Colonial Properties Trust Earnings Cheat Sheet: Back to the Black

Colonial Properties Trust (NYSE:CLP) reported its results for the third quarter. 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 Earnings Cheat Sheet for the Third Quarter

Results: Reported a profit of $12.5 million (14 cents per diluted share) in the quarter. Colonial Properties Trust had a net loss of $11.6 million or a loss 23 cents per share in the year earlier quarter.

Revenue: Rose 9.3% to $97.1 million from the year earlier quarter.

Actual vs. Wall St. Expectations: CLP reported adjusted net income of 28 cents per share. By that measure, the company fell in line with the mean estimate of 28 cents per share. Analysts were expecting revenue of $95.6 million.

Quoting Management: “Our third quarter same-property NOI growth of 8.3 percent and same-property revenue growth of 5.5 percent represent some of the best operating results in our company’s history and reflect the strong operating fundamentals we are experiencing in our multifamily portfolio,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “We sold $106 million of multifamily apartment communities and acquired $90 million as part of our asset recycling strategy during the quarter, improving our portfolio’s average age, margin and average rent per unit, while lowering the capital expenditure requirements.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 6.5% to $96.5 million in the second quarter. The figure rose 3.3% in the first quarter from the year earlier and climbed 5.2% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company’s profit in the latest quarter follows losses in the three previous quarters. The company reported a net loss of $6.4 million in the second quarter, a loss of $11.6 million in the first quarter and a loss of $8.8 million in the fourth of the last fiscal year.

The company fell in line with estimates last quarter after beating forecasts in the previous quarter with net income of 32 cents versus a mean estimate of net income of 28 cents per share.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 30 cents per share to 29 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $1.16 per share, a rise from $1.14 ninety days ago.

Competitors to Watch: Cousins Properties Inc (NYSE:CUZ), Vornado Realty Trust (NYSE:VNO), Washington Real Estate Investment Trust (NYSE:WRE), Liberty Property Trust (NYSE:LRY), Essex Property Trust, Inc. (NYSE:ESS), UDR, Inc. (NYSE:UDR), Mid-America Apartment (NYSE:MAA), Camden Property Trust (NYSE:CPT), BRE Properties, Inc. (NYSE:BRE), and Equity Residential (NYSE:EQR).

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(Source: Xignite Financials)