Overview and Contact Information |
3 | |||
1. Financial Highlights |
4 | |||
2. Quarterly Earnings Announcement and Financial Statements |
||||
Consolidated Statements of Income |
5 | |||
Funds from Operations (FFO) Reconciliation / Shares |
6 | |||
Balance Sheet |
7 | |||
3. Multifamily |
||||
Portfolio Statistics |
8 | |||
Components of Net Operating Income (NOI) |
9 | |||
Capitalized Expenses and Maintenance Expenses |
9 | |||
Same Property Comparisons |
10 | |||
4. Joint Ventures |
||||
Operating Data / Balance Sheet Data |
13 | |||
Investment Summary |
14 | |||
Three Month and Six Month Income Summary |
15 | |||
Operational Statistics |
17 | |||
5. For-Sale Residential Activities |
18 | |||
6. Consolidated Data |
||||
Development Pipeline |
19 | |||
Significant Property Acquisitions and Dispositions |
21 | |||
Debt Summary/Coverage Ratios/Covenants/Market Capitalization |
22 | |||
Supplemental Data / Investment Activities |
24 | |||
7. Corporate Reconciliations |
||||
Revenues / Expenses / NOI |
25 | |||
NOI from Discontinued Operations/EBITDA |
27 | |||
SEC Coverage Ratios |
28 | |||
8. Appendix |
||||
Multifamily Community Table |
29 | |||
Office Property Table |
32 | |||
Retail Property Table |
34 | |||
Unconsolidated Joint Venture Summary |
35 | |||
9. Glossary of Terms |
36 |
2Q08 | -2- | NYSE: CLP |
• | Owning a multifamily portfolio | ||
• | Investing in high growth Sunbelt cities | ||
• | Pursuing strategic acquisition, disposition and development opportunities | ||
• | Achieving operating excellence | ||
• | Managing multifamily, office, retail and mixed-use properties | ||
• | Emphasizing mixed-use development | ||
• | Delivering additional income from the taxable REIT subsidiary (TRS) | ||
• | Ensuring a strong balance sheet and liquidity position |
Headquarters
|
Investor Relations | |
Colonial Properties Trust
|
Jerry Brewer | |
2101 Sixth Avenue North, Suite 750
|
Executive Vice President, Finance | |
Birmingham, Alabama 35203
|
800-645-3917 | |
205-250-8700
|
704-552-8538 — fax | |
205-250-8890 — fax |
||
www.colonialprop.com
|
To receive an Investor Package, please contact: | |
800-645-3917 | ||
704-643-7970 |
Computershare P.O. Box 43010 Providence, RI 02940-3010 Investor Relations: 800-730-6001 www.computershare.com |
The Company’s Transfer Agent manages all activities for registered shareholders including basic account updates, initial share purchases, dividend reinvestments, share transfers and sales as well as optional cash investments. |
Bank of America
|
Dustin Pizzo | 212-847-5771 | ||
BB&T Capital Markets
|
Craig Kucera / Steve Radanovic | 703-245-0909 / 703-245-0907 | ||
BMO Capital Markets
|
Rich Anderson | 212-885-4180 | ||
Cantor Fitzgerald
|
Philip Martin | 312-469-7485 | ||
Citigroup Smith Barney
|
Michael Bilerman / David Toti | 212-816-1383 / 917-903-9407 | ||
Green Street Advisors
|
Haendel St. Juste | 949-640-8780 | ||
Keefe, Bruyette & Woods
|
Steve Swett | 212-887-3680 | ||
Merrill Lynch
|
David Bragg | 212-449-8922 | ||
Morgan Keegan
|
Napoleon Overton / Jason Payne | 901-579-4865 / 901-531-3327 | ||
Standard & Poor’s Research
|
Raymond Mathis | 212-438-9558 | ||
Stifel Nicolaus
|
Rod Petrick | 410-454-4131 | ||
UBS
|
Alex Goldfarb | 212-713-8602 | ||
Wachovia Capital Markets
|
Jeff Donnelly | 617-603-4262 |
FYE 2008 Range | ||||||||
Diluted Earnings per Share |
$ | 1.85 | $ | 2.15 | ||||
Plus: Real Estate Depreciation & Amortization |
1.60 | 1.60 | ||||||
Less: Gain on Sale of Assets |
(1.30 | ) | (1.50 | ) | ||||
Diluted Funds from Operations per Share (1) |
$ | 2.15 | $ | 2.25 | ||||
(1) | The Company’s option to redeem its outstanding 8 1/8 percent Series D preferred shares began in late April 2008. If the Company redeems the remaining outstanding Series D preferred shares in 2008, the Company would expect to record a non-cash charge of $0.06 per diluted share related to the write-off of Series D preferred issuance costs. The 2008 FFO per share guidance range does not include the impact of the non-cash charge related to such redemption. |
2Q08 | -3- | NYSE: CLP |
($ in 000s, except per share and unit data) | Three Months Ended | Six Months Ended | ||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Total property revenues (1) |
$ | 83,471 | $ | 121,052 | $ | 164,386 | $ | 246,800 | ||||||||
Multifamily property revenues (1) |
77,934 | 75,778 | 154,013 | 149,696 | ||||||||||||
Multifamily property NOI (1) |
48,130 | 45,613 | 94,266 | 89,693 | ||||||||||||
Management & leasing fee revenues |
5,151 | 5,312 | 10,449 | 8,554 | ||||||||||||
EBITDA (2) |
59,766 | 72,036 | 118,409 | 156,344 | ||||||||||||
Net income |
||||||||||||||||
Per share — basic |
0.19 | 6.60 | 0.50 | 7.31 | ||||||||||||
Per share — diluted |
0.19 | 6.51 | 0.50 | 7.21 | ||||||||||||
Funds from operations |
||||||||||||||||
Per share — basic |
0.57 | 0.36 | 1.15 | 1.13 | ||||||||||||
Per share — diluted |
0.57 | 0.35 | 1.15 | 1.12 | ||||||||||||
Dividends per share |
0.50 | 0.68 | 1.00 | 1.36 | ||||||||||||
Dividends/EPS (diluted) payout ratio |
263.2 | % | 10.4 | % | 200.0 | % | 18.9 | % | ||||||||
Dividends/FFO (diluted) payout ratio |
87.7 | % | 194.3 | % | 87.0 | % | 121.4 | % | ||||||||
Consolidated interest expense (1) |
$ | 17,013 | $ | 26,573 | $ | 34,492 | $ | 54,483 | ||||||||
Consolidated interest income (1) |
(1,184 | ) | (2,095 | ) | (1,976 | ) | (4,229 | ) | ||||||||
Net interest expense (1) |
15,829 | 24,478 | 32,516 | 50,254 | ||||||||||||
Pro-rata share of joint venture interest expense |
7,771 | 5,621 | 15,712 | 10,862 | ||||||||||||
Principal amortization |
165 | 968 | 364 | 2,556 | ||||||||||||
Preferred dividends & distributions |
3,993 | 5,683 | 8,307 | 11,985 | ||||||||||||
Interest coverage ratio |
2.4x | 2.2x | 2.4x | 2.4x | ||||||||||||
Fixed charge coverage ratio |
2.1x | 1.8x | 2.0x | 2.0x | ||||||||||||
Fixed charge w/capitalized interest ratio |
1.7x | 1.6x | 1.6x | 1.7x | ||||||||||||
Multifamily same property NOI Increase (3) |
3.2 | % | 5.0 | % | 3.4 | % | 5.1 | % | ||||||||
(# of apartment homes included) |
27,322 | 24,732 | 27,322 | 24,732 |
As of | As of | |||||||
6/30/2008 | 12/31/2007 | |||||||
Total assets |
$ | 3,284,794 | $ | 3,229,830 | ||||
Total debt |
$ | 1,748,992 | $ | 1,641,839 | ||||
Common shares and units, outstanding end of
period |
57,429 | 57,269 | ||||||
Share price, end of period (4) |
$ | 20.02 | $ | 22.63 | ||||
Preferred shares and units, end of period |
$ | 202,906 | $ | 225,000 | ||||
Book equity value, end of period (5) |
$ | 1,410,350 | $ | 1,460,328 | ||||
Market equity value, end of period (5) |
$ | 1,149,729 | $ | 1,295,997 | ||||
Debt to total market capitalization ratio (6) |
56.4 | % | 51.9 | % | ||||
Unencumbered real estate assets (at cost)
to unsecured debt ratio (6) |
211.5 | % | 207.9 | % |
(1) | Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26. | |
(2) | For a reconciliation of EBITDA, see page 27. | |
(3) | Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2007, as adjusted for dispositions during the year. | |
(4) | Stock price as of June 30, 2008 and December 31, 2007 includes effect of special dividend of $10.75 per share, which was paid during 2007. | |
(5) | Includes common shares and units. | |
(6) | Excludes the Company’s pro-rata share of partially-owned unconsolidated debt. |
2Q08 | -4- | NYSE: CLP |
($ in 000s, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Revenue |
||||||||||||||||
Minimum Rent |
$ | 63,974 | $ | 87,826 | $ | 126,545 | $ | 179,180 | ||||||||
Tenant Recoveries |
1,374 | 4,431 | 2,241 | 9,664 | ||||||||||||
Other Property Related Revenue |
8,294 | 8,641 | 15,747 | 16,076 | ||||||||||||
Construction Revenues |
569 | 8,068 | 8,449 | 20,853 | ||||||||||||
Other Non-Property Related Revenue |
5,151 | 5,312 | 10,449 | 8,554 | ||||||||||||
Total Revenue |
79,362 | 114,278 | 163,431 | 234,327 | ||||||||||||
Operating Expenses |
||||||||||||||||
Operating Expenses: |
||||||||||||||||
Property Operating Expenses |
18,688 | 24,839 | 37,048 | 49,549 | ||||||||||||
Taxes, Licenses, and Insurance |
9,103 | 11,859 | 18,470 | 24,463 | ||||||||||||
Total Property Operating Expenses |
27,791 | 36,698 | 55,518 | 74,012 | ||||||||||||
Construction Expenses |
564 | 7,495 | 7,830 | 19,866 | ||||||||||||
Property Management Expenses |
2,072 | 3,598 | 4,313 | 7,085 | ||||||||||||
General and Administrative Expenses |
5,789 | 8,040 | 11,570 | 14,018 | ||||||||||||
Management Fee and Other Expenses |
4,346 | 4,034 | 8,031 | 6,977 | ||||||||||||
Restructuring Charges |
— | 1,528 | — | 1,528 | ||||||||||||
Investment and Development (1) |
108 | 315 | 877 | 454 | ||||||||||||
Depreciation |
23,038 | 28,941 | 44,956 | 60,105 | ||||||||||||
Amortization |
972 | 3,182 | 1,743 | 8,907 | ||||||||||||
Total Operating Expenses |
64,680 | 93,831 | 134,838 | 192,952 | ||||||||||||
Income from Operations |
14,682 | 20,447 | 28,593 | 41,375 | ||||||||||||
Other Income (Expense) |
||||||||||||||||
Interest Expense & Debt Cost Amortization |
(18,280 | ) | (27,073 | ) | (36,947 | ) | (54,205 | ) | ||||||||
Gain (loss) on Retirement of Debt |
2,730 | (9,370 | ) | 8,201 | (9,433 | ) | ||||||||||
Interest Income |
1,184 | 2,092 | 1,976 | 4,223 | ||||||||||||
Income (loss) from Partially-Owned Investments |
2,037 | (2,090 | ) | 12,307 | 4,723 | |||||||||||
Gain on Sale of Property, net of income taxes of $1,297 (Q2) and
$1,690 (YTD) in 2008 and $100 (Q2) and $847 (YTD) in 2007 |
3,334 | 289,822 | 5,277 | 291,146 | ||||||||||||
Income Taxes and Other |
(192 | ) | (198 | ) | 595 | (431 | ) | |||||||||
Total Other Income (Expense) |
(9,187 | ) | 253,183 | (8,591 | ) | 236,023 | ||||||||||
Income before Minority Interest
& Discontinued Operations |
5,495 | 273,630 | 20,002 | 277,398 | ||||||||||||
Minority Interest |
||||||||||||||||
Minority Interest of Limited Partners |
5 | 82 | 9 | 225 | ||||||||||||
Minority Interest in CRLP — Preferred |
(1,813 | ) | (1,813 | ) | (3,639 | ) | (3,624 | ) | ||||||||
Minority Interest in CRLP — Common |
(247 | ) | 3,915 | (1,991 | ) | 4,369 | ||||||||||
Total Minority Interest |
(2,055 | ) | 2,184 | (5,621 | ) | 970 | ||||||||||
Income from Continuing Operations |
3,440 | 275,814 | 14,381 | 278,368 | ||||||||||||
Discontinued Operations |
||||||||||||||||
Income from Discontinued Operations |
5,436 | 1,501 | 9,752 | 8,267 | ||||||||||||
Gain on Disposal of Discontinued Operations, net of
income taxes (benefit) of $0 (Q2) and ($1) (YTD) in 2008 and
$156 (Q2) and $1,684 (YTD) in 2007 |
4,116 | 39,335 | 7,017 | 74,136 | ||||||||||||
Minority Interest in CRLP — Common |
(1,655 | ) | (7,484 | ) | (2,922 | ) | (15,205 | ) | ||||||||
Minority Interest of Limited Partners |
— | (32 | ) | 13 | (73 | ) | ||||||||||
Income from Discontinued Operations |
7,897 | 33,320 | 13,860 | 67,125 | ||||||||||||
Net Income |
11,337 | 309,134 | 28,241 | 345,493 | ||||||||||||
Dividends to Preferred Shareholders |
(2,180 | ) | (3,870 | ) | (4,668 | ) | (8,361 | ) | ||||||||
Preferred Share Issuance Costs, Net of Discount |
(83 | ) | (330 | ) | (267 | ) | (330 | ) | ||||||||
Net Income Available to Common Shareholders |
$ | 9,074 | $ | 304,934 | $ | 23,306 | $ | 336,802 | ||||||||
Earnings per Share — Basic |
||||||||||||||||
Continuing Operations |
$ | 0.02 | $ | 5.88 | $ | 0.20 | $ | 5.85 | ||||||||
Discontinued Operations |
0.17 | 0.72 | 0.30 | 1.46 | ||||||||||||
EPS — Basic |
$ | 0.19 | $ | 6.60 | $ | 0.50 | $ | 7.31 | ||||||||
Earnings per Share — Diluted |
||||||||||||||||
Continuing Operations |
$ | 0.02 | $ | 5.80 | $ | 0.20 | $ | 5.77 | ||||||||
Discontinued Operations |
0.17 | 0.71 | 0.30 | 1.44 | ||||||||||||
EPS — Diluted |
$ | 0.19 | $ | 6.51 | $ | 0.50 | $ | 7.21 | ||||||||
(1) | Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods. |
2Q08 | -5- | NYSE: CLP |
($ in 000s, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Net Income Available to Common Shareholders |
$ | 9,074 | $ | 304,934 | $ | 23,306 | $ | 336,802 | ||||||||
Minority Interest in CRLP (Operating Ptr Unitholders) |
1,902 | 3,569 | 4,913 | 10,836 | ||||||||||||
Minority Interest in Gain/(Loss) on Sale of Undepreciated Property |
— | (82 | ) | — | (224 | ) | ||||||||||
Total |
10,976 | 308,421 | 28,219 | 347,414 | ||||||||||||
Adjustments — Consolidated Properties |
||||||||||||||||
Depreciation — Real Estate |
23,088 | 31,591 | 46,306 | 65,991 | ||||||||||||
Amortization — Real Estate |
336 | 2,979 | 702 | 8,678 | ||||||||||||
Remove: Gain/(Loss) on Sale of Property, net of Income
Tax and Minority Interest |
(7,450 | ) | (329,157 | ) | (12,294 | ) | (365,282 | ) | ||||||||
Include: Gain/(Loss) on Sale of Undepreciated
Property, net of Income Tax and Minority Interest |
2,205 | 1,144 | 4,130 | 5,397 | ||||||||||||
Total Adjustments — Consolidated |
18,179 | (293,443 | ) | 38,844 | (285,216 | ) | ||||||||||
Adjustments — Unconsolidated Properties |
||||||||||||||||
Depreciation — Real Estate |
5,292 | 3,718 | 10,441 | 7,399 | ||||||||||||
Amortization — Real Estate |
2,460 | 1,587 | 4,818 | 3,054 | ||||||||||||
Remove: Gain/(Loss) on Sale of Property |
(4,497 | ) | (73 | ) | (16,793 | ) | (8,554 | ) | ||||||||
Total Adjustments — Unconsolidated |
3,255 | 5,232 | (1,534 | ) | 1,899 | |||||||||||
Funds from Operations (1) |
$ | 32,410 | $ | 20,210 | $ | 65,529 | $ | 64,097 | ||||||||
FFO per Share (1) |
||||||||||||||||
Basic |
$ | 0.57 | $ | 0.36 | $ | 1.15 | $ | 1.13 | ||||||||
Diluted |
$ | 0.57 | $ | 0.35 | $ | 1.15 | $ | 1.12 |
(1) | Included an $18.2 million, or $0.32 per share, impact from items related to the Company’s strategic transactions that occurred in the second quarter of 2007. The transaction related and other charges are comprised of the following: 1) prepayment penalties on the retirement of debt of $29.2 million, offset by the write-off of $16.4 million of the mark-to-market intangibles and debt costs on the associated debt repaid, 2) severance charges of $1.5 million, 3) a $1.4 million charge resulting from the initiation of the company’s defined benefit pension plan termination, and 4) an impairment charge of $2.5 million related to the sale of one of the non-core retail assets. These charges are not added back to net income for the respective period when calculating FFO. |
(shares and units in 000s) | Three Months Ended | Six Months Ended | ||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Basic |
||||||||||||||||
Shares |
46,927 | 46,222 | 46,892 | 46,094 | ||||||||||||
Operating Partnership Units (OP Units) |
9,949 | 10,484 | 9,980 | 10,531 | ||||||||||||
Total Shares & OP Units |
56,876 | 56,706 | 56,872 | 56,625 | ||||||||||||
Dilutive Common Share Equivalents |
168 | 653 | 169 | 640 | ||||||||||||
Diluted |
||||||||||||||||
Shares |
47,095 | 46,875 | 47,061 | 46,734 | ||||||||||||
Total Shares & OP Units |
57,044 | 57,359 | 57,041 | 57,265 |
2Q08 | -6- | NYSE: CLP |
($ in 000s) | As of | As of | ||||||
6/30/2008 | 12/31/2007 | |||||||
ASSETS |
||||||||
Real Estate Assets |
||||||||
Operating Properties |
$ | 2,547,648 | $ | 2,431,082 | ||||
Undeveloped Land & Construction in Progress |
515,356 | 531,410 | ||||||
Total Real Estate, before Depreciation |
3,063,004 | 2,962,492 | ||||||
Less: Accumulated Depreciation |
(326,995 | ) | (290,134 | ) | ||||
Real Estate Assets Held for Sale, net |
278,145 | 253,641 | ||||||
Net Real Estate Assets |
3,014,154 | 2,925,999 | ||||||
Cash and Equivalents |
33,825 | 93,033 | ||||||
Restricted Cash |
34,771 | 10,005 | ||||||
Accounts Receivable, net |
14,003 | 25,534 | ||||||
Notes Receivable |
61,879 | 30,756 | ||||||
Prepaid Expenses |
8,766 | 8,845 | ||||||
Deferred Debt and Lease Costs |
15,552 | 15,636 | ||||||
Investment in Unconsolidated Subsidiaries |
49,203 | 69,682 | ||||||
Other Assets |
52,641 | 50,340 | ||||||
Total Assets |
$ | 3,284,794 | $ | 3,229,830 | ||||
LIABILITIES |
||||||||
Long-Term Liabilities |
||||||||
Unsecured Credit Facility |
$ | 184,707 | $ | 39,316 | ||||
Notes and Mortgages Payable |
1,564,285 | 1,575,921 | ||||||
Mortages Payable Related to Real Estate Assets Held for Sale |
— | 26,602 | ||||||
Total Long-Term Liabilities |
1,748,992 | 1,641,839 | ||||||
Other Liabilities |
125,452 | 127,663 | ||||||
Total Liabilities |
1,874,444 | 1,769,502 | ||||||
MINORITY INTEREST & EQUITY |
||||||||
Limited Partners’ Interest in Consolidated Partnership |
2,115 | 2,439 | ||||||
Preferred Shares and Units, at Liquidation Value |
||||||||
Series B 7 1/4%, Preferred Units |
100,000 | 100,000 | ||||||
Series D 8 1/8%, Preferred Shares |
102,906 | 125,000 | ||||||
Total Preferred Shares and Units, at Liquidation Value |
202,906 | 225,000 | ||||||
Common Equity, including Minority Interest in Operating Partnership |
1,205,329 | 1,232,889 | ||||||
Total Equity, including Minority Interest |
1,410,350 | 1,460,328 | ||||||
Total Liabilities and Equity |
$ | 3,284,794 | $ | 3,229,830 | ||||
(shares and units in 000s) | As of | As of | ||||||
6/30/2008 | 12/31/2007 | |||||||
Basic |
||||||||
Shares |
47,875 | 47,216 | ||||||
Operating Partnership Units (OP Units) |
9,554 | 10,053 | ||||||
Total Shares & OP Units |
57,429 | 57,269 |
2Q08 | -7- | NYSE: CLP |
Same | Non Same | Wholly | Joint | Stabilized | Completed in | Total | Current | |||||||||||||||||||||||||||||
Property | Property | Owned | Venture (1) | Operating | Lease-Up | Operating | Developments | Total | ||||||||||||||||||||||||||||
Atlanta |
3,282 | 0 | 3,282 | 72 | 3,354 | — | 3,354 | — | 3,354 | |||||||||||||||||||||||||||
Austin |
1,910 | 0 | 1,910 | 140 | 2,050 | — | 2,050 | 662 | 2,712 | |||||||||||||||||||||||||||
Birmingham |
1,262 | 0 | 1,262 | 271 | 1,533 | — | 1,533 | — | 1,533 | |||||||||||||||||||||||||||
Charleston |
1,578 | 0 | 1,578 | 0 | 1,578 | — | 1,578 | — | 1,578 | |||||||||||||||||||||||||||
Charlotte |
3,268 | 928 | 4,196 | 0 | 4,196 | 85 | 4,281 | 584 | 4,865 | |||||||||||||||||||||||||||
Dallas |
2,468 | 0 | 2,468 | 0 | 2,468 | — | 2,468 | 541 | 3,009 | |||||||||||||||||||||||||||
Fort Worth |
2,012 | 0 | 2,012 | 29 | 2,041 | — | 2,041 | — | 2,041 | |||||||||||||||||||||||||||
Huntsville |
836 | 0 | 836 | 0 | 836 | — | 836 | — | 836 | |||||||||||||||||||||||||||
Orlando |
2,252 | 0 | 2,252 | 0 | 2,252 | — | 2,252 | — | 2,252 | |||||||||||||||||||||||||||
Phoenix |
180 | 772 | 952 | 0 | 952 | — | 952 | — | 952 | |||||||||||||||||||||||||||
Raleigh |
1,714 | 250 | 1,964 | 138 | 2,102 | — | 2,102 | — | 2,102 | |||||||||||||||||||||||||||
Richmond |
1,699 | 0 | 1,699 | 0 | 1,699 | — | 1,699 | — | 1,699 | |||||||||||||||||||||||||||
Savannah |
837 | 312 | 1,149 | 0 | 1,149 | — | 1,149 | 288 | 1,437 | |||||||||||||||||||||||||||
Other |
4,024 | 211 | 4,235 | 147 | 4,382 | 209 | 4,591 | 380 | 4,971 | |||||||||||||||||||||||||||
Total Portfolio |
27,322 | 2,473 | 29,795 | 797 | 30,592 | 294 | 30,886 | 2,455 | 33,341 |
(1) | Joint venture units shown represents the Company’s pro-rata share of total units. There are 4,598 total units at the Company’s partially-owned apartment communities. |
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2) | PHYSICAL OCCUPANCY (3) | |||||||||||||||||||||||||||
Total NOI | ||||||||||||||||||||||||||||
Same Property | Incl. JVs at | Jun 30 | Mar 31 | Dec 31 | Sept 30 | Jun 30 | ||||||||||||||||||||||
Communities | Pro Rata % (4) | 2008 | 2008 | 2007 | 2007 | 2007 | ||||||||||||||||||||||
Atlanta |
13.4 | % | 12.3 | % | 97.0 | % | 96.3 | % | 95.7 | % | 95.0 | % | 95.9 | % | ||||||||||||||
Austin |
6.0 | % | 5.2 | % | 96.2 | % | 97.0 | % | 95.2 | % | 96.0 | % | 92.9 | % | ||||||||||||||
Birmingham |
4.1 | % | 4.4 | % | 97.7 | % | 96.3 | % | 95.9 | % | 95.1 | % | 97.0 | % | ||||||||||||||
Charleston |
6.1 | % | 4.9 | % | 95.9 | % | 96.0 | % | 96.7 | % | 95.8 | % | 97.1 | % | ||||||||||||||
Charlotte |
10.1 | % | 13.9 | % | 93.6 | % | 93.2 | % | 95.1 | % | 94.1 | % | 95.0 | % | ||||||||||||||
Dallas |
7.4 | % | 6.6 | % | 96.3 | % | 96.5 | % | 96.4 | % | 95.0 | % | 95.6 | % | ||||||||||||||
Fort Worth |
6.8 | % | 6.1 | % | 96.3 | % | 96.8 | % | 96.9 | % | 96.3 | % | 96.6 | % | ||||||||||||||
Huntsville |
3.3 | % | 2.9 | % | 97.1 | % | 98.1 | % | 95.1 | % | 98.2 | % | 97.4 | % | ||||||||||||||
Orlando |
10.8 | % | 9.7 | % | 97.1 | % | 97.1 | % | 96.3 | % | 97.6 | % | 98.3 | % | ||||||||||||||
Phoenix |
1.0 | % | 3.9 | % | 96.3 | % | 95.6 | % | 96.3 | % | 85.2 | % | 81.6 | % | ||||||||||||||
Raleigh |
6.1 | % | 6.4 | % | 95.6 | % | 96.0 | % | 96.8 | % | 94.7 | % | 95.0 | % | ||||||||||||||
Richmond |
6.5 | % | 5.9 | % | 96.6 | % | 96.5 | % | 96.6 | % | 96.5 | % | 96.8 | % | ||||||||||||||
Savannah |
3.4 | % | 4.2 | % | 95.0 | % | 96.3 | % | 96.8 | % | 95.5 | % | 96.1 | % | ||||||||||||||
Other |
15.0 | % | 13.6 | % | 95.6 | % | 96.3 | % | 95.1 | % | 91.5 | % | 98.4 | % | ||||||||||||||
Total Portfolio |
100.0 | % | 100.0 | % | 95.9 | % | 96.0 | % | 95.9 | % | 94.6 | % | 95.8 | % | ||||||||||||||
Same Property |
96.0 | % | 96.3 | % | 96.0 | % | 95.7 | % | 96.4 | % |
(2) | For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26. | |
(3) | Occupancy figures include apartment homes held through joint venture investments but exclude condominiums and communities in lease-up or under development. For a detailed occupancy listing by property, see Multifamily Portfolio Occupancy Listing on page 29. | |
(4) | Based on total NOI from wholly-owned operating communities and the Company’s pro-rata share of total NOI from joint-venture communities. |
2Q08 | -8- | NYSE: CLP |
Apartment | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
Homes | 6/30/2008 | 6/30/2007 | Change | 6/30/2008 | 6/30/2007 | Change | ||||||||||||||||||||||
Property Revenues |
||||||||||||||||||||||||||||
Same Property Communities |
27,322 | $ | 68,284 | $ | 67,363 | $ | 921 | $ | 135,706 | $ | 132,654 | $ | 3,052 | |||||||||||||||
Non-Same Property Communities |
2,473 | 6,172 | 3,519 | 2,654 | 11,987 | 5,914 | 6,073 | |||||||||||||||||||||
Joint Venture Communities (2) |
797 | 2,047 | 1,669 | 377 | 4,058 | 3,232 | 825 | |||||||||||||||||||||
Development and Lease Up Communities |
2,749 | 1,009 | 2 | 1,008 | 1,310 | 2 | 1,308 | |||||||||||||||||||||
Dispositions / Other |
— | 2,553 | 5,885 | (3,332 | ) | 5,300 | 13,124 | (7,824 | ) | |||||||||||||||||||
Total Property Revenues |
33,341 | $ | 80,065 | $ | 78,437 | $ | 1,628 | $ | 158,360 | $ | 154,927 | $ | 3,434 | |||||||||||||||
Property Expenses |
||||||||||||||||||||||||||||
Same Property Communities |
27,322 | $ | 25,320 | $ | 25,713 | $ | (393 | ) | $ | 51,110 | $ | 50,864 | $ | 246 | ||||||||||||||
Non-Same Property Communities |
2,473 | 2,363 | 1,310 | 1,054 | 4,869 | 2,193 | 2,676 | |||||||||||||||||||||
Joint Venture Communities (2) |
797 | 960 | 766 | 194 | 1,885 | 1,510 | 375 | |||||||||||||||||||||
Development and Lease Up Communities |
2,749 | 939 | 70 | 869 | 1,404 | 91 | 1,313 | |||||||||||||||||||||
Dispositions / Other |
— | 1,307 | 3,666 | (2,360 | ) | 2,653 | 8,202 | (5,549 | ) | |||||||||||||||||||
Total Property Expenses |
33,341 | $ | 30,889 | $ | 31,525 | $ | (636 | ) | $ | 61,921 | $ | 62,860 | $ | (939 | ) | |||||||||||||
Property Net Operating Income |
||||||||||||||||||||||||||||
Same Property Communities |
27,322 | $ | 42,963 | $ | 41,649 | $ | 1,314 | $ | 84,596 | $ | 81,790 | $ | 2,806 | |||||||||||||||
Non-Same Property Communities |
2,473 | 3,809 | 2,209 | 1,600 | 7,118 | 3,721 | 3,397 | |||||||||||||||||||||
Joint Venture Communities (2) |
797 | 1,087 | 904 | 183 | 2,172 | 1,723 | 450 | |||||||||||||||||||||
Development and Lease Up Communities |
2,749 | 70 | (69 | ) | 139 | (94 | ) | (90 | ) | (5 | ) | |||||||||||||||||
Dispositions / Other |
— | 1,247 | 2,219 | (972 | ) | 2,648 | 4,923 | (2,275 | ) | |||||||||||||||||||
Total Property Net Operating Income |
33,341 | $ | 49,176 | $ | 46,912 | $ | 2,264 | $ | 96,440 | $ | 92,067 | $ | 4,373 |
(1) | For the GAAP reconciliation of revenues, expenses and NOI, see page 25 and 26. | |
(2) | Includes the Company’s pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities. |
Apartment | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
Homes | 6/30/2008 | 6/30/2007 | Change | 6/30/2008 | 6/30/2007 | Change | ||||||||||||||||||||||
Capitalized Expenses |
||||||||||||||||||||||||||||
Same Property Communities |
27,322 | $ | 4,852 | $ | 6,130 | $ | (1,278 | ) | $ | 8,447 | $ | 8,728 | $ | (280 | ) | |||||||||||||
Non-Same Property Communities |
2,473 | 933 | 203 | 731 | 1,315 | 266 | 1,050 | |||||||||||||||||||||
Joint Venture Communities |
797 | 216 | 297 | (81 | ) | 328 | 445 | (117 | ) | |||||||||||||||||||
Development and Lease Up Communities |
2,749 | 194 | 0 | 194 | 200 | 0 | 199 | |||||||||||||||||||||
Dispositions / Other |
— | 28 | 825 | (797 | ) | 280 | 1,508 | (1,227 | ) | |||||||||||||||||||
Total Property Capitalized Expenses |
33,341 | 6,223 | 7,454 | (1,232 | ) | 10,571 | 10,946 | (375 | ) | |||||||||||||||||||
Capitalized Expenses per Unit |
||||||||||||||||||||||||||||
Same Property Communities |
27,322 | $ | 178 | $ | 224 | $ | (47 | ) | $ | 309 | $ | 319 | $ | (10 | ) | |||||||||||||
Non-Same Property Communities |
2,473 | 377 | 82 | 295 | 532 | 107 | 424 | |||||||||||||||||||||
Joint Venture Communities |
797 | 270 | 372 | (102 | ) | 412 | 558 | (146 | ) | |||||||||||||||||||
Total Per Unit |
30,592 | $ | 203 | $ | 244 | $ | (40 | ) | $ | 346 | $ | 358 | $ | (12 | ) |
2Q08 | -9- | NYSE: CLP |
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
2Q08 | 2Q07 | % Chg | 2Q08 | 2Q07 | % Chg | 2Q08 | 2Q07 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 9,063 | $ | 9,034 | 0.3 | % | $ | 3,298 | $ | 3,572 | (7.7 | %) | $ | 5,765 | $ | 5,462 | 5.5 | % | ||||||||||||||||||
Austin |
4,695 | 4,541 | 3.4 | % | 2,097 | 1,880 | 11.5 | % | 2,598 | 2,661 | (2.4 | %) | ||||||||||||||||||||||||
Birmingham |
2,842 | 2,795 | 1.7 | % | 1,069 | 1,135 | (5.8 | %) | 1,773 | 1,660 | 6.8 | % | ||||||||||||||||||||||||
Charleston |
3,895 | 3,893 | 0.1 | % | 1,292 | 1,386 | (6.8 | %) | 2,604 | 2,507 | 3.9 | % | ||||||||||||||||||||||||
Charlotte |
7,172 | 7,221 | (0.7 | %) | 2,833 | 2,848 | (0.5 | %) | 4,339 | 4,374 | (0.8 | %) | ||||||||||||||||||||||||
Dallas |
5,593 | 5,241 | 6.7 | % | 2,422 | 2,340 | 3.5 | % | 3,170 | 2,901 | 9.3 | % | ||||||||||||||||||||||||
Fort Worth |
5,053 | 4,677 | 8.0 | % | 2,146 | 2,004 | 7.1 | % | 2,906 | 2,673 | 8.7 | % | ||||||||||||||||||||||||
Huntsville |
2,117 | 1,982 | 6.8 | % | 711 | 646 | 10.0 | % | 1,406 | 1,336 | 5.2 | % | ||||||||||||||||||||||||
Orlando |
6,943 | 7,048 | (1.5 | %) | 2,310 | 2,430 | (4.9 | %) | 4,633 | 4,617 | 0.3 | % | ||||||||||||||||||||||||
Phoenix |
603 | 637 | (5.4 | %) | 169 | 181 | (6.6 | %) | 434 | 457 | (4.9 | %) | ||||||||||||||||||||||||
Raleigh |
4,197 | 3,954 | 6.1 | % | 1,579 | 1,508 | 4.8 | % | 2,617 | 2,446 | 7.0 | % | ||||||||||||||||||||||||
Richmond |
4,230 | 4,201 | 0.7 | % | 1,419 | 1,483 | (4.3 | %) | 2,811 | 2,718 | 3.4 | % | ||||||||||||||||||||||||
Savannah |
2,143 | 2,150 | (0.3 | %) | 668 | 849 | (21.4 | %) | 1,475 | 1,300 | 13.5 | % | ||||||||||||||||||||||||
Other |
9,738 | 9,990 | (2.5 | %) | 3,307 | 3,453 | (4.2 | %) | 6,431 | 6,537 | (1.6 | %) | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 68,284 | $ | 67,363 | 1.4 | % | $ | 25,320 | $ | 25,713 | -1.5 | % | $ | 42,963 | $ | 41,649 | 3.2 | % | ||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||||||
Included | Contribution | 2Q08 | 2Q07 | % Chg | 2Q08 | 2Q07 | % Chg | |||||||||||||||||||||||||||||
Atlanta |
3,282 | 13.4 | % | 97.0 | % | 96.0 | % | 1.1 | % | $ | 863 | $ | 853 | 1.1 | % | |||||||||||||||||||||
Austin |
1,910 | 6.0 | % | 96.2 | % | 97.0 | % | (0.8 | %) | 753 | 729 | 3.4 | % | |||||||||||||||||||||||
Birmingham |
1,262 | 4.1 | % | 97.8 | % | 97.2 | % | 0.6 | % | 716 | 707 | 1.2 | % | |||||||||||||||||||||||
Charleston |
1,578 | 6.1 | % | 95.9 | % | 97.1 | % | (1.2 | %) | 764 | 756 | 1.1 | % | |||||||||||||||||||||||
Charlotte |
3,268 | 10.1 | % | 93.2 | % | 95.0 | % | (1.8 | %) | 702 | 693 | 1.2 | % | |||||||||||||||||||||||
Dallas |
2,468 | 7.4 | % | 96.3 | % | 95.6 | % | 0.7 | % | 708 | 687 | 3.0 | % | |||||||||||||||||||||||
Fort Worth |
2,012 | 6.8 | % | 96.3 | % | 96.6 | % | (0.3 | %) | 768 | 733 | 4.7 | % | |||||||||||||||||||||||
Huntsville |
836 | 3.3 | % | 97.1 | % | 97.4 | % | (0.2 | %) | 760 | 733 | 3.6 | % | |||||||||||||||||||||||
Orlando |
2,252 | 10.8 | % | 97.1 | % | 98.3 | % | (1.2 | %) | 972 | 983 | (1.1 | %) | |||||||||||||||||||||||
Phoenix |
180 | 1.0 | % | 96.1 | % | 89.4 | % | 6.7 | % | 1,106 | 1,202 | (8.0 | %) | |||||||||||||||||||||||
Raleigh |
1,714 | 6.1 | % | 95.9 | % | 95.7 | % | 0.1 | % | 761 | 721 | 5.5 | % | |||||||||||||||||||||||
Richmond |
1,699 | 6.5 | % | 96.6 | % | 96.8 | % | (0.2 | %) | 808 | 780 | 3.6 | % | |||||||||||||||||||||||
Savannah |
837 | 3.4 | % | 95.2 | % | 96.4 | % | (1.2 | %) | 802 | 816 | (1.7 | %) | |||||||||||||||||||||||
Other |
4,024 | 15.0 | % | 95.5 | % | 96.4 | % | (0.9 | %) | 775 | 781 | (0.7 | %) | |||||||||||||||||||||||
Total Same Property (1) |
27,322 | 100.0 | % | 96.0 | % | 96.4 | % | (0.4 | %) | $ | 785 | $ | 774 | 1.5 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year. | |
(2) | Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt. |
2Q08 | -10- | NYSE: CLP |
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
2008 | 2007 | % Chg | 2008 | 2007 | % Chg | 2008 | 2007 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 18,010 | $ | 17,652 | 2.0 | % | $ | 6,732 | $ | 6,761 | (0.4 | %) | $ | 11,277 | $ | 10,891 | 3.6 | % | ||||||||||||||||||
Austin |
9,292 | 8,927 | 4.1 | % | 4,109 | 3,973 | 3.4 | % | 5,183 | 4,954 | 4.6 | % | ||||||||||||||||||||||||
Birmingham |
5,582 | 5,469 | 2.1 | % | 2,143 | 2,251 | (4.8 | %) | 3,440 | 3,218 | 6.9 | % | ||||||||||||||||||||||||
Charleston |
7,744 | 7,577 | 2.2 | % | 2,691 | 2,703 | (0.4 | %) | 5,053 | 4,874 | 3.7 | % | ||||||||||||||||||||||||
Charlotte |
14,385 | 14,228 | 1.1 | % | 5,732 | 5,564 | 3.0 | % | 8,653 | 8,664 | (0.1 | %) | ||||||||||||||||||||||||
Dallas |
11,153 | 10,514 | 6.1 | % | 4,932 | 4,681 | 5.4 | % | 6,222 | 5,833 | 6.7 | % | ||||||||||||||||||||||||
Fort Worth |
10,024 | 9,283 | 8.0 | % | 4,318 | 4,113 | 5.0 | % | 5,706 | 5,171 | 10.3 | % | ||||||||||||||||||||||||
Huntsville |
4,159 | 3,925 | 6.0 | % | 1,425 | 1,443 | (1.3 | %) | 2,734 | 2,481 | 10.2 | % | ||||||||||||||||||||||||
Orlando |
13,787 | 14,029 | (1.7 | %) | 4,681 | 4,859 | (3.7 | %) | 9,106 | 9,170 | (0.7 | %) | ||||||||||||||||||||||||
Phoenix |
1,216 | 1,254 | (3.1 | %) | 361 | 379 | (4.5 | %) | 854 | 876 | (2.4 | %) | ||||||||||||||||||||||||
Raleigh |
8,309 | 7,778 | 6.8 | % | 3,032 | 2,922 | 3.7 | % | 5,278 | 4,856 | 8.7 | % | ||||||||||||||||||||||||
Richmond |
8,428 | 8,191 | 2.9 | % | 2,871 | 2,918 | (1.6 | %) | 5,557 | 5,273 | 5.4 | % | ||||||||||||||||||||||||
Savannah |
4,190 | 4,264 | (1.7 | %) | 1,383 | 1,589 | (12.9 | %) | 2,806 | 2,675 | 4.9 | % | ||||||||||||||||||||||||
Other |
19,426 | 19,563 | (0.7 | %) | 6,700 | 6,708 | (0.1 | %) | 12,726 | 12,854 | (1.0 | %) | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 135,706 | $ | 132,654 | 2.3 | % | $ | 51,110 | $ | 50,864 | 0.5 | % | $ | 84,596 | $ | 81,790 | 3.4 | % | ||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||||||
Included | Contribution | 2008 | 2007 | % Chg | 2008 | 2007 | % Chg | |||||||||||||||||||||||||||||
Atlanta |
3,282 | 13.3 | % | 97.0 | % | 96.0 | % | 1.1 | % | $ | 864 | $ | 850 | 1.7 | % | |||||||||||||||||||||
Austin |
1,910 | 6.1 | % | 96.2 | % | 97.0 | % | (0.8 | %) | 751 | 717 | 4.7 | % | |||||||||||||||||||||||
Birmingham |
1,262 | 4.1 | % | 97.8 | % | 97.2 | % | 0.6 | % | 714 | 703 | 1.5 | % | |||||||||||||||||||||||
Charleston |
1,578 | 6.0 | % | 95.9 | % | 97.1 | % | (1.2 | %) | 766 | 749 | 2.2 | % | |||||||||||||||||||||||
Charlotte |
3,268 | 10.2 | % | 93.2 | % | 95.0 | % | (1.8 | %) | 701 | 693 | 1.1 | % | |||||||||||||||||||||||
Dallas |
2,468 | 7.4 | % | 96.3 | % | 95.6 | % | 0.7 | % | 705 | 687 | 2.5 | % | |||||||||||||||||||||||
Fort Worth |
2,012 | 6.7 | % | 96.3 | % | 96.6 | % | (0.3 | %) | 761 | 732 | 3.9 | % | |||||||||||||||||||||||
Huntsville |
836 | 3.2 | % | 97.1 | % | 97.4 | % | (0.2 | %) | 757 | 734 | 3.2 | % | |||||||||||||||||||||||
Orlando |
2,252 | 10.8 | % | 97.1 | % | 98.3 | % | (1.2 | %) | 973 | 992 | (1.9 | %) | |||||||||||||||||||||||
Phoenix |
180 | 1.0 | % | 96.1 | % | 89.4 | % | 6.7 | % | 1,110 | 1,179 | (5.9 | %) | |||||||||||||||||||||||
Raleigh |
1,714 | 6.2 | % | 95.9 | % | 95.7 | % | 0.1 | % | 754 | 718 | 5.0 | % | |||||||||||||||||||||||
Richmond |
1,699 | 6.6 | % | 96.6 | % | 96.8 | % | (0.2 | %) | 802 | 773 | 3.7 | % | |||||||||||||||||||||||
Savannah |
837 | 3.3 | % | 95.2 | % | 96.4 | % | (1.2 | %) | 798 | 818 | (2.4 | %) | |||||||||||||||||||||||
Other |
4,024 | 15.1 | % | 95.5 | % | 96.4 | % | (0.9 | %) | 775 | 773 | 0.2 | % | |||||||||||||||||||||||
Total Same Property (1) |
27,322 | 100.0 | % | 96.0 | % | 96.4 | % | (0.4 | %) | $ | 783 | $ | 771 | 1.6 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year. | |
(2) | Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt. |
2Q08 | -11- | NYSE: CLP |
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
2Q08 | 1Q08 | % Chg | 2Q08 | 1Q08 | % Chg | 2Q08 | 1Q08 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 9,063 | $ | 8,947 | 1.3 | % | $ | 3,298 | $ | 3,434 | (4.0 | %) | $ | 5,765 | $ | 5,512 | 4.6 | % | ||||||||||||||||||
Austin |
4,695 | 4,597 | 2.1 | % | 2,097 | 2,012 | 4.2 | % | 2,598 | 2,585 | 0.5 | % | ||||||||||||||||||||||||
Birmingham |
2,842 | 2,740 | 3.7 | % | 1,069 | 1,073 | (0.4 | %) | 1,773 | 1,667 | 6.3 | % | ||||||||||||||||||||||||
Charleston |
3,895 | 3,849 | 1.2 | % | 1,292 | 1,399 | (7.7 | %) | 2,604 | 2,449 | 6.3 | % | ||||||||||||||||||||||||
Charlotte |
7,172 | 7,213 | (0.6 | %) | 2,833 | 2,899 | (2.3 | %) | 4,339 | 4,314 | 0.6 | % | ||||||||||||||||||||||||
Dallas |
5,593 | 5,561 | 0.6 | % | 2,422 | 2,509 | (3.5 | %) | 3,170 | 3,051 | 3.9 | % | ||||||||||||||||||||||||
Fort Worth |
5,053 | 4,971 | 1.6 | % | 2,146 | 2,172 | (1.2 | %) | 2,906 | 2,799 | 3.8 | % | ||||||||||||||||||||||||
Huntsville |
2,117 | 2,043 | 3.6 | % | 711 | 715 | (0.5 | %) | 1,406 | 1,328 | 5.8 | % | ||||||||||||||||||||||||
Orlando |
6,943 | 6,844 | 1.5 | % | 2,310 | 2,371 | (2.5 | %) | 4,633 | 4,473 | 3.6 | % | ||||||||||||||||||||||||
Phoenix |
603 | 613 | (1.6 | %) | 169 | 193 | (12.5 | %) | 434 | 420 | 3.5 | % | ||||||||||||||||||||||||
Raleigh |
4,197 | 4,113 | 2.0 | % | 1,579 | 1,452 | 8.8 | % | 2,617 | 2,660 | (1.6 | %) | ||||||||||||||||||||||||
Richmond |
4,230 | 4,197 | 0.8 | % | 1,419 | 1,452 | (2.3 | %) | 2,811 | 2,746 | 2.4 | % | ||||||||||||||||||||||||
Savannah |
2,143 | 2,046 | 4.7 | % | 668 | 716 | (6.7 | %) | 1,475 | 1,331 | 10.9 | % | ||||||||||||||||||||||||
Other |
9,738 | 9,688 | 0.5 | % | 3,307 | 3,392 | (2.5 | %) | 6,431 | 6,296 | 2.1 | % | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 68,284 | $ | 67,422 | 1.3 | % | $ | 25,320 | $ | 25,789 | -1.8 | % | $ | 42,963 | $ | 41,633 | 3.2 | % | ||||||||||||||||||
Apartment | ||||||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||||||
Included | Contribution | 2Q08 | 1Q08 | % Chg | 2Q08 | 1Q08 | % Chg | |||||||||||||||||||||||||||||
Atlanta |
3,282 | 13.4 | % | 97.0 | % | 96.2 | % | 0.8 | % | $ | 863 | $ | 866 | (0.3 | %) | |||||||||||||||||||||
Austin |
1,910 | 6.0 | % | 96.2 | % | 97.1 | % | (0.9 | %) | 753 | 749 | 0.6 | % | |||||||||||||||||||||||
Birmingham |
1,262 | 4.1 | % | 97.8 | % | 96.0 | % | 1.8 | % | 716 | 712 | 0.5 | % | |||||||||||||||||||||||
Charleston |
1,578 | 6.1 | % | 95.9 | % | 96.0 | % | (0.1 | %) | 764 | 767 | (0.4 | %) | |||||||||||||||||||||||
Charlotte |
3,268 | 10.1 | % | 93.2 | % | 94.5 | % | (1.3 | %) | 702 | 699 | 0.4 | % | |||||||||||||||||||||||
Dallas |
2,468 | 7.4 | % | 96.3 | % | 96.5 | % | (0.2 | %) | 708 | 701 | 0.9 | % | |||||||||||||||||||||||
Fort Worth |
2,012 | 6.8 | % | 96.3 | % | 96.9 | % | (0.6 | %) | 768 | 753 | 1.9 | % | |||||||||||||||||||||||
Huntsville |
836 | 3.3 | % | 97.1 | % | 98.1 | % | (1.0 | %) | 760 | 755 | 0.6 | % | |||||||||||||||||||||||
Orlando |
2,252 | 10.8 | % | 97.1 | % | 97.1 | % | 0.0 | % | 972 | 975 | (0.3 | %) | |||||||||||||||||||||||
Phoenix |
180 | 1.0 | % | 96.1 | % | 95.6 | % | 0.6 | % | 1,106 | 1,113 | (0.6 | %) | |||||||||||||||||||||||
Raleigh |
1,714 | 6.1 | % | 95.9 | % | 96.4 | % | (0.6 | %) | 761 | 747 | 1.8 | % | |||||||||||||||||||||||
Richmond |
1,699 | 6.5 | % | 96.6 | % | 96.5 | % | 0.1 | % | 808 | 796 | 1.5 | % | |||||||||||||||||||||||
Savannah |
837 | 3.4 | % | 95.2 | % | 96.4 | % | (1.2 | %) | 802 | 794 | 1.1 | % | |||||||||||||||||||||||
Other |
4,024 | 15.0 | % | 95.5 | % | 96.2 | % | (0.8 | %) | 775 | 774 | 0.1 | % | |||||||||||||||||||||||
Total Same Property (1) |
27,322 | 100.0 | % | 96.0 | % | 96.3 | % | (0.3 | %) | $ | 785 | $ | 782 | 0.5 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2007, as adjusted for dispositions during the year. | |
(2) | Weighted average rental rates are the Company’s market rental rates after “loss to lease” and concessions, but before vacancy and bad debt. |
2Q08 | -12- | NYSE: CLP |
Three Months Ended | Six Months Ended | |||||||||||||||
06/30/2008 | 06/30/2007 | 06/30/2008 | 06/30/2007 | |||||||||||||
OPERATING DATA (1) |
||||||||||||||||
Property Revenues |
||||||||||||||||
Rental revenues |
$ | 19,004 | $ | 14,279 | $ | 38,782 | $ | 27,689 | ||||||||
Other property revenues |
805 | 683 | 1,741 | 1,356 | ||||||||||||
Total property revenues |
19,809 | 14,962 | 40,523 | 29,045 | ||||||||||||
Property Expenses |
||||||||||||||||
Property operating and
maintenance |
5,264 | 4,231 | 10,453 | 8,213 | ||||||||||||
Taxes, license and insurance |
2,409 | 1,867 | 4,882 | 3,720 | ||||||||||||
Total property expenses |
7,673 | 6,098 | 15,335 | 11,933 | ||||||||||||
Net Operating Income (NOI) |
12,136 | 8,864 | 25,188 | 17,112 | ||||||||||||
Other Income (Expenses) |
||||||||||||||||
Interest, net |
(7,843 | ) | (5,745 | ) | (15,839 | ) | (11,125 | ) | ||||||||
Depreciation and amortization (2) |
(6,847 | ) | (4,979 | ) | (14,530 | ) | (10,349 | ) | ||||||||
Other |
94 | (191 | ) | 695 | (172 | ) | ||||||||||
Total other expenses |
(14,596 | ) | (10,915 | ) | (29,674 | ) | (21,646 | ) | ||||||||
Gain on sale of properties, net |
4,497 | (39 | ) | 16,793 | 9,257 | |||||||||||
Equity in income of
joint ventures |
$ | 2,037 | $ | (2,090 | ) | $ | 12,307 | $ | 4,723 | |||||||
As of | ||||||||
6/30/2008 | 12/31/2007 | |||||||
BALANCE SHEET DATA (3) |
||||||||
Real estate assets, net |
$ | 3,287,309 | $ | 3,819,842 | ||||
Other assets, net |
321,892 | 342,894 | ||||||
Total assets |
$ | 3,609,201 | $ | 4,162,736 | ||||
Notes payable |
$ | 2,758,094 | $ | 3,200,756 | ||||
Notes payable to Colonial |
28,093 | 23,390 | ||||||
Other liabilities |
150,921 | 115,346 | ||||||
Total liabilities |
2,937,108 | 3,339,492 | ||||||
Member’s equity |
672,093 | 823,244 | ||||||
Total liabilities and member’s equity |
$ | 3,609,201 | $ | 4,162,736 | ||||
Colonial’s equity investment (4) |
$ | 49,203 | $ | 69,682 | ||||
Colonial’s pro-rata share of debt |
$ | 479,231 | $ | 544,208 |
(1) | Operating data represents the Company’s pro-rata share of revenues, expenses and NOI. | |
(2) | Includes amortization of excess basis differences for certain joint ventures. | |
(3) | Balance sheet data reported at 100%. | |
(4) | Includes distributions in excess of investment balance for certain joint ventures. |
2Q08 | -13- | NYSE: CLP |
Weighted | Average | |||||||||||||||||||||||||||||||||||||||
Number | Gross | Mortgages | Weighted | Average | Remaining | |||||||||||||||||||||||||||||||||||
of | Total | Investment in | Construction | and Notes | Ownership | Interest | Term | % Fixed | % Variable | |||||||||||||||||||||||||||||||
Venture | Properties | Units/GLA | Real Estate (1) | in Progress | Payable | Interest | Rate | (in months) | Rate | Rate | ||||||||||||||||||||||||||||||
MULTIFAMILY |
||||||||||||||||||||||||||||||||||||||||
CMS |
5 | 1,548 | $ | 118,149 | $ | — | $ | 100,756 | 21 | % | 5.30 | % | 45 | 69.00 | % | 31.00 | % | |||||||||||||||||||||||
DRA |
6 | 2,034 | 143,969 | — | 95,192 | 15 | % | 4.85 | % | 16 | 100.00 | % | — | |||||||||||||||||||||||||||
Development |
1 | 541 | — | 5,089 | — | 25 | % | — | — | — | — | |||||||||||||||||||||||||||||
Other |
6 | 1,554 | 184,354 | 5,697 | 104,151 | 20 | % | 5.00 | % | 50 | 54.46 | % | 45.54 | % | ||||||||||||||||||||||||||
Total Multifamily |
18 | 5,677 | $ | 446,472 | $ | 10,786 | $ | 300,098 | ||||||||||||||||||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||||||
DRA/CRT (2) |
17 | 8,393 | $ | 1,283,507 | $ | 6,671 | $ | 968,114 | 15 | % | 4.95 | % | 21 | 64.94 | % | 35.06 | % | |||||||||||||||||||||||
DRA/CLP (3) |
18 | 5,235 | 936,073 | — | 741,907 | 15 | % | 5.61 | % | 72 | 100.00 | % | — | |||||||||||||||||||||||||||
UBS/CLP Mansell |
2 | 689 | 141,483 | 8,107 | 92,690 | 15 | % | 6.15 | % | 97 | 100.00 | % | — | |||||||||||||||||||||||||||
Huntsville TIC (4) |
9 | 1,702 | 221,469 | — | 107,540 | 14 | % | 6.47 | % | 113 | 100.00 | % | — | |||||||||||||||||||||||||||
Other |
1 | 30 | 2,847 | — | 1,067 | 33 | % | 8.10 | % | 79 | 100.00 | % | — | |||||||||||||||||||||||||||
Total Office |
47 | 16,049 | $ | 2,585,378 | $ | 14,778 | $ | 1,911,318 | ||||||||||||||||||||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||||||
OZRE (5) |
11 | 2,911 | $ | 363,072 | $ | — | $ | 293,139 | 17 | % | 6.31 | % | 73 | 100.00 | % | — | ||||||||||||||||||||||||
Craft Farms |
1 | 345 | 53,809 | — | 43,000 | 15 | % | 3.96 | % | 1 | — | 100.00 | % | |||||||||||||||||||||||||||
Parkway Place |
1 | 636 | 90,155 | — | 58,381 | 45 | % | 3.46 | % | 11 | — | 100.00 | % | |||||||||||||||||||||||||||
Turkey Creek |
1 | 486 | 79,604 | — | 65,000 | 50 | % | 6.03 | % | 98 | 100.00 | % | — | |||||||||||||||||||||||||||
Other |
5 | 1,203 | 116,257 | 10,928 | 87,158 | 28 | % | 5.20 | % | 41 | 19.23 | % | 80.77 | % | ||||||||||||||||||||||||||
Total Retail |
19 | 5,581 | $ | 702,897 | $ | 10,928 | $ | 546,678 | ||||||||||||||||||||||||||||||||
84 | $ | 3,692,085 | $ | 79,154 | $ | 2,758,094 | ||||||||||||||||||||||||||||||||||
(1) | Represents gross investment in real estate at 100% (excluding depreciation). | |
(2) | As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(3) | As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(4) | During the six months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of five transactions. Effectively, the Company’s interest was reduced from 40% to 13.8%. | |
(5) | As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
2Q08 | -14- | NYSE: CLP |
Colonial | ||||||||||||||||||||||||||||||||||||
Share | ||||||||||||||||||||||||||||||||||||
Net | Other | of Net | ||||||||||||||||||||||||||||||||||
Total | Operating | Operating | Interest | Income | Gain (Loss) | Depreciation & | Net Income | Income | ||||||||||||||||||||||||||||
Venture | Revenues | Expenses | Income | Expense | (Expenses) | on Sale | Amortization | (Loss) | (Loss) (1) | |||||||||||||||||||||||||||
MULTIFAMILY |
||||||||||||||||||||||||||||||||||||
CMS |
$ | 3,924 | $ | 1,983 | $ | 1,941 | $ | 1,628 | $ | (7 | ) | $ | (257 | ) | $ | 1,246 | $ | (1,198 | ) | $ | (228 | ) | ||||||||||||||
DRA |
4,675 | 2,152 | 2,523 | 1,261 | 10 | — | 2,638 | (1,366 | ) | (208 | ) | |||||||||||||||||||||||||
Development |
— | 1 | (1 | ) | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||
Other (2) |
3,321 | 1,924 | 1,397 | 1,610 | 21 | 552 | 1,376 | (1,017 | ) | (234 | ) | |||||||||||||||||||||||||
Total Multifamily |
$ | 11,920 | $ | 6,060 | $ | 5,860 | $ | 4,500 | $ | 24 | $ | 295 | $ | 5,261 | $ | (3,582 | ) | $ | (670 | ) | ||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||
DRA/CRT (3) |
$ | 43,363 | $ | 17,876 | $ | 25,487 | $ | 12,921 | $ | (735 | ) | $ | — | $ | 15,536 | $ | (3,705 | ) | $ | 173 | ||||||||||||||||
DRA/CLP (4) |
29,254 | 11,439 | 17,814 | 10,577 | 209 | — | 11,951 | (4,505 | ) | (103 | ) | |||||||||||||||||||||||||
UBS/CLP Mansell |
4,057 | 1,433 | 2,624 | 1,426 | 4 | — | 2,078 | (876 | ) | (72 | ) | |||||||||||||||||||||||||
Huntsville TIC (5) |
6,166 | 2,007 | 4,160 | 3,472 | 18 | — | 5,854 | (5,148 | ) | 3,021 | ||||||||||||||||||||||||||
Other |
204 | 82 | 122 | 23 | 0 | — | 14 | 85 | 41 | |||||||||||||||||||||||||||
Total Office |
$ | 83,044 | $ | 32,837 | $ | 50,207 | $ | 28,418 | $ | (502 | ) | $ | — | $ | 35,434 | $ | (14,147 | ) | $ | 3,060 | ||||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||
OZRE (6) |
8,706 | 2,572 | 6,134 | 4,645 | 18 | — | 5,097 | (3,590 | ) | (352 | ) | |||||||||||||||||||||||||
Craft Farms |
1,169 | 553 | 616 | 514 | 39 | — | 345 | (204 | ) | (129 | ) | |||||||||||||||||||||||||
Parkway Place |
2,717 | 938 | 1,779 | 1,875 | — | — | 695 | (791 | ) | 137 | ||||||||||||||||||||||||||
Turkey Creek |
2,471 | 610 | 1,861 | 994 | 4 | — | 895 | (25 | ) | 26 | ||||||||||||||||||||||||||
Other |
2,648 | 649 | 1,999 | 1,203 | (8 | ) | — | 681 | 107 | (35 | ) | |||||||||||||||||||||||||
Total Retail |
$ | 17,711 | $ | 5,322 | $ | 12,388 | $ | 9,231 | $ | 53 | $ | — | $ | 7,713 | $ | (4,503 | ) | $ | (353 | ) | ||||||||||||||||
$ | 112,674 | $ | 44,218 | $ | 68,455 | $ | 42,150 | $ | (425 | ) | $ | 295 | $ | 48,407 | $ | (22,232 | ) | $ | 2,037 | |||||||||||||||||
(1) | Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures. | |
(2) | The Company sold its 10% interest in Stone Ridge on June 16, 2008. | |
(3) | As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(4) | As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(5) | During the three months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of five transactions. Effectively, the Company’s interest was reduced from 33.3% to 13.8%. The Company recognized a gain of approximately $4.0 million of the sale of this interest. | |
(6) | As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
2Q08 | -15- | NYSE: CLP |
Colonial Share | ||||||||||||||||||||||||||||||||||||
Total | Operating | Net Operating | Interest | Other Income | Gain (Loss) | Depreciation & | Net Income | of Net Income | ||||||||||||||||||||||||||||
Venture | Revenues | Expenses | Income | Expense | (Expenses) | on Sale | Amortization | (Loss) | (Loss) (1) | |||||||||||||||||||||||||||
MULTIFAMILY |
||||||||||||||||||||||||||||||||||||
CMS |
$ | 7,750 | $ | 3,847 | $ | 3,903 | $ | 2,875 | $ | (14 | ) | $ | (257 | ) | $ | 2,522 | $ | (1,766 | ) | $ | (351 | ) | ||||||||||||||
DRA |
9,292 | 4,248 | 5,044 | 2,525 | 43 | — | 2,638 | (75 | ) | — | ||||||||||||||||||||||||||
Development |
(0 | ) | 10 | (10 | ) | 82 | — | 5,262 | — | 5,170 | (16 | ) | ||||||||||||||||||||||||
Other (2) |
7,740 | 4,183 | 3,557 | 3,403 | 21 | 11,792 | 2,731 | 9,236 | (372 | ) | ||||||||||||||||||||||||||
Total Multifamily |
$ | 24,782 | $ | 12,288 | $ | 12,494 | $ | 8,885 | $ | 50 | $ | 16,797 | $ | 7,892 | $ | 12,565 | $ | (739 | ) | |||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||
DRA/CRT (3) |
$ | 85,857 | $ | 34,743 | $ | 51,114 | $ | 26,739 | $ | (1,095 | ) | $ | — | $ | 31,654 | $ | (8,373 | ) | $ | (358 | ) | |||||||||||||||
DRA/CLP (4) |
57,651 | 22,761 | 34,890 | 21,154 | 506 | — | 23,106 | (8,865 | ) | (199 | ) | |||||||||||||||||||||||||
UBS/CLP Mansell |
7,952 | 2,685 | 5,267 | 2,852 | 11 | (3 | ) | 4,345 | (1,922 | ) | (173 | ) | ||||||||||||||||||||||||
Huntsville TIC (5) |
11,929 | 3,867 | 8,062 | 6,718 | 44 | — | 9,154 | (7,766 | ) | 2,229 | ||||||||||||||||||||||||||
Other |
366 | 147 | 220 | 46 | 0 | — | 28 | 146 | 64 | |||||||||||||||||||||||||||
Total Office |
$ | 163,755 | $ | 64,202 | $ | 99,553 | $ | 57,509 | $ | (533 | ) | $ | (3 | ) | $ | 68,288 | $ | (26,780 | ) | $ | 1,563 | |||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||
GPT (6) |
$ | 8,191 | $ | 3,041 | $ | 5,150 | $ | 3,076 | $ | (318 | ) | $ | — | $ | 3,508 | $ | (1,752 | ) | $ | 11,977 | ||||||||||||||||
OZRE (7) |
17,289 | 4,848 | 12,441 | 9,209 | 52 | — | 9,367 | (6,083 | ) | (390 | ) | |||||||||||||||||||||||||
Craft Farms |
2,369 | 1,058 | 1,311 | 1,174 | 96 | — | 690 | (457 | ) | (273 | ) | |||||||||||||||||||||||||
Parkway Place |
5,449 | 1,765 | 3,684 | 2,966 | — | — | 1,762 | (1,044 | ) | 26 | ||||||||||||||||||||||||||
Turkey Creek |
5,001 | 1,217 | 3,784 | 1,989 | 9 | — | 1,783 | 22 | 89 | |||||||||||||||||||||||||||
Other |
4,834 | 1,136 | 3,697 | 2,069 | (25 | ) | 19 | 1,165 | 457 | 54 | ||||||||||||||||||||||||||
Total Retail |
$ | 43,132 | $ | 13,065 | $ | 30,067 | $ | 20,484 | $ | (185 | ) | $ | 19 | $ | 18,275 | $ | (8,857 | ) | $ | 11,483 | ||||||||||||||||
$ | 231,669 | $ | 89,555 | $ | 142,114 | $ | 86,878 | $ | (667 | ) | $ | 16,813 | $ | 94,455 | $ | (23,072 | ) | $ | 12,307 | |||||||||||||||||
(1) | Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures. | |
(2) | The Company sold its 10% interest in Stone Ridge on June 16, 2008. | |
(3) | As of June 30, 2008, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(4) | As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(5) | During the six months ended June 30, 2008, the Company disposed of a portion of its interest in this joint venture through a series of eight transactions. Effectively, the Company’s interest was reduced from 40% to 13.8%. During the six months ended June 30, 2008, the Company recognized a gain of approximately $4.0 million on the sale of this interest. | |
(6) | This joint venture included 6 retail properties located in Auburn and Mobile, Alabama; Brunswick and Valdosta, Georgia; Greenville, North Carolina and Myrtle Beach, South Carolina. The Company sold its interest in this joint venture in February 2008 and recognized a gain of approximately $12.2 million. | |
(7) | As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
2Q08 | -16- | NYSE: CLP |
As of | ||||||||
6/30/2008 | 6/30/2007 | |||||||
Base rent per square foot — Straight-line |
||||||||
Office |
||||||||
Consolidated |
$ | 20.81 | n/a | |||||
Unconsolidated |
18.75 | 18.44 | ||||||
Retail |
||||||||
Consolidated |
$ | 15.24 | $ | 18.04 | ||||
Unconsolidated |
16.68 | 16.55 | ||||||
Base rent per square foot — Cash |
||||||||
Office |
||||||||
Consolidated |
$ | 15.44 | n/a | |||||
Unconsolidated |
18.19 | 17.72 | ||||||
Retail |
||||||||
Consolidated |
$ | 15.01 | $ | 17.81 | ||||
Unconsolidated |
16.45 | 16.28 |
As of | ||||||||
6/30/2008 | 6/30/2007 | |||||||
Square Feet (in 000’s) |
||||||||
Office |
||||||||
Consolidated |
169 | n/a | ||||||
Unconsolidated (1) |
2,340 | 2,340 | ||||||
Retail |
||||||||
Consolidated |
672 | 3,376 | ||||||
Unconsolidated (1) |
1,037 | 1,113 |
(1) | Square footage includes the Company’s weighted square-footage for partially-owned unconsolidated properties based on the Company’s ownership percentage. See the Appendix for additional detail. |
(SF & $ in 000s) | Total Assets at 100% | Total Assets at Pro Rata Share | ||||||||||||||||||||||||||||||
% of Leased | % of | % of Leased | % of | |||||||||||||||||||||||||||||
SF | SF | Rent | Total | SF | SF | Rent | Total | |||||||||||||||||||||||||
2008 | 906 | 6 | % | $ | 17,225 | 7 | % | 132 | 6 | % | $ | 2,530 | 6 | % | ||||||||||||||||||
2009 | 1,927 | 14 | % | 34,666 | 13 | % | 278 | 12 | % | 5,055 | 11 | % | ||||||||||||||||||||
2010 | 1,583 | 11 | % | 28,794 | 11 | % | 224 | 10 | % | 4,124 | 9 | % | ||||||||||||||||||||
2011 | 2,013 | 14 | % | 38,603 | 15 | % | 291 | 13 | % | 5,617 | 13 | % | ||||||||||||||||||||
2012 | 2,359 | 17 | % | 47,657 | 18 | % | 346 | 15 | % | 7,013 | 16 | % | ||||||||||||||||||||
2013+ | 5,213 | 37 | % | 95,687 | 36 | % | 1,041 | 45 | % | 19,961 | 45 | % | ||||||||||||||||||||
Total Leased SF | 14,000 | $ | 262,632 | 2,312 | $ | 44,298 |
(SF & $ in 000s) | Total Assets at 100% | Total Assets at Pro Rata Share | ||||||||||||||||||||||||||||||
% of Leased | % of | % of Leased | % of | |||||||||||||||||||||||||||||
SF | SF | Rent | Total | SF | SF | Rent | Total | |||||||||||||||||||||||||
2008 | 112 | 2 | % | $ | 2,246 | 5 | % | 36 | 2 | % | $ | 744 | 7 | % | ||||||||||||||||||
2009 | 179 | 4 | % | 3,386 | 5 | % | 58 | 4 | % | 1,191 | 5 | % | ||||||||||||||||||||
2010 | 432 | 10 | % | 5,785 | 9 | % | 85 | 5 | % | 1,273 | 6 | % | ||||||||||||||||||||
2011 | 439 | 10 | % | 7,316 | 12 | % | 128 | 8 | % | 2,723 | 12 | % | ||||||||||||||||||||
2012 | 557 | 12 | % | 8,519 | 14 | % | 195 | 12 | % | 3,558 | 16 | % | ||||||||||||||||||||
2013+ | 2,793 | 61 | % | 37,144 | 55 | % | 1,076 | 58 | % | 13,608 | 54 | % | ||||||||||||||||||||
Total Leased SF | 4,512 | $ | 64,396 | 1,578 | $ | 23,097 |
Three Months Ended | Six Months Ended | |||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Capital Expenditures ($ in 000s) |
||||||||||||||||
Regular Maintenance |
$ | 837 | $ | 1,958 | $ | 1,017 | $ | 3,223 | ||||||||
Tenant Improvements |
519 | 3,519 | 1,098 | 4,631 | ||||||||||||
Leasing Commissions |
418 | 1,785 | 666 | 2,624 | ||||||||||||
Admin — Division |
13 | 17 | 24 | 17 | ||||||||||||
Total |
$ | 1,787 | $ | 7,279 | $ | 2,805 | $ | 10,495 | ||||||||
Less: Unconsolidated Assets |
(1,765 | ) | (1,809 | ) | (2,771 | ) | (2,387 | ) | ||||||||
Total — Consolidated Assets |
$ | 22 | $ | 5,470 | $ | 34 | $ | 8,108 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Capital Expenditures ($ in 000s) |
||||||||||||||||
Regular Maintenance |
$ | 18 | $ | 350 | $ | 79 | $ | 737 | ||||||||
Revenue- Enhancing |
3 | 201 | 21 | 504 | ||||||||||||
Tenant Improvements |
83 | 1,377 | 275 | 2,707 | ||||||||||||
Leasing Commissions |
39 | 694 | 100 | 944 | ||||||||||||
Admin — Division |
4 | 10 | 60 | 24 | ||||||||||||
Total w/o Acquisition-Related |
$ | 146 | $ | 2,633 | $ | 535 | $ | 4,916 | ||||||||
Less: Unconsolidated Assets |
(124 | ) | (354 | ) | (346 | ) | (804 | ) | ||||||||
Total — Consolidated Assets |
$ | 22 | $ | 2,279 | $ | 189 | $ | 4,112 | ||||||||
2Q08 | -17- | NYSE: CLP |
Three Months Ended | Six Months Ended | |||||||||||||||
($ in 000s) | 6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | ||||||||||||
Condominium conversion revenues, net |
$ | 303 | $ | 9,675 | $ | 303 | $ | 43,754 | ||||||||
Condominium conversion costs |
(301 | ) | (9,229 | ) | (301 | ) | (39,306 | ) | ||||||||
Gains (losses) on condominium conversion sales, before
minority interest and income taxes |
2 | 446 | 2 | 4,448 | ||||||||||||
For-sale residential revenues, net |
6,341 | 6,701 | 9,117 | 15,960 | ||||||||||||
For-sale residential costs |
(5,767 | ) | (6,353 | ) | (8,510 | ) | (13,370 | ) | ||||||||
Gains (losses) on for-sale residential sales, before
minority interest and income taxes |
574 | 348 | 607 | 2,590 | ||||||||||||
Development revenues, net |
15,800 | — | 15,800 | — | ||||||||||||
Development costs (1) |
(13,002 | ) | — | (11,309 | ) | — | ||||||||||
Gains on development sales, before
minority interest and income taxes |
2,798 | — | 4,491 | — | ||||||||||||
Minority interest |
— | 82 | — | 224 | ||||||||||||
Provision for income taxes |
(1,243 | ) | (149 | ) | (1,383 | ) | (2,424 | ) | ||||||||
Gains on condominium conversions, for-sale residential sales and
developments, net of minority interest and income taxes (2) |
$ | 2,131 | $ | 727 | $ | 3,717 | $ | 4,838 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
6/30/2008 | 6/30/2007 | 6/30/2008 | 6/30/2007 | |||||||||||||
Condominium Conversion Projects Status |
||||||||||||||||
Units Closed in prior periods |
1,197 | 1,114 | 1,197 | 935 | ||||||||||||
Units Closed in current period |
2 | 49 | 2 | 228 | ||||||||||||
Contracted (3) |
2 | 35 | 2 | 35 | ||||||||||||
Available Units (4) |
26 | 29 | 26 | 29 | ||||||||||||
Total Units |
1,227 | 1,227 | 1,227 | 1,227 | ||||||||||||
For-Sale Residential Projects Status |
||||||||||||||||
Units Closed in prior periods |
178 | 100 | 166 | 54 | ||||||||||||
Units Closed in current period |
22 | 24 | 34 | 70 | ||||||||||||
Contracted (3) |
73 | 177 | 73 | 177 | ||||||||||||
Available Units / Lots (4) |
501 | 933 | 501 | 933 | ||||||||||||
Total Units |
774 | 1,234 | 774 | 1,234 | ||||||||||||
Notes: | ||
(1) | Amount includes $1,693 recorded during Q108 for cost estimates and contingencies resolved for
sales transactions recorded during previous periods. |
|
(2) | The Company recognizes incremental gains on condominium sales in FFO, net of provision for income taxes, to the extent that net sales proceeds, less costs of sales, from the sale of condominium units exceeds the greater of their fair value or net book value as of the date the property is acquired by the Company’s taxable REIT subsidiary. | |
(3) | Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close. | |
(4) | The Company is leasing the remaining units at two of its previous condominium conversion projects and also at two of its previous for-sale residential projects. |
Average | ||||||||||||||||||||||||||
Price of | ||||||||||||||||||||||||||
Units | Projected | Units | Under | Remaining | ||||||||||||||||||||||
Project (2) | Location | Units | Closed | Sell Out | Closed | Contract (1) | Units | |||||||||||||||||||
Azur at Metrowest (4) |
Orlando, FL | 311 | $ | 158,691 | 4Q08 — 1Q09 | 291 | — | 20 | ||||||||||||||||||
Capri at Hunter’s Creek (4) |
Orlando, FL | 250 | $ | 196,348 | 4Q08 — 1Q09 | 242 | 2 | 6 | ||||||||||||||||||
561 | 533 | 2 | 26 | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||||
Price of | ||||||||||||||||||||||||||
Units/Lots | Projected | Units | Under | Remaining | ||||||||||||||||||||||
Project (2) | Location | Units | Closed | Sell Out | Closed | Contract (1) | Units / Lots | |||||||||||||||||||
Regatta at James Island (4) |
Charleston, SC | 212 | $ | 190,540 | 3Q09 — 1Q10 | 141 | 7 | 64 | ||||||||||||||||||
Grander (3)(4) |
Gulf Shores, AL | 26 | $ | 731,250 | 1Q10 — 3Q10 | 12 | — | 14 | ||||||||||||||||||
Cypress Village (lots) (3) |
Gulf Shores, AL | 188 | $ | 200,000 | 2Q13 — 2Q14 | 5 | — | 183 | ||||||||||||||||||
Whitehouse Creek (lots) (4)(5) |
Mobile, AL | 200 | $ | 62,715 | 1Q15 — 2Q17 | 15 | — | 185 | ||||||||||||||||||
Southgate on Fairview (3)(4) |
Charlotte, NC | 47 | $ | 321,553 | 4Q08 — 2Q09 | 13 | 5 | 29 | ||||||||||||||||||
Colonial Traditions at Gulf
Shores (4)(6) |
Gulf Shores, AL | — | $ | — | 1Q11 — 1Q12 | — | — | — | ||||||||||||||||||
Metropolitan Midtown |
Charlotte, NC | 101 | $ | 348,609 | 1Q09 — 3Q09 | 14 | 61 | 26 | ||||||||||||||||||
774 | 200 | 73 | 501 | |||||||||||||||||||||||
Notes: | ||
(1) | Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close. | |
(2) | In addition to the above projects, the Company has a 40% investment in Regents Park, a for-sale residential development property that will consist of 23 townhomes. As of June 30, 2008, there were six townhomes that had closed and one townhome under contract, with an average price of $1.9 million for the closed units. The Company also has a first mortgage on this property of $28.1 million as of June 30, 2008. See Unconsolidated Partnerships Summary on page 35. | |
(3) | During the third quarter of 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) associated with these projects as a result of the deterioration in the single family housing market and dislocation in the mortgage markets. | |
(4) | This project is classified as Held for Sale on the Company’s Consolidated Balance Sheet. | |
(5) | Whitehouse Creek, formerly known as Spanish Oaks, will include the sale of undeveloped parcels. | |
(6) | This project will include the sale of undeveloped parcels. |
2Q08 | -18- | NYSE: CLP |
Development Costs | ||||||||||||||||||||||||||||||||||||||
Units / SF-in 000s | Start | Compl. | Stab. | Total | Thru | |||||||||||||||||||||||||||||||||
Location | Total | Deliv’d | Leased | Date | Date | Date | Cost | Q208 | After | |||||||||||||||||||||||||||||
Multifamily |
||||||||||||||||||||||||||||||||||||||
CG at Ayrsley |
Charlotte, NC | 368 | 350 | 277 | 3Q06 | 3Q08 | 3Q08 | $ | 34.9 | $ | 34.7 | $ | 0.2 | |||||||||||||||||||||||||
CG at Onion Creek |
Austin, TX | 300 | 140 | 57 | 1Q07 | 4Q08 | 2Q09 | 31.8 | 29.2 | 2.6 | ||||||||||||||||||||||||||||
CV at Godley Lake |
Savannah, GA | 288 | 144 | 63 | 3Q07 | 3Q08 | 1Q09 | 26.2 | 23.1 | 3.1 | ||||||||||||||||||||||||||||
CV at Matthews Commons |
Charlotte, NC | 216 | — | — | 4Q07 | 4Q08 | 2Q09 | 21.1 | 11.1 | 10.0 | ||||||||||||||||||||||||||||
CG at Desert Vista |
Las Vegas, NV | 380 | — | — | 1Q08 | 3Q09 | 2Q10 | 52.0 | 23.4 | 28.6 | ||||||||||||||||||||||||||||
CG at Ashton Oaks |
Austin, TX | 362 | — | — | 1Q08 | 2Q09 | 4Q09 | 34.3 | 12.3 | 22.0 | ||||||||||||||||||||||||||||
200.3 | 133.8 | 66.5 | ||||||||||||||||||||||||||||||||||||
Commercial |
||||||||||||||||||||||||||||||||||||||
Office |
||||||||||||||||||||||||||||||||||||||
Metropolitan * (1) |
Charlotte, NC | 162 | — | 137 | 3Q06 | 2Q08 | 1Q09 | 39.6 | 28.6 | 11.0 | ||||||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||||||||||||||||
Colonial Promenade Fultondale |
Birmingham, AL | 235 | — | 231 | 2Q06 | 2Q08 | 3Q08 | 23.1 | 22.9 | 0.2 | ||||||||||||||||||||||||||||
Colonial Promenade Tannehill |
Birmingham, AL | 351 | — | 284 | 1Q07 | 1Q09 | 1Q09 | 48.9 | 45.0 | 3.9 | ||||||||||||||||||||||||||||
Colonial Promenade Nor du Lac (2) |
Covington, LA | 531 | — | 144 | 2Q08 | 2Q11 | 3Q11 | 146.7 | 27.3 | 119.4 | ||||||||||||||||||||||||||||
Metropolitan * (1) |
Charlotte, NC | 189 | — | 114 | 3Q06 | 2Q09 | 4Q09 | 48.7 | 32.9 | 15.8 | ||||||||||||||||||||||||||||
307.0 | 156.7 | 150.3 | ||||||||||||||||||||||||||||||||||||
For Sale Projects |
||||||||||||||||||||||||||||||||||||||
Metropolitan * (1) |
Charlotte, NC | 101 | 14 | n/a | (3) | 3Q06 | 1Q09 | 43.1 | 28.5 | 14.6 | ||||||||||||||||||||||||||||
$ | 43.1 | $ | 28.5 | $ | 14.6 | |||||||||||||||||||||||||||||||||
Total Active
Development
Projects |
$ | 550.4 | $ | 319.0 | $ | 231.4 | ||||||||||||||||||||||||||||||||
Residential Lots for Sale |
||||||||||||||||||||||||||||||||||||||
Cypress Village (lots)(4) |
Gulf Shores, AL | 236 | 236 | n/a | (3) | 1Q06 | 2Q14 | $ | 21.6 | $ | 20.2 | $ | 1.4 | |||||||||||||||||||||||||
Whitehouse Creek (lots) |
Mobile, AL | 200 | 59 | n/a | (3) | 1Q06 | 3Q11 | 17.6 | 15.7 | 1.9 | ||||||||||||||||||||||||||||
$ | 39.2 | $ | 35.9 | $ | 3.3 | |||||||||||||||||||||||||||||||||
Future Development
Projects (see page 20) |
$ | 219.4 | ||||||||||||||||||||||||||||||||||||
Less assets transferred
to operating assets |
(58.9 | ) | ||||||||||||||||||||||||||||||||||||
Total Properties Under
Development (per Balance Sheet) |
$ | 515.4 | ||||||||||||||||||||||||||||||||||||
Unconsolidated Projects (5) |
||||||||||||||||||||||||||||||||||||||
Colonial Promenade Smyrna * (6) |
Nashville, TN | 148 | — | 138 | 1Q07 | 4Q08 | 1Q09 | $ | 18.7 | $ | 17.6 | $ | 1.1 | |||||||||||||||||||||||||
Colonial Pinnacle Turkey Creek III (7) |
Knoxville, TN | 160 | — | 106 | 1Q08 | 2Q09 | 3Q09 | 15.7 | 4.4 | 11.3 | ||||||||||||||||||||||||||||
CG at McKinney (8) |
Dallas, TX | 541 | — | — | 4Q08 | 2Q10 | 1Q11 | 14.6 | 1.6 | 13.0 | ||||||||||||||||||||||||||||
$ | 49.0 | $ | 23.6 | $ | 25.4 | |||||||||||||||||||||||||||||||||
Target Development Yield Ranges: |
||||
Multifamily: |
7.0-8.5 | % | ||
Office: |
8.5-11.0 | % | ||
Retail: |
8.5-11.0 | % |
* | These projects are part of a mixed-use development. | |
Notes: | ||
(1) | Development costs are net of economic grant proceeds of approximately $12.3 million (present value) to be received after property is put into service. | |
(2) | Total cost for this project excludes $24.0 million of community development district special assessment bonds. | |
(3) | For units sold at these projects, see page 18. | |
(4) | During 2007, the Company recorded a non-cash impairment charge associated with these projects as a result of the deterioration in the single family housing market. Total cost and Project cost to date are net of the impairment charge recorded during 2007. | |
(5) | Units and square feet for unconsolidated projects are presented at 100%. | |
(6) | Development costs represent 50% of total development costs, as the Company is a 50% partner in this project. | |
(7) | Development costs represent 50% of total development costs, as the Company is a 50% partner in this project. | |
(8) | Development costs represent 25% of total development costs, as the Company is a 25% partner in this project. |
2Q08 | -19- | NYSE: CLP |
Units/ | Cost to | |||||||||
Location | SF-in 000s | Date | ||||||||
Multifamily |
||||||||||
CG at Thunderbird |
Phoenix, AZ | 244 | $ | 8.0 | ||||||
CG at Sweetwater |
Phoenix, AZ | 195 | 7.1 | |||||||
CG at Azure |
Las Vegas, NV | 188 | 7.3 | |||||||
CG at Cityway |
Austin, TX | 376 | 4.7 | |||||||
CG at Wakefield |
Raleigh, NC | 369 | 6.7 | |||||||
CG at South End |
Charlotte, NC | 344 | 11.0 | |||||||
CG at Hampton Preserve |
Tampa, FL | 486 | 12.7 | |||||||
CG at Randal Park (1) |
Orlando, FL | 600 | 12.8 | |||||||
70.3 | ||||||||||
Commercial |
||||||||||
Retail |
||||||||||
Colonial Pinnacle Craft Farms II (1) |
Gulf Shores, AL | 74 | 1.5 | |||||||
Colonial Promenade Huntsville |
Huntsville, AL | 111 | 9.2 | |||||||
10.7 | ||||||||||
Future Development Projects |
$ | 81.0 | ||||||||
Undeveloped Land & Other
Pre-development costs |
138.4 | |||||||||
Total Future Development Projects |
$ | 219.4 | ||||||||
(1) | These projects are part of a mixed-use development. |
Total | ||||
Cost | ||||
Multifamily assets |
$ | 219.2 | ||
Office assets |
— | |||
Retail assets |
— | |||
For-Sale Residential |
58.9 | |||
Total Assets Held For Sale (per Balance Sheet) (1) |
$ | 278.1 | ||
(1) | These real estate assets are refected at the lower of depreciated cost or fair value less costs to sell. |
2Q08 | -20- | NYSE: CLP |
Purch | 1st Yr | Cap | ||||||||||||||||||||||
Location | Date | Units/SF | Price | Invest | Rate | Remarks | ||||||||||||||||||
(SF-000s) | ($ mm) | (1) | (2) | |||||||||||||||||||||
Multifamily |
||||||||||||||||||||||||
Colonial Village at Matthews |
Charlotte, NC | Jan-08 | 270 | $ | 18.4 | $ | 19.0 | 6.1 | % | remaining 75% interest |
Sales | Cap | |||||||||||||||||||||
Location | Date | Units/SF | Price | Rate | Remarks | |||||||||||||||||
(SF-000s) | ($ mm) | (3) | ||||||||||||||||||||
Multifamily |
||||||||||||||||||||||
Fairmont at Fossil Creek |
Fort Worth, TX | Jan-08 | 240 | $ | 3.2 | 5.4 | % | 15% ownership interest | ||||||||||||||
Auberry at Twin Creeks |
Dallas, TX | Jan-08 | 216 | 3.2 | 5.6 | % | 15% ownership interest | |||||||||||||||
Arbors at Windsor Lake |
Columbia, SC | Jan-08 | 228 | 1.4 | 6.4 | % | 10% ownership interest | |||||||||||||||
Park Crossing |
Fairfield, CA | Feb-08 | 200 | 3.4 | 5.7 | % | 10% ownership interest | |||||||||||||||
Cottonwood Crossing |
Fort Worth, TX | Jun-08 | 200 | 7.3 | 6.5 | % | (4) | |||||||||||||||
CV at Bedford |
Fort Worth, TX | Jun-08 | 238 | 12.0 | 6.5 | % | (4) | |||||||||||||||
CV at Bear Creek |
Fort Worth, TX | Jun-08 | 120 | 6.0 | 6.5 | % | (4) | |||||||||||||||
CV at Pear Ridge |
Dallas, TX | Jun-08 | 242 | 15.5 | 6.5 | % | (4) | |||||||||||||||
CG at Shelby Farms I & II |
Memphis, TN | Jun-08 | 450 | 41.0 | 5.9 | % | (5) | |||||||||||||||
Stone Ridge |
Columbia, SC | Jun-08 | 191 | 0.8 | 7.3 | % | 10% ownership interest | |||||||||||||||
Total — Multifamily |
93.8 | |||||||||||||||||||||
Office |
||||||||||||||||||||||
250 Commerce Center |
Montgomery, AL | Feb-08 | 37.0 | 3.1 | 10.1 | % | ||||||||||||||||
Decoverly |
Rockville, MD | May-08 | 156.0 | 5.4 | 8.7 | % | 15% ownership interest | |||||||||||||||
8.5 | ||||||||||||||||||||||
Retail |
||||||||||||||||||||||
GPT |
Multiple Cities | Feb-08 | 3,876.0 | 38.3 | 8.0 | % | 10% ownership interest | |||||||||||||||
Total | $ | 140.6 | ||||||||||||||||||||
Notes: | ||
(1) | First year investment includes the first year capital expenditures and closing costs which are included for purposes of underwriting the acquisition. | |
(2) | Projected GAAP property NOI divided by the projected first year investment price. | |
(3) | Represents market cap rate which includes industry standard management fees and capital reserves. | |
(4) | These properties were part of a single transaction and had a weighted average cap rate of 6.5%. | |
(5) | The sale of Shelby Farms I & II included short-term seller financing of $27.8 million. The original terms of the note has a maturity date of July 27, 2008 at a rate of 6.5%. There are two 30-day extension options available at a rate of 8.0% and 12.0%, respectively. |
2Q08 | -21- | NYSE: CLP |
CONSOLIDATED DEBT | WITH UNCONSOLIDATED SUBSID. DEBT | ||||||||||||||||||||||||||||||||
Debt | % | Avg Int | Wtd Mat’y | Debt | % | Avg Int | Wtd Mat’y | ||||||||||||||||||||||||||
Unsecured/Secured |
|||||||||||||||||||||||||||||||||
Unsecured Line of Credit |
$ | 184,707 | 11 | % | 3.2 | % | 4.0 | $ | 184,707 | 8 | % | 3.2 | % | 4.0 | |||||||||||||||||||
Unsecured Other |
1,459,289 | 83 | % | 5.8 | % | 5.2 | 1,459,289 | 66 | % | 5.8 | % | 5.2 | |||||||||||||||||||||
Secured |
104,996 | 6 | % | 5.4 | % | 8.6 | 584,227 | 26 | % | 5.3 | % | 5.0 | |||||||||||||||||||||
Total Debt |
$ | 1,748,992 | 100 | % | 5.5 | % | 5.3 | $ | 2,228,223 | 100 | % | 5.4 | % | 5.0 | |||||||||||||||||||
Fixed/Floating |
|||||||||||||||||||||||||||||||||
Fixed Rate Debt |
$ | 1,549,756 | 89 | % | 5.8 | % | 5.5 | $ | 1,904,592 | 85 | % | 5.8 | % | 5.4 | |||||||||||||||||||
Floating Rate Debt — Capped |
— | — | — | — | 39,630 | 2 | % | 4.2 | % | 0.5 | |||||||||||||||||||||||
Floating Rate Debt |
199,237 | 11 | % | 3.3 | % | 3.7 | 284,002 | 13 | % | 3.5 | % | 2.9 | |||||||||||||||||||||
Total Debt |
$ | 1,748,992 | 100 | % | 5.5 | % | 5.3 | $ | 2,228,223 | 100 | % | 5.4 | % | 5.0 | |||||||||||||||||||
Weighted Average Interest | ||||
Rate on Maturing Debt | ||||
(excluding line of credit) | ||||
2008 |
4.55 | % | ||
2009 |
4.30 | % | ||
2010 |
5.52 | % | ||
2011 |
4.88 | % | ||
2012 |
6.81 | % | ||
2013 |
6.11 | % | ||
2014 |
6.10 | % | ||
2015 |
5.49 | % | ||
Thereafter |
5.99 | % | ||
Total |
5.76 | % | ||
12/31/07 | 06/30/08 | Interest Rate | Due | |||||||||||||
Floating |
$ | 39,316 | $ | 184,707 | 3.21 | % | 06/15/12 | |||||||||
Competitive Bid Option — Floating |
— | — | — | |||||||||||||
Total Outstanding on LOC |
$ | 39,316 | $ | 184,707 | 3.21 | % | ||||||||||
Notes: |
• | On January 8, 2008, the Company increased its borrowing capacity to $675MM, which includes a $337.5MM Competitive Bid Option, by exercising the accordion feature under its existing LOC. | |
• | In addition to the $675MM LOC, Wachovia has provided a $35MM Cash Management Line. | |
• | 20 Banks participate in the LOC, co-led by Wachovia and Bank of America. | |
• | The Facility is priced based on the Company’s Senior Unsecured Debt Rating. | |
• | At BBB-/Baa3: the interest rate is LIBOR + 75 bps, and the facility fee is 17.5 bps. | |
• | 5-Year facility through June 2012. |
2Q08 | -22- | NYSE: CLP |
Rating | ||||||||
Senior Unsecured | Preferred | |||||||
Fitch Ratings
|
Sean Pattap | 212-908-0642 | BBB- | BB+ | ||||
Moody’s Investor Services
|
Karen Nickerson | 212-553-4924 | Baa3 | Ba1 | ||||
Standard & Poor’s
|
Lisa Wright | 212-438-3121 | BBB- | BB+ |
2Q07 | YTD '07 | 2Q08 | YTD '08 | |||||||||||||
SEC Coverage Ratios (SEC Reg. S-K, Item 503) |
||||||||||||||||
Earnings to Fixed Charges (1) |
0.5 | 0.6 | 0.9 | 0.9 | ||||||||||||
Earnings to Fixed Charges &
Preferred Share Distributions (1) |
0.4 | 0.6 | 0.8 | 0.8 | ||||||||||||
Supplemental Coverage Ratios |
||||||||||||||||
Interest Coverage (2) |
2.2 | 2.4 | 2.4 | 2.4 | ||||||||||||
Fixed Charge Coverage (3) |
1.8 | 2.0 | 2.1 | 2.0 | ||||||||||||
Fixed Charge w/ Cap Int (4) |
1.6 | 1.7 | 1.7 | 1.6 |
(1) | The deficiency of the ratio of earnings to fixed charges for the periods presented above is primarily due to the classification of operations for assets held for sale and sold as discontinued operations. | |
(2) | EBITDA/Interest Expense, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions. | |
(3) | EBITDA/Interest Exp + Pfd Dividends+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions. | |
(4) | EBITDA/Interest Exp+Capitalized Interest+Pfd Div+Debt Prin Repayments, including unconsolidated partnerships and joint ventures. The Company believes this ratio is useful as an additional measure of the Company’ s ability to service debt. Additionally, management uses this ratio to make balance sheet management decisions. |
1Q07 | 2Q07 | 3Q07 | 4Q07 | 1Q08 | 2Q08 | 3Q08 | 4Q08 | |||||||||||||||||||||||||
Consolidated Debt to Total Assets cannot exceed 60% |
52.0 | % | 54.8 | % | 53.5 | % | 53.4 | % | 53.1 | % | 53.9 | % | ||||||||||||||||||||
Secured Debt to Total Assets cannot exceed 40% |
15.8 | % | 13.5 | % | 13.9 | % | 14.8 | % | 14.7 | % | 14.1 | % | ||||||||||||||||||||
Total Unencumbered Assets to Unsecured Debt must
be at least 150% |
192.3 | % | 199.3 | % | 208.8 | % | 207.9 | % | 206.6 | % | 211.5 | % | ||||||||||||||||||||
Consolidated Income Available for Debt Service Charges
must be at least 1.50/1 |
2.7x | 2.6x | 2.6x | 2.3x | 2.4x | 2.5x | ||||||||||||||||||||||||||
TOTAL MARKET CAPITALIZATION |
||||||||||||||||||||||||||||||||
Consolidated Debt |
$ | 2,311,734 | $ | 1,851,464 | $ | 1,629,502 | $ | 1,641,839 | $ | 1,678,038 | $ | 1,748,992 | ||||||||||||||||||||
Unconsolidated Debt |
342,714 | 461,042 | 492,432 | 544,208 | 500,940 | 479,231 | ||||||||||||||||||||||||||
Total Debt |
2,654,448 | 2,312,506 | 2,121,934 | 2,186,047 | 2,178,978 | 2,228,223 | ||||||||||||||||||||||||||
Preferred Stock |
||||||||||||||||||||||||||||||||
7.25% Series B (Units) |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||
8.125% Series D |
125,000 | 125,000 | 125,000 | 125,000 | 117,326 | 102,906 | ||||||||||||||||||||||||||
7.62% Series E |
104,761 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Preferred Stock |
329,761 | 225,000 | 225,000 | 225,000 | 217,326 | 202,906 | ||||||||||||||||||||||||||
Market Equity (Shares & Units) |
2,602,505 | 2,068,866 | 1,961,823 | 1,295,997 | 1,376,069 | 1,149,729 | ||||||||||||||||||||||||||
Total Market Capitalization |
$ | 5,586,714 | $ | 4,606,372 | $ | 4,308,757 | $ | 3,707,044 | $ | 3,772,373 | $ | 3,580,858 | ||||||||||||||||||||
Debt / Total Market Capitalization |
47.5 | % | 50.2 | % | 49.2 | % | 59.0 | % | 57.8 | % | 62.2 | % |
2Q08 | -23- | NYSE: CLP |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Consolidated |
||||||||||||||||
FFO Gains/(Losses) (net of income taxes & minority interest): |
||||||||||||||||
Condo Conversions |
$ | 3 | $ | 464 | $ | 22 | $ | 3,132 | ||||||||
For-Sale Residential |
387 | 263 | 433 | 1,706 | ||||||||||||
Development (1) |
1,741 | — | 3,262 | — | ||||||||||||
Land / Outparcel Sales |
74 | 417 | 435 | 559 | ||||||||||||
Totals |
2,205 | 1,144 | 4,130 | 5,397 | ||||||||||||
3rd Party Mgt & Leasing Fee Revenue |
5,151 | 5,312 | 10,449 | 8,554 | ||||||||||||
Straight Line Rents |
784 | 2,308 | 817 | 3,875 | ||||||||||||
Percentage Rents |
155 | 662 | 262 | 910 | ||||||||||||
Lease Terminations |
7 | 321 | — | 333 | ||||||||||||
Interest Expense |
17,013 | 26,573 | 34,492 | 54,483 | ||||||||||||
Interest Income |
1,184 | 2,095 | 1,976 | 4,229 | ||||||||||||
Capitalized Interest |
7,011 | 7,347 | 13,348 | 13,592 | ||||||||||||
Debt — Principal Amortization |
165 | 968 | 364 | 2,556 | ||||||||||||
Preferred Dividend Payments |
3,993 | 5,682 | 8,307 | 11,986 | ||||||||||||
Preferred Share Issuance Costs, Net of Discount |
83 | 330 | 267 | 330 | ||||||||||||
Amortization of Deferred Financing Costs |
1,267 | 2,510 | 2,455 | 4,161 | ||||||||||||
Amortization of Stock Compensation |
1,228 | 1,550 | 2,532 | 2,995 | ||||||||||||
Unconsolidated (2) |
||||||||||||||||
Straight Line Rents |
392 | 325 | 894 | 690 | ||||||||||||
Interest Expense |
7,771 | 5,621 | 15,712 | 10,862 | ||||||||||||
Debt — Principal Reductions |
100 | 99 | 194 | 239 | ||||||||||||
Amortization of Deferred Financing Costs |
139 | 162 | 287 | 331 |
(1) | YTD amount includes $1,693 recorded during Q108 for cost estimates and contingencies resolved for sales transactions recorded during previous periods. | |
(2) | The unconsolidated revenue and expense data are comprised of the Company’s percentage of the applicable line item, which is calculated in accordance with GAAP, for its unconsolidated partnerships and joint ventures. The Company believes this unconsolidated data is useful to investors in measuring the Company’s rights to cash flows and debt obligations related to the Company’s unconsolidated partnerships and joint ventures. The Company manages or leases each of its unconsolidated assets. Incorporating unconsolidated data also provides investors with management’s view of evaluating current operating performance and trends. |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Acquisition of Properties |
||||||||||||||||
Multifamily |
$ | — | $ | 26,880 | $ | 18,375 | $ | 150,471 | ||||||||
Office |
— | — | — | — | ||||||||||||
Retail |
— | — | — | — | ||||||||||||
Acquisitions |
— | 26,880 | 18,375 | 150,471 | ||||||||||||
Other Assets & Debt Assumed |
— | — | (14,700 | ) | — | |||||||||||
Less: Unconsolidated Assets |
— | (5,980 | ) | — | (12,273 | ) | ||||||||||
Acq, net — Consolidated Assets |
$ | — | $ | 20,900 | $ | 3,675 | $ | 138,198 | ||||||||
Development Expenditures |
||||||||||||||||
Multifamily |
29,721 | 33,587 | 60,714 | 50,044 | ||||||||||||
Office |
9,268 | 19,496 | 14,356 | 31,313 | ||||||||||||
Retail |
51,465 | 20,348 | 67,737 | 41,602 | ||||||||||||
For-Sale / Other |
31,704 | 20,223 | 66,597 | 61,896 | ||||||||||||
Total, incl subs |
122,158 | 93,654 | 209,404 | 184,855 | ||||||||||||
Less: Infrastructure
Reimbursement from City/County |
(150 | ) | (390 | ) | (150 | ) | (7,178 | ) | ||||||||
Less: Unconsolidated /Other (1) |
(5,718 | ) | (2,161 | ) | (10,825 | ) | (9,044 | ) | ||||||||
Development, Consol. Assets |
$ | 116,290 | $ | 91,103 | $ | 198,429 | $ | 168,633 | ||||||||
(1) | Includes items reclassified to other cash flow investing activites. |
Proceeds from Sales of Properties, Net of Selling Costs |
||||||||||||||||
Multifamily |
$ | 81,491 | $ | 94,713 | $ | 92,711 | $ | 251,099 | ||||||||
Office |
1,620 | 378,983 | 8,070 | 393,044 | ||||||||||||
Retail |
— | 162,810 | 7,021 | 175,313 | ||||||||||||
For Sale / Projects |
6,644 | 16,376 | 11,125 | 58,786 | ||||||||||||
Land and other |
1,200 | 2,670 | 3,428 | 4,028 | ||||||||||||
Total, incl subs |
90,955 | 655,552 | 122,355 | 882,270 | ||||||||||||
Selling Costs |
(1,947 | ) | (17,290 | ) | (2,583 | ) | (28,856 | ) | ||||||||
Outparcels/Land |
(1,200 | ) | (2,670 | ) | (3,428 | ) | (4,028 | ) | ||||||||
Less: Unconsolidated — net |
(1,620 | ) | — | (23,716 | ) | (29,061 | ) | |||||||||
Sales, Net — Consolidated Assets |
$ | 86,188 | $ | 635,592 | $ | 92,628 | $ | 820,325 | ||||||||
2Q08 | -24- | NYSE: CLP |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Divisional Total Revenues |
||||||||||||||||
Multifamily — Same Property |
$ | 68,284 | $ | 67,363 | $ | 135,706 | $ | 132,654 | ||||||||
Multifamily — Non-Same Property |
11,781 | 11,074 | 22,654 | 22,272 | ||||||||||||
Office |
14,873 | 33,356 | 29,481 | 71,381 | ||||||||||||
Retail |
8,313 | 24,204 | 17,023 | 49,504 | ||||||||||||
Total Divisional Revenues |
103,251 | 135,997 | 204,864 | 275,811 | ||||||||||||
Less: Unconsolidated Revenues — Mfam |
(2,131 | ) | (2,659 | ) | (4,347 | ) | (5,230 | ) | ||||||||
Less: Unconsolidated Revenues — Off |
(12,902 | ) | (8,346 | ) | (26,048 | ) | (16,172 | ) | ||||||||
Less: Unconsolidated Revenues — Rtl |
(4,747 | ) | (3,940 | ) | (10,083 | ) | (7,609 | ) | ||||||||
Discontinued Operations |
(9,829 | ) | (20,154 | ) | (19,853 | ) | (41,880 | ) | ||||||||
Construction Revenues |
569 | 8,068 | 8,449 | 20,853 | ||||||||||||
Unallocated Corporate Rev |
5,151 | 5,312 | 10,449 | 8,554 | ||||||||||||
Cons. Rev, adj -’08 Disc Ops |
79,362 | 114,278 | 163,431 | 234,327 | ||||||||||||
Add: Add’l Disc Ops Rev, post filing |
— | 9,935 | — | 19,583 | ||||||||||||
Total Consol. Rev, per 10-Q / K |
$ | 79,362 | $ | 124,213 | $ | 163,431 | $ | 253,910 | ||||||||
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Divisional Total Expenses |
||||||||||||||||
Multifamily — Same Property |
$ | 25,320 | $ | 25,713 | $ | 51,109 | $ | 50,863 | ||||||||
Multifamily — Non-Same Property |
5,598 | 5,816 | 10,839 | 12,009 | ||||||||||||
Office |
5,435 | 11,539 | 10,805 | 24,578 | ||||||||||||
Retail |
2,623 | 7,559 | 5,380 | 15,001 | ||||||||||||
Total Divisional Expenses |
38,976 | 50,627 | 78,133 | 102,451 | ||||||||||||
Less: Unconsolidated Expenses — Mfam |
(1,114 | ) | (1,364 | ) | (2,201 | ) | (2,869 | ) | ||||||||
Less: Unconsolidated Expenses — Off |
(4,763 | ) | (3,475 | ) | (9,620 | ) | (6,551 | ) | ||||||||
Less: Unconsolidated Expenses — Rtl |
(1,444 | ) | (1,264 | ) | (2,995 | ) | (2,406 | ) | ||||||||
Discontinued Operations (1) |
(3,864 | ) | (10,326 | ) | (7,799 | ) | (19,113 | ) | ||||||||
Impairment Charge (1) |
— | 2,500 | — | 2,500 | ||||||||||||
Total Property Operating Exp |
27,791 | 36,698 | 55,518 | 74,012 | ||||||||||||
Construction Expenses |
564 | 7,495 | 7,830 | 19,866 | ||||||||||||
Property Management Exp |
2,072 | 3,598 | 4,313 | 7,085 | ||||||||||||
General & Administrative Exp |
5,789 | 8,040 | 11,570 | 14,018 | ||||||||||||
Management Fee and Other Exp |
4,346 | 4,034 | 8,031 | 6,977 | ||||||||||||
Restructure Charges |
— | 1,528 | — | 1,528 | ||||||||||||
Investment and Development (2) |
108 | 315 | 877 | 454 | ||||||||||||
Depreciation |
23,038 | 28,941 | 44,956 | 60,105 | ||||||||||||
Amortization |
972 | 3,182 | 1,743 | 8,907 | ||||||||||||
Cons. Exp, adj -’08 Disc Ops |
64,680 | 93,831 | 134,838 | 192,952 | ||||||||||||
Add:
Add’l Disc Ops Exp, post filing |
— | 6,627 | — | 13,199 | ||||||||||||
Total Consol. Exp, per 10-Q / K |
$ | 64,680 | $ | 100,458 | $ | 134,838 | $ | 206,151 | ||||||||
2Q08 | -25- | NYSE: CLP |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Divisional Total NOI |
||||||||||||||||
Multifamily — Same Property |
$ | 42,964 | $ | 41,650 | $ | 84,597 | $ | 81,791 | ||||||||
Multifamily — Non-Same Property |
6,183 | 5,258 | 11,815 | 10,263 | ||||||||||||
Office |
9,438 | 21,817 | 18,676 | 46,803 | ||||||||||||
Retail |
5,690 | 16,645 | 11,643 | 34,503 | ||||||||||||
Total Divisional NOI |
64,275 | 85,370 | 126,731 | 173,360 | ||||||||||||
Less: Unconsolidated NOI — Mfam |
(1,017 | ) | (1,295 | ) | (2,146 | ) | (2,361 | ) | ||||||||
Less: Unconsolidated NOI — Off |
(8,139 | ) | (4,871 | ) | (16,428 | ) | (9,621 | ) | ||||||||
Less: Unconsolidated NOI — Rtl |
(3,303 | ) | (2,676 | ) | (7,088 | ) | (5,203 | ) | ||||||||
Discontinued Operations (1) |
(5,965 | ) | (9,828 | ) | (12,054 | ) | (22,767 | ) | ||||||||
Impairment Charge (1) |
— | (2,500 | ) | — | (2,500 | ) | ||||||||||
Unallocated Corporate Rev |
5,151 | 5,312 | 10,449 | 8,554 | ||||||||||||
Construction NOI |
5 | 573 | 619 | 987 | ||||||||||||
Property Management Exp |
(2,072 | ) | (3,598 | ) | (4,313 | ) | (7,085 | ) | ||||||||
General & Administrative Exp |
(5,789 | ) | (8,040 | ) | (11,570 | ) | (14,018 | ) | ||||||||
Management Fee and Other Exp |
(4,346 | ) | (4,034 | ) | (8,031 | ) | (6,977 | ) | ||||||||
Restructure Charges |
— | (1,528 | ) | — | (1,528 | ) | ||||||||||
Investment and Development (2) |
(108 | ) | (315 | ) | (877 | ) | (454 | ) | ||||||||
Depreciation |
(23,038 | ) | (28,941 | ) | (44,956 | ) | (60,105 | ) | ||||||||
Amortization |
(972 | ) | (3,182 | ) | (1,743 | ) | (8,907 | ) | ||||||||
Income from Operations |
14,682 | 20,447 | 28,593 | 41,375 | ||||||||||||
Total Other Income (Expense) |
(9,187 | ) | 253,183 | (8,591 | ) | 236,023 | ||||||||||
Income from Contin’g Ops (3) |
5,495 | 273,630 | 20,002 | 277,398 | ||||||||||||
Disc Ops |
— | 3,308 | — | 6,384 | ||||||||||||
07 & 08 Disc Ops Other Inc(Exp) |
— | (4,491 | ) | — | (6,026 | ) | ||||||||||
Inc from Cont (3), per 10-Q / K |
$ | 5,495 | $ | 272,447 | $ | 20,002 | $ | 277,756 | ||||||||
Notes: | ||
(1) | The $2.5 million impairment charge is related to a retail asset classified as Held for Sale, therefore, this charge is also included in discontinued operations. | |
(2) | Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods. | |
(3) | Income from Continuing Operations before extraordinary items, minority interest and discontinued operations. Adjustments for additional discontinued operations have restated prior periods in accordance with FAS 144. |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Assets Sold |
||||||||||||||||
Revenue from assets sold |
$ | 1,433 | $ | 11,657 | $ | 3,022 | $ | 25,178 | ||||||||
Expenses from assets sold |
860 | 4,739 | 1,694 | 10,587 | ||||||||||||
NOI from assets sold |
573 | 6,918 | 1,328 | 14,591 | ||||||||||||
Assets Held for Sale |
||||||||||||||||
Revenue from assets held for sale |
8,396 | 8,496 | 16,832 | 16,702 | ||||||||||||
Expenses from assets held for sale |
3,004 | 3,086 | 6,106 | 6,026 | ||||||||||||
NOI from assets held for sale |
5,392 | 5,410 | 10,726 | 10,676 | ||||||||||||
Assets sold, not classified in discontinued operations |
||||||||||||||||
Revenue from assets sold |
1,641 | 34,953 | 2,726 | 76,606 | ||||||||||||
Expenses from assets sold |
467 | 11,991 | 1,034 | 26,085 | ||||||||||||
NOI from assets sold |
$ | 1,174 | $ | 22,962 | $ | 1,692 | $ | 50,521 | ||||||||
2Q08 | -26- | NYSE: CLP |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Income from discontinued operations |
$ | 5,436 | $ | 1,501 | $ | 9,753 | $ | 8,267 | ||||||||
Interest (income) expense, net |
— | 2,008 | (1 | ) | 4,433 | |||||||||||
Depreciation and amortization expenses |
529 | 3,198 | 2,302 | 6,938 | ||||||||||||
Other |
— | 5,621 | — | 5,629 | ||||||||||||
NOI from discontinued operations |
$ | 5,965 | $ | 12,328 | $ | 12,054 | $ | 25,267 | ||||||||
NOI from assets sold |
573 | 6,918 | 1,328 | 14,591 | ||||||||||||
NOI from assets held for sale |
5,392 | 5,410 | 10,726 | 10,676 | ||||||||||||
NOI from discontinued operations |
$ | 5,965 | $ | 12,328 | $ | 12,054 | $ | 25,267 | ||||||||
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Net Income to Common S/H |
$ | 9,074 | $ | 304,934 | $ | 23,306 | $ | 336,802 | ||||||||
Consolidated |
||||||||||||||||
Minority Interest |
1,902 | 3,569 | 4,913 | 10,836 | ||||||||||||
(Inc)/Loss — Uncons. Assets |
(2,037 | ) | 2,090 | (12,307 | ) | (4,723 | ) | |||||||||
Preferred Dividends |
3,993 | 5,683 | 8,307 | 11,985 | ||||||||||||
Preferred Share Issuance Costs |
83 | 330 | 267 | 330 | ||||||||||||
Interest Expense |
17,013 | 26,573 | 34,492 | 54,483 | ||||||||||||
(Gain)/Loss on Retirement of Debt |
(2,730 | ) | 12,491 | (8,201 | ) | 12,559 | ||||||||||
Income Tax Expense |
1,408 | 805 | 1,999 | 3,307 | ||||||||||||
Depreciation & Amortization |
24,539 | 35,320 | 49,001 | 75,950 | ||||||||||||
(Gain)/Loss on Sale (Cont & Disc) |
(8,747 | ) | (329,413 | ) | (13,983 | ) | (367,814 | ) | ||||||||
Gain/(Loss)-Undeprec Prop (1) |
2,205 | 887 | 4,130 | 5,140 | ||||||||||||
EBITDA from Consolidated Props |
46,703 | 63,269 | 91,924 | 138,855 | ||||||||||||
Unconsolidated |
||||||||||||||||
Reverse: Inc/(Loss) — Uncons. |
2,037 | (2,090 | ) | 12,307 | 4,723 | |||||||||||
Interest Expense |
7,771 | 5,621 | 15,712 | 10,862 | ||||||||||||
Depreciation & Amortization |
7,752 | 5,309 | 15,259 | 10,458 | ||||||||||||
(Gain)/Loss on Sale of Prop |
(4,497 | ) | (73 | ) | (16,793 | ) | (8,554 | ) | ||||||||
EBITDA |
$ | 59,766 | $ | 72,036 | $ | 118,409 | $ | 156,344 | ||||||||
(1) | The Company includes the effects of undepreciated real estate (e.g. land, outparcels and condominium units) in EBITDA, as this is a recurring source of cash. |
2Q08 | -27- | NYSE: CLP |
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Earnings |
||||||||||||||||
Net Income (before preferred shares) |
$ | 11,337 | $ | 309,134 | $ | 28,241 | $ | 345,493 | ||||||||
Discontinued Operations: |
||||||||||||||||
(Income)/Loss from Discontinued Operations |
(5,436 | ) | (1,501 | ) | (9,752 | ) | (8,267 | ) | ||||||||
Minority Interest in CRLP |
1,655 | 7,484 | 2,922 | 15,205 | ||||||||||||
(Gains)/Losses on Disposal of Discontinued
Operations, net of income taxes |
(4,116 | ) | (39,335 | ) | (7,017 | ) | (74,136 | ) | ||||||||
Minority Interest of Limited Partners |
— | 32 | (13 | ) | 73 | |||||||||||
CRLP Minority Interest — Common U/H |
247 | (3,915 | ) | 1,991 | (4,369 | ) | ||||||||||
(Gains)/Losses from Sales of Property, net of income taxes |
(3,334 | ) | (289,822 | ) | (5,277 | ) | (291,146 | ) | ||||||||
Minority Interest of Limited Partners |
(5 | ) | (82 | ) | (9 | ) | (225 | ) | ||||||||
Income Taxes and Other |
192 | 198 | (595 | ) | 431 | |||||||||||
(Income)/Loss from Unconsolidated Entities |
(2,037 | ) | 2,090 | (12,307 | ) | (4,723 | ) | |||||||||
(1,497 | ) | (15,717 | ) | (1,816 | ) | (21,664 | ) | |||||||||
Amortization of Interest Capitalized |
900 | 600 | 1,800 | 1,200 | ||||||||||||
Capitalized Interest |
(7,011 | ) | (7,347 | ) | (13,348 | ) | (13,592 | ) | ||||||||
Distributions from Unconsolidated Entities |
3,817 | 2,918 | 7,034 | 5,253 | ||||||||||||
Fixed Charges, from below |
27,104 | 38,243 | 53,934 | 75,860 | ||||||||||||
Earnings |
23,313 | 18,697 | 47,604 | 47,057 | ||||||||||||
Fixed Charges |
||||||||||||||||
Interest Expense |
17,013 | 26,573 | 34,492 | 54,483 | ||||||||||||
Capitalized Interest |
7,011 | 7,347 | 13,348 | 13,592 | ||||||||||||
Amortization of Deferred Financing Costs |
1,267 | 2,510 | 2,455 | 4,161 | ||||||||||||
Distrib to Series B Pfd Unitholders |
1,813 | 1,813 | 3,639 | 3,624 | ||||||||||||
Total |
27,104 | 38,243 | 53,934 | 75,860 | ||||||||||||
Fixed Charges & Preferred Share Distributions |
||||||||||||||||
Add: Distrib-Pfd Share Series B, D & E |
2,180 | 3,870 | 4,668 | 8,361 | ||||||||||||
Total |
$ | 29,284 | $ | 42,113 | $ | 58,602 | $ | 84,221 | ||||||||
Q208 | Q207 | YTD 08 | YTD 07 | |||||||||||||
Interest Coverage Denominator |
||||||||||||||||
Interest Expense |
$ | 17,013 | $ | 26,573 | $ | 34,492 | $ | 54,483 | ||||||||
Interest Expense — Unconsolidated |
7,771 | 5,621 | 15,712 | 10,862 | ||||||||||||
Total Interest Expense |
24,784 | 32,194 | 50,204 | 65,345 | ||||||||||||
Fixed Charge Denominator |
||||||||||||||||
Add: Preferred Dividend Payments |
3,993 | 5,683 | 8,307 | 11,985 | ||||||||||||
Debt Principal Amortization |
165 | 968 | 364 | 2,556 | ||||||||||||
Debt Principal Amortization — Unconsolidated |
100 | 99 | 194 | 239 | ||||||||||||
Total Fixed Charges |
29,042 | 38,944 | 59,069 | 80,125 | ||||||||||||
Fixed Charge w/ Capitalized Interest Denominator |
||||||||||||||||
Add: Capitalized Interest |
7,011 | 7,347 | 13,348 | 13,592 | ||||||||||||
Total Fixed Charges w/ Capitalized Interest |
$ | 36,053 | $ | 46,291 | $ | 72,417 | $ | 93,717 | ||||||||
2Q08 | -28- | NYSE: CLP |
Apartment | Square | Occupancy | Market Rental Rates | |||||||||||||||||||||||||||||||||
Property | MSA | State | Year Built / Avg Age | % Own | Homes | Feet(000s) | Rate | Per Home | Per SF | S-P | ||||||||||||||||||||||||||
PROPERTIES IN MAJOR MARKETS |
||||||||||||||||||||||||||||||||||||
CG at Huntcliff |
Atlanta | GA | 1997 | 20 | % | 358 | 365 | 97.2 | % | $ | 907 | $ | 0.90 | |||||||||||||||||||||||
CG at Berkeley Lake |
Atlanta | GA | 1998 | 100 | % | 180 | 244 | 96.7 | % | 933 | 0.69 | S | ||||||||||||||||||||||||
CG at Mount Vernon |
Atlanta | GA | 1997 | 100 | % | 213 | 257 | 97.2 | % | 1,093 | 0.91 | S | ||||||||||||||||||||||||
CG at River Oaks |
Atlanta | GA | 1992 | 100 | % | 216 | 276 | 97.2 | % | 889 | 0.70 | S | ||||||||||||||||||||||||
CG at River Plantation |
Atlanta | GA | 1994 | 100 | % | 232 | 310 | 97.4 | % | 908 | 0.68 | S | ||||||||||||||||||||||||
CG at Sugarloaf |
Atlanta | GA | 2002 | 100 | % | 250 | 329 | 98.4 | % | 909 | 0.69 | S | ||||||||||||||||||||||||
CG at McGinnis Ferry |
Atlanta | GA | 1997 | 100 | % | 434 | 509 | 97.5 | % | 876 | 0.75 | S | ||||||||||||||||||||||||
CG at Barrett Creek |
Atlanta | GA | 1999 | 100 | % | 332 | 310 | 96.4 | % | 806 | 0.86 | S | ||||||||||||||||||||||||
CG at McDaniel Farm |
Atlanta | GA | 1997 | 100 | % | 425 | 451 | 97.9 | % | 783 | 0.74 | S | ||||||||||||||||||||||||
CG at Shiloh |
Atlanta | GA | 2002 | 100 | % | 498 | 533 | 96.4 | % | 847 | 0.79 | S | ||||||||||||||||||||||||
CG at Pleasant Hill |
Atlanta | GA | 1996 | 100 | % | 502 | 502 | 96.2 | % | 794 | 0.79 | S | ||||||||||||||||||||||||
Total |
11 | 10.6 Years | 3,640 | 4,086 | 97.0 | % | 864 | 0.76 | ||||||||||||||||||||||||||||
Same Store |
10 | 10.6 Years | 3,282 | 3,722 | 97.0 | % | 863 | 0.76 | ||||||||||||||||||||||||||||
Cunningham |
Austin | TX | 2000 | 20 | % | 280 | 258 | 96.8 | % | 760 | 0.82 | |||||||||||||||||||||||||
CG at Canyon Creek |
Austin | TX | 2007 | 25 | % | 336 | 349 | 95.5 | % | 881 | 0.85 | |||||||||||||||||||||||||
CG at Silverado |
Austin | TX | 2004 | 100 | % | 238 | 240 | 93.3 | % | 773 | 0.77 | S | ||||||||||||||||||||||||
CG at Silverado Reserve |
Austin | TX | 2006 | 100 | % | 256 | 266 | 93.0 | % | 837 | 0.80 | S | ||||||||||||||||||||||||
CV at Quarry Oaks |
Austin | TX | 1996 | 100 | % | 533 | 470 | 96.1 | % | 714 | 0.81 | S | ||||||||||||||||||||||||
CV at Sierra Vista |
Austin | TX | 1999 | 100 | % | 232 | 206 | 98.7 | % | 682 | 0.77 | S | ||||||||||||||||||||||||
CG at Round Rock |
Austin | TX | 2006 | 100 | % | 422 | 430 | 97.4 | % | 809 | 0.79 | S | ||||||||||||||||||||||||
CV at Canyon Hills |
Austin | TX | 1996 | 100 | % | 229 | 183 | 98.3 | % | 699 | 0.87 | S | ||||||||||||||||||||||||
Total |
8 | 6.3 Years | 2,526 | 2,401 | 96.2 | % | 759 | 0.80 | ||||||||||||||||||||||||||||
Same Store |
6 | 6.8 Years | 1,910 | 1,794 | 96.2 | % | 753 | 0.80 | ||||||||||||||||||||||||||||
The Groves at Riverchase |
Birmingham | AL | 1996 | 20 | % | 345 | 327 | 96.8 | % | 740 | 0.78 | |||||||||||||||||||||||||
Colony Woods |
Birmingham | AL | 1988 | 10 | % | 414 | 451 | 98.3 | % | 685 | 0.62 | |||||||||||||||||||||||||
Meadows |
Birmingham | AL | 1987 | 10 | % | 400 | 464 | 96.5 | % | 652 | 0.56 | |||||||||||||||||||||||||
Madison |
Birmingham | AL | 1985 | 10 | % | 276 | 249 | 97.1 | % | 582 | 0.65 | |||||||||||||||||||||||||
CV at Rocky Ridge |
Birmingham | AL | 1984 | 15 | % | 226 | 259 | 96.5 | % | 677 | 0.59 | |||||||||||||||||||||||||
CG at Mountain Brook |
Birmingham | AL | 1987/1991 | 15 | % | 392 | 393 | 98.5 | % | 713 | 0.71 | |||||||||||||||||||||||||
CG at Liberty Park |
Birmingham | AL | 2000 | 100 | % | 300 | 339 | 98.3 | % | 970 | 0.86 | S | ||||||||||||||||||||||||
CV at Trussville |
Birmingham | AL | 1996 | 100 | % | 376 | 410 | 96.5 | % | 690 | 0.63 | S | ||||||||||||||||||||||||
CV at Inverness |
Birmingham | AL | 1986/1987/1990/1997 | 100 | % | 586 | 508 | 98.3 | % | 602 | 0.69 | S | ||||||||||||||||||||||||
Total |
9 | 17.4 Years | 3,315 | 3,401 | 97.7 | % | 711 | 0.71 | ||||||||||||||||||||||||||||
Same Store |
3 | 12.7 Years | 1,262 | 1,257 | 97.8 | % | 716 | 0.72 | ||||||||||||||||||||||||||||
CG at Cypress Cove |
Charleston | SC | 2001 | 100 | % | 264 | 304 | 98.5 | % | 887 | 0.77 | S | ||||||||||||||||||||||||
CV at Westchase |
Charleston | SC | 1985 | 100 | % | 352 | 258 | 97.2 | % | 652 | 0.89 | S | ||||||||||||||||||||||||
CV at Hampton Pointe |
Charleston | SC | 1986 | 100 | % | 304 | 315 | 95.7 | % | 770 | 0.74 | S | ||||||||||||||||||||||||
CG at Quarterdeck |
Charleston | SC | 1987 | 100 | % | 230 | 219 | 94.8 | % | 887 | 0.93 | S | ||||||||||||||||||||||||
CV at Waters Edge |
Charleston | SC | 1985 | 100 | % | 204 | 188 | 95.6 | % | 711 | 0.77 | S | ||||||||||||||||||||||||
CV at Windsor Place |
Charleston | SC | 1985 | 100 | % | 224 | 213 | 92.9 | % | 711 | 0.75 | S | ||||||||||||||||||||||||
Total |
6 | 19.8 Years | 1,578 | 1,497 | 96.0 | % | 767 | 0.81 | ||||||||||||||||||||||||||||
Same Store |
6 | 19.8 Years | 1,578 | 1,497 | 96.0 | % | 767 | 0.81 | ||||||||||||||||||||||||||||
CV at Matthews |
Charlotte | NC | 1990 | 100 | % | 270 | 256 | 94.8 | % | 789 | 0.83 | |||||||||||||||||||||||||
CG at Mallard Creek |
Charlotte | NC | 2004 | 100 | % | 252 | 233 | 98.8 | % | 788 | 0.85 | S | ||||||||||||||||||||||||
CG at Beverly Crest |
Charlotte | NC | 1996 | 100 | % | 300 | 279 | 96.0 | % | 752 | 0.81 | S | ||||||||||||||||||||||||
CG at Mallard Lake |
Charlotte | NC | 1998 | 100 | % | 302 | 301 | 93.4 | % | 769 | 0.77 | S | ||||||||||||||||||||||||
CV at Chancellor Park |
Charlotte | NC | 1996 | 100 | % | 340 | 327 | 92.6 | % | 720 | 0.75 | S | ||||||||||||||||||||||||
CG at Huntersville |
Charlotte | NC | 2008 | 100 | % | 250 | 248 | 95.2 | % | 852 | 0.86 | |||||||||||||||||||||||||
CG at University Center |
Charlotte | NC | 2006 | 100 | % | 156 | 167 | 90.4 | % | 761 | 0.71 | S | ||||||||||||||||||||||||
CV at Meadow Creek |
Charlotte | NC | 1984 | 100 | % | 250 | 230 | 94.0 | % | 630 | 0.68 | S | ||||||||||||||||||||||||
Heatherwood |
Charlotte | NC | 1980 | 100 | % | 476 | 439 | 90.5 | % | 616 | 0.67 | S | ||||||||||||||||||||||||
CV at Charleston Place |
Charlotte | NC | 1986 | 100 | % | 214 | 172 | 89.7 | % | 591 | 0.73 | S | ||||||||||||||||||||||||
CV at Stone Point |
Charlotte | NC | 1986 | 100 | % | 192 | 173 | 93.2 | % | 679 | 0.75 | S | ||||||||||||||||||||||||
CV at Greystone |
Charlotte | NC | 1998/2000 | 100 | % | 408 | 387 | 94.9 | % | 635 | 0.67 | |||||||||||||||||||||||||
CG at Legacy Park |
Charlotte | NC | 2001 | 100 | % | 288 | 301 | 93.8 | % | 760 | 0.73 | S | ||||||||||||||||||||||||
CV at Timber Crest |
Charlotte | NC | 2000 | 100 | % | 282 | 273 | 93.6 | % | 681 | 0.70 | S | ||||||||||||||||||||||||
CV at South Tryon |
Charlotte | NC | 2002 | 100 | % | 216 | 236 | 92.6 | % | 721 | 0.66 | S | ||||||||||||||||||||||||
Total |
15 | 12.3 Years | 4,196 | 4,021 | 93.6 | % | 710 | 0.74 | ||||||||||||||||||||||||||||
Same Store |
12 | 13.1 Years | 3,268 | 3,130 | 93.2 | % | 702 | 0.73 | ||||||||||||||||||||||||||||
CV at Oakbend |
Dallas | TX | 1996 | 100 | % | 426 | 383 | 96.7 | % | 741 | 0.83 | S | ||||||||||||||||||||||||
Brookfield |
Dallas | TX | 1984 | 100 | % | 232 | 166 | 94.4 | % | 559 | 0.78 | S | ||||||||||||||||||||||||
Paces Cove |
Dallas | TX | 1982 | 100 | % | 328 | 220 | 94.5 | % | 500 | 0.75 | S | ||||||||||||||||||||||||
Remington Hills |
Dallas | TX | 1984 | 100 | % | 362 | 347 | 95.9 | % | 773 | 0.81 | S | ||||||||||||||||||||||||
CV at Main Park |
Dallas | TX | 1984 | 100 | % | 192 | 180 | 95.8 | % | 757 | 0.81 | S | ||||||||||||||||||||||||
Summer Tree |
Dallas | TX | 1980 | 100 | % | 232 | 136 | 97.0 | % | 513 | 0.87 | S | ||||||||||||||||||||||||
CV at Vista Ridge |
Dallas | TX | 1985 | 100 | % | 300 | 237 | 99.3 | % | 605 | 0.76 | S | ||||||||||||||||||||||||
CG at Valley Ranch |
Dallas | TX | 1997 | 100 | % | 396 | 462 | 96.5 | % | 1,042 | 0.89 | S | ||||||||||||||||||||||||
Total |
8 | 21.5 Years | 2,468 | 2,131 | 96.3 | % | 708 | 0.82 | ||||||||||||||||||||||||||||
Same Store |
8 | 21.5 Years | 2,468 | 2,131 | 96.3 | % | 708 | 0.82 | ||||||||||||||||||||||||||||
2Q08 | -29- | NYSE: CLP |
Apartment | Square | Occupancy | Market Rental Rates | |||||||||||||||||||||||||||||||||
Property | MSA | State | Year Built / Avg Age | % Own | Homes | Feet(000s) | Rate | Per Home | Per SF | S-P | ||||||||||||||||||||||||||
Belterra |
Fort Worth | TX | 2006 | 10 | % | 288 | 278 | 95.5 | % | 883 | 0.92 | |||||||||||||||||||||||||
CG at Bear Creek |
Fort Worth | TX | 1998 | 100 | % | 436 | 395 | 96.3 | % | 863 | 0.95 | S | ||||||||||||||||||||||||
CV at Willow Creek |
Fort Worth | TX | 1996 | 100 | % | 478 | 427 | 94.4 | % | 797 | 0.89 | S | ||||||||||||||||||||||||
CV at Shoal Creek |
Fort Worth | TX | 1996 | 100 | % | 408 | 382 | 97.3 | % | 791 | 0.85 | S | ||||||||||||||||||||||||
CV at Grapevine |
Fort Worth | TX | 1985 | 100 | % | 450 | 387 | 97.3 | % | 707 | 0.82 | S | ||||||||||||||||||||||||
CV at North Arlington |
Fort Worth | TX | 1985 | 100 | % | 240 | 191 | 96.3 | % | 614 | 0.77 | S | ||||||||||||||||||||||||
Total |
6 | 13.7 Years | 2,300 | 2,060 | 96.3 | % | 770 | 0.87 | ||||||||||||||||||||||||||||
Same Store |
5 | 16.0 Years | 2,012 | 1,781 | 96.3 | % | 768 | 0.87 | ||||||||||||||||||||||||||||
CG at Edgewater I |
Huntsville | AL | 1990/1999 | 100 | % | 500 | 543 | 97.4 | % | 722 | 0.66 | S | ||||||||||||||||||||||||
CG at Madison |
Huntsville | AL | 2000 | 100 | % | 336 | 355 | 96.7 | % | 816 | 0.77 | S | ||||||||||||||||||||||||
Total |
2 | 10.8 Years | 836 | 897 | 97.1 | % | 760 | 0.71 | ||||||||||||||||||||||||||||
Same Store |
2 | 10.8 Years | 836 | 897 | 97.1 | % | 760 | 0.71 | ||||||||||||||||||||||||||||
CG at Heather Glen |
Orlando | FL | 2000 | 100 | % | 448 | 523 | 99.1 | % | 967 | 0.83 | S | ||||||||||||||||||||||||
CG at Town Park(Lake Mary) |
Orlando | FL | 2002 | 100 | % | 456 | 535 | 96.1 | % | 1,019 | 0.87 | S | ||||||||||||||||||||||||
CV at Twin Lakes |
Orlando | FL | 2004 | 100 | % | 460 | 418 | 96.3 | % | 872 | 0.96 | S | ||||||||||||||||||||||||
CG at Town Park Reserve |
Orlando | FL | 2004 | 100 | % | 80 | 77 | 97.5 | % | 1,162 | 1.20 | S | ||||||||||||||||||||||||
CG at Heathrow |
Orlando | FL | 1997 | 100 | % | 312 | 353 | 96.8 | % | 982 | 0.87 | S | ||||||||||||||||||||||||
CG at Hunter’s Creek |
Orlando | FL | 1997 | 100 | % | 496 | 624 | 97.2 | % | 988 | 0.78 | S | ||||||||||||||||||||||||
Total |
6 | 7.3 Years | 2,252 | 2,531 | 97.1 | % | 972 | 0.86 | ||||||||||||||||||||||||||||
Same Store |
6 | 7.3 Years | 2,252 | 2,531 | 97.1 | % | 972 | 0.86 | ||||||||||||||||||||||||||||
CG at Scottsdale |
Phoenix | AZ | 1999 | 100 | % | 180 | 202 | 96.1 | % | 1,106 | 0.99 | S | ||||||||||||||||||||||||
CG at OldTown Scottsdale South |
Phoenix | AZ | 1994 | 100 | % | 264 | 265 | 97.0 | % | 920 | 0.92 | |||||||||||||||||||||||||
CG at OldTown Scottsdale North |
Phoenix | AZ | 1995 | 100 | % | 208 | 206 | 95.7 | % | 889 | 0.90 | |||||||||||||||||||||||||
CG at Inverness Commons |
Phoenix | AZ | 2002 | 100 | % | 300 | 306 | 96.3 | % | 803 | 0.79 | |||||||||||||||||||||||||
Total |
4 | 10.5 Years | 952 | 978 | 96.3 | % | 912 | 0.89 | ||||||||||||||||||||||||||||
Same Store |
1 | 9.0 Years | 180 | 202 | 96.1 | % | 1,106 | 0.99 | ||||||||||||||||||||||||||||
CV at Cary |
Raleigh | NC | 1995 | 20 | % | 319 | 400 | 95.3 | % | 868 | 0.69 | |||||||||||||||||||||||||
CG at Research Park (Durham) |
Raleigh | NC | 2002 | 20 | % | 370 | 375 | 94.6 | % | 769 | 0.75 | |||||||||||||||||||||||||
CG at Arringdon |
Raleigh | NC | 2003 | 100 | % | 320 | 311 | 97.8 | % | 781 | 0.80 | S | ||||||||||||||||||||||||
CG at Patterson Place |
Raleigh | NC | 1997 | 100 | % | 252 | 237 | 96.8 | % | 809 | 0.86 | S | ||||||||||||||||||||||||
CG at Crabtree Valley |
Raleigh | NC | 1997 | 100 | % | 210 | 210 | 93.3 | % | 752 | 0.75 | S | ||||||||||||||||||||||||
CV at Highland Hills |
Raleigh | NC | 1987 | 100 | % | 250 | 263 | 94.0 | % | 698 | 0.66 | |||||||||||||||||||||||||
Parkside at Woodlake |
Raleigh | NC | 1996 | 100 | % | 266 | 255 | 95.5 | % | 681 | 0.71 | S | ||||||||||||||||||||||||
CV at Deerfield |
Raleigh | NC | 1985 | 100 | % | 204 | 198 | 94.6 | % | 726 | 0.75 | S | ||||||||||||||||||||||||
CG at Trinity Commons |
Raleigh | NC | 2000/2002 | 100 | % | 462 | 484 | 95.9 | % | 786 | 0.75 | S | ||||||||||||||||||||||||
Total |
9 | 12.1 Years | 2,653 | 2,733 | 95.6 | % | 757 | 0.75 | ||||||||||||||||||||||||||||
Same Store |
6 | 11.5 Years | 1,714 | 1,695 | 95.9 | % | 761 | 0.77 | ||||||||||||||||||||||||||||
Ashley Park |
Richmond | VA | 1988 | 100 | % | 272 | 194 | 94.1 | % | 717 | 1.00 | S | ||||||||||||||||||||||||
CR at West Franklin |
Richmond | VA | 1964/1965 | 100 | % | 331 | 169 | 96.1 | % | 772 | 1.50 | S | ||||||||||||||||||||||||
CV at Hampton Glen |
Richmond | VA | 1986 | 100 | % | 232 | 178 | 98.7 | % | 875 | 1.14 | S | ||||||||||||||||||||||||
CV at West End |
Richmond | VA | 1987 | 100 | % | 224 | 156 | 98.7 | % | 803 | 1.15 | S | ||||||||||||||||||||||||
CV at Chase Gayton |
Richmond | VA | 1984 | 100 | % | 328 | 311 | 97.6 | % | 832 | 0.88 | S | ||||||||||||||||||||||||
CV at Waterford |
Richmond | VA | 1989 | 100 | % | 312 | 289 | 95.2 | % | 855 | 0.92 | S | ||||||||||||||||||||||||
Total |
6 | 24.9 Years | 1,699 | 1,298 | 96.6 | % | 808 | 1.06 | ||||||||||||||||||||||||||||
Same Store |
6 | 24.9 Years | 1,699 | 1,298 | 96.6 | % | 808 | 1.06 | ||||||||||||||||||||||||||||
CG at Godley Station I |
Savannah | GA | 2005 | 100 | % | 312 | 337 | 94.2 | % | 851 | 0.79 | |||||||||||||||||||||||||
CV at Greentree |
Savannah | GA | 1984 | 100 | % | 194 | 165 | 95.9 | % | 704 | 0.83 | S | ||||||||||||||||||||||||
CG at Hammocks |
Savannah | GA | 1997 | 100 | % | 308 | 324 | 93.8 | % | 926 | 0.88 | S | ||||||||||||||||||||||||
CV at Huntington |
Savannah | GA | 1986 | 100 | % | 147 | 121 | 95.9 | % | 709 | 0.86 | S | ||||||||||||||||||||||||
CV at Marsh Cove |
Savannah | GA | 1983 | 100 | % | 188 | 197 | 96.3 | % | 774 | 0.74 | S | ||||||||||||||||||||||||
Total |
5 | 17.0 Years | 1,149 | 1,145 | 95.0 | % | 816 | 0.82 | ||||||||||||||||||||||||||||
Same Store |
4 | 20.5 Years | 837 | 807 | 95.2 | % | 802 | 0.83 | ||||||||||||||||||||||||||||
TOTAL PROPERTIES IN MAJOR MARKETS |
95 | 14.2 Years | 29,564 | 29,182 | 96.0 | % | $ | 787 | $ | 0.80 | ||||||||||||||||||||||||||
Same Store |
75 | 15.0 Years | 23,298 | 22,744 | 96.1 | % | $ | 787 | $ | 0.81 | ||||||||||||||||||||||||||
PROPERTIES IN OTHER MARKETS |
||||||||||||||||||||||||||||||||||||
Autumn Hill |
Charlottesville | VA | 1970 | 100 | % | 425 | 370 | 93.9 | % | $ | 735 | $ | 0.84 | S | ||||||||||||||||||||||
Autumn Park I & II |
Greensboro | NC | 2001/2004 | 100 | % | 402 | 404 | 93.8 | % | 766 | 0.76 | S | ||||||||||||||||||||||||
CG at Bellevue |
Nashville | TN | 1996 | 100 | % | 349 | 345 | 97.1 | % | 873 | 0.88 | S | ||||||||||||||||||||||||
CG at Seven Oaks |
Tampa | FL | 2004 | 100 | % | 318 | 302 | 95.9 | % | 892 | 0.94 | S | ||||||||||||||||||||||||
CG at Wilmington |
Wilmington | NC | 1998/2002 | 100 | % | 390 | 356 | 93.8 | % | 736 | 0.81 | S | ||||||||||||||||||||||||
CG at Brentwood |
Nashville | TN | 1995 | 25 | % | 254 | 287 | 99.6 | % | 971 | 0.87 | |||||||||||||||||||||||||
CG at Palma Sola |
Sarasota | FL | 1992 | 25 | % | 340 | 293 | 96.5 | % | 780 | 0.90 | |||||||||||||||||||||||||
CG at Lakewood Ranch |
Sarasota | FL | 1999 | 100 | % | 288 | 302 | 99.3 | % | 980 | 0.94 | S | ||||||||||||||||||||||||
CV at Greenbrier |
Washington DC | VA | 1980 | 100 | % | 258 | 217 | 95.3 | % | 909 | 1.08 | S | ||||||||||||||||||||||||
CV at Pinnacle Ridge |
Asheville | NC | 1948/1985 | 100 | % | 166 | 147 | 98.8 | % | 687 | 0.78 | S | ||||||||||||||||||||||||
CV at Huntleigh Woods |
Mobile | AL | 1978 | 100 | % | 233 | 199 | 97.0 | % | 568 | 0.67 | S | ||||||||||||||||||||||||
CV at Ashford Place |
Mobile | AL | 1983 | 100 | % | 168 | 146 | 100.0 | % | 639 | 0.74 | S | ||||||||||||||||||||||||
CV at Tradewinds |
Norfolk | VA | 1988 | 100 | % | 284 | 280 | 96.8 | % | 825 | 0.84 | S | ||||||||||||||||||||||||
CV at Mill Creek |
Winston-Salem | NC | 1984 | 100 | % | 220 | 210 | 91.4 | % | 601 | 0.63 | S | ||||||||||||||||||||||||
CV at Harbour Club |
Norfolk | VA | 1988 | 100 | % | 213 | 193 | 96.2 | % | 857 | 0.94 | S | ||||||||||||||||||||||||
Glen Eagles I & II |
Winston-Salem | NC | 1990/2000 | 100 | % | 310 | 312 | 91.9 | % | 661 | 0.66 | S | ||||||||||||||||||||||||
Portofino at Jensen Beach |
Port St. Lucie | FL | 2002 | 100 | % | 118 | 137 | 96.6 | % | 837 | 0.72 | |||||||||||||||||||||||||
Murano at Delray Beach |
West Palm Beach | FL | 2002 | 100 | % | 93 | 112 | 95.7 | % | 1,145 | 0.95 | |||||||||||||||||||||||||
TOTAL PROPERTIES IN OTHER MARKETS |
18 | 17.7 Years | 4,829 | 4,610 | 95.6 | % | $ | 788 | $ | 0.83 | ||||||||||||||||||||||||||
Same Store |
14 | 20.6 Years | 4,024 | 3,781 | 95.5 | % | $ | 775 | $ | 0.83 | ||||||||||||||||||||||||||
2Q08 | -30- | NYSE: CLP |
Apartment | Square | Occupancy | Market Rental Rates | |||||||||||||||||||||||||||||||||
Property | MSA | State | Year Built / Avg Age | % Own | Homes | Feet(000s) | Rate | Per Home | Per SF | S-P | ||||||||||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||||||||||||||
Hawthorne Groves |
Orlando | FL | 2002 | 0 | % | 328 | 363 | 96.6 | % | |||||||||||||||||||||||||||
Hawthorne Village |
Daytona Beach | FL | 2006 | 0 | % | 378 | 414 | 96.8 | % | |||||||||||||||||||||||||||
Monte D’oro |
Birmingham | AL | 1977 | 0 | % | 200 | 296 | 98.0 | % | |||||||||||||||||||||||||||
PH Coursey Place |
Baton Rouge | LA | 2003 | 0 | % | 352 | 352 | 96.3 | % | |||||||||||||||||||||||||||
TOTAL MANAGED |
4 | 11.0 Years | 1,258 | 1,424 | 96.8 | % | ||||||||||||||||||||||||||||||
LEASE UP PROPERTIES |
||||||||||||||||||||||||||||||||||||
CG at Ayrsley |
Charlotte | NC | 2008 | 100 | % | 368 | 372 | LU | 942 | 0.93 | ||||||||||||||||||||||||||
CV at Cypress Village |
Gulf Shores | AL | 2008 | 100 | % | 96 | 206 | LU | 1,439 | 0.67 | ||||||||||||||||||||||||||
Enclave |
Charlotte | NC | 2008 | 100 | % | 85 | 109 | LU | 1,917 | 1.49 | ||||||||||||||||||||||||||
CG at Traditions |
Gulf Shores | AL | 2007 | 35 | % | 324 | 322 | LU | 917 | 0.92 | ||||||||||||||||||||||||||
CG at Onion Creek |
Austin | TX | 2008 | 100 | % | 300 | 313 | LU | 759 | 0.73 | ||||||||||||||||||||||||||
CV at Godley Lake |
Savannah | GA | 2008 | 100 | % | 288 | 270 | LU | 975 | 1.04 | ||||||||||||||||||||||||||
TOTAL LEASE UP |
6 | 0.2 Years | 1,461 | 1,591 | 40.4 | % | $ | 1,008 | $ | 0.91 | ||||||||||||||||||||||||||
TOTAL ALL PROPERTIES |
123 | 13.9 Years | 37,112 | 36,807 | 95.9 | % | $ | 787 | $ | 0.81 | ||||||||||||||||||||||||||
Same Store |
89 | 15.1 Years | 27,322 | 26,525 | 96.0 | % | $ | 785 | $ | 0.81 | ||||||||||||||||||||||||||
Notes: | ||
CG = | Colonial Grand Apartments and CR = Colonial Reserve, Class A; CV = Colonial Village Apartments, Class B | |
LU = | Properties in lease-up are not included in Occupancy Rate and Rental Rate totals and subtotals. | |
S = | Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included. |
2Q08 | -31- | NYSE: CLP |
Base Rent | ||||||||||||||||||||||||
Year | % | Occupancy | Per | |||||||||||||||||||||
Property | MSA | State | Built | Own | SF — 000s | Rate | Sq. Foot (1) | S-P | ||||||||||||||||
CONSOLIDATED PROPERTIES |
||||||||||||||||||||||||
CC Brookwood Village |
Birmingham | AL | 2007 | 100 | % | 169 | 99.3 | % | $ | 20.81 | ||||||||||||||
Town Park 400 |
Orlando | FL | 2008 | 100 | % | 176 | LU | 25.17 | ||||||||||||||||
Total Consolidated |
2 | 345 | 99.3 | % | $ | 20.81 | ||||||||||||||||||
UNCONSOLIDATED PROPERTIES |
||||||||||||||||||||||||
DRA/CRT Joint Venture |
||||||||||||||||||||||||
Atlanta Chamblee |
Atlanta | GA | 2000 | 15 | % | 1,138 | 91.1 | % | $ | 19.58 | ||||||||||||||
Atlanta Perimeter |
Atlanta | GA | 1985 | 15 | % | 182 | 87.8 | % | 19.42 | |||||||||||||||
Atlantic Center Plaza |
Atlanta | GA | 2001 | 15 | % | 500 | 91.8 | % | 30.66 | |||||||||||||||
Baymeadows Way |
Jacksonville | FL | 1989/90/98 | 15 | % | 224 | 100.0 | % | 10.48 | |||||||||||||||
Broward Financial Center |
Ft.Lauderdale | FL | 1986 | 15 | % | 325 | 78.0 | % | 28.74 | |||||||||||||||
Charlotte University |
Charlotte | NC | 1999 | 15 | % | 183 | 87.2 | % | 19.36 | |||||||||||||||
Germantown Center |
Memphis | TN | 1999 | 15 | % | 534 | 89.7 | % | 18.83 | |||||||||||||||
Jacksonville Baymeadows |
Jacksonville | FL | 1999 | 15 | % | 752 | 85.2 | % | 13.50 | |||||||||||||||
Jacksonville JTB |
Jacksonville | FL | 2001 | 15 | % | 417 | 100.0 | % | 13.45 | |||||||||||||||
McGinnis Park |
Atlanta | GA | 2001 | 15 | % | 201 | 76.2 | % | 18.98 | |||||||||||||||
Orlando Central |
Orlando | FL | 1980 | 15 | % | 619 | 80.3 | % | 18.58 | |||||||||||||||
Orlando Lake Mary |
Orlando | FL | 1999 | 15 | % | 305 | 81.4 | % | 18.13 | |||||||||||||||
Orlando University |
Orlando | FL | 2001 | 15 | % | 386 | 89.4 | % | 19.21 | |||||||||||||||
Post Oak |
Houston | TX | 1982 | 15 | % | 1,197 | 95.3 | % | 20.32 | |||||||||||||||
Ravinia 3 |
Atlanta | GA | 1991 | 15 | % | 808 | 95.2 | % | 18.76 | |||||||||||||||
Signature Place |
Dallas | TX | 1983/86 | 15 | % | 437 | 80.8 | % | 18.29 | |||||||||||||||
Westchase |
Houston | TX | 2000 | 15 | % | 184 | 92.8 | % | 23.25 | |||||||||||||||
Totals |
17 | 8,393 | 89.5 | % | 19.25 | |||||||||||||||||||
Totals (Weighted) |
1,259 | 89.5 | % | 19.25 | ||||||||||||||||||||
DRA/CLP Joint Venture |
||||||||||||||||||||||||
901 Maitland |
Orlando | FL | 1985 | 15 | % | 156 | 72.3 | % | 20.31 | |||||||||||||||
Colonial Center at TownPark |
Orlando | FL | 2001 | 15 | % | 658 | 98.9 | % | 21.41 | |||||||||||||||
Colonial Center at Bayside |
Tampa | FL | 1988-94/97 | 15 | % | 213 | 74.5 | % | 19.79 | |||||||||||||||
Colonal Center at Colonnade |
Birmingham | AL | 1989/99 | 15 | % | 419 | 98.0 | % | 21.75 | |||||||||||||||
Colonial Center Blue Lake |
Birmingham | AL | 1982-2005 | 15 | % | 167 | 99.8 | % | 20.06 | |||||||||||||||
Colonial Center Heathrow |
Orlando | FL | 1988/96/97/98/99/2000/2001 | 15 | % | 922 | 87.1 | % | 19.67 | |||||||||||||||
Colonial Place I and II |
Tampa | FL | 1984/86 | 15 | % | 372 | 88.5 | % | 24.42 | |||||||||||||||
Colonial Plaza |
Birmingham | AL | 1982-99 | 15 | % | 171 | 89.1 | % | 17.77 | |||||||||||||||
Colonial TownPark Office — Lifestyle |
Orlando | FL | 2004 | 15 | % | 38 | 95.7 | % | 26.34 | |||||||||||||||
Concourse Center |
Tampa | FL | 1982-2005/1983-2003/1984 | 15 | % | 294 | 89.1 | % | 21.00 | |||||||||||||||
Esplanade |
Charlotte | NC | 1981-2007 | 15 | % | 203 | 85.9 | % | 18.38 | |||||||||||||||
Independence Plaza |
Birmingham | AL | 1979-2000 | 15 | % | 106 | 97.8 | % | 19.35 | |||||||||||||||
International Park |
Birmingham | AL | 1987/99 | 15 | % | 211 | 95.1 | % | 19.58 | |||||||||||||||
The Peachtree |
Atlanta | GA | 1989 | 15 | % | 317 | 92.9 | % | 24.73 | |||||||||||||||
Research Park Plaza III and IV |
Austin | TX | 2001 | 15 | % | 358 | 100.0 | % | 22.20 | |||||||||||||||
Riverchase Center |
Birmingham | AL | 1985 | 15 | % | 306 | 96.5 | % | 10.27 | |||||||||||||||
Totals |
16 | 4,910 | 91.8 | % | 20.41 | |||||||||||||||||||
Totals (Weighted) |
737 | 91.8 | % | 20.41 | ||||||||||||||||||||
Huntsville TIC Joint Venture |
||||||||||||||||||||||||
Colonial Center Lakeside |
Huntsville | AL | 1989/90 | 14 | % | 122 | 100.0 | % | 17.47 | |||||||||||||||
Colonial Center Research Park |
Huntsville | AL | 1999 | 14 | % | 134 | 100.0 | % | 18.26 | |||||||||||||||
Colonial Center Research Place |
Huntsville | AL | 1979/84/88 | 14 | % | 273 | 76.6 | % | 12.65 | |||||||||||||||
DRS Building |
Huntsville | AL | 1972/86/90/03 | 14 | % | 215 | 100.0 | % | 8.48 | |||||||||||||||
Northrop Grumman Building |
Huntsville | AL | 2007 | 14 | % | 110 | 100.0 | % | 13.76 | |||||||||||||||
Perimeter Corporate Park |
Huntsville | AL | 1986/89 | 14 | % | 235 | 85.4 | % | 17.87 | |||||||||||||||
Progress Center |
Huntsville | AL | 1987/89 | 14 | % | 222 | 89.1 | % | 12.69 | |||||||||||||||
Regions Bank Center |
Huntsville | AL | 1990 | 14 | % | 155 | 97.6 | % | 18.39 | |||||||||||||||
Research Park Office Center |
Huntsville | AL | 1998/99 | 14 | % | 236 | 85.5 | % | 11.88 | |||||||||||||||
Totals |
9 | 1,702 | 90.6 | % | 14.20 | |||||||||||||||||||
Totals (Weighted) |
231 | 90.6 | % | 14.20 | ||||||||||||||||||||
2Q08 | -32- | NYSE: CLP |
Base Rent | ||||||||||||||||||||||||
Year | % | Occupancy | Per | |||||||||||||||||||||
Property | MSA | State | Built | Own | SF — 000s | Rate | Sq. Foot (1) | S-P | ||||||||||||||||
Colonial Center Mansell Joint Venture |
||||||||||||||||||||||||
Colonial Center Mansell Overlook |
Atlanta | GA | 1987/96/97/00 | 15 | % | 653 | 94.9 | % | 21.46 | |||||||||||||||
Lakeside & Shoppes at Mansell |
Atlanta | GA | 1996-2005 | 15 | % | 36 | 92.7 | % | 26.31 | |||||||||||||||
Totals |
2 | 689 | 94.0 | % | 21.68 | |||||||||||||||||||
Totals (Weighted) |
103 | 94.0 | % | 21.68 | ||||||||||||||||||||
Land Title Building |
Birmingham | AL | 1975 | 33 | % | 30 | 100.0 | % | 13.65 | |||||||||||||||
Total Unconsolidated |
45 | 15,724 | 90.6 | % | $ | 18.75 | ||||||||||||||||||
Total Unconsolidated (Weighted) |
2,340 | 90.6 | % | $ | 18.75 | |||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||
International Park 2000 |
Birmingham | AL | 0 | % | 130 | |||||||||||||||||||
Colonial Center Heathrow 500 |
Orlando | FL | 0 | % | 76 | |||||||||||||||||||
Decoverly Center |
Rockville | MD | 0 | % | 156 | |||||||||||||||||||
TOTAL MANAGED |
3 | 362 | ||||||||||||||||||||||
TOTAL ALL PROPERTIES |
50 | 16,431 | 91.1 | % | $ | 18.89 | ||||||||||||||||||
Notes: | ||
LU = | Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories. | |
S = | Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included. | |
(1) | Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP. |
2Q08 | -33- | NYSE: CLP |
Square Feet (000s) | Base Rent | |||||||||||||||||||||||||||||||
Anchor | CLP | Occupancy | per Sq. | |||||||||||||||||||||||||||||
Property | MSA | State | Year Built | % Own | Total | Owned | Owned | Rate | Foot (1) | S-P | ||||||||||||||||||||||
CONSOLIDATED PROPERTIES |
||||||||||||||||||||||||||||||||
Brookwood Village |
Birmingham | AL | 1973/91/00 | 100 | % | 604 | 232 | 372 | 94.9 | % | $ | 18.71 | S | |||||||||||||||||||
Brookwood Convenience Center |
Birmingham | AL | 1974 | 100 | % | 7 | — | 7 | 100.0 | % | 17.74 | |||||||||||||||||||||
CP Winter Haven |
Orlando | FL | 1986 | 100 | % | 159 | — | 159 | 89.9 | % | 7.79 | S | ||||||||||||||||||||
CP Fultondale |
Birmingham | AL | 2007 | 100 | % | 261 | 127 | 134 | 95.3 | % | 14.04 | |||||||||||||||||||||
Total Consolidated |
4 | 1,031 | 359 | 672 | 93.9 | % | $ | 15.24 | ||||||||||||||||||||||||
UNCONSOLIDATED PROPERTIES |
||||||||||||||||||||||||||||||||
OZRE Joint Venture |
||||||||||||||||||||||||||||||||
CP Alabaster |
Birmingham | AL | 2005 | 17 | % | 538 | 319 | 219 | 95.4 | % | $ | 15.54 | ||||||||||||||||||||
CP Beechwood |
Athens | GA | 1963/92/05 | 17 | % | 350 | — | 350 | 100.0 | % | 11.05 | |||||||||||||||||||||
CP Burnt Store |
Punta Gorda | FL | 1990 | 17 | % | 95 | — | 95 | 93.2 | % | 10.29 | |||||||||||||||||||||
CP Hunter’s Creek |
Orlando | FL | 1993/95 | 17 | % | 228 | — | 228 | 47.9 | % | 14.20 | |||||||||||||||||||||
CP Lakewood |
Jacksonville | FL | 1995 | 17 | % | 195 | — | 195 | 90.2 | % | 11.79 | |||||||||||||||||||||
CP Northdale |
Tampa | FL | 1988/2000 | 17 | % | 231 | 55 | 176 | 95.4 | % | 10.72 | |||||||||||||||||||||
CP Trussville |
Birmingham | AL | 2000 | 17 | % | 388 | — | 388 | 99.3 | % | 8.74 | |||||||||||||||||||||
CP Trussville II |
Birmingham | AL | 2004 | 17 | % | 283 | 225 | 58 | 95.2 | % | 16.19 | |||||||||||||||||||||
CS Clay |
Birmingham | AL | 1982/2004 | 17 | % | 66 | — | 66 | 89.9 | % | 12.45 | |||||||||||||||||||||
Kingwood Commons |
Houston | TX | 2003/2004 | 17 | % | 164 | — | 164 | 83.7 | % | 17.71 | |||||||||||||||||||||
CP at Portofino |
Houston | TX | 2000 | 17 | % | 372 | — | 372 | 88.3 | % | 15.62 | |||||||||||||||||||||
Totals |
11 | 2,910 | 599 | 2,312 | 89.4 | % | 12.59 | |||||||||||||||||||||||||
Totals (Weighted) |
11 | 395 | 89.4 | % | 12.59 | |||||||||||||||||||||||||||
DRA/CLP Joint Venture |
||||||||||||||||||||||||||||||||
CP TownPark |
Orlando | FL | 2005 | 15 | % | 198 | — | 198 | 92.5 | % | 15.00 | |||||||||||||||||||||
Colonial Shops Colonnade |
Birmingham | AL | 1989/2005 | 15 | % | 126 | — | 126 | 88.4 | % | 16.12 | |||||||||||||||||||||
Totals |
2 | 324 | — | 324 | 90.9 | % | 15.43 | |||||||||||||||||||||||||
Totals (Weighted) |
2 | 49 | 90.9 | % | 15.43 | |||||||||||||||||||||||||||
Parkway Place |
Huntsville | AL | 1999 | 45 | % | 636 | 348 | 288 | 84.4 | % | 29.27 | |||||||||||||||||||||
CP Hoover |
Birmingham | AL | 2002 | 10 | % | 381 | 216 | 165 | 95.9 | % | 12.37 | |||||||||||||||||||||
CP Madison |
Huntsville | AL | 2000 | 25 | % | 111 | — | 111 | 100.0 | % | 10.68 | |||||||||||||||||||||
Craft Farms |
Gulf Shores | AL | 2007 | 15 | % | 345 | 125 | 220 | LU | LU | ||||||||||||||||||||||
CP Alabaster II |
Birmingham | AL | 2007 | 5 | % | 355 | 226 | 129 | 98.6 | % | 16.53 | |||||||||||||||||||||
CP Tutwiler II |
Birmingham | AL | 2008 | 5 | % | 65 | — | 65 | 100.0 | % | 13.84 | |||||||||||||||||||||
CP Smyrna |
Smyrna | TN | 2008 | 50 | % | 368 | 268 | 101 | LU | LU | ||||||||||||||||||||||
CP Turkey Creek |
Knoxville | TN | 2005 | 50 | % | 486 | — | 486 | 97.4 | % | 19.81 | |||||||||||||||||||||
Totals |
8 | 2,746 | 1,182 | 1,563 | 94.7 | % | 18.70 | |||||||||||||||||||||||||
Totals (Weighted) |
8 | 593 | 93.6 | % | 21.04 | |||||||||||||||||||||||||||
Total Unconsolidated |
21 | 5,980 | 1,781 | 4,199 | 91.2 | % | 14.74 | |||||||||||||||||||||||||
Total Unconsolidated (Weighted) |
21 | — | — | 1,037 | 91.6 | % | 16.68 | |||||||||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||||||||||
Calico Corner |
Birmingham | AL | 0 | % | 6 | |||||||||||||||||||||||||||
Hoover Commons |
Birmingham | AL | 0 | % | 197 | |||||||||||||||||||||||||||
Bear Lake |
Orlando | FL | 0 | % | 131 | |||||||||||||||||||||||||||
CP Boulevard Square |
Pembroke Pines | FL | 0 | % | 221 | |||||||||||||||||||||||||||
CP Deerfield |
Deerfield Beach | FL | 0 | % | 379 | |||||||||||||||||||||||||||
CS College Parkway |
Ft. Myers | FL | 0 | % | 79 | |||||||||||||||||||||||||||
CS Pines Plaza |
Pembroke Pines | FL | 0 | % | 68 | |||||||||||||||||||||||||||
TOTAL MANAGED |
7 | 1,080 | ||||||||||||||||||||||||||||||
Total Retail Properties |
32 | 8,091 | 2,140 | 4,871 | 91.6 | % | $ | 14.82 | ||||||||||||||||||||||||
Total Retail Properties (Weighted) |
32 | 1,709 | 92.7 | % | $ | 16.02 | ||||||||||||||||||||||||||
Notes: | ||
LU = | Properties in lease up; these properties are not included in occupancies for Subtotals or Totals categories. | |
S = | Current year same-property portfolio: property has been in service for a full calendar year. Partially-owned properties are not included. | |
(1) | Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP. |
2Q08 | -34- | NYSE: CLP |
Units/ | CLP % | Occupancy | ||||||||||||||||||
Property | SF-000s | Own | Rate | Sec’d Debt | Equity Invest | |||||||||||||||
CMS Joint Venture I |
||||||||||||||||||||
Colonial Grand at Mountain Brook |
392 | 15 | % | 98.5 | % | $ | 2,955 | $ | 418 | |||||||||||
CMS Joint Venture II |
||||||||||||||||||||
Colonial Village at Rocky Ridge |
226 | 15 | % | 96.5 | % | 1,669 | (427 | ) | ||||||||||||
CMS Joint Venture III |
||||||||||||||||||||
Colonial Village at Palma Sola |
340 | 25 | % | 96.5 | % | 5,825 | (448 | ) | ||||||||||||
CMS Joint Venture IV |
||||||||||||||||||||
Colonial Grand at Brentwood |
254 | 25 | % | 99.6 | % | 4,805 | 239 | |||||||||||||
CMS Joint Venture V |
||||||||||||||||||||
Colonial Grand at Canyon Creek |
336 | 25 | % | 95.5 | % | 6,852 | 771 | |||||||||||||
DRA |
||||||||||||||||||||
Colony Woods |
414 | 10 | % | 98.3 | % | |||||||||||||||
Meadows of Brook Highland |
400 | 10 | % | 96.5 | % | |||||||||||||||
Madison at Shoal Run |
276 | 10 | % | 97.1 | % | |||||||||||||||
1,090 | 4,034 | 2,248 | ||||||||||||||||||
DRA |
||||||||||||||||||||
The Grove at Riverchase |
345 | 20 | % | 96.8 | % | 3,850 | 1,389 | |||||||||||||
Cunningham |
280 | 20 | % | 96.8 | % | 2,800 | 930 | |||||||||||||
Colonial Village at Cary |
319 | 20 | % | 95.3 | % | 4,320 | 1,773 | |||||||||||||
944 | 10,970 | 4,092 | ||||||||||||||||||
Other |
||||||||||||||||||||
Colonial Grand at Research Park |
370 | 20 | % | 94.6 | % | 4,614 | 1,117 | |||||||||||||
Colonial Grand at Huntcliff |
358 | 20 | % | 97.2 | % | 5,200 | 2,010 | |||||||||||||
Regents Park (1) |
23 | 40 | % | — | — | 5,150 | ||||||||||||||
Colonial Grand at Traditions |
324 | 35 | % | LU | 10,392 | 1,543 | ||||||||||||||
Belterra |
288 | 10 | % | 95.5 | % | 2,000 | 669 | |||||||||||||
Stone Ridge (2) |
191 | 10 | % | — | 520 | 454 | ||||||||||||||
Colonial Grand at McKinney (Development) |
541 | 25 | % | — | — | 1,274 | ||||||||||||||
2,095 | 22,726 | 12,217 | ||||||||||||||||||
Total Multifamily |
5,677 | 59,836 | 19,110 | |||||||||||||||||
Land Title Building |
30 | 33 | % | 100.0 | % | 356 | 103 | |||||||||||||
Colonial Center Mansell JV |
689 | 15 | % | 94.0 | % | 13,903 | 1,049 | |||||||||||||
DRA/CRT (3) |
8,393 | 15 | % | 89.5 | % | 145,217 | 19,445 | |||||||||||||
DRA/CLP (4) |
5,235 | 15 | % | 91.8 | % | 111,286 | (9,038 | ) | ||||||||||||
Huntsville TIC |
1,702 | 14 | % | 90.6 | % | 14,198 | (3,587 | ) | ||||||||||||
Total Office |
16,049 | 284,960 | 7,972 | |||||||||||||||||
OZRE (5) |
2,911 | 17 | % | 89.4 | % | 50,137 | (7,094 | ) | ||||||||||||
Other |
||||||||||||||||||||
Parkway Place |
636 | 45 | % | 80.1 | % | 26,272 | 10,218 | |||||||||||||
Colonial Promenade Madison |
111 | 25 | % | 100.0 | % | — | 2,234 | |||||||||||||
Colonial Promenade Hoover |
381 | 10 | % | 95.9 | % | 1,650 | 64 | |||||||||||||
Colonial Promenade Smyrna (Development) |
351 | 50 | % | LU | 15,329 | 2,148 | ||||||||||||||
Craft Farms |
345 | 15 | % | LU | 6,450 | 990 | ||||||||||||||
Colonial Pinnacle at Turkey Creek |
486 | 50 | % | 97.4 | % | 32,500 | 5,421 | |||||||||||||
Colonial Pinnacle at Turkey Creek III
(Development) |
167 | 50 | % | — | — | 6,431 | ||||||||||||||
Colonial Promenade Alabaster II/Tutwiler II |
193 | 5 | % | 99.3 | % | 2,000 | (134 | ) | ||||||||||||
2,670 | 84,201 | 27,372 | ||||||||||||||||||
Total Retail |
5,581 | (6) | 134,338 | 20,278 | ||||||||||||||||
Other Unconsolidated Investments |
97 | 1,843 | ||||||||||||||||||
Total Investments in Unconsolidated Subsidiaries |
$ | 479,231 | $ | 49,203 | ||||||||||||||||
Notes: | ||
LU = | Properties in lease up. | |
(1) | The Company has a first mortgage on this property of $28.1 million as of June 30, 2008. | |
(2) | The Company sold its 10% interest in Stone Ridge on June 16, 2008. | |
(3) | As of June 30, 2008, this joint venture included 17 properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(4) | As of June 30, 2008, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(5) | As of June 30, 2008, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. | |
(6) | Includes anchor-owned square footage. |
2Q08 | -35- | NYSE: CLP |
AVERAGE RENT PER
SQUARE FOOT (UNIT):
|
Base rental revenue charged to tenants divided by occupied square feet for retail and office properties. Average of monthly rent charged for occupied and rent asked for unoccupied units at month end for multifamily properties. Rental revenue used is on an annual basis for retail and office properties and on a monthly basis for multifamily properties. | |
CAPITALIZED LEASING
COMMISSIONS:
|
Commissions paid for obtaining a lease which have been capitalized and are to be amortized over the lease term. | |
CONCESSIONS:
|
Relief or reduction of rent charges for a specified period, negotiated as a part of entering into a lease agreement. | |
DIVIDEND PER SHARE:
|
The dividends/distributions paid to each shareholder of Colonial Properties Trust and to each partner of Colonial Realty Limited Partnership as of a specific date. | |
EBITDA:
|
Earnings before interest, taxes, depreciation and amortization excluding the effects of gains (losses) from sales of property. | |
FFO PER SHARE:
|
FFO divided by the weighted average shares outstanding during the period, assuming the conversion of minority interest limited partnership units in Colonial Realty Limited Partnership into the Company’s Common Shares. | |
FUNDS FROM OPERATIONS
(FFO):
|
Calculated per the NAREIT White Paper. Net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring and sales of property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. | |
LEASING EXECUTION:
|
Information related to lease agreements entered into during the period including square footage leased, rental dollars (specifically defined below), concessions, tenant improvements, and capitalized leasing commissions. | |
OCCUPANCY RATE:
|
Total square feet (units) rented divided by net rentable square feet (units) on the date indicated. | |
OPERATING EXPENSES:
|
Total operating expenses (as reported by the Company to the SEC in its periodic filings) less depreciation and amortization. This amount does not include other income and expenses such as interest and gains or losses on sales of assets. | |
PERCENT GROWTH:
|
Percentage increase of an item when compared to the same item from the same quarter in the prior-year. | |
PROPERTY OR
DIVISIONAL NET
OPERATING INCOME:
|
Property revenues less property operating expenses. | |
RENTAL DOLLARS
(LEASING EXECUTION):
|
Total annual revenues to be earned the first year from renewed or re-leased space. | |
SAME PROPERTY:
|
Properties owned in the current year which were also owned for the 12 calendar months of the prior year; same-property may be restated during the year to account for any disposition activity. | |
STOCK PRICE PER SHARE:
|
The closing price reported by the New York Stock Exchange on the date indicated. | |
TENANT IMPROVEMENTS
(TI):
|
A capital expense used to improve the physical space occupied by a new or new (re-leasing) tenant. Tenant improvements are amortized over the term of the lease or the life of the asset, whichever is longer. | |
TOTAL MARKET
CAPITALIZATION:
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The sum of total notes and mortgages payable plus the total market value of all shares and units outstanding at the market price per share on the date indicated. |
2Q08 | -34- | NYSE: CLP |