Colonial Properties Trust Earnings: Same-Property Net Operating Income Rises
Colonial Properties Trust (NASDAQ:CLP) reported its results for the first 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 First Quarter
Results: Funds from operations (FFO) rose to $22.3 million or 27 cents per share from $20.6 million or 28 cents per share a year earlier.
Revenue: Rose to $94.4 million YoY.
Actual vs. Wall St. Expectations: Estimates ranged from 26 cents per share to 30 cents per share with a mean of 28 cents/share for CLP.
Quoting Management: “Strong new and renewal leasing, combined with solid occupancy and lower operating expenses, led to a 5.7 percent increase in same-property net operating income in the first quarter,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “In addition to the improved core multifamily operating results, the renewal phase of our business is gaining momentum as we acquired three apartment communities for a total of $93 million in the quarter, began construction on another new apartment community and completed our latest $100 million at-the-market equity offering program.”
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).
Today’s Performance: Shares of CLP closed up 0.67%.