Colonial Properties Trust Earnings: Double-Digit Revenue Growth

On top of dropping to a loss in the third quarter, Colonial Properties Trust (NYSE:CLP) also came in short of analyst estimates. Colonial Properties Trust is a REIT, which is engaged in the acquisition, development, ownership, management and leasing of commercial real estate property.

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Colonial Properties Trust Earnings Cheat Sheet

Results: Reported a loss of $6.5 million (8 cents per diluted share) in the quarter. Colonial Properties Trust had a net income of $12.5 million or 14 cents per share in the year-earlier quarter.

Revenue: Rose 10.6% to $98.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Colonial Properties Trust fell short of the mean analyst estimate of 31 cents per share.

Quoting Management: “We were able to produce another quarter of strong multifamily operating results and further execute on our business strategy,” noted Thomas H. Lowder, Chairman and Chief Executive Officer. “Rates on new and renewal leases continue to improve and same-property occupancy increased to 96.7 percent. In addition, we received an investment grade rating from Moody’s, which reflects the improvement in our balance sheet and the benefits of the ongoing simplification of our business.”

Key Stats:

The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 32 cents.

The company reported a net loss last quarter, after reporting a profit in the quarter prior. The company booked a profit of $6 million, or 7 cents per share, in the first quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 33 cents a share to 32 cents over the last ninety days. For the fiscal year, the average estimate has moved down from $1.26 a share to $1.25 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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