Colonial Properties Trust Q2 FFO Down

(RTTNews) - Colonial Properties Trust (CLP) reported that its second-quarter of 2013 funds from Operations Available to Common Shareholders and Unitholders was $29.1 million, or $0.31 per share, down from $29.9 million or $0.32 per share, for the same period in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

The decrease in the second quarter 2013 FFO is primarily a result of properties sold since January 1, 2012, $1.2 million in transaction costs related to the proposed merger transaction with Mid-America Apartment Communities, Inc. (MAA) recorded during the second quarter of 2012, and charges related to the settlement of certain litigation, offset by a 4.4 percent increase in multifamily same-property net operating income (NOI) from improving rental rates and the income derived from the acquisition and development of multifamily apartment communities.

Net income available to common shareholders for the quarter was $16.1 million, or $0.18 per share, compared to net income available to common shareholders of $16.4 million, or $0.19 per share, for the same period in 2012.

Total revenues for the quarter rose to $102.14 million from $90.52 million in the prior year quarter. Three analysts had consensus revenue estimate of $103.43 million for the quarter.