COLONIAL PROPERTIES TRUST - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - February 3, 2011

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8-K - COLONIAL PROPERTIES TRUSTa010311dof.htm
EX-99.1 - EXHIBIT 99.1 - COLONIAL PROPERTIES TRUSTexh991.htm
EX-99.2 - EXHIBIT 99.2 - COLONIAL PROPERTIES TRUSTexh992.htm
Exhibit 99.3

COLONIAL PROPERTIES TRUST
Financial Statements
Fourth Quarter 2010
 
 
 
 
 
 
 
 
FUNDS FROM OPERATIONS (FFO) RECONCILIATION
 
 
 
 
 
 
 
($ in 000s, except per share data)
Three Months Ended
 
Twelve Months Ended
 
12/31/2010
 
12/31/2009
 
12/31/2010
 
12/31/2009
Net (Loss) Income Available to Common Shareholders
$
(7,069
)
 
$
(9,552
)
 
$
(48,054
)
 
$
(509
)
Noncontrolling Interest in CRLP (Operating Partnership Unitholders)
(664
)
 
(1,182
)
 
(5,068
)
 
(82
)
Noncontrolling Interest in Gain on Sale of Undepreciated Property
—
 
 
—
 
 
—
 
 
992
 
Total
(7,733
)
 
(10,734
)
 
(53,122
)
 
401
 
 
 
 
 
 
 
 
 
Adjustments - Consolidated Properties
 
 
 
 
 
 
 
   Depreciation - Real Estate
30,692
 
 
28,468
 
 
120,471
 
 
111,220
 
   Amortization - Real Estate
1,878
 
 
567
 
 
7,248
 
 
1,582
 
   Remove: (Gain)/Loss on Sale of Property, net of Income Tax and
 
 
 
 
 
 
 
         Noncontrolling Interest
444
 
 
(1,853
)
 
1,786
 
 
(7,606
)
   Include: Gain/(Loss) on Sale of Undepreciated Property, net of Income Tax
 
 
 
 
 
 
 
         and Noncontrolling Interest
(444
)
 
194
 
 
(1,720
)
 
4,327
 
         Total Adjustments - Consolidated
32,570
 
 
27,376
 
 
127,785
 
 
109,523
 
 
 
 
 
 
 
 
 
Adjustments - Unconsolidated Properties
 
 
 
 
 
 
 
   Depreciation - Real Estate
1,867
 
 
3,678
 
 
8,060
 
 
17,927
 
   Amortization - Real Estate
625
 
 
1,364
 
 
2,810
 
 
6,516
 
   Remove: Gain/(Loss) on Sale of Property
(3,461
)
 
(3,222
)
 
(3,578
)
 
(4,958
)
         Total Adjustments - Unconsolidated
(969
)
 
1,820
 
 
7,292
 
 
19,485
 
 
 
 
 
 
 
 
 
Funds from Operations
$
23,868
 
 
$
18,462
 
 
$
81,955
 
 
$
129,409
 
 
 
 
 
 
 
 
 
Income Allocated to Participating Securities
(177
)
 
(67
)
 
(645
)
 
(559
)
 
 
 
 
 
 
 
 
Funds from Operations Available to Common Shareholders and Unitholders
$
23,691
 
 
$
18,395
 
 
$
81,310
 
 
$
128,850
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FFO per Share
 
 
 
 
 
 
 
   Basic
$
0.28
 
 
$
0.25
 
 
$
1.02
 
 
$
2.09
 
   Diluted
$
0.28
 
 
$
0.25
 
 
$
1.02
 
 
$
2.09
 
 
 
 
 
 
 
 
 
 
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.

 
Exhibit 99.3

COLONIAL PROPERTIES TRUST
Corporate Reconciliations
($ in 000s)
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF REVENUES
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
12/31/2010
 
 
12/31/2009
 
12/31/2010
 
 
12/31/2009
Divisional Total Revenues
 
 
 
 
 
 
 
 
 
   Multifamily - Same Property
$
70,529
 
 
 
$
69,041
 
 
$
278,990
 
 
 
$
280,422
 
   Multifamily - Non-Same Property (1)
8,375
 
 
 
6,832
 
 
30,404
 
 
 
26,782
 
   Commercial
19,227
 
 
 
22,453
 
 
80,015
 
 
 
91,433
 
      Total Divisional Revenues
98,131
 
 
 
98,326
 
 
389,409
 
 
 
398,637
 
 
 
 
 
 
 
 
 
 
 
Less: Unconsolidated Revenues - Multifamily
(534
)
 
 
(974
)
 
(3,106
)
 
 
(6,499
)
Less: Unconsolidated Revenues - Commercial
(6,938
)
 
 
(13,851
)
 
(30,987
)
 
 
(62,271
)
Discontinued Operations
(2
)
 
 
(590
)
 
—
 
 
 
(4,152
)
Unallocated Corporate Revenues
2,781
 
 
 
3,637
 
 
11,693
 
 
 
15,039
 
Consolidated Revenue Adjusted - '09 Discontinued Operations (2)
93,438
 
 
 
86,548
 
 
367,009
 
 
 
340,754
 
Add: Additional Discontinued Operations Revenue, post filing (3)
—
 
 
 
—
 
 
—
 
 
 
(402
)
Total Consolidated Revenue, per 10-Q /10-K (4)
$
93,438
 
 
 
$
86,548
 
 
$
367,009
 
 
 
$
340,352
 
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF EXPENSES
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
12/31/2010
 
 
12/31/2009
 
12/31/2010
 
 
12/31/2009
Divisional Total Expenses
 
 
 
 
 
 
 
 
 
   Multifamily - Same Property
$
28,635
 
 
 
$
28,579
 
 
$
118,733
 
 
 
$
114,308
 
   Multifamily - Non-Same Property (1)
5,337
 
 
 
3,219
 
 
16,469
 
 
 
15,710
 
   Commercial
6,376
 
 
 
8,335
 
 
26,009
 
 
 
33,267
 
      Total Divisional Expenses
40,348
 
 
 
40,133
 
 
161,211
 
 
 
163,285
 
 
 
 
 
 
 
 
 
 
 
Less: Unconsolidated Expenses - Multifamily
(225
)
 
 
(540
)
 
(1,638
)
 
 
(3,278
)
Less: Unconsolidated Expenses - Commercial
(2,256
)
 
 
(4,838
)
 
(10,148
)
 
 
(22,711
)
Discontinued Operations
(1,660
)
 
 
(60
)
 
(1,716
)
 
 
(4,004
)
Impairment - Discontinued Operations (5)
—
 
 
 
—
 
 
—
 
 
 
2051
Total Property Operating Expenses
36,207
 
 
 
34,695
 
 
147,709
 
 
 
135,343
 
Property Management Expenses
2,576
 
 
 
2,419
 
 
8,584
 
 
 
7,749
 
General & Administrative Expenses
4,541
 
 
 
4,959
 
 
18,563
 
 
 
17,940
 
Management Fee and Other Expenses
2,245
 
 
 
3,088
 
 
9,504
 
 
 
14,219
 
Restructure Charges
361
 
 
 
—
 
 
361
 
 
 
1,400
 
Investment and Development (6)
380
 
 
 
405
 
 
422
 
 
 
1989
Impairment and Other Losses (5)
394
 
 
 
8,552
 
 
1,308
 
 
 
10,388
 
Depreciation
31,028
 
 
 
28,970
 
 
122,103
 
 
 
113,100
 
Amortization
2,238
 
 
 
1,154
 
 
8,931
 
 
 
4,090
 
Consolidated Expense Adjusted - '09 Discontinued Operations (2)
79,970
 
 
 
84,242
 
 
317,485
 
 
 
306,218
 
Add: Additional Discontinued Operations Expense, post filing (3)
—
 
 
 
—
 
 
—
 
 
 
2
 
Total Consolidated Expense, per 10-Q / 10-K (4)
$
79,970
 
 
 
$
84,242
 
 
$
317,485
 
 
 
$
306,220
 
 
 
 
 
 
 
 
 
 
 
________________________
 
 
 
 
 
 
 
 
 
Continued on following page
 
 
 
 
 
 
 
 
 

 
Exhibit 99.3

COLONIAL PROPERTIES TRUST
Corporate Reconciliations ($ in 000s)
Fourth Quarter 2010
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF NOI
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
12/31/2010
 
 
12/31/2009
 
12/31/2010
 
 
12/31/2009
Divisional Total NOI
 
 
 
 
 
 
 
 
 
   Multifamily - Same Property
$
41,894
 
 
 
$
40,462
 
 
$
160,257
 
 
 
$
166,114
 
   Multifamily - Non-Same Property (1)
3,038
 
 
 
3,613
 
 
13,935
 
 
 
11,072
 
   Commercial
12,851
 
 
 
14,118
 
 
54,006
 
 
 
58,166
 
      Total Divisional NOI
57,783
 
 
 
58,193
 
 
228,198
 
 
 
235,352
 
 
 
 
 
 
 
 
 
 
 
Less: Unconsolidated NOI - Multifamily
(309
)
 
 
(434
)
 
(1,468
)
 
 
(3,221
)
Less: Unconsolidated NOI - Commercial
(4,682
)
 
 
(9,013
)
 
(20,839
)
 
 
(39,560
)
Discontinued Operations
1,658
 
 
 
(530
)
 
1,716
 
 
 
(148
)
Impairment - Discontinued Operations (5)
—
 
 
 
—
 
 
—
 
 
 
(2,051
)
Unallocated Corporate Revenues
2,781
 
 
 
3,637
 
 
11,693
 
 
 
15,039
 
Property Management Expenses
(2,576
)
 
 
(2,419
)
 
(8,584
)
 
 
(7,749
)
General & Administrative Expenses
(4,541
)
 
 
(4,959
)
 
(18,563
)
 
 
(17,940
)
Management Fee and Other Expenses
(2,245
)
 
 
(3,088
)
 
(9,504
)
 
 
(14,219
)
Restructure Charges
(361
)
 
 
—
 
 
(361
)
 
 
(1,400
)
Investment and Development (6)
(380
)
 
 
(405
)
 
(422
)
 
 
(1,989
)
Impairment and Other Losses (5)
(394
)
 
 
(8,552
)
 
(1,308
)
 
 
(10,388
)
Depreciation
(31,028
)
 
 
(28,970
)
 
(122,103
)
 
 
(113,100
)
Amortization
(2,238
)
 
 
(1,154
)
 
(8,931
)
 
 
(4,090
)
Income from Operations
13,468
 
 
 
2,306
 
 
49,524
 
 
 
34,536
 
Total Other Income (Expense)
(19,495
)
 
 
(11,445
)
 
(85,956
)
 
 
(21,104
)
(Loss) Income from Continuing Operations (7)
(6,027
)
 
 
(9,139
)
 
(36,432
)
 
 
13,432
 
Discontinued Operations
—
 
 
 
—
 
 
—
 
 
 
(404
)
(Loss) Income from Continuing Operations, per 10-Q / 10-K (4)
$
(6,027
)
 
 
$
(9,139
)
 
$
(36,432
)
 
 
$
13,028
 
 
 
 
 
 
 
 
 
 
 
(1) Includes operations from for-sale portfolio.
 
 
 
 
 
 
 
 
 
(2) Reflects total consolidated revenue and total consolidated expense (as applicable), adjusted to reflect discontinued operations classifications made after
filing of prior period financials.
 
 
 
 
 
 
 
 
 
(3) Adjustment to prior period financials to reflect discontinued operations classifications made after filing of prior period financials.
(4) For prior period, reflects total consolidated revenue, expense or (loss) income from continuing operations (as applicable) as presented in prior period
 financials (i.e., excluding adjustment for discontinued operations classifications made after filing of prior period financials).
(5) In addition to amounts reflected in the periods presented, the Company recorded impairment charges on assets presented in discontinued operations.
These charges are presented as a part of "(Loss) Income from Discontinued Operations" in the Company's Statement of Operations.
(6) Reflects costs incurred related to potential mergers, acquisitions and abandoned pursuits . These costs are volatile and therefore may vary between periods.
(7) (Loss)/Income from Continuing Operations before extraordinary items, noncontrolling interest and discontinued operations. Adjustments for additional
discontinued operations have restated prior periods in accordance with ASC 205-20.
 
 
 
 
 
 
 
 
 
 
SHARES AND UNITS OUTSTANDING, WEIGHTED
 
 
 
 
 
 
 
(shares and units in 000s)
Three Months Ended
 
Twelve Months Ended
 
12/31/2010
 
12/31/2009
 
12/31/2010
 
12/31/2009
Basic
 
 
 
 
 
 
 
   Shares
77,148
 
 
65,265
 
 
71,919
 
 
53,266
 
   Operating Partnership Units (OP Units)
7,305
 
 
8,172
 
 
7,617
 
 
8,519
 
   Total Shares & OP Units
84,453
 
 
73,437
 
 
79,536
 
 
61,785
 
 
 
 
 
 
 
 
 
Dilutive Common Share Equivalents
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
 
 
Diluted (1)
 
 
 
 
 
 
 
   Shares
77,148
 
 
65,265
 
 
71,919
 
 
53,266
 
   Total Shares & OP Units
84,453
 
 
73,437
 
 
79,536
 
 
61,785
 
 
 
 
 
 
 
 
 
(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.

 

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