Colonial Properties Trust Reports Results for First Quarter 2013

  Colonial Properties Trust Reports Results for First Quarter 2013

Business Wire

BIRMINGHAM, Ala. -- April 25, 2013

Colonial Properties Trust (NYSE: CLP) announced its results for the quarter
ended March 31, 2013.

For the first quarter 2013, the company reported net income available to
common shareholders (EPS) of $5.6 million, or $0.06 per diluted share,
compared with a net loss available to common shareholders of $6.0 million, or
$0.07 per diluted share, for the same period in 2012. The first quarter 2013
included a gain of $7.2 million, or $0.08 per diluted share, related to the
sale of Metropolitan Midtown in February for total sales proceeds of $94.4
million. Funds from Operations Available to Common Shareholders and
Unitholders (FFO), a widely accepted measure of REIT performance, for the
first quarter 2013 was $31.8 million, or $0.34 per diluted share, compared
with $28.0million, or $0.30 per diluted share, for the same period in 2012.
The increase in the first quarter 2013 FFO is primarily a result of a 6.8
percent increase in multifamily same-property net operating income (NOI) as a
result of improving rental rates and the income derived from the acquisition
and development of multifamily apartment communities, offset by properties
sold since January 1, 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.

Thomas H. Lowder, Chairman and Chief Executive Officer, noted, “Simplified and
stronger best describe the company and the progress we have made over the past
few years. We now have over 90 percent of our total net operating income being
generated from multifamily apartment communities, and our same property
portfolio continues to deliver solid results. Our multifamily development
pipeline is creating significant value for our shareholders, while the
disposition of our commercial assets continues to strengthen our balance sheet
and simplify the company.”

Highlights for the First Quarter 2013

  *Multifamily same-property NOI increased 6.8 percent compared with first
    quarter 2012
  *Multifamily same-property revenue increased 5.2 percent compared with
    firstquarter2012
  *Ended the quarter with multifamily same-property physical occupancy of
    96.1 percent
  *Acquired the 280-unit Colonial Grand at Windermere in Orlando, Florida,
    for $43.0million
  *Completed two apartment community developments totaling 404 units and an
    investment of $40.3 million
  *Sold Metropolitan Midtown in Charlotte, North Carolina, for $94.4 million
    in cash

Multifamily Operating Performance

Multifamily NOI for the first quarter 2013 increased 6.8 percent compared with
the first quarter 2012 for the 31,436 apartment homes included in the
consolidated same-property results. Multifamily same-property revenues
increased 5.2 percent and expenses increased 2.8percent compared with the
first quarter 2012. The increase in revenues was primarily due to an
improvement in renewal lease rates and a consistently high occupancy level.
The increase in expenses is primarily due to an increase in property taxes.

Sequentially, multifamily same-property NOI for the first quarter 2013
increased 1.2 percent compared with the fourth quarter 2012, with revenues
increasing 0.5 percent and expenses decreasing 0.7 percent compared with the
prior quarter.

Development Activity

During the quarter, the company completed construction of Colonial Grand at
Double Creek, a $28.3 million development with 296 units in Austin, Texas, and
Colonial Grand at Lake Mary (Phase II), a $12.0 million development with 108
units in Orlando, Florida.

The company began construction during the quarter on Colonial Grand at Lake
Mary (Phase III), a $16.1 million development with 132 units in Orlando,
Florida. Construction continued during the quarter on three wholly-owned
apartment communities: Colonial Reserve at South End, a $59.3 million
development with 353 units in Charlotte, North Carolina; Colonial Grand at
Randal Lakes, a $57.0 million development with 462 units in Orlando, Florida;
and Colonial Grand at Ayrsley (Phase II), a $9.1 million development with 81
units in Charlotte, North Carolina.

Acquisitions

In March 2013, the company purchased the 280-unit Colonial Grand at
Windermere, a Class A garden-style apartment community located in the Orlando
submarket of Windermere, Florida, for a total purchase price of $43.0 million.
The apartment community was built in 2009 and 95.0percent occupied at March
31, 2013.

Dispositions

In February 2013, the company sold its 342,000 square-foot mixed-use property,
Metropolitan Midtown, located in Charlotte, North Carolina, for $94.4 million
in cash. The sales proceeds were used to pay down a portion of the outstanding
balance under the company’s unsecured line of credit and fund the company’s
development pipeline.

In January 2013, the company sold its remaining 10 percent ownership interest
in the 388,000-square-foot retail center Colonial Promenade at Hoover in
Birmingham, Alabama. The company received $0.5 million in cash and no longer
has responsibility for $1.5 million of associated mortgage debt, which
represented the company’s pro-rata share of such debt.

Subsequent to quarter end, in April 2013, the company sold Colonial Reserve at
West Franklin, a 332-unit apartment community located in Richmond, Virginia,
for $23.8 million. The property was 49 years old and had an average monthly
rent of $704 per unit.

Quarterly Dividend on Common Shares

On April 24, 2013, the Board of Trustees declared a quarterly cash dividend on
common shares for the second quarter 2013 of $0.21 per common share. The
dividend is payable May13,2013, to shareholders of record as of May6,2013,
representing an ex-dividend date of May2,2013.

2013 EPS and FFO per Share Guidance

The company confirmed its previously issued guidance range for the full-year
2013 for EPS and FFO per share, with certain assumptions and the timing of
certain transactions, as set forth and reconciled below:

                                                Full-Year
                                              
                                                2013 Range
                                                Low – High
Diluted EPS                                     $0.29 – $0.45
Plus: Real Estate Depreciation & Amortization   1.35 – 1.35
Less: Gain on Sale of Operating Properties      (0.30) – (0.40)
Total Diluted FFO per share                     $1.34 – $1.40


Following are the assumptions reflected in the company’s full-year 2013
guidance:

  *Multifamily same-property net operating income: growth of 4.00 to 6.00
    percent.

       *Revenue: Increase of 4.25 to 5.25 percent
       *Expense: Increase of 4.00 to 5.00 percent

  *Development spending of $125 million to $150 million.
  *Acquisitions of $150 million to $175 million.
  *Dispositions of $275 million to $325 million.
  *Corporate G&A expenses of $18 million to $19 million.

The company’s guidance range reflects the existence of volatile economic
conditions, and is based on a number of assumptions, many of which are outside
the company’s control and all of which are subject to change. The company’s
guidance may change if actual results vary from these assumptions.

For additional details regarding the company’s disposition and investment
activities, see the company’s Supplemental Financial Highlights available on
the company’s website at www.colonialprop.com.

Conference Call and Supplemental Materials

The company will hold its quarterly conference call Thursday, April 25, 2013,
at 1:30p.m.Central Time. The call will include a review of the company’s
first quarter performance, 2013 guidance and a discussion of the company’s
strategy and expectations for the future.

To participate, please dial 1-800-908-8370. As with previous calls, a replay
will be available for seven days by dialing 1-800-633-8284; the conference ID
is 21629709. Access to the live call and a replay will also be available
through the company’s website at www.colonialprop.com under “Investors: Press
Releases: Event Calendar.”

Colonial Properties Trust 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 “Investors: Financial
Information and Filings: Quarterly Supplemental Information” tab, or contact
Jerry Brewer in Investor Relations at 1-800-645-3917.

Colonial Properties Trust is a multifamily focused real estate investment
trust (REIT) that is engaged in the ownership, development, acquisition and
management of quality real estate properties in the Sunbelt region of the
United States. As of March 31, 2013, the company owns interests in 117
apartment properties containing 35,181 apartment homes and 2.0 million square
feet of commercial space. Headquartered in Birmingham, Alabama, Colonial
Properties Trust 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 and NOI. The definitions of these
non-GAAP financial measures are summarized below. The company believes that
these measures are helpful to investors in measuring financial performance and
comparing such performance to other REITs.

Funds from Operations — 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.

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.

Property Net Operating Income - The company uses property NOI, including
same-property NOI, as an operating measure. NOI is defined as total property
revenues, including unconsolidated partnerships and joint ventures, less total
property operating expenses (such items as repairs and maintenance, payroll,
utilities, property taxes, insurance and advertising). The company believes
that in order to facilitate a clear understanding of its operating results,
NOI should be examined in conjunction with (loss) income from continuing
operations as presented in the company’s consolidated financial statements.
The company also believes that NOI is an important supplemental measure of
operating performance for a REIT’s operating real estate because it provides a
measure of the core operations, rather than factoring in depreciation and
amortization, financing costs and general and administrative expenses. This
measure is particularly useful, in the opinion of the company, in evaluating
the performance of geographic operations, same-property groupings and
individual properties. Additionally, the company believes that NOI is a widely
accepted measure of comparative operating performance in the real estate
investment community. The company believes that the line on its consolidated
statements of income entitled “(loss) income from continuing operations” is
the most directly comparable GAAP measure to NOI. In addition to company
management evaluating the operating performance of its reportable segments
based on NOI results, management uses NOI, 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 and NOI may be different from methods
used by other REITs and, accordingly, may not be comparable to such other
REITs. FFO and NOI 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: Estimates of future earnings are, by definition, and certain other
statements in this press release, including statements regarding future
dispositions and developments, development costs, 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 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, 2012, 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
First Quarter 2013

BALANCE SHEET
                                                             
($ in 000s)                                    As of            As of
                                               3/31/2013        12/31/2012
ASSETS
Real Estate Assets
Operating Properties                           $ 3,563,090      $ 3,489,324
Undeveloped Land & Construction in Progress     268,910        296,153    
Total Real Estate, before Depreciation           3,832,000        3,785,477
                                                                
Less: Accumulated Depreciation                   (832,881   )     (804,964   )
Real Estate Assets Held for Sale, net           35,498         93,450     
                                                                
Net Real Estate Assets                           3,034,617        3,073,963
                                                                
Cash and Equivalents                             8,661            11,674
Restricted Cash                                  8,892            38,128
Accounts Receivable, net                         23,449           23,977
Notes Receivable                                 42,107           42,399
Prepaid Expenses                                 13,448           19,460
Deferred Debt and Lease Costs                    20,521           23,938
Investment in Unconsolidated Subsidiaries        7,702            7,777
Other Assets                                    33,695         44,892     
                                                                
Total Assets                                   $ 3,193,092     $ 3,286,208  
                                                                
LIABILITIES
Unsecured Credit Facility                      $ 116,173        $ 188,631
Notes and Mortgages Payable                     1,642,607      1,643,361  
Total Debt                                       1,758,780        1,831,992
                                                                
Accounts Payable                                 34,959           53,545
Accrued Interest                                 16,161           10,209
Accrued Expenses                                 47,143           41,652
Other Liabilities                               33,065         36,751     
Total Liabilities                               1,890,108      1,974,149  
                                                                
Redeemable Common Units                          169,894          162,056
                                                                
EQUITY
Limited Partner's Noncontrolling Interest        104              695
                                                                
Cumulative Earnings                              1,281,694        1,276,118
Cumulative Distributions                         (1,944,721 )     (1,926,167 )
Common Equity, including Additional Paid-in      1,969,338        1,974,532
Capital
Treasury Shares, at Cost                         (150,163   )     (150,163   )
Accumulated Other Comprehensive Loss            (23,162    )    (25,012    )
Total Equity, including Noncontrolling          1,133,090      1,150,003  
Interest
                                                                
Total Liabilities and Equity                   $ 3,193,092     $ 3,286,208  

SHARES & UNITS OUTSTANDING, END OF PERIOD
                                                                
(shares and units in 000s)                     As of            As of
                                               3/31/2013        12/31/2012
Basic
Shares                                           88,520           88,212
Operating Partnership Units (OP Units)          7,152          7,153      
Total Shares & OP Units                          95,672           95,365







COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2013


CONSOLIDATED STATEMENTS OF                                  
OPERATIONS
                                                           
($ in 000s, except per share              Three Months Ended
data)
                                          3/31/2013             3/31/2012
Revenue
Minimum Rent                              $   84,843            $  77,240
Tenant Recoveries                             2,495                2,566
Other Property Related Revenue                16,370               12,847
Other Non-Property Related                   178                1,344    
Revenue
Total Revenues                                103,886              93,997
                                                                
Operating Expenses
Operating Expenses:
Property Operating Expense                    27,340               25,271
Taxes, Licenses and Insurance                13,031             10,875   
Total Property Operating                      40,371               36,146
Expenses
                                                                
Property Management Expense                   4,416                2,846
General and Administrative                    4,787                5,767
Expense
Management Fee and Other                      250                  2,045
Expenses
Investment and Development                    400                  387
Expenses (1)
Depreciation                                  31,626               29,551
Amortization                                  1,775                1,872
Impairment and Other Losses                  90                 500      
Total Operating Expenses                     83,715             79,114   
Income from Operations                        20,171               14,883
                                                                
Other Income (Expense)
Interest Expense                              (22,195   )          (23,053  )
Debt Cost Amortization                        (1,377    )          (1,433   )
Interest Income                               761                  1,028
Income from Partially-Owned                   670                  673
Investments
Gain (Loss) on Sale of                        10                   (227     )
Property
Taxes and Other                              (188      )         (188     )
Total Other Income (Expense)                 (22,319   )         (23,200  )
                                                                
Loss from Continuing                          (2,148    )          (8,317   )
Operations
                                                                
Discontinued Operations
Income from Discontinued                      1,115                1,866
Operations
Gain (Loss) on Disposal of                   7,184              (2       )
Discontinued Operations
Net Income from Discontinued                8,299              1,864    
Operations
                                                                
Net Income (Loss)                            6,151              (6,453   )
                                                                
Noncontrolling Interest
Continuing Operations
Noncontrolling Interest of                    (123      )          (9       )
Limited Partners
Noncontrolling Interest in CRLP -             169                  630
Common
Discontinued Operations
Noncontrolling Interest in CRLP -            (621      )         (142     )
Common
(Income) Loss Attributable to                (575      )         479      
Noncontrolling Interest
Net Income (Loss) Available to            $   5,576            $  (5,974   )
Common Shareholders









COLONIAL PROPERTIES TRUST

Financial Statements

First Quarter 2013


CONSOLIDATED STATEMENTS OF                                  
OPERATIONS (continued)
                                                                
                                          Three Months Ended
                                          3/31/2013             3/31/2012
Income (Loss) per Share -
Basic
Continuing Operations                     $   (0.03     )       $  (0.09    )
Discontinued Operations                      0.09               0.02     
EPS - Basic                               $   0.06             $  (0.07    )
                                                                
Income (Loss) per Share -
Diluted
Continuing Operations                     $   (0.03     )       $  (0.09    )
Discontinued Operations                      0.09               0.02     
EPS - Diluted                             $   0.06             $  (0.07    )
                                                                
(1) Reflects costs incurred related to acquisitions and abandoned pursuits .
These costs are volatile and therefore may vary between periods.

SHARES AND UNITS OUTSTANDING, WEIGHTED
                                                                
(shares and units in 000s)                Three Months Ended
                                          3/31/2013             3/31/2012
                                                                
Basic
Shares                                        87,791               87,012
Operating Partnership Units                  7,153              7,169    
(OP Units)
Total Shares & OP Units                       94,944               94,181
                                                                
Dilutive Common Share                         -                    -
Equivalents
                                                                
Diluted (1)
Shares                                        87,791               87,012
Total Shares & OP Units                       94,944               94,181
                                                                
(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

First Quarter 2013


FUNDS FROM OPERATIONS (FFO) RECONCILIATION
                                                                
($ in 000s, except per share              Three Months Ended
data)
                                          3/31/2013             3/31/2012
Net Income (Loss) Available to            $   5,576             $  (5,974   )
Common Shareholders
Noncontrolling Interest in CRLP
(Operating Partnership                       452                (488     )
Unitholders)
Total                                         6,028                (6,462   )
                                                                
Adjustments - Consolidated
Properties
Depreciation - Real Estate                    31,597               31,961
Amortization - Real Estate                    1,817                2,118
Remove: (Gain)/Loss on Sale of
Property, net of Income Tax and               (7,194    )          229
Noncontrolling Interest
Include: Gain/(Loss) on Sale of
Undepreciated Property, net of Income        7                  (261     )
Tax and Noncontrolling Interest
Total Adjustments -                           26,227               34,047
Consolidated
                                                                
Adjustments - Unconsolidated
Properties
Depreciation - Real Estate                    95                   1,117
Amortization - Real Estate                    2                    367
Remove: Gain/(Loss) on Sale of               (344      )         (803     )
Property
Total Adjustments -                          (247      )         681      
Unconsolidated
                                                                
Funds from Operations                     $   32,008           $  28,266   
                                                                
Income Allocated to Participating            (197      )         (219     )
Securities
Funds from Operations Available to        $   31,811           $  28,047   
Common Shareholders and Unitholders

FFO per Share
Basic                                     $   0.34              $  0.30
Diluted                                   $   0.34              $  0.30
                                                                
                                                                
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 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 our needs, including our ability to make distributions.







COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)


RECONCILIATION OF REVENUES
                                                          
                                          Three Months Ended
                                          3/31/2013             3/31/2012
Divisional Total Revenues
Multifamily - Same Property               $   86,613            $  82,293
Multifamily - Non-Same Property (1)           9,158                5,548
Commercial                                   10,746             17,717   
Total Divisional Revenues                     106,517              105,558
                                                                
Less: Unconsolidated Revenues -               (292      )          (471     )
Multifamily
Less: Unconsolidated Revenues -               (457      )          (4,794   )
Commercial
Discontinued Operations                       (2,060    )          (7,640   )
Unallocated Corporate Revenue                178                1,344    
Consolidated Revenue Adjusted -'12           103,886            93,997   
Discontinued Operations (2)
Add: Additional Discontinued                 -                  7,609    
Operations Revenue, post filing (3)
Total Consolidated Revenue, per 10-Q      $   103,886          $  101,606  
(4)

RECONCILIATION OF EXPENSES
                                                                
                                          3/31/2013             3/31/2012
Divisional Total Expenses
Multifamily - Same Property               $   33,220            $  32,306
Multifamily - Non-Same Property (1)           4,599                2,976
Commercial                                   3,658              5,731    
Total Divisional Expenses                     41,477               41,013
                                                                
Less: Unconsolidated Expenses -               (136      )          (217     )
Multifamily
Less: Unconsolidated Expenses -               (114      )          (1,707   )
Commercial
Discontinued Operations                      (856      )         (2,943   )
Total Property Operating Expenses             40,371               36,146
Property Management Expense                   4,416                2,846
General & Administrative Expense              4,787                5,767
Management Fee and Other Expenses             250                  2,045
Investment and Development Expenses           400                  387
(5)
Impairment and Other Losses                   90                   500
Depreciation                                  31,626               29,551
Amortization                                 1,775              1,872    
Consolidated Expense Adjusted -'12           83,715             79,114   
Discontinued Operations (2)
Add: Additional Discontinued                 -                  5,615    
Operations Expense, post filing (3)
Total Consolidated Expense, per 10-Q      $   83,715           $  84,729   
(4)

RECONCILIATION OF NOI
                                                                
                                          3/31/2013             3/31/2012
Divisional Total NOI
Multifamily - Same Property               $   53,393            $  49,987
Multifamily - Non-Same Property (1)           4,559                2,572
Commercial                                   7,088              11,986   
Total Divisional NOI                          65,040               64,545
                                                                
Less: Unconsolidated NOI -                    (156      )          (254     )
Multifamily
Less: Unconsolidated NOI - Commercial         (343      )          (3,087   )
Discontinued Operations                       (1,204    )          (4,697   )
Unallocated Corporate Revenue                 178                  1,344
Property Management Expense                   (4,416    )          (2,846   )
General & Administrative Expense              (4,787    )          (5,767   )
Management Fee and Other Expenses             (250      )          (2,045   )
Investment and Development Expenses           (400      )          (387     )
(5)
Impairment and Other Losses                   (90       )          (500     )
Depreciation                                  (31,626   )          (29,551  )
Amortization                                 (1,775    )         (1,872   )
Income from Operations                        20,171               14,883
Total Other Income (Expense)                 (22,319   )         (23,200  )
Loss from Continuing Operations (6)          (2,148    )         (8,317   )
Discontinued Operations                      -                  1,997    
Loss from Continuing Operations, per      $   (2,148    )       $  (6,320   )
10-Q (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 from Continuing Operations before extraordinary items, noncontrolling
interest and discontinued operations. Adjustments for additional discontinued
operations have restated prior periods in accordance with ASC 205-20.




Contact:

Colonial Properties Trust
Jerry A. Brewer, 800-645-3917
Executive Vice President, Finance
 
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