Colonial Properties Trust’s (NASDAQ:CLP) reported results for the second quarter. Colonial Properties Trust is a REIT, which is engaged in the acquisition, development, ownership, management and leasing of commercial real estate property.
Colonial Properties Earnings Cheat Sheet for the Second Quarter
Results: Funds from Operations (FFO), a widely accepted measure of REIT performance, was $28.7 million or 32 cents per share, up from $20.7 million or 27 cents per share in the same period a year ago.
Actual vs. Wall St. Expectations: Analysts expected CLP to report FFO of 29 cents per share.
Quoting Management: “Multifamily fundamentals continued to improve during the second quarter, leading to an increase in our 2011 full-year same-property NOI and FFO per share guidance range,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “Our new and renewal lease rates are accelerating, while resident turnover has declined and occupancy levels have remained high. The second quarter results demonstrate our ability to capitalize on these fundamentals, execute on our balance sheet targets and focus on growing the company.”
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).
(Source: Xignite Financials)