Colonial Properties Trust Earnings: FFO Steady Year-Over-Year

Colonial Properties Trust (NYSE:CLP) reported its results for the fourth 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 Fourth Quarter

Results: The company’s funds from operations (FFO) held steady at 28 cents matching the year earlier quarter. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It fell short of the consensus estimate of 29 cents per share.

Quoting Management: “The operating momentum we established throughout the year resulted in the best percentage year-over-year same-property NOI growth in our company’s history,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “As a result of our improved operating performance and our positive outlook, the Board of Trustees has voted to increase the quarterly common dividend by $0.03 per quarter, representing a 20 percent increase. Our asset dispositions have allowed us to fund attractive growth opportunities, which have improved the quality of our multifamily portfolio and moved us closer to our goal of a 90/10 portfolio mix between multifamily and commercial. We believe the fundamentals of the business should remain strong and allow us to drive same-property performance in 2012.”

Looking Forward: The average estimate for the first quarter of the next fiscal year is steady at 30 cents a share. For the fiscal year, the average estimate has been unchanged at $1.16 a share.

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

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com