Colonial Properties Trust Sells Metropolitan Midtown for $94 Million

  Colonial Properties Trust Sells Metropolitan Midtown for $94 Million

  Adjusts Reported Fourth Quarter 2012 Earnings for Subsequent Jury Verdict

Business Wire

BIRMINGHAM, Ala. -- February 7, 2013

Colonial Properties Trust (NYSE: CLP), today announced the sale of
Metropolitan Midtown, its mixed-use project located in Charlotte, North
Carolina, for $94.4 million in cash. Colonial Properties Trust (the Company)
also announced it has adjusted its previously announced results for the fourth
quarter and year ended December 31, 2012, due to a jury verdict in the
previously disclosed Colonial Grand at Traditions litigation in the Circuit
Court of Baldwin County, Alabama.

Metropolitan Midtown Disposition

Opened in 2008, Metropolitan Midtown comprises 170,000 square feet of office
space and 172,000 square feet of retail space, and was 93.5 percent occupied
at December 31, 2012. The sales proceeds will be used to fund the multifamily
development pipeline and improve the Company’s balance sheet. With the closing
of Metropolitan Midtown, the Company’s goal of having at least 90 percent of
its total net operating income generated from its multifamily properties has
been achieved.

Colonial Grand at Traditions Litigation

As previously reported, in December 2010, SM Traditions Associates, LLC, a
member in TA Colonial Traditions, LLC, the joint venture entity, filed claims
against Colonial Realty Limited Partnership, Colonial Properties Trust,
Colonial Properties Services, Inc. and Colonial Construction Services, LLC
(collectively, the Company) relating to the Company’s oversight and
involvement in the development and construction of the Colonial Grand at
Traditions, a multifamily apartment community, including breach of management
and development agreements, material misrepresentations, fraudulent
concealment and breach of fiduciary duties. Also, as previously reported, the
Company purchased the note, evidencing the construction loan made to TA
Traditions, LLC.

On February 1, 2013, a Baldwin County, Alabama jury awarded SM Traditions
Associates, LLC $6.7 million in compensatory damages and $6.0 million in
punitive damages for a total of $12.7 million. The jury also returned verdicts
in favor ofSM Traditions Associates, LLC and TA Colonial Traditions, LLC with
respect to the Company’s counter-claims.

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.

A reconciliation of net income/loss available to common shareholders to FFO is
included in the financial tables accompanying this press release.

The Company has filed a Form 8-K/A with the Securities and Exchange Commission
that contains the Company’s adjusted financial statements for the quarter and
year ended December 31, 2012, which is also attached to this press release. A
copy of this Form 8-K/A and a revised Supplemental Financial Highlights for
the quarter and year ended December 31, 2012 can also be found on the
Company’s website at www.colonialprop.com.

Colonial Properties Trust is a real estate investment trust (REIT) that
creates value for its shareholders through a multifamily portfolio and the
management and development of select commercial assets in the Sunbelt region
of the United States. As of December 31, 2012, the Company owned, had partial
ownership in or managed 34,497 apartment units and 2.5 million square feet of
commercial space. Headquartered in Birmingham, Alabama, Colonial Properties is
listed on the New York Stock Exchange under the symbol CLP and is included in
the S&P SmallCap 600 Index. For more information, please visit the Company’s
website at www.colonialprop.com.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in this press release.
The non-GAAP financial measures include FFO. The definition of this non-GAAP
financial measure is summarized below. The Company believes that this measure
is helpful to investors in measuring financial performance and comparing such
performance to other REITs.

FFO, as defined by the National Association of Real Estate Investment Trusts
(NAREIT), means income (loss) before non-controlling interest (determined in
accordance with GAAP), excluding gains (losses) from sales of depreciated
property and impairment write-downs of depreciable real estate, plus real
estate depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures. FFO is a widely recognized measure in the
Company's industry and is presented to assist investors in analyzing the
Company's performance. 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 amortization, gains (or losses) from sales of properties and
impairment write-downs of depreciable real estate (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.

The Company believes that the line on its consolidated statements of income
entitled “net income available to common shareholders” is the most directly
comparable GAAP measure to FFO.

Historical cost accounting for real estate assets implicitly assumes that the
value of real estate assets diminishes predictably over time. Since real
estate values instead have historically risen or fallen with market
conditions, many industry investors and analysts have considered presentation
of operating results for real estate companies that use historical cost
accounting to be insufficient by themselves. Thus, NAREIT created FFO as a
supplemental measure of REIT operating performance that excludes historical
cost depreciation, among other items, from GAAP net income. Management
believes that the use of FFO, combined with the required primary GAAP
presentations, is fundamentally beneficial, improving the understanding of
operating results of REITs among the investing public and making comparisons
of REIT operating results more meaningful. In addition to company management
evaluating the operating performance of its reportable segments based on FFO
results, management uses FFO and FFO per share, along with other measures, to
assess performance in connection with evaluating and granting incentive
compensation to key employees.

The Company's method of calculating FFO may be different from methods used by
other REITs and, accordingly, may not be comparable to such other REITs. FFO
should not be considered (1) as an alternative to net income (determined in
accordance with GAAP), (2) as an indicator of financial performance, (3) as
cash flow from operating activities (determined in accordance with GAAP) or
(4) as a measure of liquidity, nor is it indicative of sufficient cash flow to
fund all of the Company's needs, including the Company's ability to make
distributions.

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995: Certain statements in this press release, including statements regarding
pending litigation matters, operating performance outlook and other business
fundamentals may constitute “forward-looking statements” 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 by the forward looking statements. Factors that impact
such forward looking statements include, among others, changes in national,
regional and local economic conditions, which may be negatively impacted by
concerns about inflation, deflation, government deficits (including the
European sovereign debt crisis), high unemployment rates, decreased consumer
confidence and liquidity concerns, particularly in markets in which we have a
high concentration of properties; exposure, as a multifamily focused REIT, to
risks inherent in investments in a single industry; ability to obtain
financing on favorable rates, if at all; performance of affiliates or
companies in which we have made investments; changes in operating costs;
higher than expected construction costs; uncertainties associated with the
timing and amount of real estate disposition and the resulting gains/losses
associated with such dispositions; legislative or regulatory decisions; the
Company’s ability to continue to maintain our status as a REIT for federal
income tax purposes; price volatility, dislocations and liquidity disruptions
in the financial markets and the resulting impact on availability of
financing; the effect of any rating agency action on the cost and availability
of new debt financings; level and volatility of interest rates or capital
market conditions; effect of any terrorist activity or other heightened
geopolitical crisis; or other factors affecting the real estate industry
generally.

Except as otherwise required by the federal securities laws, the Company
assumes no responsibility to update the information in this press release.

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 for the year ended
December31, 2011, as may be updated or supplemented in the Company’s Form
10-Q filings, which discuss these and other factors that could adversely
affect the Company’s results.

                                           
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2012
                                                           
BALANCE SHEET                                               
                                                                
($ in 000s)                                    As of            As of
                                              12/31/2012       12/31/2011
ASSETS
Real Estate Assets
Operating Properties                           $ 3,489,324      $ 3,445,455
Undeveloped Land & Construction in              296,153        306,826    
Progress
Total Real Estate, before Depreciation           3,785,477        3,752,281
                                                                
Less: Accumulated Depreciation                   (804,964   )     (731,894   )
Real Estate Assets Held for Sale, net           93,450         10,543     
                                                                
Net Real Estate Assets                           3,073,963        3,030,930
                                                                
Cash and Equivalents                             11,674           6,452
Restricted Cash                                  38,128           43,489
Accounts Receivable, net                         23,977           26,762
Notes Receivable                                 42,399           43,787
Prepaid Expenses                                 19,460           19,912
Deferred Debt and Lease Costs                    23,938           22,408
Investment in Unconsolidated Subsidiaries        7,777            12,303
Other Assets                                    44,892         52,562     
                                                                
Total Assets                                   $ 3,286,208     $ 3,258,605  
                                                                
LIABILITIES
Unsecured Credit Facility                      $ 188,631        $ 184,000
Notes and Mortgages Payable                     1,643,361      1,575,727  
Total Debt                                       1,831,992        1,759,727
                                                                
Accounts Payable                                 53,545           50,266
Accrued Interest                                 10,209           11,923
Accrued Expenses                                 41,652           15,731
Investment in Unconsolidated Subsidiaries        -                31,577
Other Liabilities                               36,751         25,208     
Total Liabilities                               1,974,149      1,894,432  
                                                                
Redeemable Common Units                          162,056          159,582
                                                                
EQUITY
Limited Partner's Noncontrolling Interest        695              728
                                                                
Cumulative Earnings                              1,276,118        1,267,958
Cumulative Distributions                         (1,926,167 )     (1,862,838 )
Common Equity, including Additional              1,974,532        1,965,812
Paid-in Capital
Treasury Shares, at Cost                         (150,163   )     (150,163   )
Accumulated Other Comprehensive Loss            (25,012    )    (16,906    )
Total Equity, including Noncontrolling          1,150,003      1,204,591  
Interest
                                                                
Total Liabilities and Equity                   $ 3,286,208     $ 3,258,605  
                                           
SHARES & UNITS OUTSTANDING, END OF PERIOD                   
                                                                
(shares and units in 000s)                     As of            As of
                                               12/31/2012       12/31/2011
Basic
Shares                                           88,212           87,474
Operating Partnership Units (OP Units)          7,153          7,169      
Total Shares & OP Units                          95,365           94,643

                                                               
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2012
                                                                  
                
CONSOLIDATED
STATEMENTS OF                                                   
OPERATIONS
                                                                         
($ in 000s,
except per            Three Months Ended                Twelve Months Ended
share data)
                       12/31/2012     12/31/2011     12/31/2012     12/31/2011 
Revenue
Minimum Rent          $ 83,061         $ 75,964         $ 320,489        $ 287,667
Tenant                  2,252            2,430            9,574            9,329
Recoveries
Other Property          16,076           12,829           57,769           48,346
Related Revenue
Other
Non-Property           1,622          2,097          5,712          8,047      
Related Revenue
Total Revenues          103,011          93,320           393,544          353,389
                                                                         
Operating
Expenses
Operating
Expenses:
Property
Operating               27,766           24,950           107,657          98,108
Expenses
Taxes, Licenses        11,740         10,410         44,413         40,039     
and Insurance
Total Property
Operating               39,506           35,360           152,070          138,147
Expenses
                                                                         
Property
Management              3,773            2,187            12,858           9,185
Expense
General and
Administrative          5,507            4,844            22,615           20,439
Expense
Management Fee
and Other               1,092            2,386            6,298            8,067
Expenses
Restructuring           1,848            153              1,848            153
Charges
Investment and
Development             653              344              1,285            1,781
Expenses (1)
Depreciation            32,259           29,085           120,993          113,475
Amortization            1,425            1,804            6,122            7,446
Impairment and
Other Losses           21,321         3,392          26,013         5,736      
(2)
Total Operating        107,384        79,555         350,102        304,429    
Expenses
Income from             (4,373     )     13,765           43,442           48,960
Operations
                                                                         
Other Income
(Expense)
Interest                (22,718    )     (22,991    )     (92,085    )     (86,573    )
Expense
Debt Cost               (1,412     )     (1,252     )     (5,697     )     (4,767     )
Amortization
Interest Income         493              276              2,569            1,521
Income from
Partially-Owned         10,358           18,588           31,862           17,497
Investments
(Loss) Gain on
Sale of                 (4,212     )     96               (4,306     )     115
Property (3)
Income Tax and         (218       )    (132       )    (907       )    (872       )
Other
Total Other
Income                 (17,709    )    (5,415     )    (68,564    )    (73,079    )
(Expense)
                                                                         
(Loss) Income
from Continuing         (22,082    )     8,350            (25,122    )     (24,119    )
Operations
                                                                         
Discontinued
Operations
Income from
Discontinued            3,900            1,121            11,258           6,565
Operations
Gain on
Disposal of            22,743         58             22,729         23,733     
Discontinued
Operations
Net Income from
Discontinued          26,643         1,179          33,987         30,298     
Operations
                                                                         
Net Income             4,561          9,529          8,865          6,179      
                                                                         
Noncontrolling
Interest
Continuing
Operations
Noncontrolling
Interest of             (14        )     (6         )     (43        )     (53        )
Limited
Partners
Noncontrolling
Interest in             -                (867       )     -                (3,586     )
CRLP -
Preferred
Noncontrolling
Interest in             1,658            (658       )     1,893            2,094
CRLP - Common
Discontinued
Operations
Noncontrolling
Interest in            (1,998     )    (90        )    (2,555     )    (2,387     )
CRLP - Common
Income
Attributable to        (354       )    (1,621     )    (705       )    (3,932     )
Noncontrolling
Interest
Net Income
Attributable to       $ 4,207         $ 7,908         $ 8,160         $ 2,247      
Parent Company
                                                                         
Preferred Unit
Repurchase              -                2,500            -                2,500
Gains
Preferred
Share/Unit             -              (1,319     )    -              (1,319     )
Issuance Costs
Net Income
Available to          $ 4,207         $ 9,089         $ 8,160         $ 3,428      
Common
Shareholders
                                                                         

Continued on
following page


COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2012
                                                           
CONSOLIDATED
STATEMENTS
OF                                                        
OPERATIONS
(continued)
               Three Months Ended              Twelve Months Ended
                  12/31/2012     12/31/2011    12/31/2012     12/31/2011 
Income
(Loss) per
Share -
Basic
Continuing       $ (0.23      )   $ 0.09         $ (0.27      )   $ (0.30      )
Operations
Discontinued      0.28           0.01          0.36           0.34       
Operations
EPS - Basic      $ 0.05          $ 0.10         $ 0.09          $ 0.04       
                                                                  
Income
(Loss) per
Share -
Diluted
Continuing       $ (0.23      )   $ 0.09         $ (0.27      )   $ (0.30      )
Operations
Discontinued      0.28           0.01          0.36           0.34       
Operations
EPS -            $ 0.05          $ 0.10         $ 0.09          $ 0.04       
Diluted
                                                                  
(1) Reflects costs incurred related to acquisitions and abandoned pursuits.
These costs are volatile and therefore may vary between periods.
(2) For the three months ended December 31, 2012, the Company recorded a $17.6
million in charges for a loss contingencies related to certain ongoing
litigation, a $3.3 million non-cash impairment charge related to for-sale
residential land and a $0.4 million casualty loss due to property damage caused
by a fire at one of the Company's multifamily apartment communities. In
addition, during the twelve months ended December 31, 2012, the Company recorded
a $0.9 million charge related to warranty claims on for-sale residential units
previously sold, a $3.3 million non-cash impairment charge on one of the
Company's commercial assets and a $0.4 million non-cash impairment charge
related to a joint venture investment consisting of undeveloped land. For the
three months ended December 31, 2011, the Company recorded a $3.3 million charge
for a loss contingency related to certain litigation. In addition to these
charges, for the twelve months ended December 31, 2011, the Company recorded a
$1.5 million charge for a loss contingency related to certain litigation, $0.7
million in casualty losses as a result of property damage at eight multifamily
apartment communities and $0.2 million in non-cash impairment charges related to
various for-sale project and land outparcel transactions.
(3) Amounts presented in 2012 include $4.1 million of infrastructure costs for a
commercial development previously sold. This liability was recorded as a
reduction of gains previously recognized on the sale.
             
SHARES AND
UNITS                                                     
OUTSTANDING,
WEIGHTED
(shares and
units in         Three Months Ended              Twelve Months Ended
000s)
                  12/31/2012     12/31/2011    12/31/2012     12/31/2011 
                                                                  
Basic
Shares             87,454           86,769         87,251           84,142
Operating
Partnership       7,153          7,191         7,159          7,247      
Units (OP
Units)
Total Shares       94,607           93,960         94,410           91,389
& OP Units
                                                                  
Dilutive
Common Share       -                241            -                -
Equivalents
                                                                  
Diluted (1)
Shares             87,454           87,010         87,251           84,142
Total Shares       94,607           94,201         94,410           91,389
& OP Units
                                                                  
(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.

                                                                

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2012
             
FUNDS FROM
OPERATIONS                                                    
(FFO)
RECONCILIATION
                                                                      
($ in 000s,
except per         Three Months Ended                Twelve Months Ended
share data)
                    12/31/2012     12/31/2011     12/31/2012     12/31/2011 
Net Income
Available to       $ 4,207          $ 9,089          $ 8,160          $ 3,428
Common
Shareholders
Noncontrolling
Interest in
CRLP                340            748            662            293        
(Operating
Partnership
Unitholders)
Total                4,547            9,837            8,822            3,721
                                                                      
Adjustments -
Consolidated
Properties
Depreciation -       32,099           31,531           126,222          126,696
Real Estate
Amortization -       1,466            2,047            6,613            8,306
Real Estate
Impairment on
Depreciable          -                -                3,251            -
Asset
Remove:
(Gain)/Loss on
Sale of
Property, net
of Income Tax
and                  (18,530    )     (154       )     (18,423    )     (23,849    )
Noncontrolling
Interest
Include:
Gain/(Loss) on
Sale of
Undepreciated
Property, net
of Income Tax
and                 (4,212     )    96             (4,339     )    102        
Noncontrolling
Interest
Total
Adjustments -        10,823           33,520           113,324          111,255
Consolidated
                                                                      
Adjustments -
Unconsolidated
Properties
Depreciation -       240              1,524            2,699            6,451
Real Estate
Amortization -       59               459              843              2,822
Real Estate
Remove:
(Gain)/Loss on      (10,109    )    (18,787    )    (32,508    )    (18,765    )
Sale of
Property
Total
Adjustments -       (9,810     )    (16,804    )    (28,966    )    (9,492     )
Unconsolidated
                                                                      
Funds from         $ 5,560         $ 26,553        $ 93,180        $ 105,484    
Operations
                                                                      
Income
Allocated to        (127       )    (179       )    (719       )    (772       )
Participating
Securities
Funds from
Operations
Available to
Common
Shareholders       $ 5,433         $ 26,374        $ 92,461        $ 104,712    
and
Unitholders
                                                                      
FFO per
Share
Basic              $ 0.06           $ 0.28           $ 0.98           $ 1.15
Diluted            $ 0.06           $ 0.28           $ 0.98           $ 1.15
                                                                      
FFO, as defined by the National Association of Real Estate Investment Trusts
(NAREIT), means income (loss) before noncontrolling interest (determined in
accordance with GAAP), excluding gains (losses) from sales of depreciated property
and impairment write-downs of depreciable real estate, plus real estate depreciation
and amortization and after adjustments for unconsolidated partnerships and joint
ventures. FFO is presented to assist investors in analyzing the Company's
performance. 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 amortization, gains (or losses) from sales of properties and impairment
write-downs of depreciable real estate (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.
                                                                      
The Company's method of calculating FFO and Operating FFO may be different from
methods used by other REITs and, accordingly, may not be comparable to such other
REITs. Neither FFO nor Operating FFO should be considered (1) as an alternative to
net income (determined in accordance with GAAP), (2) as an indicator of financial
performance, (3) as cash flow from operating activities (determined in accordance
with GAAP) or (4) as a measure of liquidity nor is it indicative of sufficient cash
flow to fund all of our needs, including our ability to make distributions.

               
COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
                                                           
                                                             
RECONCILIATION                                                
OF REVENUES

                   Three Months Ended                Twelve Months Ended
                    12/31/2012     12/31/2011     12/31/2012     12/31/2011 
Divisional
Total Revenues
Multifamily -      $ 79,277         $ 75,252         $ 310,859        $ 294,800
Same Property
Multifamily -
Non-Same             17,060           10,249           56,771           41,247
Property (1)
Commercial          13,003         19,401         62,084         77,850     
Total
Divisional           109,340          104,902          429,714          413,897
Revenues
                                                                      
Less:
Unconsolidated       (291       )     (459       )     (1,731     )     (2,336     )
Revenues -
Multifamily
Less:
Unconsolidated       (1,148     )     (6,129     )     (11,500    )     (26,046    )
Revenues -
Commercial
Discontinued         (6,512     )     (7,091     )     (28,651    )     (40,173    )
Operations
Unallocated
Corporate           1,622          2,097          5,712          8,047      
Revenues
Consolidated
Revenue
Adjusted -'11       103,011        93,320         393,544        353,389    
Discontinued
Operations (2)
Add:
Additional
Discontinued        -              7,048          -              27,921     
Operations
Revenue, post
filing (3)
Total
Consolidated       $ 103,011       $ 100,368       $ 393,544       $ 381,310    
Revenue, per
10-Q/10-K (4)
           
RECONCILIATION                                                
OF EXPENSES
                                                                      
                    12/31/2012     12/31/2011     12/31/2012     12/31/2011 
Divisional
Total Expenses
Multifamily -      $ 30,470         $ 29,491         $ 121,990        $ 119,247
Same Property
Multifamily -
Non-Same             7,811            5,080            25,704           20,756
Property (1)
Commercial          4,315          6,218          20,483         25,076     
Total
Divisional           42,596           40,789           168,177          165,079
Expenses
                                                                      
Less:
Unconsolidated       (135       )     (211       )     (807       )     (1,153     )
Expenses -
Multifamily
Less:
Unconsolidated       (340       )     (2,147     )     (4,160     )     (8,728     )
Expenses -
Commercial
Discontinued        (2,615     )    (3,071     )    (11,140    )    (17,051    )
Operations
Total Property
Operating            39,506           35,360           152,070          138,147
Expenses
Property
Management           3,773            2,187            12,858           9,185
Expense
General and
Administrative       5,507            4,844            22,615           20,439
Expense
Management Fee
and Other            1,092            2,386            6,298            8,067
Expenses
Restructuring        1,848           153             1,848           153
Charges
Investment and
Development          653              344              1,285            1,781
Expenses (5)
Impairment and       21,321           3,392            26,013           5,736
Other Losses
Depreciation         32,259           29,085           120,993          113,475
Amortization        1,425          1,804          6,122          7,446      
Consolidated
Expense
Adjusted -'11       107,384        79,555         350,102        304,429    
Discontinued
Operations (2)
Add:
Additional
Discontinued        -              5,316          -              21,376     
Operations
Expense, post
filing (3)
Total
Consolidated       $ 107,384       $ 84,871        $ 350,102       $ 325,805    
Expense, per
10-Q/10-K (4)
           
RECONCILIATION                                                
OF NOI
                                                                      
                    12/31/2012     12/31/2011     12/31/2012     12/31/2011 
Divisional
Total NOI
Multifamily -      $ 48,807         $ 45,761         $ 188,869        $ 175,553
Same Property
Multifamily -
Non-Same             9,249            5,169            31,067           20,491
Property (1)
Commercial          8,688          13,183         41,601         52,774     
Total                66,744           64,113           261,537          248,818
Divisional NOI
                                                                      
Less:
Unconsolidated       (156       )     (248       )     (924       )     (1,183     )
NOI -
Multifamily
Less:
Unconsolidated       (808       )     (3,982     )     (7,340     )     (17,318    )
NOI -
Commercial
Discontinued         (3,897     )     (4,020     )     (17,511    )     (23,122    )
Operations
Unallocated
Corporate            1,622            2,097            5,712            8,047
Revenues
Property
Management           (3,773     )     (2,187     )     (12,858    )     (9,185     )
Expense
General and
Administrative       (5,507     )     (4,844     )     (22,615    )     (20,439    )
Expense
Management Fee
and Other            (1,092     )     (2,386     )     (6,298     )     (8,067     )
Expenses
Restructuring        (1,848     )     (153       )     (1,848     )     (153       )
charges
Investment and
Development          (653       )     (344       )     (1,285     )     (1,781     )
Expenses (5)
Impairment and       (21,321    )     (3,392     )     (26,013    )     (5,736     )
Other Losses
Depreciation         (32,259    )     (29,085    )     (120,993   )     (113,475   )
Amortization        (1,425     )    (1,804     )    (6,122     )    (7,446     )
Income from          (4,373     )     13,765           43,442           48,960
Operations
Total Other
Income              (17,709    )    (5,415     )    (68,564    )    (73,079    )
(Expense)
(Loss) Income
from                (22,082    )    8,350          (25,122    )    (24,119    )
Continuing
Operations (6)
Discontinued        -              1,735          -              6,527      
Operations
(Loss) Income
from
Continuing         $ (22,082    )   $ 10,085        $ (25,122    )   $ (17,592    )
Operations,
per 10-Q/10-K
(4)
                                                                      
(1) Includes operations from for-sale portfolio.
(2) Reflects total consolidated revenue and total consolidated expense (as
applicable), adjusted to reflect discontinued operations classifications made after
filing of prior period financials.
(3) Adjustment to prior period financials to reflect discontinued operations
classifications made after filing of prior period financials.
(4) For prior period, reflects total consolidated revenue, expense or income (loss)
from continuing operations (as applicable) as presented in prior period financials
(i.e., excluding adjustment for discontinued operations classifications made after
filing of prior period financials).
(5) Reflects costs incurred related to acquisitions and abandoned pursuits. These
costs are volatile and therefore may vary between periods.
(6) (Loss) Income from Continuing Operations before extraordinary items,
noncontrolling interest and discontinued operations. Adjustments for additional
discontinued operations have restated periods in accordance with ASC 205-20.

Contact:

Colonial Properties Trust
Jerry A. Brewer, 1-800-645-3917
Executive Vice President, Finance
 
Press spacebar to pause and continue. Press esc to stop.