Key Developments: Colonial Properties Trust (CLP)
24.51USD
17 May 2013
$0.11 (+0.45%)
$24.40
$24.48
$24.61
$24.34
842,984
665,964
$24.61
$19.66
Latest Key Developments (Source: Significant Developments)
Colonial Properties Trust Reaffirms FY 2013 FFO Guidance
Colonial Properties Trust announced that for fiscal 2013, it expects Diluted earnings per share (EPS) to be in the range of $0.29 to $0.45 and Diluted FFO per share to be in the range of $1.34 to $1.40. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO $1.38 for fiscal 2013. Full Article
Colonial Properties Trust Declares Quarterly Cash Dividend
Colonial Properties Trust announced that the Board of Trustees have declared a quarterly cash dividend on common shares for the second quarter 2013 of $0.21 per common share. The dividend is payable May 13, 2013, to shareholders of record as of May 6, 2013, representing an ex-dividend date of May 2, 2013. Full Article
Colonial Properties Trust Acquires Class Apartment Community In Orlando
Colonial Properties Trust announced the purchase of the 280-unit Colonial Grand at Windermere (formerly Altis at Lakes of Windermere) located in Orlando, Florida for $43.0 million. Colonial Grand at Windermere is a Class A garden-style apartment community located in the superior Orlando submarket of Windermere. The community amenities include a social clubroom with cyber cafe, media and billiard room, resort style pool, fitness center, movie theatre, outdoor wet bar, fireplace and grill area. The apartment community was built in 2009, 96% occupied at the time of acquisition, and has an average monthly rent of $1,158 per unit. The acquisition was funded with proceeds from the sale of apartment communities that occurred in 2012 and borrowings under unsecured credit facility. Full Article
Colonial Properties Trust Sells Metropolitan Midtown For $94 Million
Colonial Properties Trust announced the sale of Metropolitan Midtown, mixed-use project located in Charlotte, North Carolina, for $94.4 million in cash. Full Article
Colonial Properties Trust Declares Quarterly Dividend
Colonial Properties Trust announced that Board of Trustees voted to increase the quarterly cash dividend on common shares for the first quarter 2013 by 16.7 % to $0.21 per common share. The dividend is payable February 11, 2013, to shareholders of record as of February 4, 2013, representing an ex-dividend date of January 31, 2013. Full Article
Colonial Properties Trust Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
Colonial Properties Trust announced that for fiscal 2013, it expects diluted funds from operations (FFO) in the range of $1.34-$1.40. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO $1.38 for fiscal 2013. Full Article
Fitch Ratings Affirmes And Withdrawn Issuer Default Ratings Of Colonial Properties Trust
Fitch Ratings announced that it has affirmed and withdrawn the Issuer Default Ratings (IDR) and issue ratings of Colonial Properties Trust and its operating partnership, Colonial Realty Limited Partnership Fitch has decided to discontinue the ratings, which are uncompensated. Full Article
Colonial Properties Trust Announces Senior Management Changes
Colonial Properties Trust announced that C. Reynolds Thompson, III, has resigned from his positions as President and Chief Financial Officer of the Company, effective as of December 31, 2012. Mr. Thompson is expected to remain with the Company through January 31, 2013, to assist with the transition of responsibilities and to enter into a consulting arrangement to perform certain consulting services over the remainder of 2013. The Company also announced that Bradley P. Sandidge, Executive Vice President, Accounting, will assume responsibilities as interim Chief Financial Officer while the Company conducts a search for a permanent Chief Financial Officer. Full Article
Elco Landmark Residential And Timbercreek Asset Management Joint Venture Acquires Multifamily Portfolio From Colonial Properties Trust
Elco Landmark Residential , a real estate investment firm that owns and operates multifamily properties throughout the Southeastern United States, announced that its private label partnership with Timbercreek Asset Management acquired a portfolio of four multifamily properties (the Portfolio) from Colonial Properties Trust for approximately $95.4 million. The assets are located in Texas, North Carolina and Virginia and total 1,380 units. Collectively, the Portfolio is 95% occupied. The Portfolio purchase marks the first transaction completed under Elco Landmark and Timbercreek's private label partnership, which is focused on acquiring multifamily assets located in the Southeastern United States at an advantageous price and significant discount to replacement cost. Full Article
Colonial Properties Trust Executes Asset Recycling Transactions
Colonial Properties Trust announced the completion of multiple transactions under its multifamily asset recycling strategy. The company completed the sale of four apartment communities for total proceeds of $95.4 million and acquired two Class A apartment communities for a total of $67.3 million. The Company acquired the 306-unit Colonial Reserve at Las Colinas (formerly Canal Side Lofts) located in Dallas, Texas, for $42.8 million, and the 272-unit Colonial Grand at Canyon Ranch (formerly Escalon at Canyon Creek) located in Austin, Texas, for $24.5 million. The apartment communities have an average age of 7 years and an average monthly rent of approximately $1,075 per unit. The Company sold the following properties: the 425-unit Autumn Hill in Charlottesville, Virginia; the 229-unit Colonial Village at Canyon Hills in Austin, Texas; the 250-unit Colonial Village at Highland Hills in Raleigh, North Carolina; and the 476-unit Heatherwood in Charlotte, North Carolina. The four properties had an average age of 31 years and an average monthly rent of approximately $695 per unit. Full Article
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