ptr Unitholders) 1,322 25,974 -94.9%
Minority Interest in Gain/(Loss) on
Sale of Undepreciated Property 1,135 -
---------- ----------
Total 7,959 95,879 -91.7%
Adjustments - Consolidated Properties
--------------------------------------
Depreciation - Real Estate 39,531 25,227 56.7%
Amortization - Real Estate 7,829 3,587 118.3%
Remove: Gain/(Loss) on Sale of
Property, net of Income Tax (16,532) (90,336) -81.7%
Include: Gain/(Loss) on Sale of
Undepreciated
Property, net of Income Tax and
Minority Interest 2,573 937 174.6%
---------- ---------- --------
Total Adjustments -
Consolidated 33,401 (60,585) -155.1%
Adjustments - Unconsolidated Properties
---------------------------------------
Depreciation - Real Estate 3,431 1,173 192.5%
Amortization - Real Estate 1,207 1 120600.0%
Remove: Gain/(Loss) on Sale of
Property (240) (2,440) -90.2%
---------- ---------- --------
Total Adjustments -
Unconsolidated 4,398 (1,266) -447.4%
---------- ---------- --------
Funds from Operations $ 45,758 $ 34,028 34.5%
========== ========== ========
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FFO per Share
Basic $ 0.82 $ 0.89 -8.1%
Diluted $ 0.82 $ 0.89 -8.1%
Pursuant to the definition of Funds from Operations ("FFO") adopted by
the Board of Governors of the National Association of Real Estate
Investment Trusts ("NAREIT"), FFO is calculated by adjusting net
income (loss) (computed in accordance with GAAP), excluding gains (or
losses) from sales of depreciated property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures. Adjustments for unconsolidated partnerships and
joint ventures are calculated to reflect FFO on the same basis.
The Company believes that FFO is useful to investors because it
provides an additional indicator of the Company's financial and
operating performance. This is because, by excluding the effect of
real estate depreciation and gains (or losses) from sales of
properties (all of which are based on historical costs which may be of
limited relevance in evaluating current performance), FFO can
facilitate comparison of operating performance among equity REITs. FFO
is a widely recognized measure in the Company's industry. FFO does not
represent cash generated from operating activities determined in
accordance with GAAP, and should not be considered as an alternative
to net cash flows from operating activities (determined in accordance
with GAAP), as a measure of our liquidity, or as an indicator of our
ability to make cash distributions.
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FIRST QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
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(shares and units in 000s) Three Months Ended
----------------------
3/31/2006 3/31/2005
---------- ----------
Basic
Shares 44,979 27,824 61.7%
Operating Partnership Units (OP
Units) 10,865 10,338 5.1%
---------- --------- ---------
Total Shares & OP Units 55,844 38,162 46.3%
Dilutive Common Share Equivalents - -
Diluted (1)
Shares 44,979 27,824 61.7%
Total Shares & OP Units 55,844 38,162 46.3%
Notes:
(1) For periods where the Company reported a net loss from continuing
operations (after preferred dividends), the effect of dilutive shares
has been excluded from per share computations as including such shares
would be anti-dilutive.
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COLONIAL PROPERTIES TRUST
Segment Data
($ in 000s, except per share data)
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--------------------------------
QUARTERLY SEGMENT DATA SUMMARY
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Revenue Expense
------------------- ------ ----------------- -------
1Q06 1Q05 (1) Change 1Q06 1Q05 Change
(1)
--------- --------- ------ -------- -------- -------
MULTIFAMILY PORTFOLIO
Same-Property(2) $62,129 $60,018 3.5% $24,216 $24,881 -2.7%
Cornerstone
Properties(3) (31,870) (14,104) -100.0%
Non Same-
Property 15,840 10,118 56.6% 7,047 4,439 58.8%
--------- --------- ------ -------- -------- -------
Total Division 77,969 38,266 103.8% 31,263 15,216 105.5%
OFFICE PORTFOLIO
Same-Property(2) 20,900 19,310 8.2% 6,504 6,066 7.2%
Non Same-
Property 23,522 5,770 307.7% 8,562 1,755 387.8%
========= ========= ====== ======== ======== =======
Total Division 44,422 25,080 77.1% 15,066 7,821 92.6%
RETAIL PORTFOLIO
Same-Property(2) 19,048 18,260 4.3% 5,371 5,127 4.8%
Non Same-
Property 9,301 26,150 -64.4% 2,373 8,036 -70.5%
--------- --------- ------ -------- -------- -------
Total Division 28,349 44,410 -36.2% 7,744 13,163 -41.2%
TOTAL PORTFOLIO
Same-Property(2) 102,077 97,588 4.6% 36,091 36,074 0.0%
Non Same-
Property 48,663 42,038 15.8% 17,982 14,230 26.4%
--------- --------- ------ -------- -------- -------
Total $150,740 $107,756 39.9% $54,073 $36,200 49.4%
========= ========= ====== ======== ======== =======
Net Operating Income
(NOI)
----------------------
1Q06 1Q05 Change
(1)
------- ------- ------
MULTIFAMILY PORTFOLIO
Same-Property(2) $37,913 $35,137 7.9%
Cornerstone Properties(3) (17,766)
Non Same-Property 8,793 5,679 54.8%
------- ------- ------
Total Division 46,706 23,050 102.6%
OFFICE PORTFOLIO
Same-Property(2) 14,396 13,244 8.7%
Non Same-Property 14,960 4,015 272.6%
======= ======= ======
Total Division 29,356 17,259 70.1%
RETAIL PORTFOLIO
Same-Property(2) 13,677 13,133 4.1%
Non Same-Property 6,928 18,114 -61.8%
------- ------- ------
Total Division 20,605 31,247 -34.1%
TOTAL PORTFOLIO
Same-Property(2) 65,986 61,514 7.3%
Non Same-Property 30,681 27,808 10.3%
------- ------- ------
Total $96,667 $71,556 35.1%
======= ======= ======
Notes:
(1) The 2005 same-property data includes Cornerstone properties that
were not owned by the Company during Q105.
(2) The 2005 same-property data reflects results of the 2006 same-
property portfolio, as adjusted for dispositions during year and
including straight-line rents.
(3) Cornerstone 1Q05 same-property results are deducted to arrive at
1Q05 Total Portfolio results due to the fact that the Cornerstone
merger was not completed until April 1, 2005.
Revenue is defined as total property revenues, including our prorata
share of unconsolidated partnerships and joint ventures. The Company
believes Revenue (and other revenue measures aggregating segment data)
is useful to investors as a meaningful indicator of property operating
performance and current market conditions affecting the Company.
Additionally, Revenue is an integral component in calculating
Divisional NOI.
Expense is defined as real estate expenses, (such items as repairs and
maintenance, payroll, utilities, property taxes, insurance,
advertising, management fees), including unconsolidated partnerships
and joint ventures. The Company believes Expense (and other expense
measures aggregating segment data) is useful to investors as a
meaningful indicator of property operating expenses. Additionally,
Expense is an integral component in calculating Divisional NOI.
Net Operating Income (NOI) is defined as total property revenues,
including our prorata share of unconsolidated partnerships and joint
ventures, less real estate expenses (such items as repairs and
maintenance, payroll, utilities, property taxes, insurance,
advertising, management fees). The Company believes NOI (and other NOI
measures aggregating segment data) is useful to investors as a
meaningful indicator of property level operating performance and
current market conditions affecting the Company . Additionally, the
Company also believes NOI (and such other NOI measures) is useful to
investors because NOI is commonly used industry-wide to evaluate and
compare property level operating results of real estate companies,
allowing investors to view the Company in comparison to these other
real estate companies. The Company cautions investors that other real
estate companies may calculate NOI on a basis different than the
Company. In addition, NOI (and such other NOI measures) should not be
viewed as a substitute measure of performance for GAAP income from
continuing operations or other applicable GAAP performance measures.
----------------------------------------------------------------------
COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s, except per share data)
----------------------------------------------------------------------
----------------------------
RECONCILIATION OF REVENUES
----------------------------------------------------------------------
1Q06 1Q05
------- -------
Divisional Total Revenues
Multifamily 77,969 38,266
Office 44,422 25,080
Retail 28,349 44,410
------- -------
Total Divisional Revenues 150,740 107,756
Less: Unconsolidated Revenues (16,161) (4,987)
Discontinued Operations (4,222)(17,597)
Construction Revenues 12,140 -
Unallocated Corporate Rev 4,108 2,996
------- -------
Cons. Rev, adj -'05 Disc Ops 146,605 88,168
------- -------
Add: Add'l Disc Ops Rev, post filing - 3,602
------- -------
Total Consol. Rev, per 10-Q / K 146,605 91,770
======= =======
---------------------------
RECONCILIATION OF EXPENSES
----------------------------------------------------------------------
1Q06 1Q05
------- -------
Divisional Total Expenses
Multifamily 31,263 15,216
Office 15,066 7,821
Retail 7,744 13,163
------- -------
Total Divisional Expenses 54,073 36,200
Less: Unconsolidated Expense (6,127) (1,910)
Discontinued Operations (1,989) (6,769)
Other Expense 124 (42)
------- -------
Total Property Operating Exp 46,081 27,479
Construction Expenses 11,370 -
General & Administrative Exp 11,514 8,401
Depreciation 39,529 23,628
Amortization 7,967 3,308
------- -------
Cons. Exp, adj -'05 Disc Ops 116,461 62,816
------- -------
Add: Add'l Disc Ops Exp,post filing - 3,395
------- -------
Total Consol. Exp, per 10-Q / K 116,461 66,211
======= =======
-----------------------
RECONCILIATION OF NOI
----------------------------------------------------------------------
1Q06 1Q05
------- -------
Divisional Total NOI
Multifamily 46,706 23,050
Office 29,356 17,259
Retail 20,605 31,247
------- -------
Total Divisional NOI 96,667 71,556
Less: Unconsolidated NOI (10,043) (3,078)
Discontinued Operations (2,224)(10,828)
Unallocated Corporate Rev 4,108 2,996
Construction NOI 770 -
Other Expense (124) 43
G&A Expenses (11,514) (8,401)
Depreciation (39,529)(23,628)
Amortization (7,967) (3,308)
------- -------
Income from Operations 30,144 25,352
Total Other Income (Expense) (26,421)(22,789)
------- -------
Income from Contin'g Ops (1) 3,723 2,563
------- -------
Disc Ops - 207
04 & 05 Disc Ops Other Inc(Exp) - 389
------- -------
Inc from Cont (1), per 10-Q / K 3,723 3,159
======= =======
----------------------------------------------------------------------
Quarterly NOI from Properties Not Stabilized in that Quarter
Properties in Lease-up or CIP 415 235
Acquisitions 417 1,698
----------------------------------------------------------------------
Notes:
(1) Income from Continuing Operations before extraordinary items,
minority interest and discontinued operations. Adjustments for
additional discontinued operations have restated prior periods in
accordance with FAS 144.
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