BIRMINGHAM, Ala., Jan. 24 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) (the "Company") a real estate investment trust (REIT) that
owns a diversified portfolio of multifamily, office and retail properties,
today reported financial results for the quarter and year ended December 31,
2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
For the quarter ended December 31, 2004,
Net income available to common shareholders was $15.0 million or $0.54 per
fully diluted share (EPS), an increase from $9.8 million, or $0.37 per fully
diluted share for the same period in 2003.
Funds from operations (FFO), a widely accepted measure of REIT
performance, increased to $39.9 million, or $1.05 per fully diluted share/unit
(FFOPS), from $36.0 million, or $0.97 per share/unit in the fourth quarter
2003. A reconciliation from net income available to common shareholders to
funds from operations is provided in the attached tables.
For the year ended December 31, 2004,
Net income available to common shareholders was $39.8 million, or
$1.45 per share, an increase from $32.5 million, or $1.29 per fully diluted
share, for the year 2003.
FFO increased to $137.6 million, or $3.64 per fully diluted share/unit,
from $123.0 million, or $3.45 per fully diluted share/unit for the year 2003,
representing a 5.5 percent increase per fully diluted share/unit.
Highlights for the fourth quarter
- Announced intention to merge with Cornerstone Realty Income Trust
(NYSE: TCR).
- Entered into a joint venture with DRA Advisors.
- Paid a dividend of $0.67 per common share in October.
- Multifamily:
- On a same-property basis, posted an NOI increase of 5.5 percent over
the comparable period last year.
- Occupancies for stabilized properties at year end were 94.6 percent.
- Acquired three new multifamily properties; sold one property.
- Office:
- On a same property basis, increased NOI 0.1 percent from prior year's
fourth quarter.
- Occupancies at the end of the period for stabilized properties were
92.4 percent, up 20 basis points from third quarter of 2004.
- Acquired 177,000 square feet of property in Huntsville, Alabama.
- Retail:
- On a same-property basis, realized a 1.4 percent increase in NOI
compared to fourth quarter 2003.
- Occupancies at the end of the period for stabilized properties were
91.4 percent, 150 basis points higher than third quarter of 2004.
- Completed the sale of Orlando Fashion Square during the quarter.
- Announced the development of a 450,000-square-foot lifestyle center
in Birmingham, Alabama.
In comments summarizing the fourth quarter, Thomas H. Lowder, Colonial
Properties' Chairman and Chief Executive Officer, stated, "We have significant
momentum in our multifamily and retail divisions. Occupancy rates are above
91 percent in each division. As we head into 2005, we are poised to
participate in the expected growth of the economy and, in particular, the
recovery of the multifamily sector."
Acquisitions and Developments
- On October 25, Colonial Properties announced its intention to merge
with Cornerstone Realty Income Trust. The Richmond-based company owns
and operates a multifamily portfolio with more than 23,000 units. With
a total value of approximately $1.5 billion, the transaction is
expected to close at the end of March 2005. The Securities and
Exchange Commission (SEC) has elected not to review the Company's S-4
filing.
- The Company entered into a joint venture with DRA Investments to
acquire a 20 percent interest in 16 multifamily properties located in
Las Vegas, Phoenix, Tucson and Albuquerque. Colonial Properties
manages the 4,223 units with a current average occupancy of 93%.
- On October 29, the Company acquired two multifamily properties in North
Carolina. Colonial Grand at Beverly Crest in Charlotte, North
Carolina has 300 units and is currently 89% occupied. Colonial Village
at Patterson Place in Durham has 252 units and is also 89% occupied.
The purchase price for each was $23.2 million and $21.5 million,
respectively.
- On December 7, Colonial Properties acquired Colonial Grand at McGinnis
Ferry in Atlanta, Georgia for $40.0 million. The 434-unit multifamily
property is 98% occupied.
- Purchased office property in Research Place Office Park in Huntsville,
Alabama totaling 177,000 square feet for $17.1 million at a
capitalization rate of 10.4%. The property is 96.2% occupied.
- The Company announced the development of Colonial Pinnacle at Tutwiler
Farm in Birmingham, Alabama on November 24. The 450,000-square-foot
lifestyle center is scheduled to open October 2006 and will be anchored
by Belk, Parisian, JC Penney and Best Buy.
Dispositions
- On December 2, Colonial Properties and its joint venture partner
completed the sale of its interest in Orlando Fashion Square. The
total sales price was $123.2 million which represents a capitalization
rate of 7.5 %.
- The Company sold its 178 unit multifamily property, Colonial Village at
Vernon Marsh in Savannah, Georgia on October 15. The sales price was
$10.0 million.
- Colonial Properties has received bids for each of its malls which are
being marketed for sale by Granite Partners. The Company is reviewing
the bids and will complete its plans for these assets by the second
quarter of 2005.
Financing Activities
During the fourth quarter, senior management of the Company met with
Fitch, Moody's and S&P. Each rating agency has affirmed the investment grade
ratings for the company's bonds of BBB-, Baa3 and BBB-, respectively.
Portfolio Overview
Multifamily: The Company owns and/or manages 29,100 units. This is
comprised of 45 wholly owned properties totaling approximately 15,489 units
with 94.7 percent occupancy; a partial interest in 33 properties with over
9,520 units. Additionally, the Company provides third party management
services for approximately 4,100 units.
Office: Colonial Properties owns or manages 6.8 million square feet of
office space. The Company's office portfolio includes 26 wholly owned
properties and one partially owned property that together total 5.9 million
square feet. The Company manages an additional eight properties totaling
0.9 million square feet.
Retail: The Company owns and/or manages assets approximating 15.6 million
square feet of retail centers, which is comprised of 45 wholly owned
properties, 3 partially owned properties and management of another 4 centers.
EPS and FFO Per Share Guidance
The Company's guidance for the first-quarter and full-year 2005 for fully
diluted EPS and FFOPS is set forth and reconciled below.
First-Quarter 2005 Range Full-Year 2005 Range
Low - High Low - High
Fully Diluted EPS $2.92 - $2.94 $4.45 - $4.53
Plus: Real Estate
Depreciation &
Amortization 0.80 - 0.80 2.28 - 2.28
Less: Gain on
Sale of Assets (2.85) - (2.85) (3.05) - (3.05)
Fully Diluted FFOPS $0.87 - $0.89 $3.68 - $3.76
"Our top priorities in 2005 are to close the merger with Cornerstone,
integrate the two companies efficiently and execute our plans for asset
dispositions and reinvestments," Lowder stated. "We will also focus on our
balance sheet in order to reduce our effective leverage and regain more
flexibility."
For additional details of disposition and investment activities, see the
Company's detailed Supplemental Financial Highlights available on Colonial
Properties' website.
Conference Call and Supplemental Materials
Colonial Properties will hold its quarterly conference call Tuesday,
January 25th at 11:00 a.m. Central time. The call will include a review of the
Company's fourth-quarter and full year 2004 performance and discussion of its
strategy and current expectations for the future.
To participate, dial 1-877-500-9123. As with previous calls, a replay will
be available for one week by dialing 800-642-1687; the Conference ID will be
3094365. Access to the live call and a replay will be available through the
Company's website at http://www.colonialprop.com under "Investor Relations:
Shareholder Information."
Colonial Properties produces a supplemental information package that
provides detailed information regarding operating performance, investing
activities and the Company's overall financial position. Additionally, 2005
earnings guidance is available in the supplemental. For a copy of Colonial
Properties' detailed Supplemental Financial Highlights, please visit the
Company's website at http://www.colonialprop.com under the "Investor
Relations: Financial Reporting" tab or contact Barbara Pooley in Investor
Relations at 800-645-3917.
Company Summary
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization in excess of $3.5 billion. The foundation of Colonial
Properties' success is its live, work and shop diversified investment
strategy. The Company manages or leases 29,100 apartment units, 6.8 million
square feet of office space and 15.6 million square feet of retail shopping
space. Additional information on Colonial Properties Trust is available on
the Internet at http://www.colonialprop.com . The Company, headquartered in
Birmingham, Ala., is listed on the New York Stock Exchange under the symbol
"CLP" and is included in the S&P SmallCap 600 Index.
Forward Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Except for the historical information contained herein, this news
release contains forward-looking statements regarding Company and property
performance, and is based on the Company's current expectations and judgment.
Actual results could vary materially depending on risks and uncertainties
inherent to general and local real estate conditions, competitive factors
specific to markets in which Colonial Properties operates, legislative or
other regulatory decisions, future interest rate levels or capital markets
conditions. The Company assumes no liability to update this information. For
more details, please refer to the Company's SEC filings, including its most
recent Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Additional Information about the Merger and Where to Find It
In connection with the proposed merger of Cornerstone Realty Income Trust,
Inc. with and into Colonial Properties Trust, Cornerstone and Colonial have
filed and will continue to file relevant materials with the Securities and
Exchange Commission, including a registration statement on Form S-4 that will
contain a prospectus and a joint proxy statement. INVESTORS AND SECURITY
HOLDERS OF CORNERSTONE AND COLONIAL ARE URGED TO READ THE MATERIALS WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
CORNERSTONE, COLONIAL AND THE MERGER. The proxy statement, prospectus and
other relevant materials (when they become available), and any other documents
filed by Cornerstone and Colonial with the SEC, may be obtained free of charge
at the SEC's web site at http://www.sec.gov . In addition, investors and
security holders may obtain free copies of the documents filed with the SEC by
Colonial by directing a written request to Colonial Properties Trust, 2101
Sixth Avenue North, Suite 750, Birmingham, Alabama 35203, Attention: Investor
Relations, and free copies of the documents filed with the SEC by Cornerstone
by directing a written request to Cornerstone Realty Income Trust, Inc.,
306 East Main Street, Richmond, Virginia 23219, Attention: Investor Relations.
Investors and security holders are urged to read the proxy statement,
prospectus and the other relevant materials when they become available before
making any voting or investment decision with respect to the merger.
Cornerstone, Colonial and their respective executive officers, trustees
and directors may be deemed to be participants in the solicitation of proxies
from the security holders of Cornerstone and Colonial in connection with the
merger. Information about those executive officers and directors of
Cornerstone and their ownership of Cornerstone common shares is set forth in
the proxy statement for Cornerstone's 2004 Annual Meeting of Shareholders,
which was filed with the SEC on April 8, 2004. Information about the
executive officers and trustees of Colonial and their ownership of Colonial
common stock and limited partnership units in Colonial Realty Limited
Partnership is set forth in the proxy statement for Colonial's 2004 Annual
Meeting of Shareholders, which was filed with the SEC on March 22, 2004.
Investors and security holders may obtain additional information regarding the
direct and indirect interests of Cornerstone, Colonial and their respective
executive officers, trustees and directors in the merger by reading the proxy
statement and prospectus regarding the merger when they become available.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No
offering of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as amended.
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
BALANCE SHEET
($ in 000s) As of As of
12/31/2004 12/31/2003
ASSETS
Real Estate Investments
Operating Properties $2,700,016 $2,378,835
Undeveloped Land & Construction in
Progress 158,954 114,262
Total Real Estate, before
Depreciation 2,858,970 2,493,097
Less: Accumulated Depreciation (437,635) (419,827)
Real estate assets held for sale, net 167,712 11,691
Net Real Estate Assets 2,589,047 2,084,961
Cash and Equivalents 10,725 8,070
Restricted Cash 2,333 1,879
Accounts Receivable, net 20,642 10,262
Notes Receivable 906 2,504
Prepaid Expenses 11,238 6,587
Deferred Debt and Lease Costs 36,749 25,832
Investment in Unconsolidated
Subsidiaries 65,472 37,496
Other Assets 64,230 17,336
Total Assets $2,801,343 $2,194,927
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility $239,970 $205,935
Notes and Mortgages Payable 1,615,817 1,050,145
Mortgages Payable related to real
estate held for sale - 11,785
Total Long-Term Liabilities 1,855,787 1,267,865
Other Liabilities 74,548 55,275
Total Liabilities 1,930,335 1,323,140
MINORITY INTEREST & EQUITY
Minority Interest 1,389 -
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
Total Preferred Shares and Units,
at Liquidation Value 275,000 275,000
Common Equity, including Minority
Interest 594,619 596,787
Total Equity, including Minority
Interest 871,008 871,787
Total Liabilities and Equity $2,801,343 $2,194,927
SHARES & UNITS OUTSTANDING, END OF PERIOD
(shares and units in 000s) As of As of
12/31/2004 12/31/2003
Basic
Shares 27,599 26,395
Operating Partnership Units (OP Units) 10,373 10,361
Total Shares & OP Units 37,972 36,756
Dilutive Common Share Equivalents 341 266
Diluted
Shares 27,940 26,661
Total Shares & OP Units 38,313 37,022
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
CONSOLIDATED STATEMENTS OF INCOME
($ in 000s, except per share data) Three Months Ended
12/31/2004 12/31/2003
Revenue
Minimum Rent $77,351 $60,502 27.8%
Percentage Rent 1,359 1,380 -1.5%
Tenant Recoveries 8,535 7,273 17.4%
Other Property Related Revenue 5,643 4,220 33.7%
Other Non-Property Related Revenue 3,648 804 353.7%
Total Revenue 96,536 74,179 30.1%
Operating Expenses
Property Operating Expenses:
General Operating Expenses 6,875 5,482 25.4%
Salaries and Benefits 4,915 3,779 30.1%
Repairs and Maintenance 8,590 6,447 33.2%
Taxes, Licenses, and Insurance 8,495 6,671 27.3%
Total Property Operating
Expenses 28,875 22,379 29.0%
General and Administrative 9,078 4,480 102.6%
Depreciation 23,926 18,324 30.6%
Amortization 4,845 2,080 132.9%
Total Operating Expenses 66,724 47,263 41.2%
Income from Operations 29,812 26,916 10.8%
Other Income (Expense)
Interest Expense (22,870) (16,655) 37.3%
Income from Investments 385 155 148.4%
Gain (Loss) on Hedging Activities 245 (35) -800.0%
Gain on Sale of Property 1,587 1,648 -3.7%
Other (415) 35 -1285.7%
Total Other Expense (21,068) (14,852) 41.9%
Income before Minority Interest
& Discontinued Operations 8,744 12,064 -27.5%
Minority Interest
Minority Interest of limited
partners (245) -
Minority Interest in CRLP -
Preferred (1,813) (2,218) -18.3%
Minority Interest in CRLP - Common (817) (1,667) -51.0%
Total Minority Interest (2,875) (3,885) -26.0%
Income from Continuing Operations 5,869 8,179 -28.2%
Discontinued Operations
Income from Discontinued
Operations 7,178 7,034 2.0%
Gain (Loss) on Disposal of
Discontinued Operations 10,531 388 2614.2%
Minority Interest in Discontinued
Operations (4,838) (2,103) 130.1%
Income from Discontinued Operations 12,871 5,319 142.0%
Net Income 18,740 13,498 38.8%
Dividends to Preferred Shareholders (3,695) (3,696) 0.0%
Preferred Share Issuance Costs - -
Net Income Available to Common
Shareholders $15,045 $9,802 53.5%
Earnings per Share - Basic
Continuing Operations $0.08 $0.17 -52.9%
Discontinued Operations 0.47 0.20 135.0%
EPS - Basic $0.55 $0.37 48.6%
Earnings per Share - Diluted
Continuing Operations $0.08 $0.17 -52.9%
Discontinued Operations 0.46 0.20 130.0%
EPS - Diluted $0.54 $0.37 45.9%
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
CONSOLIDATED STATEMENTS OF INCOME
($ in 000s, except per share data) Twelve Months Ended
12/31/2004 12/31/2003
Revenue
Minimum Rent $276,284 $235,815 17.2%
Percentage Rent 2,735 2,494 9.7%
Tenant Recoveries 30,132 28,777 4.7%
Other Property Related Revenue 19,977 18,190 9.8%
Other Non-Property Related Revenue 8,282 4,728 75.2%
Total Revenue 337,410 290,004 16.3%
Operating Expenses
Property Operating Expenses:
General Operating Expenses 25,135 21,807 15.3%
Salaries and Benefits 17,212 14,233 20.9%
Repairs and Maintenance 30,896 26,790 15.3%
Taxes, Licenses, and Insurance 31,786 27,034 17.6%
Total Property Operating
Expenses 105,029 89,864 16.9%
General and Administrative 27,208 19,481 39.7%
Depreciation 84,475 72,093 17.2%
Amortization 13,411 7,762 72.8%
Total Operating Expenses 230,123 189,200 21.6%
Income from Operations 107,287 100,804 6.4%
Other Income (Expense)
Interest Expense (78,933) (66,613) 18.5%
Income from Investments 990 130 661.5%
Gain (Loss) on Hedging Activities 387 (361) -207.2%
Gain on Sale of Property 4,608 7,704 -40.2%
Other (691) (121) 471.1%
Total Other Expense (73,639) (59,261) 24.3%
Income before Minority Interest
& Discontinued Operations 33,648 41,543 -19.0%
Minority Interest
Minority Interest of limited
partners (281) -
Minority Interest in CRLP -
Preferred (7,493) (8,873) -15.6%
Minority Interest in CRLP - Common (3,064) (3,822) -19.8%
Total Minority Interest (10,838) (12,695) -14.6%
Income from Continuing Operations 22,810 28,848 -20.9%
Discontinued Operations
Income from Discontinued Operations 22,114 22,477 -1.6%
Gain (Loss) on Disposal of
Discontinued Operations 21,832 10,762 102.9%
Minority Interest in Discontinued
Operations (12,138) (9,822) 23.6%
Income from Discontinued Operations 31,808 23,417 35.8%
Net Income 54,618 52,265 4.5%
Dividends to Preferred Shareholders (14,781) (15,284) -3.3%
Preferred Share Issuance Costs - (4,451) -100.0%
Net Income Available to Common
Shareholders $39,837 $32,530 22.5%
Earnings per Share - Basic
Continuing Operations $0.30 $0.37 -18.9%
Discontinued Operations 1.17 0.94 24.5%
EPS - Basic $1.47 $1.30 13.1%
Earnings per Share - Diluted
Continuing Operations $0.29 $0.36 -19.4%
Discontinued Operations 1.16 0.93 24.7%
EPS - Diluted $1.45 $1.29 12.4%
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
FOURTH QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data)
Three Months Ended
12/31/2004 12/31/2003
Net Income Available to Common
Shareholders $15,045 $9,802 53.5%
Minority Interest in CRLP (Operating
Ptr Unitholders) 5,655 3,770 50.0%
Total 20,700 13,572 52.5%
Adjustments - Consolidated Properties
Depreciation - Real Estate 24,466 20,221 21.0%
Amortization - Real Estate 3,819 1,188 221.5%
Remove: Gain/(Loss) on Sale of
Property (5,845) (2,036) 187.1%
Include: Gain/(Loss) on Sale of
Undepreciated Property 1,424 2,050 -30.5%
Total Adjustments -
Consolidated 23,864 21,423 11.4%
Adjustments - Unconsolidated
Properties
Depreciation - Real Estate 1,649 1,000 64.9%
Amortization - Real Estate 7 15 -53.3%
Remove: Gain/(Loss) on Sale of
Property (6,267) -
Include: Gain/(Loss) on Sale of
Undepreciated Property - -
Total Adjustments -
Unconsolidated (4,611) 1,015 -554.3%
Funds from Operations $39,953 $36,010 10.9%
FFO per Share
Basic $1.06 $0.98 7.6%
Diluted $1.05 $0.97 7.7%
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
FOURTH QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data)
Twelve Months Ended
12/31/2004 12/31/2003
Net Income Available to Common
Shareholders $39,837 $32,530 22.5%
Minority Interest in CRLP (Operating
Ptr Unitholders) 15,202 13,644 11.4%
Total 55,039 46,174 19.2%
Adjustments - Consolidated Properties
Depreciation - Real Estate 90,659 79,006 14.7%
Amortization - Real Estate 9,482 4,367 117.1%
Remove: Gain/(Loss) on Sale of
Property (19,517) (18,463) 5.7%
Include: Gain/(Loss) on Sale of
Undepreciated Property 4,357 8,040 -45.8%
Total Adjustments -
Consolidated 84,981 72,950 16.5%
Adjustments - Unconsolidated
Properties
Depreciation - Real Estate 4,562 3,844 18.7%
Amortization - Real Estate 89 83 7.2%
Remove: Gain/(Loss) on Sale of
Property (7,061) -
Include: Gain/(Loss) on Sale of
Undepreciated Property - -
Total Adjustments -
Unconsolidated (2,410) 3,927 -161.4%
Funds from Operations $137,610 $123,051 11.8%
FFO per Share
Basic $3.67 $3.47 5.7%
Diluted $3.64 $3.45 5.5%
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.
FOURTH QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
(shares and units in 000s)
Three Months Twelve
Ended Months Ended
12/31/ 12/31/ 12/31/ 12/31/
2004 2003 2004 2003
Basic
Shares 27,467 26,267 4.6% 27,121 24,965 8.6%
Operating Partnership
Units (OP Units) 10,323 10,390 -0.6% 10,347 10,451 -1.0%
Total Shares & OP Units 37,790 36,657 3.1% 37,468 35,416 5.8%
Dilutive Common Share
Equivalents 372 398 -6.6% 341 266 28.1%
Diluted
Shares 27,839 26,665 4.4% 27,462 25,231 8.8%
Total Shares & OP Units 38,162 37,055 3.0% 37,808 35,682 6.0%
COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2004
FOURTH QUARTER SEGMENT DATA & RECONCILIATION
Three Months Ended Twelve Months Ended
12/31/2004 12/31/2003 12/31/2004 12/31/2003
Net Operating Income
(NOI)
Divisional Same-
Property NOI
Multifamily 16,294 15,440 5.5% 61,260 59,250 3.4%
Office 15,799 15,791 0.1% 63,238 65,224 -3.0%
Retail 28,085 27,699 1.4% 99,805 98,323 1.5%
Total Same-Property 60,178 58,930 2.1% 224,303 222,797 0.7%
Less:
Unconsolidated
Assets (989) (857) (3,492) (2,939)
Same-Property NOI,
Consolidated 59,189 58,073 220,811 219,858
Divisional Non Same-
Property NOI
Multifamily 6,096 635 14,037 2,640
Office 2,016 242 6,718 602
Retail 7,028 2,999 18,652 10,841
Total Non-Same
Property 15,140 3,876 39,407 14,083
Less:
Unconsolidated
Assets (2,198) (1,819) (6,633) (3,388)
Non Same-Property
NOI, Consolidated 12,942 2,057 32,774 10,695
Divisional Total NOI
Multifamily 22,390 16,075 39.3% 75,297 61,890 21.7%
Office 17,815 16,033 11.1% 69,956 65,826 6.3%
Retail 35,113 30,698 14.4% 118,457 109,164 8.5%
Total Divisional
NOI 75,318 62,806 19.9% 263,710 236,880 11.3%
Less: NOI,
Unconsolidated (3,187) (2,676) (10,125) (9,355)
Less: Discontinued
Operations (7,844) (9,145) (28,989) (31,906)
Unallocated Corporate
Rev 3,648 811 8,280 4,578
Other Expense (274) (7) (495) (57)
General &
Administrative
Expenses (9,078) (4,480) (27,208) (19,481)
Depreciation (23,926) (18,324) (84,475) (72,093)
Amortization (4,845) (2,080) (13,411) (7,762)
Income from
Operations, restated
for additional
discontinued
operations 29,812 26,905 107,287 100,804
Total Other Income
(Expense) (21,068) (14,852) (73,639) (59,261)
Income from
Continuing
Operations before
Extraordinary
Items, Minority
Interest and
Discontinued
Operations, as
restated for
additional
discontinued
operations 8,744 12,053 33,648 41,543
Add: Discontinued
Operations Income,
post 4Q 2003 - 6,907 - 22,224
Income from
Continuing
Operations before
Extraordinary
Items, Minority
Interest and
Discontinued
Operations, per
corresponding 10-K
or 10-Q 8,744 18,960 33,648 63,767
Divisional NOI is defined as total property revenues, including
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 Total Divisional 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 Total
Divisional 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 Total Divisional NOI on a basis different than the
Company. In addition, Total Divisional 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.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Barbara M. Pooley, Senior Vice President -
Investor Relations, +1-800-645-3917, or Linda S. Geiss, Vice
President - Media Relations, +1-205-250-8768, both of Colonial
Properties Trust
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