COLONIAL PROPERTIES TRUST - FORM 8-K - EX-99.3 - July 30, 2010

Attached files

file filename
8-K - FORM 8-K - COLONIAL PROPERTIES TRUSTg24177e8vk.htm
EX-99.1 - EX-99.1 - COLONIAL PROPERTIES TRUSTg24177exv99w1.htm
EX-99.2 - EX-99.2 - COLONIAL PROPERTIES TRUSTg24177exv99w2.htm
Exhibit 99.3
COLONIAL PROPERTIES TRUST
Financial Statements
Second Quarter 2010
SECOND QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
                                 
    Three Months Ended     Six Months Ended  
($ in 000s, except per share data)   6/30/2010     6/30/2009     6/30/2010     6/30/2009  
Net (Loss) Income Available to Common Shareholders
   $ (11,849 )   $ (1,903 )   $ (24,178 )   $ 12,001  
Noncontrolling Interest in CRLP (Operating Ptr Unitholders)
     (1,290 )     (339 )     (2,785 )     2,166  
Noncontrolling Interest in Gain on Sale of Undepreciated Property
     —       —       —       992  
 
                        
Total
     (13,139 )     (2,242 )     (26,963 )     15,159  
 
                                
Adjustments — Consolidated Properties
                                
Depreciation — Real Estate
     29,802       27,778       59,623       55,186  
Amortization — Real Estate
     1,718       386       3,459       728  
Remove: Gain/(Loss) on Sale of Property, net of Income
                                
Tax and Noncontrolling Interest
     667       175       709       (5,250 )
Include: Gain/(Loss) on Sale of Undepreciated
                                
Property, net of Income Tax and Noncontrolling Interest
     (631 )     (187 )     (641 )     3,544  
 
                        
Total Adjustments — Consolidated
     31,556       28,152       63,150       54,208  
 
                                
Adjustments — Unconsolidated Properties
                                
Depreciation — Real Estate
     1,715       4,449       4,123       9,234  
Amortization — Real Estate
     708       1,638       1,410       3,452  
Remove: Gain/(Loss) on Sale of Property
     (15 )     35       (96 )     52  
 
                        
Total Adjustments — Unconsolidated
     2,408       6,122       5,437       12,738  
 
                        
 
                                
Funds from Operations
   $ 20,825     $ 32,032     $ 41,624     $ 82,105  
 
                        
 
                                
Income Allocated to Participating Securities
     (169 )     (156 )     (343 )     (401 )
 
                        
 
                                
Funds from Operations Available to Common Shareholders and Unitholders
   $ 20,656     $ 31,876     $ 41,281     $ 81,704  
 
                        
 
                                
FFO per Share
                                
Basic
   $ 0.27     $ 0.56     $ 0.54     $ 1.43  
Diluted
   $ 0.27     $ 0.56     $ 0.54     $ 1.43  
 
                                
FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before Noncontrolling Interest (determined in accordance with GAAP), excluding gains (losses) from debt restructuring and sales of depreciated property, plus real estate depreciation and after adjustments for unconsolidated partnerships and joint ventures. FFO is presented to assist investors in analyzing the Company’s performance. The Company believes that FFO is useful to investors because it provides an additional indicator of the Company’s financial and operating performance. This is because, by excluding the effect of real estate depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate comparison of operating performance among equity REITs. FFO is a widely recognized measure in the Company’s industry.
The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO should not be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an indicator of financial performance, (3) as cash flow from operating activities (determined in accordance with GAAP) or (4) as a measure of liquidity nor is it indicative of sufficient cash flow to fund all of our needs, including our ability to make distributions.
SECOND QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
                                 
    Three Months Ended     Six Months Ended  
(shares and units in 000s)   6/30/2010     6/30/2009     6/30/2010     6/30/2009  
Basic
                                
Shares
     69,553       48,649       67,998       48,427  
Operating Partnership Units (OP Units)
     7,656       8,729       7,905       8,794  
 
                        
Total Shares & OP Units
     77,209       57,378       75,903       57,221  
 
                                
Dilutive Common Share Equivalents
     —       —       —       —  
 
                                
Diluted (1)
                                
Shares
     69,553       48,649       67,998       48,427  
Total Shares & OP Units
     77,209       57,378       75,903       57,221  
 
Notes:
 
(1)   For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from per share computations as including such shares would be anti-dilutive.

Stock widget

Investing forum

COLONIAL PROPERTIES TRUST Reports