Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - COLONIAL PROPERTIES TRUST | g24177e8vk.htm |
| EX-99.1 - EX-99.1 - COLONIAL PROPERTIES TRUST | g24177exv99w1.htm |
| EX-99.3 - EX-99.3 - COLONIAL PROPERTIES TRUST | g24177exv99w3.htm |
Exhibit 99.2
COLONIAL PROPERTIES TRUST
Financial Statements
Second Quarter 2010
Financial Statements
Second Quarter 2010
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended | Six Months Ended | |||||||||||||||
| ($ in 000s, except per share data) | 6/30/2010 | 6/30/2009 | 6/30/2010 | 6/30/2009 | ||||||||||||
Revenue |
||||||||||||||||
Minimum Rent |
$ | 73,613 | $ | 70,210 | $ | 147,094 | $ | 140,448 | ||||||||
Tenant Recoveries |
2,608 | 909 | 5,397 | 1,975 | ||||||||||||
Other Property Related Revenue |
12,118 | 10,136 | 23,662 | 19,635 | ||||||||||||
Construction Revenues |
— | 315 | — | 350 | ||||||||||||
Other Non-Property Related Revenue |
3,400 | 3,924 | 6,298 | 7,379 | ||||||||||||
Total Revenue |
91,739 | 85,494 | 182,451 | 169,787 | ||||||||||||
Operating Expenses |
||||||||||||||||
Operating Expenses: |
||||||||||||||||
Property Operating Expenses |
25,979 | 22,893 | 51,399 | 45,361 | ||||||||||||
Taxes, Licenses and Insurance |
10,982 | 10,311 | 22,041 | 21,288 | ||||||||||||
Total Property Operating Expenses |
36,961 | 33,204 | 73,440 | 66,649 | ||||||||||||
Construction Expenses |
— | 315 | — | 349 | ||||||||||||
Property Management Expenses |
1,878 | 1,683 | 3,685 | 3,602 | ||||||||||||
General and Administrative Expenses |
5,458 | 4,525 | 10,264 | 8,908 | ||||||||||||
Management Fee and Other Expenses |
2,585 | 3,540 | 5,258 | 7,756 | ||||||||||||
Restructuring Charges |
— | — | — | 812 | ||||||||||||
Investment and Development (1) |
31 | 1,319 | 34 | 1,484 | ||||||||||||
Depreciation |
30,243 | 28,276 | 60,521 | 56,061 | ||||||||||||
Amortization |
2,170 | 1,199 | 4,394 | 2,071 | ||||||||||||
Impairment and other losses (2) |
— | 564 | 783 | 1,617 | ||||||||||||
Total Operating Expenses |
79,326 | 74,625 | 158,379 | 149,309 | ||||||||||||
Income from Operations |
12,413 | 10,869 | 24,072 | 20,478 | ||||||||||||
Other Income (Expense) |
||||||||||||||||
Interest Expense |
(20,927 | ) | (22,810 | ) | (41,828 | ) | (43,242 | ) | ||||||||
Debt Cost Amortization |
(1,131 | ) | (807 | ) | (2,316 | ) | (2,110 | ) | ||||||||
Gain on Retirement of Debt |
1,015 | 16,232 | 1,044 | 41,551 | ||||||||||||
Interest Income |
325 | 449 | 718 | 750 | ||||||||||||
Income (Loss) from Partially-Owned Investments |
395 | (628 | ) | 665 | (1,278 | ) | ||||||||||
(Loss) Gain on Hedging Activities |
(289 | ) | 4 | (289 | ) | (1,060 | ) | |||||||||
(Loss) Gain on Sale of Property, net of income taxes / (benefit) of $93 (Q2) and
$93 (YTD) in 2010 and ($21) (Q2) and $3,156 (YTD) in 2009 |
(654 | ) | (143 | ) | (661 | ) | 5,238 | |||||||||
Income Taxes |
(439 | ) | (221 | ) | (688 | ) | 2,869 | |||||||||
Total Other Income (Expense) |
(21,705 | ) | (7,924 | ) | (43,355 | ) | 2,718 | |||||||||
(Loss) Income from Continuing Operations |
(9,292 | ) | 2,945 | (19,283 | ) | 23,196 | ||||||||||
Discontinued Operations |
||||||||||||||||
(Loss) Income from Discontinued Operations (2) |
(15 | ) | (1,288 | ) | (46 | ) | (745 | ) | ||||||||
(Loss) Gain on Disposal of Discontinued Operations, net of income taxes of
income taxes of $- (Q2) and $- (YTD) in 2010 and $44 (Q2) and $70 (YTD) in 2009 |
(13 | ) | (32 | ) | (48 | ) | 12 | |||||||||
(Loss) Income from Discontinued Operations |
(28 | ) | (1,320 | ) | (94 | ) | (733 | ) | ||||||||
Net (Loss) Income |
(9,320 | ) | 1,625 | (19,377 | ) | 22,463 | ||||||||||
Noncontrolling Interest |
||||||||||||||||
Continuing Operations |
||||||||||||||||
Noncontrolling Interest of Limited Partners |
28 | 9 | 111 | (999 | ) | |||||||||||
Noncontrolling Interest in CRLP — Preferred |
(1,813 | ) | (1,813 | ) | (3,625 | ) | (3,625 | ) | ||||||||
Noncontrolling Interest in CRLP — Common |
1,288 | 135 | 2,774 | (2,210 | ) | |||||||||||
Discontinued Operations |
||||||||||||||||
Noncontrolling Interest in CRLP — Common |
2 | 204 | 11 | 44 | ||||||||||||
Noncontrolling Interest of Limited Partners |
— | (26 | ) | (5 | ) | 442 | ||||||||||
(Income) Loss Attributable to Noncontrolling Interest |
(495 | ) | (1,491 | ) | (734 | ) | (6,348 | ) | ||||||||
Extraordinary Loss |
— | — | — | — | ||||||||||||
Net (Loss) Income Attributable to Parent Company |
(9,815 | ) | 134 | (20,111 | ) | 16,115 | ||||||||||
Dividends to Preferred Shareholders |
(2,034 | ) | (2,037 | ) | (4,067 | ) | (4,109 | ) | ||||||||
Preferred Share Issuance Costs, Net of
Discount |
— | — | — | (5 | ) | |||||||||||
Net (Loss) Income Available to Common Shareholders |
$ | (11,849 | ) | $ | (1,903 | ) | $ | (24,178 | ) | $ | 12,001 | |||||
(Loss) Earnings per Share — Basic |
||||||||||||||||
Continuing Operations |
$ | (0.17 | ) | $ | (0.02 | ) | $ | (0.36 | ) | $ | 0.25 | |||||
Discontinued Operations |
— | (0.02 | ) | — | — | |||||||||||
EPS — Basic |
$ | (0.17 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | 0.25 | |||||
(Loss) Earnings per Share — Diluted |
||||||||||||||||
Continuing Operations |
$ | (0.17 | ) | $ | (0.02 | ) | $ | (0.36 | ) | $ | 0.25 | |||||
Discontinued Operations |
— | (0.02 | ) | — | — | |||||||||||
EPS — Diluted |
$ | (0.17 | ) | $ | (0.04 | ) | $ | (0.36 | ) | $ | 0.25 | |||||
| (1) | Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods. | |
| (2) | For the six months ended June 30, 2010, the Company incurred casualty losses related to property damage at three of the Company’s multifamily apartment communities. For the three months ended June 30, 2009, the Company recorded a $2.4 million non-cash impairment charge. Of the charge, $0.6 million (presented in “Impairment” in continuing operations) is related to a for-sale residential project (all units sold during 2009) and the sale of outparcels, and $1.8 million (presented as a part of “(Loss) Income from Discontinued Operations”) is related to two multifamily apartment communities sold during 2009. For the six months ended June 30, 2009, in addition to the charges described above, the Company recorded a $1.0 million non-cash impairment charge (presented in “Impairment” in continuing operations). Of the charge, $0.7 million is related to our Noncontrolling Interest in the Craft Farms joint venture and $0.3 million is related to the sale of the remaining 17 units at the Regents Park for-sale residential project. |