TABLE OF CONTENTS | ||||||
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 Nine Month Income Summary | 15 | |||||
Operational Statistics | 17 | |||||
5. |
For-Sale Residential Activities | 18 | ||||
6. |
Consolidated Data | |||||
Development Pipeline | 19 | |||||
Significant Property Acquisitions and Dispositions | 20 | |||||
Debt Summary/Coverage Ratios/Covenants/Market Capitalization | 21 | |||||
Supplemental Data / Investment Activities | 23 | |||||
7. |
Corporate Reconciliations | |||||
Revenues / Expenses / NOI | 24 | |||||
NOI from Discontinued Operations/EBITDA | 26 | |||||
SEC Coverage Ratios | 27 | |||||
8. |
Appendix | |||||
Multifamily Community Table | 28 | |||||
Office Property Table | 31 | |||||
Retail Property Table | 33 | |||||
Unconsolidated Joint Venture Summary | 34 | |||||
9. |
Glossary of Terms | 35 |
-2-
Achieve Consistent Long-term Performance through: - Owning a multifamily focused portfolio - Managing multifamily, office, retail and mixed-use properties - Investing in high growth Sunbelt cities - Achieving operating excellence - Emphasizing mixed-use development - Pursuing strategic acquisition, disposition and development opportunities - Delivering additional income from the taxable REIT subsidiary (TRS) - Ensuring a strong balance sheet |
CONTACT INFORMATION |
||
Headquarters
|
Investor Relations | |
Colonial Properties Trust
|
Jerry Brewer | |
2101 Sixth Avenue North, Suite 750
|
Senior Vice President | |
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 | ||
TRANSFER AGENT |
||
Computershare
|
The Company’s Transfer Agent manages all activities for | |
P.O. Box 43010
|
registered shareholders including basic account updates, | |
Providence, RI 02940-3010
|
initial share purchases, dividend reinvestments, share | |
Investor Relations: 800-730-6001
|
transfers and sales as well as optional cash investments. | |
www.computershare.com |
EQUITY RESEARCH COVERAGE | ||||
Bank of America
|
Dustin Pizzo | 212-847-5771 | ||
Bear Stearns
|
Ross Smotrich / Amy Young | 212-272-8046 / 212-272-3523 | ||
BMO Capital Markets
|
Rich Anderson | 212-885-4180 | ||
Cantor Fitzgerald
|
Philip Martin | 312-469-7485 | ||
Citigroup Smith Barney
|
Jon Litt / Craig Melcher | 212-816-0231 / 212-816-1909 | ||
Green Street Advisors
|
Craig Leupold | 949-640-8780 | ||
Keefe, Bruyette & Woods
|
Steve Swett | 212-887-3680 | ||
Merrill Lynch
|
Bill Acheson / David Bragg | 212-449-1920 / 212-449-8922 | ||
Morgan Keegan
|
Napoleon Overton / Troy Garner | 901-579-4865 / 901-531-3397 | ||
Standard & Poor’s Research
|
Raymond Mathis | 212-438-9558 | ||
Stifel Nicolaus
|
Rod Petrick | 410-454-4131 | ||
UBS
|
Alex Goldfarb | 212-713-8602 |
FYE 2007 Range (1) | FYE 2008 Range | ||||||||||||||||
Diluted Earnings per Share |
$ | 7.63 | $ | 7.88 | $ | 1.15 | $ | 1.45 | |||||||||
Plus: Real Estate Depreciation & Amortization |
2.75 | 2.75 | 1.85 | 1.85 | |||||||||||||
Less: Gain on Sale of Assets |
(8.65 | ) | (8.85 | ) | (0.85 | ) | (1.05 | ) | |||||||||
Diluted Funds from Operations per Share |
$ | 1.73 | $ | 1.78 | $ | 2.15 | $ | 2.25 | |||||||||
(1) | Includes transaction related and other charges of $0.32 EPS and FFOPS reflected in the second quarter, a non-cash impairment charge of $0.47 EPS and FFOPS related to the Company’s for-sale residential business reflected in the third quarter and an anticipated $0.03 to be recorded in the fourth quarter related to the termination of the Company’s defined benefit pension plan. |
-3-
($ in 000s, except per share and unit data) | Three Months Ended | Nine Months Ended | ||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Total property revenues (1) |
$ | 78,793 | $ | 131,623 | $ | 325,593 | $ | 399,350 | ||||||||
Multifamily property revenues (1) |
73,249 | 76,323 | 222,945 | 222,213 | ||||||||||||
Multifamily property NOI (1) |
42,326 | 44,389 | 132,032 | 131,983 | ||||||||||||
Management & leasing fee revenues |
5,490 | 4,891 | 14,044 | 13,523 | ||||||||||||
EBITDA (2) |
56,292 | 91,954 | 217,402 | 288,300 | ||||||||||||
Net income |
||||||||||||||||
Per share — basic (3) |
0.03 | 0.32 | 7.33 | 1.07 | ||||||||||||
Per share — diluted (3) |
0.03 | 0.32 | 7.23 | 1.06 | ||||||||||||
Funds from operations |
||||||||||||||||
Per share — basic (3) |
0.03 | 0.79 | 1.16 | 2.49 | ||||||||||||
Per share — diluted (3) |
0.03 | 0.79 | 1.15 | 2.47 | ||||||||||||
Dividends per share (4) |
0.68 | 0.68 | 2.04 | 2.04 | ||||||||||||
Dividends/EPS (diluted) payout ratio |
N/A | 212.5 | % | 28.2 | % | 192.5 | % | |||||||||
Dividends/FFO (diluted) payout ratio |
N/A | 86.1 | % | 177.4 | % | 82.6 | % | |||||||||
Consolidated interest expense (1) |
$ | 17,843 | $ | 31,937 | $ | 72,326 | $ | 95,685 | ||||||||
Consolidated interest income (1) |
2,953 | 1,932 | 7,182 | 5,883 | ||||||||||||
Net interest expensed (1) |
14,890 | 30,005 | 65,144 | 89,802 | ||||||||||||
Pro-rata share of joint venture interest expense |
7,468 | 6,318 | 18,328 | 17,914 | ||||||||||||
Principal amortization |
168 | 1,456 | 2,724 | 4,567 | ||||||||||||
Preferred dividends & distributions |
4,352 | 6,363 | 16,337 | 21,792 | ||||||||||||
Interest coverage ratio |
2.2x | 2.4x | 2.4x | 2.5x | ||||||||||||
Fixed charge coverage ratio |
1.9x | 2.0x | 2.0x | 2.1x | ||||||||||||
Fixed charge w/capitalized interest ratio |
1.5x | 1.8x | 1.7x | 1.9x | ||||||||||||
Multifamily same property NOI Increase (5) |
5.3 | % | 4.2 | % | 5.2 | % | 5.8 | % | ||||||||
(# of apartment homes included) |
24,060 | 27,604 | 24,060 | 27,604 |
As of | As of | |||||||
9/30/2007 | 12/31/2006 | |||||||
Total assets |
$ | 3,250,335 | $ | 4,431,777 | ||||
Total debt |
$ | 1,629,502 | $ | 2,397,906 | ||||
Common shares and units, outstanding end of
period |
57,196 | 56,724 | ||||||
Share price, end of period (6) |
$ | 34.30 | $ | 46.88 | ||||
Preferred shares and units, end of period (7) |
$ | 225,000 | $ | 329,760 | ||||
Book equity value, end of period (8) |
$ | 1,480,190 | $ | 1,883,111 | ||||
Market equity value, end of period (8) |
$ | 1,961,823 | $ | 2,659,221 | ||||
Debt to total market capitalization ratio (9) |
42.7 | % | 44.5 | % | ||||
Unencumbered real estate assets (at cost)
to unsecured debt ratio |
208.8 | % | 187.3 | % |
(1) | Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25. | |
(2) | For a reconciliation of EBITDA, see page 26. | |
(3) | The three months ended September 30, 2007 includes $0.47 EPS and FFO per diluted share, net of tax, of non-cash impairment charge related to the Company’s for-sale residential business. In addition to the charges incurred during the three months ended September 30, 2007, the nine months ended September 30, 2007 includes $0.32 EPS and FFO per diluted share of transaction related and other charges. See notes to FFO reconciliation on page 6. | |
(4) | Dividends paid during the nine months ended September 30, 2007 excludes special dividend of $10.75 per share. | |
(5) | Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, as adjusted for dispositions during the year. | |
(6) | Stock price as of September 28, 2007 includes effect of special dividend of $10.75 per share, which was paid on June 27, 2007. | |
(7) | The Company redeemed all remaining outstanding Series E Preferred shares during the three months ended June 30, 2007. | |
(8) | Includes common and shares and units. | |
(9) | Excludes the Company’s pro-rata share of partially-owned unconsolidated debt. |
-4-
($ in 000s, except per share data) | Three Months Ended | Nine Months Ended | ||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Revenue |
||||||||||||||||
Minimum Rent |
$ | 67,892 | $ | 93,858 | $ | 264,006 | $ | 279,229 | ||||||||
Tenant Recoveries |
1,026 | 5,391 | 10,672 | 16,950 | ||||||||||||
Other Property Related Revenue |
7,828 | 7,617 | 26,340 | 22,283 | ||||||||||||
Construction Revenues |
11,154 | 6,868 | 32,007 | 26,793 | ||||||||||||
Other Non-Property Related Revenue |
5,490 | 4,891 | 14,044 | 13,523 | ||||||||||||
Total Revenue |
93,390 | 118,625 | 347,069 | 358,778 | ||||||||||||
Operating Expenses |
||||||||||||||||
Operating Expenses: |
||||||||||||||||
Property Operating Expenses |
21,966 | 27,120 | 76,697 | 76,489 | ||||||||||||
Taxes, Licenses, and Insurance |
10,301 | 13,138 | 36,942 | 37,684 | ||||||||||||
Total Property Operating Expenses |
32,267 | 40,258 | 113,639 | 114,173 | ||||||||||||
Construction Expenses |
9,280 | 6,653 | 29,146 | 25,680 | ||||||||||||
Property Management Expenses |
2,365 | 3,258 | 9,812 | 9,800 | ||||||||||||
General and Administrative Expenses |
5,782 | 6,279 | 19,710 | 16,025 | ||||||||||||
Management Fee and Other Expenses |
3,984 | 3,051 | 11,145 | 9,044 | ||||||||||||
Restructuring Charges |
— | — | 1,528 | — | ||||||||||||
Depreciation |
23,842 | 32,189 | 89,763 | 96,561 | ||||||||||||
Amortization |
835 | 4,479 | 9,741 | 13,454 | ||||||||||||
Impairment |
44,129 | — | 44,129 | — | ||||||||||||
Total Operating Expenses |
122,484 | 96,167 | 328,613 | 284,737 | ||||||||||||
Income (Loss) from Operations |
(29,094 | ) | 22,458 | 18,456 | 74,041 | |||||||||||
Other Income (Expense) |
||||||||||||||||
Interest Expense & Debt Cost Amortization |
(19,111 | ) | (31,585 | ) | (76,527 | ) | (93,710 | ) | ||||||||
Losses on Retirement of Debt |
— | — | (12,521 | ) | (628 | ) | ||||||||||
Interest Income |
2,852 | 1,929 | 6,892 | 5,864 | ||||||||||||
Income (Loss) from Partially-Owned Investments |
6,886 | (2,101 | ) | 11,609 | (4,105 | ) | ||||||||||
Gain on Hedging Activities |
— | 37 | 345 | 2,589 | ||||||||||||
Gain on Sale of Property, net of income taxes of $628 (Q3) and
$1,475 (YTD) in 2007 and $162 (Q3) and $1,484 (YTD) in 2006 |
12,777 | 1,443 | 303,776 | 39,551 | ||||||||||||
Income Taxes and Other |
16,545 | 138 | 15,733 | (1,008 | ) | |||||||||||
Total Other Income (Expense) |
19,949 | (30,139 | ) | 249,307 | (51,447 | ) | ||||||||||
Income (Loss) before Minority Interest
& Discontinued Operations |
(9,145 | ) | (7,681 | ) | 267,763 | 22,594 | ||||||||||
Minority Interest |
||||||||||||||||
Minority Interest of Limited Partners |
20 | 406 | 245 | 482 | ||||||||||||
Minority Interest in CRLP — Preferred |
(1,813 | ) | (1,813 | ) | (5,437 | ) | (5,438 | ) | ||||||||
Minority Interest in CRLP — Common |
3,858 | 2,560 | 8,535 | 162 | ||||||||||||
Total Minority Interest |
2,065 | 1,153 | 3,343 | (4,794 | ) | |||||||||||
Income (Loss) from Continuing Operations |
(7,080 | ) | (6,528 | ) | 271,106 | 17,800 | ||||||||||
Discontinued Operations |
||||||||||||||||
Income from Discontinued Operations |
759 | 8,119 | 9,370 | 22,229 | ||||||||||||
Gain on Disposal of Discontinued Operations, net of
income taxes of $95 (Q3) and $1,779 (YTD) in 2007 and
$2,178 (Q3) and $6,766 (YTD) in 2006 |
13,108 | 23,661 | 87,392 | 41,382 | ||||||||||||
Minority Interest in CRLP — Common |
(2,478 | ) | (5,949 | ) | (17,667 | ) | (11,603 | ) | ||||||||
Minority Interest of Limited Partners |
6 | 24 | (67 | ) | (2,650 | ) | ||||||||||
Income from Discontinued Operations |
11,395 | 25,855 | 79,028 | 49,358 | ||||||||||||
Net Income |
4,315 | 19,327 | 350,134 | 67,158 | ||||||||||||
Dividends to Preferred Shareholders |
(2,539 | ) | (4,550 | ) | (10,900 | ) | (16,354 | ) | ||||||||
Preferred Share Issuance Costs |
(29 | ) | (45 | ) | (360 | ) | (2,128 | ) | ||||||||
Net Income Available to Common Shareholders |
$ | 1,747 | $ | 14,732 | $ | 338,874 | $ | 48,676 | ||||||||
Earnings (Loss) per Share — Basic |
||||||||||||||||
Continuing Operations |
$ | (0.21 | ) | $ | (0.25 | ) | $ | 5.62 | $ | (0.02 | ) | |||||
Discontinued Operations |
0.24 | 0.57 | 1.71 | 1.09 | ||||||||||||
EPS — Basic |
$ | 0.03 | $ | 0.32 | $ | 7.33 | $ | 1.07 | ||||||||
Earnings (Loss) per Share — Diluted |
||||||||||||||||
Continuing Operations |
$ | (0.21 | ) | $ | (0.25 | ) | $ | 5.54 | $ | (0.01 | ) | |||||
Discontinued Operations |
0.24 | 0.57 | 1.69 | 1.07 | ||||||||||||
EPS — Diluted |
$ | 0.03 | $ | 0.32 | $ | 7.23 | $ | 1.06 | ||||||||
-5-
($ in 000s, except per share data) | Three Months Ended | Nine Months Ended | ||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Net Income Available to Common Shareholders |
$ | 1,747 | $ | 14,732 | $ | 338,874 | $ | 48,676 | ||||||||
Minority Interest in CRLP (Operating Ptr Unitholders) |
(1,380 | ) | 3,389 | 9,132 | 11,440 | |||||||||||
Minority Interest in Gain/(Loss) on Sale of Undepreciated Property |
(26 | ) | (430 | ) | (250 | ) | 2,168 | |||||||||
Total |
341 | 17,691 | 347,756 | 62,284 | ||||||||||||
Adjustments — Consolidated Properties |
||||||||||||||||
Depreciation — Real Estate |
23,455 | 35,983 | 89,703 | 112,343 | ||||||||||||
Amortization — Real Estate |
545 | 4,754 | 9,223 | 16,341 | ||||||||||||
Remove: Gain/(Loss) on Sale of Property, net of Income Tax |
(25,885 | ) | (25,103 | ) | (391,168 | ) | (80,932 | ) | ||||||||
Include: Gain/(Loss) on Sale of Undepreciated
Property, net of Income Tax and Minority Interest |
4,790 | 5,766 | 10,188 | 15,432 | ||||||||||||
Total Adjustments — Consolidated |
2,905 | 21,400 | (282,054 | ) | 63,184 | |||||||||||
Adjustments — Unconsolidated Properties |
||||||||||||||||
Depreciation — Real Estate |
4,616 | 4,115 | 11,758 | 11,525 | ||||||||||||
Amortization — Real Estate |
2,132 | 1,154 | 5,186 | 4,034 | ||||||||||||
Remove: Gain/(Loss) on Sale of Property |
(8,339 | ) | (134 | ) | (16,893 | ) | (1,334 | ) | ||||||||
Total Adjustments — Unconsolidated |
(1,591 | ) | 5,135 | 51 | 14,225 | |||||||||||
Funds from Operations (1)(2) |
$ | 1,655 | $ | 44,226 | $ | 65,753 | $ | 139,693 | ||||||||
FFO per Share (1)(2) |
||||||||||||||||
Basic |
$ | 0.03 | $ | 0.79 | $ | 1.16 | $ | 2.49 | ||||||||
Diluted |
$ | 0.03 | $ | 0.79 | $ | 1.15 | $ | 2.47 |
(1) | FFO for the three and nine months ended September 30, 2007 includes a $43.3 million ($26.8 million, net of income taxes) non-cash impairment charge related to the Company’s for-sale residential business, which is equivalent to $0.47 per share (net of income taxes) per period. This charge is not added back to net income (loss) for the respective periods when calculating FFO. | |
(2) | During the three months ended June 30, 2007, we recorded $0.32 per diluted share, or $18.2 million of transaction related and other charges primarily related to the completion of the company’s strategic initiative transactions. 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. |
(shares and units in 000s) | Three Months Ended | Nine Months Ended | ||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Basic |
||||||||||||||||
Shares |
46,574 | 45,706 | 46,255 | 45,372 | ||||||||||||
Operating Partnership Units (OP Units) |
10,219 | 10,580 | 10,426 | 10,712 | ||||||||||||
Total Shares & OP Units |
56,793 | 56,286 | 56,681 | 56,084 | ||||||||||||
Dilutive Common Share Equivalents |
— | — | 639 | 486 | ||||||||||||
Diluted (1) |
||||||||||||||||
Shares |
46,574 | 45,706 | 46,894 | 45,858 | ||||||||||||
Total Shares & OP Units |
56,793 | 56,286 | 57,320 | 56,570 |
(1) | For periods where the Company reported a net loss from continuing operations (after preferred dividends), the effect of dilutive shares has been excluded from per share computations as including such shares would be anti-dilutive. |
-6-
As of | As of | |||||||
9/30/2007 | 12/31/2006 | |||||||
ASSETS |
||||||||
Real Estate Assets |
||||||||
Operating Properties |
$ | 2,612,461 | $ | 3,601,883 | ||||
Undeveloped Land & Construction in Progress |
518,652 | 434,196 | ||||||
Total Real Estate, before Depreciation |
3,131,113 | 4,036,079 | ||||||
Less: Accumulated Depreciation |
(301,775 | ) | (420,374 | ) | ||||
Real Estate Assets Held for Sale, net |
49,652 | 381,445 | ||||||
Net Real Estate Assets |
2,878,990 | 3,997,150 | ||||||
Cash and Equivalents |
153,042 | 87,647 | ||||||
Restricted Cash |
10,754 | 15,907 | ||||||
Accounts Receivable, net |
26,273 | 26,138 | ||||||
Notes Receivable |
31,747 | 61,269 | ||||||
Prepaid Expenses |
7,402 | 19,519 | ||||||
Deferred Debt and Lease Costs |
15,207 | 42,258 | ||||||
Investment in Unconsolidated Subsidiaries |
78,559 | 92,892 | ||||||
Other Assets |
48,361 | 88,997 | ||||||
Total Assets |
$ | 3,250,335 | $ | 4,431,777 | ||||
LIABILITIES |
||||||||
Long-Term Liabilities |
||||||||
Unsecured Credit Facility |
$ | 27,000 | $ | 185,000 | ||||
Notes and Mortgages Payable |
1,602,502 | 2,165,884 | ||||||
Mortages Payable Related to Real Estate Assets Held
for Sale |
— | 47,022 | ||||||
Total Long-Term Liabilities |
1,629,502 | 2,397,906 | ||||||
Other Liabilities |
140,643 | 150,760 | ||||||
Total Liabilities |
1,770,145 | 2,548,666 | ||||||
MINORITY INTEREST & EQUITY |
||||||||
Limited Partners’ Interest in Consolidated Partnership |
2,613 | 7,406 | ||||||
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 |
125,000 | 125,000 | ||||||
Series E 7 5/8%, Preferred Shares |
— | 104,760 | ||||||
Total Preferred Shares and Units, at Liquidation
Value |
225,000 | 329,760 | ||||||
Common Equity, including Minority Interest in
Operating Partnership |
1,252,577 | 1,545,945 | ||||||
Total Equity, including Minority Interest |
1,480,190 | 1,883,111 | ||||||
Total Liabilities and Equity |
$ | 3,250,335 | $ | 4,431,777 | ||||
As of | As of | |||||||
9/30/2007 | 12/31/2006 | |||||||
Basic |
||||||||
Shares |
46,976 | 46,145 | ||||||
Operating Partnership Units (OP Units) |
10,220 | 10,579 | ||||||
Total Shares & OP Units |
57,196 | 56,724 | ||||||
Dilutive Common Share Equivalents |
639 | 536 | ||||||
Diluted |
||||||||
Shares |
47,615 | 46,681 | ||||||
Total Shares & OP Units |
57,835 | 57,260 |
-7-
Same | Non Same | Wholly | Joint | Stabilized | Completed in | Total | Under | |||||||||||||||||||||||||||||
Property | Property | Owned | Venture (1) | Operating | Lease-Up | Operating | Development | Total | ||||||||||||||||||||||||||||
Atlanta |
1,857 | 1,424 | 3,281 | 72 | 3,353 | — | 3,353 | — | 3,353 | |||||||||||||||||||||||||||
Austin |
1,232 | 678 | 1,910 | 56 | 1,966 | 84 | 2,050 | 676 | 2,726 | |||||||||||||||||||||||||||
Birmingham |
1,262 | — | 1,262 | 271 | 1,533 | — | 1,533 | — | 1,533 | |||||||||||||||||||||||||||
Charleston |
1,314 | 264 | 1,578 | — | 1,578 | — | 1,578 | — | 1,578 | |||||||||||||||||||||||||||
Charlotte |
2,772 | 904 | 3,676 | 68 | 3,744 | — | 3,744 | 834 | 4,578 | |||||||||||||||||||||||||||
Dallas |
2,284 | 426 | 2,710 | 32 | 2,742 | — | 2,742 | — | 2,742 | |||||||||||||||||||||||||||
Fort Worth |
1,684 | 886 | 2,570 | 65 | 2,635 | — | 2,635 | — | 2,635 | |||||||||||||||||||||||||||
Huntsville |
836 | — | 836 | — | 836 | — | 836 | — | 836 | |||||||||||||||||||||||||||
Orlando |
2,252 | — | 2,252 | — | 2,252 | — | 2,252 | 600 | 2,852 | |||||||||||||||||||||||||||
Phoenix |
— | 952 | 952 | — | 952 | — | 952 | 439 | 1,391 | |||||||||||||||||||||||||||
Raleigh |
1,714 | 264 | 1,978 | 138 | 2,116 | — | 2,116 | 365 | 2,481 | |||||||||||||||||||||||||||
Richmond |
1,696 | — | 1,696 | — | 1,696 | — | 1,696 | — | 1,696 | |||||||||||||||||||||||||||
Savannah |
837 | 312 | 1,149 | — | 1,149 | — | 1,149 | 288 | 1,437 | |||||||||||||||||||||||||||
Other |
4,320 | 0 | 4,320 | 210 | 4,530 | 359 | 4,889 | 858 | 5,747 | |||||||||||||||||||||||||||
Total Portfolio |
24,060 | 6,110 | 30,170 | 911 | 31,081 | 443 | 31,524 | 4,060 | 35,584 |
(1) | Joint venture units shown represents the Company’s pro-rata share of total units. There are 5,943 total units at the Company’s partially-owned apartment communities. |
Total NOI | ||||||||||||||||||||||||||||||||
Same Property | Incl. JVs at | Sept 30, | Jun 30, | Mar 31, | Dec 31, | Sept 30, | ||||||||||||||||||||||||||
Communities | Pro Rata % (4) | 2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||||||||||||
Atlanta |
8.7 | % | 12.0 | % | 95.0 | % | 95.9 | % | 96.7 | % | 94.7 | % | 95.4 | % | ||||||||||||||||||
Austin |
4.4 | % | 6.0 | % | 96.0 | % | 96.9 | % | 97.4 | % | 96.7 | % | 96.5 | % | ||||||||||||||||||
Birmingham |
4.5 | % | 4.3 | % | 95.1 | % | 97.0 | % | 96.6 | % | 94.6 | % | 96.2 | % | ||||||||||||||||||
Charleston |
5.5 | % | 5.4 | % | 95.8 | % | 97.1 | % | 95.9 | % | 96.5 | % | 97.8 | % | ||||||||||||||||||
Charlotte |
11.3 | % | 10.7 | % | 94.1 | % | 95.0 | % | 94.8 | % | 94.4 | % | 95.4 | % | ||||||||||||||||||
Dallas |
7.0 | % | 6.9 | % | 95.3 | % | 95.8 | % | 96.7 | % | 96.2 | % | 97.3 | % | ||||||||||||||||||
Fort Worth |
5.3 | % | 7.0 | % | 96.5 | % | 96.7 | % | 96.5 | % | 96.9 | % | 96.7 | % | ||||||||||||||||||
Huntsville |
3.6 | % | 2.9 | % | 98.2 | % | 97.4 | % | 94.1 | % | 95.6 | % | 97.0 | % | ||||||||||||||||||
Orlando |
12.5 | % | 10.0 | % | 97.6 | % | 98.3 | % | 97.3 | % | 95.9 | % | 96.8 | % | ||||||||||||||||||
Phoenix |
N/A | 3.7 | % | 85.2 | % | 81.6 | % | 87.9 | % | 95.6 | % | 93.3 | % | |||||||||||||||||||
Raleigh |
7.4 | % | 6.2 | % | 94.7 | % | 95.0 | % | 94.6 | % | 95.9 | % | 95.1 | % | ||||||||||||||||||
Richmond |
7.4 | % | 5.9 | % | 96.5 | % | 96.8 | % | 96.9 | % | 96.1 | % | 94.0 | % | ||||||||||||||||||
Savannah |
3.5 | % | 3.2 | % | 95.5 | % | 96.1 | % | 95.9 | % | 97.3 | % | 98.0 | % | ||||||||||||||||||
Other |
18.9 | % | 15.8 | % | 95.4 | % | 96.3 | % | 96.8 | % | 95.7 | % | 96.3 | % | ||||||||||||||||||
Total Portfolio |
100.0 | % | 100.0 | % | 95.3 | % | 95.9 | % | 96.0 | % | 95.5 | % | 96.2 | % | ||||||||||||||||||
Same Property |
96.0 | % | 96.6 | % | 96.5 | % | 95.8 | % | 96.3 | % |
(2) | For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25. | |
(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 28. | |
(4) | Based on total NOI from wholly-owned operating communities and the Company’s pro-rata share of total NOI from joint-venture communities. |
-8-
Apartment | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Homes | 9/30/2007 | 9/30/2006 | Change | 9/30/2007 | 9/30/2006 | Change | ||||||||||||||||||||||
Property Revenues |
||||||||||||||||||||||||||||
Same Property Communities |
24,060 | $ | 58,150 | $ | 55,513 | $ | 2,637 | $ | 173,274 | $ | 165,197 | $ | 8,077 | |||||||||||||||
Non-Same Property Communities |
6,110 | 14,573 | 7,378 | 7,195 | 42,380 | 11,810 | 30,569 | |||||||||||||||||||||
Joint Venture Communities (2) |
911 | 2,217 | 1,687 | 530 | 6,252 | 4,748 | 1,504 | |||||||||||||||||||||
Development and Lease Up Communities |
4,503 | 656 | 23 | 634 | 903 | 24 | 879 | |||||||||||||||||||||
Dispositions / Other |
— | 240 | 16,489 | (16,249 | ) | 7,954 | 54,708 | (46,754 | ) | |||||||||||||||||||
Total Property Revenues |
35,584 | $ | 75,836 | $ | 81,089 | $ | (5,253 | ) | $ | 230,763 | $ | 236,487 | $ | (5,724 | ) | |||||||||||||
Property Expenses |
||||||||||||||||||||||||||||
Same Property Communities |
24,060 | $ | 23,244 | $ | 22,355 | $ | 890 | $ | 67,339 | $ | 64,500 | $ | 2,839 | |||||||||||||||
Non-Same Property Communities |
6,110 | 6,686 | 3,126 | 3,560 | 17,531 | 5,038 | 12,494 | |||||||||||||||||||||
Joint Venture Communities (2) |
911 | 1,038 | 826 | 212 | 2,948 | 2,183 | 764 | |||||||||||||||||||||
Development and Lease Up Communities |
4,503 | 881 | 25 | 855 | 1,239 | 45 | 1,195 | |||||||||||||||||||||
Dispositions / Other |
— | 352 | 7,776 | (7,424 | ) | 6,004 | 24,422 | (18,419 | ) | |||||||||||||||||||
Total Property Expenses |
35,584 | $ | 32,201 | $ | 34,109 | $ | (1,908 | ) | $ | 95,061 | $ | 96,188 | $ | (1,126 | ) | |||||||||||||
Property Net Operating Income |
||||||||||||||||||||||||||||
Same Property Communities |
24,060 | $ | 34,906 | $ | 33,159 | $ | 1,747 | $ | 105,935 | $ | 100,697 | $ | 5,237 | |||||||||||||||
Non-Same Property Communities |
6,110 | 7,887 | 4,251 | 3,635 | 24,848 | 6,773 | 18,076 | |||||||||||||||||||||
Joint Venture Communities (2) |
911 | 1,179 | 860 | 319 | 3,304 | 2,565 | 740 | |||||||||||||||||||||
Development and Lease Up Communities |
4,503 | (224 | ) | (3 | ) | (222 | ) | (336 | ) | (20 | ) | (316 | ) | |||||||||||||||
Dispositions / Other |
— | (112 | ) | 8,713 | (8,824 | ) | 1,950 | 30,285 | (28,335 | ) | ||||||||||||||||||
Total Property Net Operating Income |
35,584 | $ | 43,635 | $ | 46,980 | $ | (3,345 | ) | $ | 135,702 | $ | 140,300 | $ | (4,598 | ) |
(1) | For the GAAP reconciliation of revenues, expenses and NOI, see page 24 and 25. | |
(2) | Includes the Company’s pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities. |
Apartment | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Homes | 9/30/2007 | 9/30/2006 | Change | 9/30/2007 | 9/30/2006 | Change | ||||||||||||||||||||||
Capitalized Expenses |
||||||||||||||||||||||||||||
Same Property Communities |
24,060 | $ | 5,819 | $ | 5,003 | $ | 816 | $ | 14,320 | 11,155 | $ | 3,165 | ||||||||||||||||
Non-Same Property Communities |
6,110 | 1,248 | 581 | 668 | 1,758 | 820 | 938 | |||||||||||||||||||||
Joint Venture Communities |
911 | 401 | 140 | 261 | 874 | 247 | 627 | |||||||||||||||||||||
Development and Lease Up Communities |
4,503 | 3 | 1 | 2 | 11 | 3 | 8 | |||||||||||||||||||||
Dispositions / Other |
— | 622 | 1,284 | (663 | ) | 2,081 | 3,289 | (1,208 | ) | |||||||||||||||||||
Total Property Capitalized Expenses |
35,584 | $ | 8,093 | $ | 7,009 | $ | 1,084 | $ | 19,044 | $ | 15,513 | $ | 3,531 | |||||||||||||||
Capitalized Expenses per Unit |
||||||||||||||||||||||||||||
Same Property Communities |
24,060 | $ | 242 | $ | 208 | $ | 34 | $ | 595 | $ | 464 | $ | 132 | |||||||||||||||
Non-Same Property Communities |
6,110 | 204 | 95 | 109 | 288 | 134 | 154 | |||||||||||||||||||||
Joint Venture Communities |
911 | 440 | 154 | 286 | 959 | 271 | 688 | |||||||||||||||||||||
Total Per Unit |
31,081 | $ | 260 | $ | 226 | $ | 35 | $ | 613 | $ | 499 | $ | 114 |
-9-
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
3Q07 | 3Q06 | % Chg | 3Q07 | 3Q06 | % Chg | 3Q07 | 3Q06 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 5,181 | $ | 4,959 | 4.5 | % | $ | 2,120 | $ | 1,784 | 18.8 | % | $ | 3,061 | $ | 3,175 | (3.6 | %) | ||||||||||||||||||
Austin |
2,823 | 2,642 | 6.9 | % | 1,420 | 1,416 | 0.3 | % | 1,403 | 1,226 | 14.4 | % | ||||||||||||||||||||||||
Birmingham |
2,814 | 2,760 | 2.0 | % | 1,176 | 1,041 | 13.0 | % | 1,638 | 1,719 | (4.7 | %) | ||||||||||||||||||||||||
Charleston |
3,121 | 3,023 | 3.3 | % | 1,172 | 1,132 | 3.6 | % | 1,949 | 1,892 | 3.0 | % | ||||||||||||||||||||||||
Charlotte |
6,013 | 5,546 | 8.4 | % | 2,462 | 2,277 | 8.2 | % | 3,551 | 3,269 | 8.6 | % | ||||||||||||||||||||||||
Dallas |
4,777 | 4,668 | 2.3 | % | 2,289 | 2,246 | 1.9 | % | 2,488 | 2,422 | 2.7 | % | ||||||||||||||||||||||||
Fort Worth |
3,599 | 3,291 | 9.4 | % | 1,733 | 1,773 | -2.3 | % | 1,866 | 1,517 | 23.0 | % | ||||||||||||||||||||||||
Huntsville |
2,092 | 1,931 | 8.4 | % | 701 | 774 | -9.5 | % | 1,391 | 1,156 | 20.3 | % | ||||||||||||||||||||||||
Orlando |
6,980 | 6,966 | 0.2 | % | 2,366 | 2,325 | 1.8 | % | 4,614 | 4,641 | (0.6 | %) | ||||||||||||||||||||||||
Raleigh |
3,979 | 3,679 | 8.1 | % | 1,625 | 1,466 | 10.9 | % | 2,354 | 2,213 | 6.4 | % | ||||||||||||||||||||||||
Richmond |
4,139 | 3,768 | 9.8 | % | 1,498 | 1,501 | -0.2 | % | 2,641 | 2,267 | 16.5 | % | ||||||||||||||||||||||||
Savannah |
2,125 | 2,089 | 1.7 | % | 807 | 782 | 3.2 | % | 1,318 | 1,307 | 0.9 | % | ||||||||||||||||||||||||
Other |
10,507 | 10,193 | 3.1 | % | 3,874 | 3,838 | 0.9 | % | 6,632 | 6,355 | 4.4 | % | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 58,150 | $ | 55,513 | 4.7 | % | $ | 23,244 | $ | 22,355 | 4.0 | % | $ | 34,906 | $ | 33,159 | 5.3 | % |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||
Included | Contribution | 3Q07 | 3Q06 | % Chg | 3Q07 | 3Q06 | % Chg | |||||||||||||||||||||||||
Atlanta |
1,857 | 8.8 | % | 96.4 | % | 96.3 | % | 0.2 | % | $ | 894 | $ | 867 | 3.1 | % | |||||||||||||||||
Austin |
1,232 | 4.0 | % | 96.9 | % | 96.4 | % | 0.5 | % | 694 | 668 | 3.7 | % | |||||||||||||||||||
Birmingham |
1,262 | 4.7 | % | 95.0 | % | 96.7 | % | (1.7 | %) | 712 | 704 | 1.1 | % | |||||||||||||||||||
Charleston |
1,314 | 5.6 | % | 96.1 | % | 97.8 | % | (1.7 | %) | 742 | 702 | 5.7 | % | |||||||||||||||||||
Charlotte |
2,772 | 10.2 | % | 94.2 | % | 94.8 | % | (0.6 | %) | 690 | 671 | 2.9 | % | |||||||||||||||||||
Dallas |
2,284 | 7.1 | % | 95.4 | % | 97.7 | % | (2.2 | %) | 676 | 665 | 1.7 | % | |||||||||||||||||||
Fort Worth |
1,684 | 5.3 | % | 97.3 | % | 96.9 | % | 0.5 | % | 664 | 640 | 3.8 | % | |||||||||||||||||||
Huntsville |
836 | 4.0 | % | 98.2 | % | 97.0 | % | 1.2 | % | 745 | 706 | 5.5 | % | |||||||||||||||||||
Orlando |
2,252 | 13.2 | % | 97.6 | % | 96.8 | % | 0.8 | % | 970 | 1,013 | (4.3 | %) | |||||||||||||||||||
Richmond |
1,714 | 6.7 | % | 95.9 | % | 95.4 | % | 0.4 | % | 724 | 705 | 2.7 | % | |||||||||||||||||||
Savannah |
1,696 | 7.6 | % | 96.5 | % | 94.0 | % | 2.5 | % | 780 | 752 | 3.8 | % | |||||||||||||||||||
Other |
837 | 3.8 | % | 95.7 | % | 98.0 | % | (2.3 | %) | 802 | 790 | 1.5 | % | |||||||||||||||||||
4,320 | 19.0 | % | 95.4 | % | 96.4 | % | (0.9 | %) | 780 | 757 | 3.0 | % | ||||||||||||||||||||
Total Same Property (1) |
24,060 | 100.0 | % | 96.0 | % | 96.3 | % | (0.3 | %) | $ | 764 | $ | 748 | 2.1 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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. |
-10-
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
2007 | 2006 | % Chg | 2007 | 2006 | % Chg | 2007 | 2006 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 15,507 | $ | 14,763 | 5.0 | % | $ | 6,037 | $ | 5,168 | 16.8 | % | $ | 9,470 | $ | 9,596 | (1.3 | %) | ||||||||||||||||||
Austin |
8,309 | 7,746 | 7.3 | % | 3,896 | 3,960 | -1.6 | % | 4,413 | 3,785 | 16.6 | % | ||||||||||||||||||||||||
Birmingham |
8,282 | 8,229 | 0.6 | % | 3,427 | 3,076 | 11.4 | % | 4,856 | 5,153 | (5.8 | %) | ||||||||||||||||||||||||
Charleston |
9,290 | 8,787 | 5.7 | % | 3,378 | 3,466 | -2.6 | % | 5,913 | 5,321 | 11.1 | % | ||||||||||||||||||||||||
Charlotte |
17,957 | 16,512 | 8.8 | % | 7,195 | 6,630 | 8.5 | % | 10,762 | 9,882 | 8.9 | % | ||||||||||||||||||||||||
Dallas |
14,315 | 14,021 | 2.1 | % | 6,589 | 6,744 | -2.3 | % | 7,725 | 7,277 | 6.2 | % | ||||||||||||||||||||||||
Fort Worth |
10,561 | 9,980 | 5.8 | % | 4,914 | 4,997 | -1.7 | % | 5,647 | 4,983 | 13.3 | % | ||||||||||||||||||||||||
Huntsville |
6,016 | 5,704 | 5.5 | % | 2,144 | 2,037 | 5.3 | % | 3,872 | 3,668 | 5.6 | % | ||||||||||||||||||||||||
Orlando |
21,010 | 20,607 | 2.0 | % | 7,225 | 6,810 | 6.1 | % | 13,784 | 13,797 | (0.1 | %) | ||||||||||||||||||||||||
Raleigh |
11,757 | 10,925 | 7.6 | % | 4,548 | 4,203 | 8.2 | % | 7,210 | 6,723 | 7.2 | % | ||||||||||||||||||||||||
Richmond |
12,329 | 11,518 | 7.0 | % | 4,416 | 4,209 | 4.9 | % | 7,914 | 7,309 | 8.3 | % | ||||||||||||||||||||||||
Savannah |
6,389 | 6,105 | 4.6 | % | 2,396 | 2,352 | 1.8 | % | 3,993 | 3,753 | 6.4 | % | ||||||||||||||||||||||||
Other |
31,551 | 30,298 | 4.1 | % | 11,175 | 10,848 | 3.0 | % | 20,376 | 19,450 | 4.8 | % | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 173,274 | $ | 165,197 | 4.9 | % | $ | 67,339 | $ | 64,500 | 4.4 | % | $ | 105,935 | $ | 100,697 | 5.2 | % |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||
Included | Contribution | 2007 | 2006 | % Chg | 2007 | 2006 | % Chg | |||||||||||||||||||||||||
Atlanta |
1,857 | 8.9 | % | 96.4 | % | 96.3 | % | 0.2 | % | $ | 887 | $ | 859 | 3.2 | % | |||||||||||||||||
Austin |
1,232 | 4.2 | % | 96.9 | % | 96.4 | % | 0.5 | % | 683 | 662 | 3.0 | % | |||||||||||||||||||
Birmingham |
1,262 | 4.6 | % | 95.0 | % | 96.7 | % | (1.7 | %) | 706 | 709 | (0.4 | %) | |||||||||||||||||||
Charleston |
1,314 | 5.6 | % | 96.1 | % | 97.8 | % | (1.7 | %) | 733 | 692 | 6.0 | % | |||||||||||||||||||
Charlotte |
2,772 | 10.2 | % | 94.2 | % | 94.8 | % | (0.6 | %) | 687 | 662 | 3.7 | % | |||||||||||||||||||
Dallas |
2,284 | 7.3 | % | 95.4 | % | 97.7 | % | (2.2 | %) | 674 | 677 | (0.5 | %) | |||||||||||||||||||
Fort Worth |
1,684 | 5.3 | % | 97.3 | % | 96.9 | % | 0.5 | % | 655 | 637 | 2.8 | % | |||||||||||||||||||
Huntsville |
836 | 3.7 | % | 98.2 | % | 97.0 | % | 1.2 | % | 738 | 697 | 5.9 | % | |||||||||||||||||||
Orlando |
2,252 | 13.0 | % | 97.6 | % | 96.8 | % | 0.8 | % | 984 | 978 | 0.7 | % | |||||||||||||||||||
Raleigh |
1,714 | 6.8 | % | 95.9 | % | 95.4 | % | 0.4 | % | 720 | 702 | 2.5 | % | |||||||||||||||||||
Richmond |
1,696 | 7.5 | % | 96.5 | % | 94.0 | % | 2.5 | % | 777 | 745 | 4.2 | % | |||||||||||||||||||
Savannah |
837 | 3.8 | % | 95.7 | % | 98.0 | % | (2.3 | %) | 812 | 765 | 6.2 | % | |||||||||||||||||||
Other |
4,320 | 19.2 | % | 95.4 | % | 96.4 | % | (0.9 | %) | 778 | 749 | 3.8 | % | |||||||||||||||||||
Total Same Property (1) |
24,060 | 100.0 | % | 96.0 | % | 96.3 | % | (0.3 | %) | $ | 761 | $ | 740 | 2.9 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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. |
-11-
Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||
3Q07 | 2Q07 | % Chg | 3Q07 | 2Q07 | % Chg | 3Q07 | 2Q07 | % Chg | ||||||||||||||||||||||||||||
Atlanta |
$ | 5,181 | $ | 5,286 | -2.0 | % | $ | 2,120 | $ | 2,061 | 2.8 | % | $ | 3,061 | $ | 3,225 | (5.1 | %) | ||||||||||||||||||
Austin |
2,823 | 2,786 | 1.3 | % | 1,420 | 1,171 | 21.2 | % | 1,403 | 1,615 | (13.1 | %) | ||||||||||||||||||||||||
Birmingham |
2,814 | 2,795 | 0.7 | % | 1,176 | 1,135 | 3.6 | % | 1,638 | 1,660 | (1.3 | %) | ||||||||||||||||||||||||
Charleston |
3,121 | 3,174 | -1.7 | % | 1,172 | 1,128 | 3.9 | % | 1,949 | 2,046 | (4.7 | %) | ||||||||||||||||||||||||
Charlotte |
6,013 | 6,079 | -1.1 | % | 2,462 | 2,428 | 1.4 | % | 3,551 | 3,651 | (2.8 | %) | ||||||||||||||||||||||||
Dallas |
4,777 | 4,753 | 0.5 | % | 2,289 | 2,154 | 6.3 | % | 2,488 | 2,599 | (4.3 | %) | ||||||||||||||||||||||||
Fort Worth |
3,599 | 3,493 | 3.0 | % | 1,733 | 1,526 | 13.5 | % | 1,866 | 1,967 | (5.1 | %) | ||||||||||||||||||||||||
Huntsville |
2,092 | 1,982 | 5.5 | % | 701 | 646 | 8.5 | % | 1,391 | 1,336 | 4.1 | % | ||||||||||||||||||||||||
Orlando |
6,980 | 7,048 | -1.0 | % | 2,366 | 2,430 | -2.7 | % | 4,614 | 4,617 | (0.1 | %) | ||||||||||||||||||||||||
Raleigh |
3,979 | 3,954 | 0.6 | % | 1,625 | 1,508 | 7.8 | % | 2,354 | 2,446 | (3.8 | %) | ||||||||||||||||||||||||
Richmond |
4,139 | 4,201 | -1.5 | % | 1,498 | 1,483 | 1.0 | % | 2,641 | 2,718 | (2.9 | %) | ||||||||||||||||||||||||
Savannah |
2,125 | 2,150 | -1.2 | % | 807 | 849 | -5.0 | % | 1,318 | 1,300 | 1.3 | % | ||||||||||||||||||||||||
Other |
10,507 | 10,742 | -2.2 | % | 3,874 | 3,763 | 3.0 | % | 6,632 | 6,979 | (5.0 | %) | ||||||||||||||||||||||||
Total Same Property (1) |
$ | 58,150 | $ | 58,442 | -0.5 | % | $ | 23,244 | $ | 22,282 | 4.3 | % | $ | 34,906 | $ | 36,160 | (3.5 | %) |
Apartment | ||||||||||||||||||||||||||||||||
Homes | % of NOI | Physical Occupancy | Weighted Average Rental Rate (2) | |||||||||||||||||||||||||||||
Included | Contribution | 3Q07 | 2Q07 | % Chg | 3Q07 | 2Q07 | % Chg | |||||||||||||||||||||||||
Atlanta |
1,857 | 8.8 | % | 96.4 | % | 96.7 | % | (0.3 | %) | $ | 894 | $ | 888 | 0.7 | % | |||||||||||||||||
Austin |
1,232 | 4.0 | % | 96.9 | % | 97.1 | % | (0.2 | %) | 694 | 685 | 1.3 | % | |||||||||||||||||||
Birmingham |
1,262 | 4.7 | % | 95.0 | % | 97.2 | % | (2.2 | %) | 712 | 707 | 0.8 | % | |||||||||||||||||||
Charleston |
1,314 | 5.6 | % | 96.1 | % | 97.7 | % | (1.6 | %) | 742 | 735 | 1.0 | % | |||||||||||||||||||
Charlotte |
2,772 | 10.2 | % | 94.2 | % | 95.3 | % | (1.1 | %) | 690 | 685 | 0.8 | % | |||||||||||||||||||
Dallas |
2,284 | 7.1 | % | 95.4 | % | 95.9 | % | (0.4 | %) | 676 | 673 | 0.5 | % | |||||||||||||||||||
Fort Worth |
1,684 | 5.3 | % | 97.3 | % | 97.1 | % | 0.2 | % | 664 | 654 | 1.6 | % | |||||||||||||||||||
Huntsville |
836 | 4.0 | % | 98.2 | % | 97.4 | % | 0.8 | % | 745 | 733 | 1.5 | % | |||||||||||||||||||
Orlando |
2,252 | 13.2 | % | 97.6 | % | 98.3 | % | (0.7 | %) | 970 | 983 | (1.3 | %) | |||||||||||||||||||
Raleigh |
1,714 | 6.7 | % | 95.9 | % | 95.7 | % | 0.1 | % | 724 | 721 | 0.4 | % | |||||||||||||||||||
Richmond |
1,696 | 7.6 | % | 96.5 | % | 96.8 | % | (0.3 | %) | 780 | 782 | (0.1 | %) | |||||||||||||||||||
Savannah |
837 | 3.8 | % | 95.7 | % | 96.4 | % | (0.7 | %) | 802 | 816 | (1.8 | %) | |||||||||||||||||||
Other |
4,320 | 19.0 | % | 95.4 | % | 96.3 | % | (0.9 | %) | 780 | 784 | (0.5 | %) | |||||||||||||||||||
Total Same Property (1) |
24,060 | 100.0 | % | 96.0 | % | 96.6 | % | (0.6 | %) | $ | 764 | $ | 762 | 0.2 | % |
(1) | Same-property communities are communities which were owned by the Company and stabilized as of January 1, 2006, 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. |
-12-
Three Months Ended | Nine Months Ended | |||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
OPERATING DATA (1) |
||||||||||||||||
Property Revenues |
||||||||||||||||
Rental revenues |
$ | 19,223 | $ | 16,431 | $ | 46,912 | $ | 47,311 | ||||||||
Other property revenues |
1,046 | 816 | 2,403 | 2,799 | ||||||||||||
Total property revenues |
20,269 | 17,247 | 49,315 | 50,110 | ||||||||||||
Property Expenses |
||||||||||||||||
Property operating and maintenance |
5,665 | 5,256 | 13,881 | 14,223 | ||||||||||||
Taxes, license and insurance |
2,402 | 2,004 | 6,122 | 5,840 | ||||||||||||
Total property expenses |
8,067 | 7,260 | 20,003 | 20,063 | ||||||||||||
Net Operating Income (NOI) |
12,202 | 9,987 | 29,312 | 30,047 | ||||||||||||
Other Income (Expenses) |
||||||||||||||||
Interest, net |
(7,512 | ) | (6,408 | ) | (18,637 | ) | (18,383 | ) | ||||||||
Depreciation and amortization (2) |
(6,576 | ) | (5,246 | ) | (16,924 | ) | (15,784 | ) | ||||||||
Other |
(162 | ) | (510 | ) | (333 | ) | (1,022 | ) | ||||||||
Total other expenses |
(14,250 | ) | (12,164 | ) | (35,894 | ) | (35,189 | ) | ||||||||
Gain on sale of properties, net |
8,934 | 76 | 18,191 | 1,037 | ||||||||||||
Equity in income (loss) of joint ventures |
$ | 6,886 | $ | (2,101 | ) | $ | 11,609 | $ | (4,105 | ) | ||||||
As of | ||||||||
9/30/2007 | 12/31/2006 | |||||||
BALANCE SHEET DATA (3) |
||||||||
Real estate assets, net |
$ | 3,863,800 | $ | 2,509,516 | ||||
Other assets, net |
339,136 | 274,413 | ||||||
Total assets |
4,202,936 | 2,783,929 | ||||||
Notes payable |
2,998,597 | 2,107,048 | ||||||
Notes payable to Colonial |
26,343 | 15,390 | ||||||
Other liabilities |
83,437 | 48,926 | ||||||
Total liabilities |
3,108,377 | 2,171,364 | ||||||
Member’s equity |
994,559 | 612,565 | ||||||
Total liabilities and member’s equity |
$ | 4,102,936 | $ | 2,783,929 | ||||
Colonial’s equity investment (4) |
$ | 78,559 | $ | 92,892 | ||||
Colonial’s pro-rata share of debt |
$ | 492,432 | $ | 367,210 |
(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. |
-13-
Average | ||||||||||||||||||||||||||||||||||||||||
Gross | Mortgages | Weighted | Weighted | Remaining | ||||||||||||||||||||||||||||||||||||
Number of | Total | Investment in | Construction in | and Notes | Ownership | Average | Term | |||||||||||||||||||||||||||||||||
Venture | Properties | Units/GLA | Real Estate (1) | Progress (1) | Payable (1) | Interest | Interest Rate | (in months) | % Fixed Rate | % Variable Rate | ||||||||||||||||||||||||||||||
MULTIFAMILY |
||||||||||||||||||||||||||||||||||||||||
CMS |
4 | 1,212 | $ | 77,764 | $ | — | $ | 73,347 | 20 | % | 5.83 | % | 68 | 100.00 | % | — | ||||||||||||||||||||||||
DRA |
6 | 2,034 | 142,677 | — | 95,807 | 15 | % | 4.85 | % | 25 | 100.00 | % | — | |||||||||||||||||||||||||||
Development |
3 | 683 | 67,240 | 24,395 | 39,645 | 30 | % | 6.52 | % | 21 | — | 100.00 | % | |||||||||||||||||||||||||||
Other |
9 | 2,361 | 216,317 | — | 157,902 | 16 | % | 5.65 | % | 86 | 100.00 | % | — | |||||||||||||||||||||||||||
Total Multifamily |
22 | 6,290 | $ | 503,999 | $ | 24,395 | $ | 366,702 | ||||||||||||||||||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||||||
DRA/CRT (2) |
18 | 8,530 | 1,290,036 | 12,569 | 983,692 | 15 | % | 5.91 | % | 24 | 65.48 | % | 34.52 | % | ||||||||||||||||||||||||||
DRA/CLP (3) |
27 | 6,937 | 1,137,158 | 5,198 | 741,907 | 15 | % | 5.61 | % | 80 | 100.00 | % | — | |||||||||||||||||||||||||||
UBS/CLP Mansell |
2 | 689 | 141,932 | 8,049 | 92,690 | 15 | % | 6.15 | % | 106 | 100.00 | % | — | |||||||||||||||||||||||||||
Other |
1 | 30 | 2,819 | — | 1,155 | 33 | % | 8.10 | % | 88 | 100.00 | % | — | |||||||||||||||||||||||||||
Total Office |
48 | 16,186 | $ | 2,571,946 | $ | 25,816 | $ | 1,819,444 | ||||||||||||||||||||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||||||
GPT (4) |
6 | 3,876 | 393,852 | — | 322,917 | 10 | % | 5.67 | % | 69 | 74.61 | % | 25.39 | % | ||||||||||||||||||||||||||
OZRE (5) |
11 | 2,591 | 361,926 | — | 284,000 | 15 | % | 6.31 | % | 82 | 100.00 | % | — | |||||||||||||||||||||||||||
Craft Farms |
1 | 250 | 53,800 | — | 43,000 | 15 | % | 6.62 | % | 10 | — | 100.00 | % | |||||||||||||||||||||||||||
Parkway Place |
1 | 636 | 91,133 | — | 58,543 | 45 | % | 6.12 | % | 8 | — | 100.00 | % | |||||||||||||||||||||||||||
Turkey Creek |
1 | 477 | 78,978 | 27 | 65,000 | 50 | % | 6.03 | % | 107 | 100.00 | % | — | |||||||||||||||||||||||||||
Other |
3 | 686 | 33,319 | 22,100 | 38,991 | 24 | % | 6.16 | % | 42 | 13.03 | % | 86.97 | % | ||||||||||||||||||||||||||
Total Retail |
23 | 8,516 | $ | 1,013,008 | $ | 22,127 | $ | 812,451 | ||||||||||||||||||||||||||||||||
93 | $ | 4,088,953 | $ | 72,338 | $ | 2,998,596 | ||||||||||||||||||||||||||||||||||
(1) | Represents assets and liabilities at 100%. | |
(2) | As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(3) | As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(4) | As of September 30, 2007, 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. | |
(5) | As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
-14-
Net | Colonial Share | |||||||||||||||||||||||||||||||||||
Total | Operating | Operating | Interest | Other Income | Gain (Loss) | Depreciation & | Net Income | Income of Net | ||||||||||||||||||||||||||||
Venture | Revenues | Expenses | Income | Expense | (Expenses) | on Sale | Amortization | (Loss) | (Loss) (1) | |||||||||||||||||||||||||||
MULTIFAMILY |
||||||||||||||||||||||||||||||||||||
CMS (2) |
$ | 3,634 | $ | 1,760 | $ | 1,874 | $ | 1,325 | $ | (3 | ) | $ | 9,238 | $ | 878 | $ | 8,912 | $ | 1,665 | |||||||||||||||||
DRA |
4,522 | 2,099 | 2,422 | 1,191 | (33 | ) | — | 768 | 496 | 112 | ||||||||||||||||||||||||||
Development |
777 | 539 | 238 | 435 | — | — | — | (197 | ) | (46 | ) | |||||||||||||||||||||||||
Other |
5,997 | 3,033 | 2,963 | 2,309 | (51 | ) | (15 | ) | 2,140 | (1,450 | ) | (146 | ) | |||||||||||||||||||||||
Total Multifamily |
$ | 14,929 | $ | 7,431 | $ | 7,498 | $ | 5,260 | $ | (86 | ) | $ | 9,223 | $ | 3,786 | $ | 7,761 | $ | 1,584 | |||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||
DRA/CRT (3) |
42,534 | 19,460 | 23,075 | 16,369 | 861 | 44,186 | 16,241 | 33,789 | 5,388 | |||||||||||||||||||||||||||
DRA/CLP (4) |
35,707 | 13,825 | 21,881 | 10,395 | (212 | ) | — | 14,200 | (2,501 | ) | 302 | |||||||||||||||||||||||||
UBS/CLP Mansell |
4,063 | 1,135 | 2,928 | 1,426 | (8 | ) | — | 2,414 | (904 | ) | 11 | |||||||||||||||||||||||||
Other |
160 | 71 | 89 | 25 | — | — | 14 | 51 | 25 | |||||||||||||||||||||||||||
Total Office |
$ | 82,464 | $ | 34,490 | $ | 47,974 | $ | 28,215 | $ | 641 | $ | 44,186 | $ | 32,869 | $ | 30,434 | $ | 5,726 | ||||||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||
GPT (5) |
11,998 | 4,632 | 7,366 | 4,941 | (53 | ) | — | 5,540 | (3,062 | ) | (195 | ) | ||||||||||||||||||||||||
OZRE (6) |
8,755 | 2,391 | 6,364 | 4,862 | (17 | ) | — | 3,811 | (2,292 | ) | (116 | ) | ||||||||||||||||||||||||
Craft Farms |
1,085 | 175 | 909 | 405 | (84 | ) | — | 230 | 358 | (67 | ) | |||||||||||||||||||||||||
Parkway Place |
2,721 | 909 | 1,812 | 1,440 | — | — | 771 | (398 | ) | (176 | ) | |||||||||||||||||||||||||
Turkey Creek |
2,435 | 614 | 1,821 | 994 | (8 | ) | — | 866 | (31 | ) | 35 | |||||||||||||||||||||||||
Other |
1,067 | 277 | 790 | 229 | (5 | ) | — | 187 | 378 | 69 | ||||||||||||||||||||||||||
Total Retail |
$ | 28,062 | $ | 8,998 | $ | 19,063 | $ | 12,871 | $ | (166 | ) | $ | — | $ | 11,405 | $ | (5,047 | ) | $ | (450 | ) | |||||||||||||||
$ | 125,455 | $ | 50,920 | $ | 74,535 | $ | 46,346 | $ | 388 | $ | 53,408 | $ | 48,060 | $ | 33,149 | $ | 6,860 | |||||||||||||||||||
(1) | Includes amortization of excess basis differences and management fee eliminations for certain joint ventures. | |
(2) | Net Income on the CMS JV includes gains on CV at Hendersonville, located in Nashville, Tennessee, which was sold during the third quarter of 2007. | |
(3) | As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. Net income includes gains on Las Olas Centre, located in Ft. Lauderdale, Florida, which was sold during the third quarter of 2007. | |
(4) | As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(5) | As of September 30, 2007, 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. | |
(6) | As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
-15-
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 (2) |
$ | 11,293 | $ | 5,659 | $ | 5,634 | $ | 4,192 | $ | (14 | ) | $ | 46,106 | $ | 2,716 | $ | 44,846 | $ | 9,958 | |||||||||||||||||
DRA |
12,145 | 5,629 | 6,516 | 3,211 | (46 | ) | — | 2,304 | 1,048 | 208 | ||||||||||||||||||||||||||
Development |
1,749 | 1,381 | 368 | 1,152 | (4 | ) | — | — | (780 | ) | (189 | ) | ||||||||||||||||||||||||
Other |
18,699 | 10,434 | 8,266 | 6,954 | (97 | ) | (47 | ) | 7,845 | (6,483 | ) | (859 | ) | |||||||||||||||||||||||
Total Multifamily |
$ | 43,886 | $ | 23,102 | $ | 20,784 | $ | 15,509 | $ | (161 | ) | $ | 46,059 | $ | 12,864 | $ | 38,631 | $ | 9,118 | |||||||||||||||||
OFFICE |
||||||||||||||||||||||||||||||||||||
DRA/CRT (3) |
$ | 135,357 | $ | 58,846 | $ | 76,511 | $ | 51,750 | $ | 1,812 | $ | 44,506 | $ | 50,206 | $ | 17,250 | $ | 3,193 | ||||||||||||||||||
DRA/CLP (4) |
42,300 | 16,148 | 26,152 | 12,097 | (213 | ) | — | 16,825 | (2,557 | ) | 380 | |||||||||||||||||||||||||
UBS/CLP Mansell |
12,224 | 3,612 | 8,612 | 4,278 | (29 | ) | — | 7,858 | (3,495 | ) | (278 | ) | ||||||||||||||||||||||||
Other |
477 | 220 | 258 | 75 | (1 | ) | — | 43 | 140 | 69 | ||||||||||||||||||||||||||
Total Office |
$ | 190,359 | $ | 78,826 | $ | 111,533 | $ | 68,201 | $ | 1,569 | $ | 44,506 | $ | 74,932 | $ | 11,338 | $ | 3,365 | ||||||||||||||||||
RETAIL |
||||||||||||||||||||||||||||||||||||
GPT (5) |
35,757 | 13,526 | 22,231 | 14,699 | (166 | ) | — | 16,368 | (8,669 | ) | (533 | ) | ||||||||||||||||||||||||
OZRE (6) |
9,920 | 2,619 | 7,301 | 5,205 | (17 | ) | — | 4,214 | (2,100 | ) | (68 | ) | ||||||||||||||||||||||||
Craft Farms |
1,085 | 175 | 909 | 405 | (84 | ) | — | 230 | 358 | (67 | ) | |||||||||||||||||||||||||
Parkway Place |
7,826 | 2,609 | 5,218 | 4,240 | — | — | 2,070 | (1,092 | ) | (482 | ) | |||||||||||||||||||||||||
Turkey Creek |
7,242 | 1,860 | 5,383 | 2,983 | (23 | ) | — | 2,586 | (164 | ) | (5 | ) | ||||||||||||||||||||||||
Other |
3,120 | 840 | 2,279 | 656 | (19 | ) | — | 578 | 1,065 | 281 | ||||||||||||||||||||||||||
Total Retail |
$ | 64,950 | $ | 21,628 | $ | 43,321 | $ | 28,188 | $ | (310 | ) | $ | — | $ | 26,046 | $ | (10,603 | ) | $ | (874 | ) | |||||||||||||||
$ | 299,195 | $ | 123,556 | $ | 175,639 | $ | 111,898 | $ | 1,099 | $ | 90,564 | $ | 113,842 | $ | 39,365 | $ | 11,609 | |||||||||||||||||||
(1) | Includes amortization of excess basis differences and management fee eliminations for certain joint ventures. | |
(2) | Net Income on the CMS JV includes gains on CV at Hendersonville, located in Nashville, Tennessee, which was sold during the third quarter of 2007 and gains on CG at Bayshore, located in Sarasota, Florida, which was sold during the first quarter of 2007. | |
(3) | As of September 30, 2007, this joint venture included 18 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. Net income includes gains on Las Olas Centre, located in Ft. Lauderdale, Florida, which was sold during the third quarter of 2007 and gains on St Petersburg Center, located in Tampa, FL, which was sold during the first quarter of 2007. | |
(4) | As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(5) | As of September 30, 2007, 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. | |
(6) | As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. |
-16-
As of | ||||||||
9/30/2007 | 9/30/2006 | |||||||
Base rent per square foot — Straight-line |
||||||||
Office |
||||||||
Consolidated |
$ | 16.14 | $ | 15.45 | ||||
Unconsolidated |
18.89 | 19.32 | ||||||
Retail |
||||||||
Consolidated |
$ | 15.70 | $ | 10.59 | ||||
Unconsolidated |
15.44 | 16.24 | ||||||
Base rent per square foot — Cash |
||||||||
Office |
||||||||
Consolidated |
$ | 16.15 | $ | 15.68 | ||||
Unconsolidated |
18.08 | 17.87 | ||||||
Retail |
||||||||
Consolidated |
$ | 15.49 | $ | 10.52 | ||||
Unconsolidated |
15.14 | 15.87 | ||||||
Square Feet (in 000’s) |
||||||||
Office |
||||||||
Consolidated |
207 | 6,951 | ||||||
Unconsolidated (1) |
2,385 | 1,587 | ||||||
Retail |
||||||||
Consolidated |
715 | 6,948 | ||||||
Unconsolidated (1) |
1,135 | 790 |
(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 | |||||||||||||||||||||||||
2007 |
590 | 4 | % | $ | 12,558 | 4 | % | 88 | 4 | % | $ | 1,884 | 3 | % | ||||||||||||||||||
2008 |
2,354 | 15 | % | 53,992 | 16 | % | 366 | 15 | % | 8,302 | 15 | % | ||||||||||||||||||||
2009 |
2,172 | 14 | % | 73,145 | 21 | % | 328 | 13 | % | 10,992 | 20 | % | ||||||||||||||||||||
2010 |
1,695 | 11 | % | 35,410 | 10 | % | 271 | 11 | % | 5,551 | 10 | % | ||||||||||||||||||||
2011 |
1,850 | 12 | % | 41,773 | 12 | % | 278 | 11 | % | 6,266 | 12 | % | ||||||||||||||||||||
2012+ |
6,787 | 44 | % | 130,592 | 38 | % | 1,150 | 46 | % | 20,997 | 39 | % | ||||||||||||||||||||
Total Leased SF |
15,448 | $ | 347,470 | 2,481 | $ | 53,992 |
(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 | |||||||||||||||||||||||||
2007 |
250 | 4 | % | $ | 3,641 | 4 | % | 139 | 8 | % | $ | 1,291 | 5 | % | ||||||||||||||||||
2008 |
548 | 8 | % | 6,904 | 8 | % | 92 | 5 | % | 1,384 | 5 | % | ||||||||||||||||||||
2009 |
617 | 9 | % | 7,658 | 9 | % | 98 | 6 | % | 1,489 | 6 | % | ||||||||||||||||||||
2010 |
575 | 8 | % | 8,455 | 10 | % | 89 | 5 | % | 1,376 | 5 | % | ||||||||||||||||||||
2011 |
834 | 12 | % | 10,763 | 12 | % | 158 | 9 | % | 3,003 | 12 | % | ||||||||||||||||||||
2012+ |
4,102 | 59 | % | 50,874 | 58 | % | 1,103 | 66 | % | 16,746 | 66 | % | ||||||||||||||||||||
Total Leased SF |
6,926 | $ | 88,295 | 1,678 | $ | 25,289 |
Three Months Ended | Nine Months Ended | |||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Capital Expenditures ($ in 000s) |
||||||||||||||||
Regular Maintenance |
$ | 362 | $ | 1,509 | $ | 3,585 | $ | 3,733 | ||||||||
Tenant Improvements |
697 | 3,815 | 5,328 | 13,959 | ||||||||||||
Leasing Commissions |
775 | 2,047 | 3,399 | 5,447 | ||||||||||||
Admin — Division |
12 | 7 | 29 | 44 | ||||||||||||
Total |
1,846 | 7,378 | 12,341 | 23,183 | ||||||||||||
Less: Unconsolidated Assets |
(1,823 | ) | (1,230 | ) | (4,210 | ) | (3,927 | ) | ||||||||
Total — Consolidated Assets |
$ | 23 | $ | 6,148 | $ | 8,131 | $ | 19,256 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Capital Expenditures ($ in 000s) |
||||||||||||||||
Regular Maintenance |
$ | 29 | $ | 725 | $ | 765 | $ | 2,323 | ||||||||
Revenue- Enhancing |
111 | 453 | 615 | 990 | ||||||||||||
Tenant Improvements |
385 | 1,874 | 3,093 | 4,910 | ||||||||||||
Leasing Commissions |
37 | 607 | 981 | 1,931 | ||||||||||||
Admin — Division |
3 | 1 | 26 | 10 | ||||||||||||
Total w/o Acquisition-Related |
565 | 3,660 | 5,480 | 10,164 | ||||||||||||
Less: Unconsolidated Assets |
(176 | ) | (62 | ) | (981 | ) | 16 | |||||||||
Total — Consolidated Assets |
$ | 388 | $ | 3,598 | $ | 4,500 | $ | 10,180 | ||||||||
-17-
Three Months Ended | Nine Months Ended | |||||||||||||||
9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | |||||||||||||
Condominium conversion revenues, net |
$ | 5,373 | $ | 22,634 | $ | 49,127 | $ | 97,528 | ||||||||
Condominium conversion costs |
(5,507 | ) | (17,396 | ) | (44,813 | ) | (76,496 | ) | ||||||||
Gains on condominium conversion sales, before
minority interest and income taxes |
(134 | ) | 5,238 | 4,314 | 21,032 | |||||||||||
For-sale residential revenues, net |
5,264 | 3,841 | 21,224 | 3,841 | ||||||||||||
For-sale residential costs |
(4,662 | ) | (2,960 | ) | (18,032 | ) | (2,960 | ) | ||||||||
Gains on for-sale residential sales, before
minority interest and income taxes |
602 | 881 | 3,192 | 881 | ||||||||||||
Development revenues, net |
40,517 | — | 40,517 | — | ||||||||||||
Development costs |
(36,422 | ) | — | (36,422 | ) | — | ||||||||||
Gains on development sales, before
minority interest and income taxes |
4,095 | — | 4,095 | — | ||||||||||||
Minority interest |
26 | 413 | 250 | (2,225 | ) | |||||||||||
Provision for income taxes |
(353 | ) | (2,340 | ) | (2,777 | ) | (7,454 | ) | ||||||||
Gains on condominium conversions, for-sale residential sales and
developments, net of minority interest and income taxes (1) |
$ | 4,236 | $ | 4,192 | $ | 9,074 | $ | 12,234 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
($ in 000s) | 9/30/2007 | 9/30/2006 | 9/30/2007 | 9/30/2006 | ||||||||||||
Condominium Conversion Projects Status |
||||||||||||||||
Units Closed in prior periods |
1,163 | 456 | 935 | 328 | ||||||||||||
Units Closed in current period |
25 | 239 | 253 | 367 | ||||||||||||
Contracted (2) |
23 | 218 | 23 | 218 | ||||||||||||
Available Units (3) |
16 | 749 | 16 | 749 | ||||||||||||
Total Units |
1,227 | 1,662 | 1,227 | 1,662 | ||||||||||||
For-Sale Residential Projects Status |
||||||||||||||||
Units Closed in prior periods |
124 | — | 54 | — | ||||||||||||
Units Closed in current period |
20 | — | 90 | — | ||||||||||||
Contracted (2) |
110 | — | 110 | — | ||||||||||||
Available Units / Lots |
705 | — | 705 | — | ||||||||||||
Total Units |
959 | — | 959 | — | ||||||||||||
Notes: | ||
(1) | 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. | |
(2) | Units under contract are stated as of the end of the quarter. There can be no assurance that condominium units under contract will close. | |
(3) | The Company intends to lease the remaining units at two of its previous condominium conversion projects. |
Units | Under | Remaining | ||||||||||||||||||||||||
Project (2) | Location | Units | Average Price of Units Closed | Projected Sell Out | Closed | Contract (1) | Units | |||||||||||||||||||
Azur at Metrowest |
Orlando, FL | 311 | $ | 158,691 | 4Q07 — 1Q08 | 289 | 7 | 15 | ||||||||||||||||||
Capri at Hunter’s Creek |
Orlando, FL | 250 | 195,543 | 4Q07 — 1Q08 | 233 | 16 | 1 | |||||||||||||||||||
561 | 522 | 23 | 16 | |||||||||||||||||||||||
Units | Under | Remaining | ||||||||||||||||||||||||
Project (2) | Location | Units | Average Price of Units/Lots Closed | Projected Sell Out | Closed | Contract (1) | Units / Lots | |||||||||||||||||||
Regatta at James Island |
Charleston, SC | 212 | $ | 195,602 | 3Q09 — 1Q10 | 113 | 20 | 79 | ||||||||||||||||||
Grander (3) |
Gulf Shores, AL | 30 | 731,250 | 1Q10 — 3Q10 | 12 | — | 18 | |||||||||||||||||||
Cypress Village II (townhomes) (3) |
Gulf Shores, AL | 96 | — | 4Q12 — 2Q13 | — | — | 96 | |||||||||||||||||||
Cypress Village (lots) (3) |
Gulf Shores, AL | 188 | 200,000 | 2Q13 — 2Q14 | 5 | — | 183 | |||||||||||||||||||
Spanish Oaks (lots) |
Mobile, AL | 200 | 62,715 | 1Q15 — 2Q17 | 14 | — | 186 | |||||||||||||||||||
Southgate on Fairview (3) |
Charlotte, NC | 47 | — | 4Q08 — 2Q09 | — | 14 | 33 | |||||||||||||||||||
Enclave (formerly The Renwick) (3) (4) |
Charlotte, NC | 85 | — | 4Q09 — 2Q10 | — | 1 | 84 | |||||||||||||||||||
Colonial
Traditions at Gulf Shores (5) |
Gulf Shores, AL | — | — | 1Q11 — 1Q12 | — | — | — | |||||||||||||||||||
Metropolitan Midtown |
Charlotte, NC | 101 | — | 1Q09 — 3Q09 | — | 75 | 26 | |||||||||||||||||||
959 | 144 | 110 | 705 | |||||||||||||||||||||||
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 September 30, 2007, there were 8 townhomes under contract. The average price per townhome is expected to be approximately $2.0 million. See Unconsolidated Partnerships Summary on page 34. | |
(3) | During the three months ended September 30, 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) | Upon completion of the project, the Company in considering the lease of all units as multifamily apartment homes. | |
(5) | This project will include the sale of undeveloped parcels. |
-18-
Development Costs | ||||||||||||||||||||||||||||||||||||||||
Units / SF-in 000s | Start | Compl. | Stab. | Thru | YTD | Rem. | ||||||||||||||||||||||||||||||||||
Location | Total | Deliv’d | Leased | Date | Date | Date | Total | 2006 | 2007 | 2007 | After | |||||||||||||||||||||||||||||
In Construction in Progress |
||||||||||||||||||||||||||||||||||||||||
Multifamily |
||||||||||||||||||||||||||||||||||||||||
CG at Huntersville |
Charlotte, NC | 250 | 42 | 26 | 3Q06 | 4Q07 | 2Q08 | 26.1 | 5.8 | 12.7 | 7.6 | — | ||||||||||||||||||||||||||||
CG at Shelby Farms II |
Memphis, TN | 154 | 40 | 29 | 1Q07 | 1Q08 | 2Q08 | 13.4 | 1.4 | 7.9 | 2.8 | 1.3 | ||||||||||||||||||||||||||||
CG at Ayrsley |
Charlotte, NC | 368 | 16 | 3Q06 | 2Q08 | 1Q09 | 34.9 | 7.2 | 5.7 | 12.0 | 10.0 | |||||||||||||||||||||||||||||
CG at Onion Creek (formerly Double Creek) |
Austin, TX | 300 | 1Q07 | 3Q08 | 1Q09 | 31.8 | 4.9 | 5.8 | 6.0 | 15.1 | ||||||||||||||||||||||||||||||
CG at Sweetwater |
Phoenix, AZ | 195 | 3Q07 | 3Q08 | 1Q09 | 23.5 | 5.4 | 0.7 | 3.4 | 14.0 | ||||||||||||||||||||||||||||||
CG at Thunderbird |
Phoenix, AZ | 244 | 3Q07 | 1Q09 | 3Q09 | 29.6 | — | 7.1 | 0.1 | 22.4 | ||||||||||||||||||||||||||||||
CG at Cityway |
Austin, TX | 376 | 3Q07 | 2Q09 | 4Q09 | 34.3 | 3.7 | 0.8 | 1.2 | 28.6 | ||||||||||||||||||||||||||||||
CG at Pecos |
Las Vegas, NV | 380 | 3Q07 | 2Q09 | 4Q09 | 51.7 | — | 13.8 | 5.7 | 32.2 | ||||||||||||||||||||||||||||||
CV at Matthews Commons |
Charlotte, NC | 216 | 4Q07 | 1Q09 | 4Q09 | 21.1 | — | 2.5 | 1.5 | 17.1 | ||||||||||||||||||||||||||||||
CV at Godley Lake |
Savannah, GA | 288 | 3Q07 | 4Q08 | 3Q09 | 26.2 | — | 5.6 | 5.0 | 15.6 | ||||||||||||||||||||||||||||||
CG at Wakefield |
Raleigh, NC | 365 | 4Q07 | 2Q09 | 1Q10 | 36.5 | — | 4.1 | 2.6 | 29.8 | ||||||||||||||||||||||||||||||
CG at Randal Park * |
Orlando, FL | 600 | 1Q08 | 1Q10 | 4Q10 | 75.9 | 7.5 | 2.6 | 0.7 | 65.1 | ||||||||||||||||||||||||||||||
405.0 | 35.9 | 69.3 | 48.6 | 251.2 | ||||||||||||||||||||||||||||||||||||
Commercial
Office |
||||||||||||||||||||||||||||||||||||||||
Colonial Center TownPark 400* |
Orlando, FL | 176 | 2Q07 | 2Q08 | 1Q09 | 29.7 | — | 10.3 | 7.4 | 12.0 | ||||||||||||||||||||||||||||||
Metropolitan * |
Charlotte, NC | 155 | 27 | 3Q06 | 2Q08 | 4Q09 | 35.2 | 5.5 | 9.5 | 13.4 | 6.8 | |||||||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||||||||||||||||||
Colonial Pinnacle Craft Farms II* |
Gulf Shores, AL | 67 | 4Q08 | 3Q09 | 3Q09 | 13.5 | 9.8 | 0.4 | 0.4 | 2.9 | ||||||||||||||||||||||||||||||
Colonial Pinnacle Tutwiler Farm II |
Birmingham, AL | 85 | 65 | 4Q06 | 1Q08 | 1Q08 | 16.4 | 8.0 | 6.1 | 1.0 | 1.3 | |||||||||||||||||||||||||||||
Colonial Promenade Fultondale |
Birmingham, AL | 234 | 203 | 2Q06 | 2Q08 | 2Q08 | 24.8 | 6.6 | 10.3 | 3.4 | 4.5 | |||||||||||||||||||||||||||||
Colonial Promenade Tannehill |
Birmingham, AL | 347 | 82 | 1Q07 | 3Q08 | 1Q09 | 54.4 | 19.2 | (4.4 | ) | 10.2 | 29.4 | ||||||||||||||||||||||||||||
Metropolitan * |
Charlotte, NC | 189 | 46 | 3Q06 | 2Q08 | 4Q09 | 52.8 | 7.0 | 18.9 | 17.9 | 9.0 | |||||||||||||||||||||||||||||
226.8 | 56.1 | 51.1 | 53.7 | 65.9 | ||||||||||||||||||||||||||||||||||||
For Sale Projects |
||||||||||||||||||||||||||||||||||||||||
Enclave (formerly The Renwick) (1) |
Charlotte, NC | 85 | 1Q06 | 4Q09 | 30.9 | 10.8 | 11.0 | 6.0 | 3.1 | |||||||||||||||||||||||||||||||
Southgate on Fairview (1) |
Charlotte, NC | 47 | 2Q06 | 4Q08 | 17.2 | 3.7 | 8.3 | 5.2 | — | |||||||||||||||||||||||||||||||
Cypress Village II (townhomes) (1) |
Gulf Shores, AL | 96 | 80 | 1Q06 | 2Q14 | 40.9 | 24.3 | 12.9 | 3.7 | — | ||||||||||||||||||||||||||||||
Grander (1) |
Gulf Shores, AL | 30 | 26 | 1Q06 | 3Q10 | 20.4 | 13.3 | 5.9 | 0.3 | 0.9 | ||||||||||||||||||||||||||||||
Metropolitan * |
Charlotte, NC | 101 | 3Q06 | 2Q09 | 41.2 | 4.1 | 6.0 | 13.4 | 17.7 | |||||||||||||||||||||||||||||||
Colonial
Traditions at Gulf Shores (2) |
Gulf Shores, AL | — | 3Q06 | 1Q12 | 22.3 | 11.7 | 6.6 | 0.7 | 3.3 | |||||||||||||||||||||||||||||||
Cypress Village (lots) (1) |
Gulf Shores, AL | 236 | 236 | 1Q06 | 2Q14 | 34.6 | 20.6 | 10.4 | 0.2 | 3.4 | ||||||||||||||||||||||||||||||
Spanish Oaks (lots) |
Mobile, AL | 200 | 59 | 1Q06 | 3Q11 | 14.6 | 8.2 | 5.7 | 0.7 | — | ||||||||||||||||||||||||||||||
222.1 | 96.7 | 66.8 | 30.2 | 28.4 | ||||||||||||||||||||||||||||||||||||
Total Consolidated Projects, in CIP |
$ | 853.9 | $ | 188.7 | $ | 187.2 | $ | 132.5 | $ | 345.5 | ||||||||||||||||||||||||||||||
Unconsolidated Projects |
||||||||||||||||||||||||||||||||||||||||
Regents Park
For-Sale (1) (3) |
Atlanta, GA | 23 | 23 | 1Q06 | 3Q09 | 19.6 | 9.2 | 5.0 | 2.0 | 3.4 | ||||||||||||||||||||||||||||||
Colonial
Promenade Smyrna * (4) |
Nashville, TN | 194 | 70 | 1Q07 | 2Q08 | 2Q08 | 17.6 | 5.9 | 5.1 | 2.5 | 4.1 | |||||||||||||||||||||||||||||
CG at
Traditions * (5) |
Gulf Shores, AL | 324 | 40 | 17 | 4Q06 | 1Q08 | 4Q08 | 15.0 | — | 10.7 | 2.5 | 1.8 | ||||||||||||||||||||||||||||
52.2 | 15.1 | 20.8 | 7.0 | 9.3 | ||||||||||||||||||||||||||||||||||||
Total Significant Projects, in CIP |
$ | 906.1 | $ | 203.8 | $ | 208.0 | $ | 139.5 | $ | 354.8 | ||||||||||||||||||||||||||||||
Target Development Yield Ranges: |
||||||||||||||||||||||||||||||||||||||||
Multifamily: 7.0-8.5% |
||||||||||||||||||||||||||||||||||||||||
Office: 8.5-11.0% |
||||||||||||||||||||||||||||||||||||||||
Retail: 8.5-11.0% |
||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Construction-in-Progress | ||||||||||||||||||||||||||||||||||||||||
Dollars Invested in Significant Projects, in CIP | $ | 375.9 | ||||||||||||||||||||||||||||||||||||||
Misc (Infrastructure and Misc Construction) | 99.4 | * Predevelopment and other. | ||||||||||||||||||||||||||||||||||||||
Land Inventory | 105.4 | * Raw and improved land. | ||||||||||||||||||||||||||||||||||||||
Less impairment related to for-sale projects (1) | (43.3 | ) | ||||||||||||||||||||||||||||||||||||||
Less assets transferred to operating assets or real estate assets held for sale | (18.7 | ) | ||||||||||||||||||||||||||||||||||||||
Total Consolidated Construction In Progress | $ | 518.7 | ||||||||||||||||||||||||||||||||||||||
* | These projects are part of a mixed-use development. | |
Notes: | ||
(1) | During the three months ended September 30, 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) associated with these projects as a result of the deterioration in the single family housing market and dislocation in the mortgage markets. | |
(2) | This project will include the sale of undeveloped land parcels. | |
(3) | Development costs represent 40% of total development costs, as the Company is a 40% partner in this project. | |
(4) | Development costs represent 50% of total development costs, as the Company is a 50% partner in this project. | |
(5) | Development costs represent 35% of total development costs, as the Company is a 35% partner in this project. |
-19-
Purch | 1st Yr | Cap | ||||||||||||||||||||||
Location | Date | Units/SF | Price | Invest | Rate | Remarks | ||||||||||||||||||
2007 |
(SF-000s) | ($ mm) | (1) | (2) | ||||||||||||||||||||
Multifamily |
||||||||||||||||||||||||
CG at Old Town Scottsdale North |
Phoenix, AZ | Jan-07 | 208 | $ | 33.8 | $ | 34.3 | 5.4 | % | |||||||||||||||
CG at Old Town Scottsdale South |
Phoenix, AZ | Jan-07 | 264 | 42.2 | 42.8 | 5.4 | % | |||||||||||||||||
Fairmont at Fossil Creek |
Fort Worth, TX | Feb-07 | 240 | 3.2 | 3.2 | 5.9 | % | 15% ownership interest | ||||||||||||||||
Auberry at Twin Creeks |
Dallas, TX | Feb-07 | 216 | 3.1 | 3.3 | 6.0 | % | 15% ownership interest | ||||||||||||||||
CG at Inverness Commons |
Phoenix, AZ | Mar-07 | 300 | 41.3 | 41.9 | 5.3 | % | |||||||||||||||||
CV at Cary |
Raleigh, NC | May-07 | 319 | 6.0 | 6.4 | 5.9 | % | 20% ownership interest | ||||||||||||||||
Merritt at Godley Station |
Savannah, GA | May-07 | 312 | 20.3 | 20.6 | 6.0 | % | |||||||||||||||||
Total |
$ | 149.9 | $ | 152.5 | ||||||||||||||||||||
Sales | Cap | |||||||||||||||||||
Location | Date | Units/SF | Price | Rate | Remarks | |||||||||||||||
2007 |
(SF-000s) | ($ mm) | (3) | |||||||||||||||||
Multifamily |
||||||||||||||||||||
Beacon Hill |
Charlotte, NC | Jan-07 | 349 | $ | 15.9 | 6.3 | %(4) | |||||||||||||
Clarion Crossing |
Raleigh, NC | Jan-07 | 260 | 15.9 | 6.3 | %(4) | ||||||||||||||
CG at Enclave |
Atlanta, GA | Jan-07 | 200 | 16.9 | 6.3 | %(4) | ||||||||||||||
CV at Poplar Place |
Atlanta, GA | Jan-07 | 324 | 19.6 | 6.3 | %(4) | ||||||||||||||
CV at Regency Place |
Raleigh, NC | Jan-07 | 180 | 10.3 | 6.3 | %(4) | ||||||||||||||
CV at Spring Lake |
Atlanta, GA | Jan-07 | 188 | 11.5 | 6.3 | %(4) | ||||||||||||||
CV at Timothy Woods |
Atlanta, GA | Jan-07 | 204 | 13.2 | 6.3 | %(4) | ||||||||||||||
CG at Promenade |
Montgomery, AL | Feb-07 | 384 | 38.0 | 6.7 | % | ||||||||||||||
CG at Bayshore |
Sarasota, FL | Feb-07 | 376 | 15.0 | 3.7 | % | 25% ownership interest | |||||||||||||
CG at Natchez Trace |
Jackson, MS | Jun-07 | 328 | 25.2 | 6.3 | % | ||||||||||||||
CG at Reservoir |
Jackson, MS | Jun-07 | 170 | 17.0 | 6.3 | % | ||||||||||||||
Mayflower Seaside |
Norfolk, VA | Jun-07 | 265 | 33.0 | 5.4 | % | ||||||||||||||
Cape Landing |
Myrtle Beach, SC | Jun-07 | 288 | 19.5 | 5.8 | % | ||||||||||||||
CV at Hendersonville |
Nashville, TN | Sep-07 | 364 | 27.0 | 5.3 | % | 25% ownership interest | |||||||||||||
Total — Multifamily |
$ | 278.0 | ||||||||||||||||||
Office |
||||||||||||||||||||
DRA/CRT JV (1 property) |
Tampa, Florida | Feb-07 | 675.5 | 14.0 | 6.9 | %(5) | 15% ownership interest | |||||||||||||
DRA/CLP JV |
Multiple Cities | Jun-07 | 6,931.0 | 1,131.2 | 6.9 | %(6) | 15% ownership interest | |||||||||||||
DRA/CRT JV (1 property) |
Ft. Lauderdale, FL | Jul-07 | 469.2 | 34.6 | 4.1 | %(7) | 15% ownership interest | |||||||||||||
Total — Office |
$ | 1,179.8 | ||||||||||||||||||
Retail |
||||||||||||||||||||
Rivermont Shopping Center |
Chattanooga, TN | Feb-07 | 73.5 | 4.2 | 7.3 | % | ||||||||||||||
CS Yadkinville |
Yadkinville, NC | Mar-07 | 90.9 | 8.3 | 8.5 | % | ||||||||||||||
CS Bear Lake |
Orlando, FL | Apr-07 | 131.3 | 20.6 | 6.6 | % | ||||||||||||||
CP Wekiva |
Orlando, FL | May-07 | 208.6 | 27.2 | 8.0 | % | ||||||||||||||
OZRE JV |
Multiple Cities | Jun-07 | 2,591.0 | 360.0 | 6.6 | %(8) | 15% ownership interest | |||||||||||||
Malls/Centers |
Multiple Cities | Jul-07 | 2,289.1 | 129.0 | 9.8 | %(9) | ||||||||||||||
Village on the Parkway |
Dallas, TX | Jul-07 | 380.5 | 74.4 | 5.9 | % | ||||||||||||||
Colonial Pinnacle Craft Farms I |
Gulf Shores, AL | Jul-07 | 250.0 | 53.8 | 6.7 | %(10) | 15% ownership interest | |||||||||||||
Total — Retail |
$ | 677.5 | ||||||||||||||||||
Total | $ | 2,135.3 | ||||||||||||||||||
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 6.3%. | |
(5) | The DRA/CRT JV property sold was St. Petersburg Center in Tampa, Florida. | |
(6) | The DRA/CLP JV properties include 25 office properties located in Birmingham and Huntsville, AL; Orlando and Tampa, FL; Atlanta, GA; Charlotte, NC; and Austin, TX and 2 adjacent retail properties located in Birmingham, AL and Orlando, FL. The company retained a 15% interest in these properties. | |
(7) | The DRA/CRT JV property sold was Las Olas Centre in Ft. Lauderdale, Florida. | |
(8) | The OZRE Retail JV properties include 11 retail properties located in Birmingham, AL; Orlando, Punta Gorda, Jacksonville, and Tampa, FL; Athens, GA; and Houston, TX. The company retained a 15% interest in these properties. | |
(9) | The disposition included 4 retail malls located in Staunton, VA, Decatur, AL, Gainesville, GA, and Mt. Airy, NC and 7 retail centers located in Montgomery, AL, Columbus, GA, and Greensboro, NC. | |
(10) | The Company retained a 15% interest in this property. |
-20-
CONSOLIDATED DEBT | WITH UNCONSOLIDATED SUBSID. DEBT | |||||||||||||||||||||||||||||||
Debt | % | Avg Int | Wtd Mat'y | Debt *(1) | % | Avg Int | Wtd Mat'y | |||||||||||||||||||||||||
Unsecured/Secured |
||||||||||||||||||||||||||||||||
Unsecured Line of Credit |
$ | 27,000 | 2 | % | 5.9 | % | 4.7 | $ | 27,000 | 1 | % | 5.9 | % | 4.7 | ||||||||||||||||||
Unsecured Other |
1,540,274 | 95 | % | 5.8 | % | 6.1 | 1,540,274 | 73 | % | 5.8 | % | 6.1 | ||||||||||||||||||||
Secured |
62,228 | 4 | % | 6.1 | % | 5.5 | 554,660 | 26 | % | 5.9 | % | 4.9 | ||||||||||||||||||||
Total Debt |
$ | 1,629,502 | 100 | % | 5.8 | % | 6.0 | $ | 2,121,934 | 100 | % | 5.8 | % | 5.7 | ||||||||||||||||||
Fixed/Floating |
||||||||||||||||||||||||||||||||
Fixed Rate Debt |
$ | 1,558,913 | 96 | % | 5.8 | % | 6.2 | $ | 1,924,357 | 91 | % | 5.8 | % | 6.2 | ||||||||||||||||||
Floating Rate Debt — Capped |
— | — | — | — | 57,726 | 3 | % | 7.0 | % | 0.9 | ||||||||||||||||||||||
Floating Rate Debt |
70,589 | 4 | % | 6.1 | % | 2.0 | 139,852 | 7 | % | 6.3 | % | 1.6 | ||||||||||||||||||||
Total Debt |
$ | 1,629,502 | 100 | % | 5.8 | % | 6.0 | $ | 2,121,934 | 100 | % | 5.8 | % | 5.7 | ||||||||||||||||||
Weighted Average Interest | ||||
Rate on Maturing Debt | ||||
(excluding line of credit) | ||||
2007
|
6.40 | % | ||
2008
|
6.40 | % | ||
2009
|
6.24 | % | ||
2010
|
5.30 | % | ||
2011
|
4.80 | % | ||
2012
|
6.76 | % | ||
2013
|
6.11 | % | ||
2014
|
6.09 | % | ||
Thereafter
|
5.75 | % | ||
Total
|
5.84 | % | ||
06/30/07 | 09/30/07 | Interest Rate | Due | |||||||||||||
Floating |
$ | 27,000 | $ | 27,000 | 5.87 | % | 06/15/12 | |||||||||
Competitive Bid Option — Floating |
— | — | — | 06/15/12 | ||||||||||||
Term loan |
— | — | — | 06/15/12 | ||||||||||||
Total Outstanding on LOC |
$ | 27,000 | $ | 27,000 | 5.87 | % | ||||||||||
Notes: | ||
• | The $500MM LOC has a $250MM Competitive Bid Option. | |
• | 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. | |
• | In addition to the $500MM LOC, Wachovia has provided a $40MM Cash Management Line. | |
• | 5-Year facility through June 2012; with one 1-year extension |
-21-
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+ |
3Q06 | YTD ‘06 | 3Q07 | YTD ‘07 | |||||||||||||||||||||||
SEC Coverage Ratios (SEC Reg. S-K, Item 503) |
||||||||||||||||||||||||||
Earnings to Fixed Charges (1) |
0.7 | 0.8 | (0.8 | ) | 0.2 | |||||||||||||||||||||
Earnings to Fixed Charges & |
||||||||||||||||||||||||||
Preferred Share Distributions (1) |
0.7 | 0.7 | (0.7 | ) | 0.2 | |||||||||||||||||||||
Supplemental Coverage Ratios |
||||||||||||||||||||||||||
Interest Coverage (2) |
2.4 | 2.5 | 2.2 | 2.4 | ||||||||||||||||||||||
Fixed Charge Coverage (3) |
2.0 | 2.1 | 1.9 | 2.0 | ||||||||||||||||||||||
Fixed Charge w/ Cap Int (4) |
1.8 | 1.9 | 1.5 | 1.7 |
(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. Additionally, the deficiencies of the ratio of earnings to fixed charges for the three and nine months ended September 30, 2007 are a result of the $43.3 million impairment charge related to the Company’s for-sale residential business recorded during the third quarter of 2007. | |
(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. |
1Q06 | 2Q06 | 3Q06 | 4Q06 | 1Q07 | 2Q07 | 3Q07 | ||||||||||||||||||||||
Consolidated Debt to Total Assets cannot exceed 60% |
53.1 | % | 55.1 | % | 55.9 | % | 53.9 | % | 52.0 | % | 54.8 | % | 53.5 | % | ||||||||||||||
Secured Debt to Total Assets cannot exceed 40% |
19.8 | % | 18.9 | % | 18.1 | % | 16.6 | % | 15.8 | % | 13.5 | % | 13.9 | % | ||||||||||||||
Total Unencumbered Assets to Unsecured Debt must
be at least 150% |
187.9 | % | 179.0 | % | 176.2 | % | 187.3 | % | 192.3 | % | 199.3 | % | 208.8 | % | ||||||||||||||
Consolidated Income Available for Debt Service Charges
must be at least 1.50/1 |
2.2 | x | 2.4 | x | 2.3 | x | 2.6 | x | 2.7 | x | 2.6 | x | 2.6 | x |
Consolidated Debt |
$ | 2,299,927 | $ | 2,429,424 | $ | 2,545,097 | $ | 2,397,906 | $ | 2,311,734 | $ | 1,851,464 | $ | 1,629,502 | ||||||||||||||
Unconsolidated Debt |
399,366 | 396,695 | 416,048 | 367,210 | 342,714 | 461,042 | 492,432 | |||||||||||||||||||||
Total Debt |
2,699,293 | 2,826,119 | 2,961,145 | 2,765,116 | 2,654,448 | 2,312,506 | 2,121,934 | |||||||||||||||||||||
Preferred Stock |
||||||||||||||||||||||||||||
7.25% Series B (Units) |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||
9.25% Series C |
50,000 | — | — | — | — | — | — | |||||||||||||||||||||
8.125% Series D |
125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | |||||||||||||||||||||
7.62% Series E |
105,503 | 104,761 | 104,761 | 104,761 | 104,761 | — | — | |||||||||||||||||||||
Total Preferred Stock |
380,503 | 329,761 | 329,761 | 329,761 | 329,761 | 225,000 | 225,000 | |||||||||||||||||||||
Market Equity (Shares & Units) |
2,807,330 | 2,790,823 | 2,706,524 | 2,659,221 | 2,602,505 | 2,068,866 | 1,961,823 | |||||||||||||||||||||
Total Market Capitalization |
$ | 5,887,126 | $ | 5,946,703 | $ | 5,997,430 | $ | 5,754,098 | $ | 5,586,714 | $ | 4,606,372 | $ | 4,308,757 | ||||||||||||||
Debt / Total Market Capitalization |
45.9 | % | 47.5 | % | 49.4 | % | 48.1 | % | 47.5 | % | 50.2 | % | 49.2 | % |
TOTAL MARKET CAPITALIZATION (W/ SUB): 5-YEAR
|
TOTAL MARKET CAPITALIZATION (W/ SUB): CURRENT QTR | |
-22-
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Consolidated |
||||||||||||||||
FFO Gains (net of income taxes & minority interest): |
||||||||||||||||
Condo Conversions |
$ | (76 | ) | $ | 3,684 | $ | 3,056 | $ | 11,542 | |||||||
For-Sale Residential |
392 | 528 | 2,098 | 528 | ||||||||||||
Development |
3,920 | — | 3,920 | — | ||||||||||||
Land / Outparcel Sales |
554 | 1,554 | 1,114 | 3,362 | ||||||||||||
Totals |
4,790 | 5,766 | 10,188 | 15,432 | ||||||||||||
3rd Party Mgt & Leasing Fee Revenue |
5,490 | 4,891 | 14,044 | 13,523 | ||||||||||||
Straight Line Rents |
1,401 | 1,057 | 5,277 | 4,747 | ||||||||||||
Percentage Rents |
225 | 460 | 1,135 | 1,196 | ||||||||||||
Lease Terminations |
— | 372 | 333 | 1,453 | ||||||||||||
Interest Expense |
17,843 | 31,937 | 72,326 | 95,685 | ||||||||||||
Interest Income |
2,953 | 1,932 | 7,182 | 5,883 | ||||||||||||
Capitalized Interest |
6,599 | 4,714 | 20,191 | 11,404 | ||||||||||||
Debt — Principal Amortization |
168 | 1,456 | 2,724 | 4,567 | ||||||||||||
Preferred Dividend Payments |
4,352 | 6,363 | 16,338 | 21,792 | ||||||||||||
Preferred Share Issuance Costs |
29 | 45 | 360 | 2,128 | ||||||||||||
Amortization of Deferred Financing Costs |
1,315 | 1,430 | 5,476 | 4,381 | ||||||||||||
Amortization of Stock Compensation |
1,594 | 1,390 | 4,589 | 3,119 | ||||||||||||
Unconsolidated *(1) |
||||||||||||||||
Straight Line Rents |
483 | 622 | 1,172 | 2,674 | ||||||||||||
Interest Expense |
7,468 | 6,318 | 18,328 | 17,914 | ||||||||||||
Debt — Principal Reductions |
98 | 129 | 337 | 463 | ||||||||||||
Amortization of Deferred Financing Costs |
148 | 144 | 481 | 630 |
(1) | 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. |
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Acquisition of Properties |
||||||||||||||||
Multifamily |
$ | — | $ | 160,020 | $ | 150,471 | $ | 307,295 | ||||||||
Office |
— | — | — | 8,300 | ||||||||||||
Acquisitions |
— | 160,020 | 150,471 | 315,595 | ||||||||||||
Other Assets & Debt Assumed |
— | — | — | |||||||||||||
Less: Unconsolidated Assets |
— | (2,700 | ) | (12,273 | ) | (8,055 | ) | |||||||||
Acq, net — Consolidated Assets |
$ | — | $ | 157,320 | $ | 138,198 | $ | 307,540 | ||||||||
Development Expenditures |
||||||||||||||||
Multifamily |
52,119 | 15,290 | 102,163 | 64,233 | ||||||||||||
Office |
10,729 | 16,121 | 42,042 | 27,229 | ||||||||||||
Retail |
27,899 | 18,049 | 69,501 | 67,982 | ||||||||||||
For-Sale / Other |
42,990 | 31,017 | 104,886 | 112,888 | ||||||||||||
Total, incl subs |
133,737 | 80,477 | 318,592 | 272,332 | ||||||||||||
Less: Infrastructure |
||||||||||||||||
Reimbursement from City/County |
— | (327 | ) | (7,178 | ) | (565 | ) | |||||||||
Less: Unconsolidated /Other (1) |
(10,449 | ) | (3,321 | ) | (19,493 | ) | (20,252 | ) | ||||||||
Development, Consol. Assets |
$ | 123,288 | $ | 76,829 | $ | 291,921 | $ | 251,515 | ||||||||
(1) | Includes items reclassified to other cash flow investing activites. |
Proceeds from Sales of Properties, Net of Selling Costs |
||||||||||||||||
Multifamily |
$ | 6,750 | $ | — | $ | 257,849 | $ | 185,105 | ||||||||
Office |
34,647 | 86,008 | 427,691 | 237,805 | ||||||||||||
Retail |
249,142 | — | 424,455 | 114,574 | ||||||||||||
For Sale / Projects |
10,637 | 26,475 | 69,423 | 101,369 | ||||||||||||
Land and other |
1,550 | 3,442 | 5,578 | 13,404 | ||||||||||||
Total, incl subs |
302,726 | 115,925 | 1,184,996 | 652,257 | ||||||||||||
Selling Costs |
(8,506 | ) | (4,204 | ) | (37,362 | ) | (14,624 | ) | ||||||||
Outparcels/Land |
(1,550 | ) | (3,442 | ) | (5,578 | ) | (13,404 | ) | ||||||||
Less: Unconsolidated — net |
(39,786 | ) | (23,626 | ) | (68,847 | ) | (36,728 | ) | ||||||||
Sales, Net — Consolidated Assets |
$ | 252,884 | $ | 84,653 | $ | 1,073,209 | $ | 587,501 | ||||||||
-23-
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Divisional Total Revenues |
||||||||||||||||
Multifamily — Same Property |
$ | 58,150 | $ | 55,513 | $ | 173,274 | $ | 165,197 | ||||||||
Multifamily — Non-Same Property |
17,686 | 25,576 | 57,488 | 71,291 | ||||||||||||
Office |
12,945 | 41,735 | 84,322 | 131,659 | ||||||||||||
Retail |
10,270 | 26,133 | 59,775 | 81,312 | ||||||||||||
Total Divisional Revenues |
99,051 | 148,957 | 374,859 | 449,459 | ||||||||||||
Less: Unconsolidated Revenues — Mfam |
(2,587 | ) | (4,766 | ) | (7,817 | ) | (14,275 | ) | ||||||||
Less: Unconsolidated Revenues — Off |
(12,128 | ) | (8,626 | ) | (28,298 | ) | (25,604 | ) | ||||||||
Less: Unconsolidated Revenues — Rtl |
(5,543 | ) | (3,942 | ) | (13,151 | ) | (10,230 | ) | ||||||||
Discontinued Operations |
(2,047 | ) | (24,757 | ) | (24,575 | ) | (80,888 | ) | ||||||||
Construction Revenues |
11,154 | 6,868 | 32,007 | 26,793 | ||||||||||||
Unallocated Corporate Rev |
5,490 | 4,891 | 14,044 | 13,523 | ||||||||||||
Cons. Rev, adj -’06 Disc Ops |
93,390 | 118,625 | 347,069 | 358,778 | ||||||||||||
Add: Add’l Disc Ops Rev, post filing |
— | 15,943 | — | 49,490 | ||||||||||||
Total Consol. Rev, per 10-Q / K |
$ | 93,390 | $ | 134,568 | $ | 347,069 | $ | 408,268 | ||||||||
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Divisional Total Expenses |
||||||||||||||||
Multifamily — Same Property |
$ | 23,244 | $ | 22,355 | $ | 67,339 | $ | 64,500 | ||||||||
Multifamily — Non-Same Property |
8,957 | 11,755 | 27,722 | 31,687 | ||||||||||||
Office |
5,387 | 15,300 | 29,507 | 46,213 | ||||||||||||
Retail |
3,813 | 7,794 | 18,813 | 23,048 | ||||||||||||
Total Divisional Expenses |
41,401 | 57,204 | 143,381 | 165,448 | ||||||||||||
Less: Unconsolidated Expenses — Mfam |
(1,278 | ) | (2,176 | ) | (4,148 | ) | (5,957 | ) | ||||||||
Less: Unconsolidated Expenses — Off |
(4,702 | ) | (3,588 | ) | (10,928 | ) | (10,094 | ) | ||||||||
Less: Unconsolidated Expenses — Rtl |
(1,688 | ) | (1,273 | ) | (4,094 | ) | (3,380 | ) | ||||||||
Discontinued Operations (1) |
(1,323 | ) | (9,921 | ) | (13,076 | ) | (31,883 | ) | ||||||||
Impairment Charge — Discontinued Ops (1) |
— | — | 2,500 | — | ||||||||||||
Impairment Charge — Continuing Ops |
44,129 | — | 44,129 | — | ||||||||||||
Other Expense |
(143 | ) | 12 | 4 | 39 | |||||||||||
Total Property Operating Exp |
76,396 | 40,258 | 157,768 | 114,173 | ||||||||||||
Construction Expenses |
9,280 | 6,653 | 29,146 | 25,680 | ||||||||||||
Property Management Exp |
2,365 | 3,258 | 9,812 | 9,800 | ||||||||||||
General & Administrative Exp |
5,782 | 6,279 | 19,710 | 16,025 | ||||||||||||
Management Fee and Other Exp |
3,984 | 3,051 | 11,145 | 9,044 | ||||||||||||
Restructuring Charge |
— | — | 1,528 | — | ||||||||||||
Depreciation |
23,842 | 32,189 | 89,763 | 96,561 | ||||||||||||
Amortization |
835 | 4,479 | 9,741 | 13,454 | ||||||||||||
Cons. Exp, adj —’06 Disc Ops |
122,484 | 96,167 | 328,613 | 284,737 | ||||||||||||
Add: Add’l Disc Ops Exp,post filing |
— | 10,043 | — | 33,055 | ||||||||||||
Total Consol. Exp, per 10-Q / K |
$ | 122,484 | $ | 106,210 | $ | 328,613 | $ | 317,792 | ||||||||
-24-
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Divisional Total NOI |
||||||||||||||||
Multifamily — Same Property |
$ | 34,906 | $ | 33,158 | $ | 105,935 | $ | 100,697 | ||||||||
Multifamily — Non-Same Property |
8,729 | 13,821 | 29,766 | 39,604 | ||||||||||||
Office |
7,558 | 26,435 | 54,815 | 85,446 | ||||||||||||
Retail |
6,457 | 18,339 | 40,962 | 58,264 | ||||||||||||
Total Divisional NOI |
57,650 | 91,753 | 231,478 | 284,011 | ||||||||||||
Less: Unconsolidated NOI — Mfam |
(1,309 | ) | (2,590 | ) | (3,669 | ) | (8,318 | ) | ||||||||
Less: Unconsolidated NOI — Off |
(7,426 | ) | (5,038 | ) | (17,370 | ) | (15,510 | ) | ||||||||
Less: Unconsolidated NOI — Rtl |
(3,855 | ) | (2,669 | ) | (9,057 | ) | (6,850 | ) | ||||||||
Discontinued Operations |
(724 | ) | (14,836 | ) | (11,499 | ) | (49,005 | ) | ||||||||
Impairment Charge — Discontinued Ops (1) |
— | — | (2,500 | ) | — | |||||||||||
Impairment Charge — Continuing Ops (2) |
(44,129 | ) | — | (44,129 | ) | — | ||||||||||
Unallocated Corporate Rev |
5,490 | 4,891 | 14,044 | 13,523 | ||||||||||||
Other Expense |
143 | (12 | ) | (4 | ) | (39 | ) | |||||||||
Construction NOI |
1,874 | 215 | 2,861 | 1,113 | ||||||||||||
Property Management Exp |
(2,365 | ) | (3,258 | ) | (9,812 | ) | (9,800 | ) | ||||||||
General & Administrative Exp |
(5,782 | ) | (6,279 | ) | (19,710 | ) | (16,025 | ) | ||||||||
Management Fee and Other Exp |
(3,984 | ) | (3,051 | ) | (11,145 | ) | (9,044 | ) | ||||||||
Restructuring Charge |
— | — | (1,528 | ) | — | |||||||||||
Depreciation |
(23,842 | ) | (32,189 | ) | (89,763 | ) | (96,561 | ) | ||||||||
Amortization |
(835 | ) | (4,479 | ) | (9,741 | ) | (13,454 | ) | ||||||||
Income from Operations |
(29,094 | ) | 22,458 | 18,456 | 74,041 | |||||||||||
Total Other Income (Expense) |
19,949 | (30,139 | ) | 249,307 | (51,447 | ) | ||||||||||
Income from Contin’g Ops (2) |
(9,145 | ) | (7,681 | ) | 267,763 | 22,594 | ||||||||||
Disc Ops |
— | 5,900 | — | 16,435 | ||||||||||||
06 & 07 Disc Ops Other Inc(Exp) |
— | (616 | ) | — | (3,408 | ) | ||||||||||
Inc from Cont (3), per 10-Q / K |
$ | (9,145 | ) | $ | (2,397 | ) | $ | 267,763 | $ | 35,621 | ||||||
Quarterly NOI from Properties Not Stabilized in that Quarter |
||||||||||||||||
Properties in Lease-up or CIP |
499 | 1,581 | 2,855 | 3,089 | ||||||||||||
Acquisitions |
— | 807 | 3,693 | 1,920 |
(1) | The $2.5 million impairment charge recorded during the three months ended June 30, 2007, is related to a retail asset classified as held for sale, therefore this charge is also included in discontinued operations. | |
(2) | During the three months ended September 30, 2007, the Company recorded a $43.3 million non-cash impairment charge ($26.8 million net of income tax) related to the Company’s for-sale residential business as a result of the deterioration in the single family housing market and dislocation in the mortgage markets. | |
(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. |
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Assets Sold |
||||||||||||||||
Revenue from assets sold |
$ | 1,263 | $ | 24,510 | $ | 23,416 | $ | 80,160 | ||||||||
Expenses from assets sold (1) |
1,127 | 9,865 | 12,997 | 31,732 | ||||||||||||
NOI from assets sold |
136 | 14,645 | 10,419 | 48,428 | ||||||||||||
Assets Held for Sale |
||||||||||||||||
Revenue from assets held for sale |
784 | 247 | 1,159 | 728 | ||||||||||||
Expenses from assets held for sale |
196 | 56 | 79 | 151 | ||||||||||||
NOI from assets held for sale |
588 | 191 | 1,080 | 577 | ||||||||||||
Assets sold, not classified in discontinued operations |
||||||||||||||||
Revenue from assets sold |
160 | 41,556 | 75,095 | 132,155 | ||||||||||||
Expenses from assets sold |
413 | 14,763 | 25,889 | 45,089 | ||||||||||||
NOI from assets sold |
$ | (253 | ) | $ | 26,793 | $ | 49,206 | $ | 87,066 | |||||||
(1) | Expenses include a $2.5 million impairment charge related to a retail asset sold during the third quarter of 2007. The impairment charge was recorded during the second quarter of 2007. |
-25-
(dollars in thousands) | ||||||||||||||||
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Income from discontinued operations |
$ | 759 | $ | 8,119 | $ | 9,370 | $ | 22,229 | ||||||||
Interest (income) expense, net |
(53 | ) | 1,779 | 985 | 6,337 | |||||||||||
Depreciation and amortization expenses |
18 | 4,938 | 1,142 | 19,877 | ||||||||||||
Other |
— | — | 2 | 562 | ||||||||||||
NOI from discontinued operations |
$ | 724 | $ | 14,836 | $ | 11,499 | $ | 49,005 | ||||||||
NOI from assets sold |
136 | 14,645 | 10,419 | 48,428 | ||||||||||||
NOI from assets held for sale |
588 | 191 | 1,080 | 577 | ||||||||||||
NOI from discontinued operations |
$ | 724 | $ | 14,836 | $ | 11,499 | $ | 49,005 | ||||||||
3Q07 | 3Q06 | YTD ‘07 | YTD ‘06 | |||||||||||||
Net Income to Common S/H |
$ | 1,747 | $ | 14,732 | $ | 338,874 | $ | 48,676 | ||||||||
Consolidated |
||||||||||||||||
Minority Interest |
(1,380 | ) | 3,389 | 9,132 | 11,441 | |||||||||||
(Inc)/Loss — Uncons. Assets |
(6,886 | ) | 2,101 | (11,609 | ) | 4,105 | ||||||||||
Preferred Dividends |
4,352 | 6,363 | 16,337 | 21,792 | ||||||||||||
Preferred Share Issuance Costs |
29 | 45 | 360 | 2,128 | ||||||||||||
Interest Expense |
17,843 | 31,937 | 72,326 | 95,685 | ||||||||||||
Loss on Retirement of Debt |
— | — | 12,521 | 628 | ||||||||||||
Income Tax Expense (Benefit)(1) |
(15,786 | ) | 2,202 | (12,479 | ) | 9,258 | ||||||||||
Depreciation & Amortization |
24,695 | 41,606 | 100,646 | 129,892 | ||||||||||||
(Gain)/Loss on Sale (Cont & Disc) |
(30,693 | ) | (27,443 | ) | (398,507 | ) | (89,182 | ) | ||||||||
Gain/(Loss)-Undeprec Prop *(2) |
5,487 | 7,676 | 13,187 | 25,858 | ||||||||||||
Impairment Charge |
44,129 | — | 46,629 | — | ||||||||||||
EBITDA from Consolidated Props |
43,537 | 82,608 | 187,417 | 260,281 | ||||||||||||
Unconsolidated |
||||||||||||||||
Reverse: Inc/(Loss) — Uncons. |
6,886 | (2,101 | ) | 11,609 | (4,105 | ) | ||||||||||
Interest Expense |
7,468 | 6,318 | 18,328 | 17,914 | ||||||||||||
Depreciation & Amortization |
6,740 | 5,263 | 16,941 | 15,544 | ||||||||||||
(Gain)/Loss on Sale of Prop |
(8,339 | ) | (134 | ) | (16,893 | ) | (1,334 | ) | ||||||||
EBITDA |
$ | 56,292 | $ | 91,954 | $ | 217,402 | $ | 288,300 | ||||||||
(1) | The income tax benefit recorded during the three and nine months ended September 30, 2007 relates primarily to the impairment charge of $43.3 million associated with the Company’s for-sale residential business recorded during the third quarter of 2007. | |
(2) | 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. |
-26-
3Q07 | 3Q06 | YTD '07 | YTD '06 | |||||||||||||||||||||||
Earnings |
||||||||||||||||||||||||||
Net Income (before preferred shares) |
$ | 4,315 | $ | 19,327 | $ | 350,134 | $ | 67,158 | ||||||||||||||||||
Discontinued Operations: |
||||||||||||||||||||||||||
(Income)/Loss from Discontinued Operations |
(759 | ) | (8,119 | ) | (9,370 | ) | (22,229 | ) | ||||||||||||||||||
Minority Interest in CRLP |
2,478 | 5,949 | 17,667 | 11,603 | ||||||||||||||||||||||
(Gains)/Losses on Disposal of Discontinued
Operations, net of income taxes |
(13,108 | ) | (23,661 | ) | (87,392 | ) | (41,382 | ) | ||||||||||||||||||
Minority Interest of Limited Partners |
(6 | ) | (24 | ) | 67 | 2,650 | ||||||||||||||||||||
CRLP Minority Interest — Common U/H |
(3,858 | ) | (2,560 | ) | (8,535 | ) | (162 | ) | ||||||||||||||||||
(Gains)/Losses from Sales of Property, net of income taxes |
(12,777 | ) | (1,443 | ) | (303,776 | ) | (39,551 | ) | ||||||||||||||||||
Minority Interest of Limited Partners |
(20 | ) | (406 | ) | (245 | ) | (482 | ) | ||||||||||||||||||
Income Taxes and Other |
(16,545 | ) | (138 | ) | (15,733 | ) | 1,008 | |||||||||||||||||||
(Income)/Loss from Unconsolidated Entities |
(6,886 | ) | 2,101 | (11,609 | ) | 4,105 | ||||||||||||||||||||
(47,166 | ) | (8,974 | ) | (68,792 | ) | (17,282 | ) | |||||||||||||||||||
Amortization of Interest Capitalized |
600 | 600 | 1,800 | 1,800 | ||||||||||||||||||||||
Capitalized Interest |
(6,599 | ) | (4,714 | ) | (20,191 | ) | (11,404 | ) | ||||||||||||||||||
Distributions from Unconsolidated Entities |
3,236 | 2,553 | 8,489 | 7,345 | ||||||||||||||||||||||
Fixed Charges, from below |
27,570 | 39,894 | 103,430 | 116,908 | ||||||||||||||||||||||
Earnings |
(22,359 | ) | 29,359 | 24,736 | 97,367 | |||||||||||||||||||||
Fixed Charges |
||||||||||||||||||||||||||
Interest Expense |
17,843 | 31,937 | 72,326 | 95,685 | ||||||||||||||||||||||
Capitalized Interest |
6,599 | 4,714 | 20,191 | 11,404 | ||||||||||||||||||||||
Amortization of Deferred Financing Costs |
1,315 | 1,430 | 5,476 | 4,381 | ||||||||||||||||||||||
Distrib to Series B Pfd Unitholders |
1,813 | 1,813 | 5,437 | 5,438 | ||||||||||||||||||||||
Total |
27,570 | 39,894 | 103,430 | 116,908 | ||||||||||||||||||||||
Fixed Charges & Preferred Share Distributions |
||||||||||||||||||||||||||
Add: Distrib-Pfd Share Series B, C, D & E |
2,539 | 4,550 | 10,900 | 16,354 | ||||||||||||||||||||||
Total |
$ | 30,109 | $ | 44,444 | $ | 114,330 | $ | 133,262 | ||||||||||||||||||
3Q07 | 3Q06 | YTD '07 | YTD '06 | |||||||||||||||||||||||
Interest Coverage Denominator |
||||||||||||||||||||||||||
Interest Expense |
$ | 17,843 | $ | 31,937 | $ | 72,326 | $ | 95,685 | ||||||||||||||||||
Interest Expense — Unconsolidated |
7,468 | 6,318 | 18,329 | 17,914 | ||||||||||||||||||||||
Total Interest Expense |
25,311 | 38,255 | 90,655 | 113,599 | ||||||||||||||||||||||
Fixed Charge Denominator |
||||||||||||||||||||||||||
Add: Preferred Dividend Payments |
4,352 | 6,363 | 16,338 | 21,792 | ||||||||||||||||||||||
Debt Principal Amortization |
168 | 1,456 | 2,724 | 4,567 | ||||||||||||||||||||||
Debt Principal Amortortization — Unconsolidated |
98 | 129 | 337 | 463 | ||||||||||||||||||||||
Total Fixed Charges |
29,929 | 46,203 | 110,054 | 140,421 | ||||||||||||||||||||||
Fixed Charge w/ Capitalized Interest Denominator |
||||||||||||||||||||||||||
Add: Capitalized Interest |
6,599 | 4,714 | 20,191 | 11,404 | ||||||||||||||||||||||
Total Fixed Charges w/ Capitalized Interest |
$ | 36,528 | $ | 50,917 | $ | 130,245 | $ | 151,825 | ||||||||||||||||||
-27-
Year Built / | Apartment | Square | Occupancy | Market Rental Rates | ||||||||||||||||||||||||||||||
Property | MSA | State | 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 | 95.0 | % | $ | 871 | $ | 0.86 | |||||||||||||||||||||
CG at Berkeley Lake |
Atlanta | GA | 1998 | 100 | % | 180 | 244 | 95.6 | % | 912 | 0.67 | S | ||||||||||||||||||||||
CG at Mount Vernon |
Atlanta | GA | 1997 | 100 | % | 213 | 257 | 99.1 | % | 1,065 | 0.88 | S | ||||||||||||||||||||||
CG at River Oaks |
Atlanta | GA | 1992 | 100 | % | 216 | 276 | 96.8 | % | 879 | 0.69 | S | ||||||||||||||||||||||
CG at River Plantation |
Atlanta | GA | 1994 | 100 | % | 232 | 310 | 93.1 | % | 912 | 0.68 | S | ||||||||||||||||||||||
CG at Sugarloaf |
Atlanta | GA | 2002 | 100 | % | 250 | 329 | 96.8 | % | 917 | 0.70 | S | ||||||||||||||||||||||
CG at McGinnis Ferry |
Atlanta | GA | 1997 | 100 | % | 434 | 509 | 95.2 | % | 877 | 0.75 | S | ||||||||||||||||||||||
CG at Barrett Creek |
Atlanta | GA | 1999 | 100 | % | 332 | 310 | 98.8 | % | 778 | 0.83 | S | ||||||||||||||||||||||
CG at McDaniel Farm |
Atlanta | GA | 1997 | 100 | % | 424 | 457 | 91.0 | % | 787 | 0.73 | |||||||||||||||||||||||
CG at Shiloh |
Atlanta | GA | 2002 | 100 | % | 498 | 533 | 96.2 | % | 834 | 0.78 | |||||||||||||||||||||||
CG at Pleasant Hill |
Atlanta | GA | 1996 | 100 | % | 502 | 502 | 92.0 | % | 788 | 0.79 | |||||||||||||||||||||||
Total |
11 | 9.6 Years | 3,639 | 4,093 | 95.0 | % | 855 | 0.75 | ||||||||||||||||||||||||||
Same Store |
7 | 10.0 Years | 1,857 | 2,236 | 96.4 | % | 894 | 0.74 | ||||||||||||||||||||||||||
Cunningham |
Austin | TX | 2000 | 20 | % | 280 | 257 | 95.0 | % | 692 | 0.75 | |||||||||||||||||||||||
Canyon Creek LP |
Austin | TX | 2006 | 25 | % | 336 | 349 | LU | — | — | ||||||||||||||||||||||||
CG at Silverado |
Austin | TX | 2004 | 100 | % | 238 | 240 | 95.4 | % | 755 | 0.75 | S | ||||||||||||||||||||||
CG at Silverado Reserve |
Austin | TX | 2006 | 100 | % | 256 | 266 | 95.7 | % | 812 | 0.78 | |||||||||||||||||||||||
CV at Quarry Oaks |
Austin | TX | 1996 | 100 | % | 533 | 470 | 96.8 | % | 689 | 0.78 | S | ||||||||||||||||||||||
CV at Sierra Vista |
Austin | TX | 1999 | 100 | % | 232 | 206 | 97.0 | % | 662 | 0.75 | S | ||||||||||||||||||||||
CG at Round Rock |
Austin | TX | 2007 | 100 | % | 422 | 430 | 93.6 | % | 769 | 0.76 | |||||||||||||||||||||||
CV at Canyon Hills |
Austin | TX | 1995 | 100 | % | 229 | 183 | 98.7 | % | 671 | 0.84 | S | ||||||||||||||||||||||
Total |
8 | 5.4 Years | 2,526 | 2,400 | 96.0 | % | 725 | 0.77 | ||||||||||||||||||||||||||
Same Store |
4 | 8.5 Years | 1,232 | 1,098 | 96.9 | % | 694 | 0.78 | ||||||||||||||||||||||||||
The Groves at Riverchase |
Birmingham | AL | 1996 | 20 | % | 345 | 345 | 93.9 | % | 726 | 0.73 | |||||||||||||||||||||||
Colony Woods |
Birmingham | AL | 1988 | 10 | % | 414 | 451 | 91.8 | % | 702 | 0.64 | |||||||||||||||||||||||
Meadows |
Birmingham | AL | 1987 | 10 | % | 400 | 466 | 95.3 | % | 642 | 0.55 | |||||||||||||||||||||||
Madison |
Birmingham | AL | 1985 | 10 | % | 276 | 249 | 94.9 | % | 576 | 0.65 | |||||||||||||||||||||||
CV at Rocky Ridge |
Birmingham | AL | 1984 | 15 | % | 226 | 259 | 98.7 | % | 689 | 0.60 | |||||||||||||||||||||||
CG at Mountain Brook |
Birmingham | AL | 1991 | 15 | % | 392 | 393 | 97.4 | % | 707 | 0.71 | |||||||||||||||||||||||
CG at Liberty Park |
Birmingham | AL | 2000 | 100 | % | 300 | 339 | 99.7 | % | 915 | 0.81 | S | ||||||||||||||||||||||
CV at Trussville |
Birmingham | AL | 1996 | 100 | % | 376 | 410 | 92.8 | % | 727 | 0.67 | S | ||||||||||||||||||||||
CV at Inverness |
Birmingham | AL | 1987 | 100 | % | 586 | 509 | 94.0 | % | 599 | 0.69 | S | ||||||||||||||||||||||
Total |
9 | 16.6 Years | 3,315 | 3,421 | 95.1 | % | 708 | 0.70 | ||||||||||||||||||||||||||
Same Store |
3 | 12.7 Years | 1,262 | 1,258 | 95.0 | % | 712 | 0.71 | ||||||||||||||||||||||||||
CG at Cypress Cove |
Charleston | SC | 2001 | 100 | % | 264 | 304 | 94.3 | % | 862 | 0.75 | |||||||||||||||||||||||
CV at Westchase |
Charleston | SC | 1986 | 100 | % | 352 | 258 | 96.6 | % | 656 | 0.89 | S | ||||||||||||||||||||||
CV at Hampton Pointe |
Charleston | SC | 1986 | 100 | % | 304 | 315 | 94.7 | % | 768 | 0.74 | S | ||||||||||||||||||||||
CG at Quarterdeck |
Charleston | SC | 1986 | 100 | % | 230 | 219 | 98.3 | % | 880 | 0.92 | S | ||||||||||||||||||||||
CV at Waters Edge |
Charleston | SC | 1985 | 100 | % | 204 | 188 | 95.1 | % | 712 | 0.77 | S | ||||||||||||||||||||||
CV at Windsor Place |
Charleston | SC | 1984 | 100 | % | 224 | 213 | 96.0 | % | 727 | 0.76 | S | ||||||||||||||||||||||
Total |
6 | 19.0 Years | 1,578 | 1,497 | 95.8 | % | 762 | 0.80 | ||||||||||||||||||||||||||
Same Store |
5 | 21.6 Years | 1,314 | 1,193 | 96.1 | % | 742 | 0.82 | ||||||||||||||||||||||||||
CV at Matthews |
Charlotte | NC | 1990 | 25 | % | 270 | 256 | 97.4 | % | 750 | 0.80 | |||||||||||||||||||||||
CG at Mallard Creek |
Charlotte | NC | 2004 | 100 | % | 252 | 233 | 94.4 | % | 813 | 0.88 | S | ||||||||||||||||||||||
CG at Beverly Crest |
Charlotte | NC | 1996 | 100 | % | 300 | 279 | 93.3 | % | 747 | 0.80 | S | ||||||||||||||||||||||
CG at Mallard Lake |
Charlotte | NC | 1998 | 100 | % | 302 | 301 | 95.0 | % | 780 | 0.78 | S | ||||||||||||||||||||||
CV at Chancellor Park |
Charlotte | NC | 1999 | 100 | % | 340 | 326 | 94.4 | % | 730 | 0.76 | |||||||||||||||||||||||
CG at University Center |
Charlotte | NC | 2005 | 100 | % | 156 | 167 | 96.8 | % | 794 | 0.74 | |||||||||||||||||||||||
CV at Meadow Creek |
Charlotte | NC | 1984 | 100 | % | 250 | 230 | 94.4 | % | 619 | 0.67 | S | ||||||||||||||||||||||
Heatherwood |
Charlotte | NC | 1980 | 100 | % | 476 | 439 | 90.1 | % | 584 | 0.63 | S | ||||||||||||||||||||||
CV at Charleston Place |
Charlotte | NC | 1986 | 100 | % | 214 | 172 | 93.9 | % | 574 | 0.71 | S | ||||||||||||||||||||||
CV at Stone Point |
Charlotte | NC | 1986 | 100 | % | 192 | 173 | 96.9 | % | 685 | 0.76 | S | ||||||||||||||||||||||
CV at Greystone |
Charlotte | NC | 1999 | 100 | % | 408 | 387 | 91.9 | % | 641 | 0.68 | |||||||||||||||||||||||
CG at Legacy Park |
Charlotte | NC | 2001 | 100 | % | 288 | 301 | 96.2 | % | 751 | 0.72 | S | ||||||||||||||||||||||
CV at Timber Crest |
Charlotte | NC | 1999 | 100 | % | 282 | 273 | 94.7 | % | 670 | 0.69 | S | ||||||||||||||||||||||
CV at South Tryon |
Charlotte | NC | 2002 | 100 | % | 216 | 236 | 97.2 | % | 723 | 0.66 | S | ||||||||||||||||||||||
Total |
14 | 12.1 Years | 3,946 | 3,773 | 94.1 | % | 694 | 0.73 | ||||||||||||||||||||||||||
Same Store |
10 | 13.4 Years | 2,772 | 2,637 | 94.2 | % | 690 | 0.73 | ||||||||||||||||||||||||||
-28-
Year Built / | Apartment | Square | Occupancy | Market Rental Rates | ||||||||||||||||||||||||||||||
Property | MSA | State | Avg Age | % Own | Homes | Feet(000s) | Rate | Per Home | Per SF | S-P | ||||||||||||||||||||||||
Auberry at Twin Creeks |
Dallas | TX | 2006 | 15 | % | 216 | 214 | 95.4 | % | 756 | 0.85 | |||||||||||||||||||||||
CV at Oakbend |
Dallas | TX | 1997 | 100 | % | 426 | 383 | 94.6 | % | 718 | 0.80 | |||||||||||||||||||||||
Brookfield |
Dallas | TX | 1986 | 100 | % | 232 | 166 | 95.3 | % | 532 | 0.74 | S | ||||||||||||||||||||||
Paces Cove |
Dallas | TX | 1982 | 100 | % | 328 | 220 | 90.2 | % | 509 | 0.76 | S | ||||||||||||||||||||||
Remington Hills |
Dallas | TX | 1985 | 100 | % | 362 | 347 | 93.4 | % | 738 | 0.77 | S | ||||||||||||||||||||||
CV at Main Park |
Dallas | TX | 1984 | 100 | % | 192 | 180 | 99.0 | % | 727 | 0.77 | S | ||||||||||||||||||||||
Summer Tree |
Dallas | TX | 1980 | 100 | % | 232 | 136 | 97.4 | % | 500 | 0.85 | S | ||||||||||||||||||||||
CV at Vista Ridge |
Dallas | TX | 1985 | 100 | % | 300 | 229 | 98.3 | % | 583 | 0.77 | S | ||||||||||||||||||||||
CV at Pear Ridge |
Dallas | TX | 1988 | 100 | % | 242 | 199 | 98.8 | % | 638 | 0.78 | S | ||||||||||||||||||||||
CG at Valley Ranch |
Dallas | TX | 1995 | 100 | % | 396 | 462 | 94.7 | % | 1,015 | 0.87 | S | ||||||||||||||||||||||
Total |
10 | 18.2 Years | 2,926 | 2,535 | 95.3 | % | 684 | 0.80 | ||||||||||||||||||||||||||
Same Store |
8 | 21.4 Years | 2,284 | 1,938 | 95.4 | % | 676 | 0.80 | ||||||||||||||||||||||||||
Belterra |
Fort Worth | TX | 2006 | 10 | % | 288 | 278 | 94.8 | % | 880 | 0.92 | |||||||||||||||||||||||
Fairmont at Fossil Creek |
Fort Worth | TX | 2005 | 15 | % | 240 | 223 | 95.4 | % | 815 | 0.88 | |||||||||||||||||||||||
CG at Bear Creek |
Fort Worth | TX | 1998 | 100 | % | 436 | 395 | 98.4 | % | 827 | 0.91 | S | ||||||||||||||||||||||
CV at Willow Creek |
Fort Worth | TX | 1996 | 100 | % | 478 | 427 | 93.1 | % | 754 | 0.84 | |||||||||||||||||||||||
CV at Shoal Creek |
Fort Worth | TX | 1996 | 100 | % | 408 | 388 | 97.1 | % | 779 | 0.82 | |||||||||||||||||||||||
CV at Bear Creek |
Fort Worth | TX | 1984 | 100 | % | 120 | 91 | 100.0 | % | 616 | 0.82 | S | ||||||||||||||||||||||
CV at Bedford |
Fort Worth | TX | 1983 | 100 | % | 238 | 158 | 95.0 | % | 544 | 0.82 | S | ||||||||||||||||||||||
Cottonwood Crossing |
Fort Worth | TX | 1985 | 100 | % | 200 | 150 | 98.5 | % | 504 | 0.67 | S | ||||||||||||||||||||||
CV at Grapevine |
Fort Worth | TX | 1985 | 100 | % | 450 | 380 | 97.3 | % | 688 | 0.81 | S | ||||||||||||||||||||||
CV at North Arlington |
Fort Worth | TX | 1985 | 100 | % | 240 | 191 | 95.4 | % | 603 | 0.76 | S | ||||||||||||||||||||||
Total |
10 | 14.7 Years | 3,098 | 2,681 | 96.5 | % | 703 | 0.83 | ||||||||||||||||||||||||||
Same Store |
6 | 20.3 Years | 1,684 | 1,365 | 97.3 | % | 664 | 0.82 | ||||||||||||||||||||||||||
CG at Edgewater I |
Huntsville | AL | 1995 | 100 | % | 500 | 541 | 97.4 | % | 719 | 0.66 | S | ||||||||||||||||||||||
CG at Madison |
Huntsville | AL | 1999 | 100 | % | 336 | 355 | 99.4 | % | 782 | 0.74 | S | ||||||||||||||||||||||
Total |
2 | 10.0 Years | 836 | 896 | 98.2 | % | 745 | 0.69 | ||||||||||||||||||||||||||
Same Store |
2 | 10.0 Years | 836 | 896 | 98.2 | % | 745 | 0.69 | ||||||||||||||||||||||||||
CG at Heather Glen |
Orlando | FL | 2000 | 100 | % | 448 | 523 | 98.9 | % | 960 | 0.82 | S | ||||||||||||||||||||||
CG at Town Park(Lake Mary) |
Orlando | FL | 2002 | 100 | % | 456 | 564 | 96.7 | % | 1,009 | 0.82 | S | ||||||||||||||||||||||
CV at Twin Lakes |
Orlando | FL | 2004 | 100 | % | 460 | 418 | 96.3 | % | 896 | 0.99 | S | ||||||||||||||||||||||
CG at Town Park Reserve |
Orlando | FL | 2004 | 100 | % | 80 | 77 | 98.8 | % | 1,194 | 1.23 | S | ||||||||||||||||||||||
CG at Heathrow |
Orlando | FL | 1997 | 100 | % | 312 | 353 | 98.1 | % | 951 | 0.84 | S | ||||||||||||||||||||||
CG at Hunter’s Creek |
Orlando | FL | 1997 | 100 | % | 496 | 624 | 98.0 | % | 987 | 0.78 | S | ||||||||||||||||||||||
Total |
6 | 6.3 Years | 2,252 | 2,560 | 97.6 | % | 970 | 0.85 | ||||||||||||||||||||||||||
Same Store |
6 | 6.3 Years | 2,252 | 2,560 | 97.6 | % | 970 | 0.85 | ||||||||||||||||||||||||||
CG at Scottsdale |
Phoenix | AZ | 1999 | 100 | % | 180 | 183 | 95.0 | % | 1,142 | 1.12 | |||||||||||||||||||||||
CG at OldTown Scottsdale South |
Phoenix | AZ | 1994 | 100 | % | 264 | 234 | 83.3 | % | 978 | 1.10 | |||||||||||||||||||||||
CG at OldTown Scottsdale North |
Phoenix | AZ | 1995 | 100 | % | 208 | 182 | 74.0 | % | 986 | 1.13 | |||||||||||||||||||||||
CG at Inverness Commons |
Phoenix | AZ | 2002 | 100 | % | 300 | 268 | 88.7 | % | 796 | 0.89 | |||||||||||||||||||||||
Total |
4 | 9.5 Years | 952 | 867 | 85.2 | % | 953 | 1.05 | ||||||||||||||||||||||||||
CV at Cary |
Raleigh | NC | 1995 | 20 | % | 319 | 400 | 99.4 | % | 863 | 0.68 | |||||||||||||||||||||||
CG at Research Park (Durham) |
Raleigh | NC | 2002 | 20 | % | 370 | 384 | 97.8 | % | 774 | 0.75 | |||||||||||||||||||||||
CG at Arringdon |
Raleigh | NC | 2003 | 100 | % | 320 | 311 | 97.5 | % | 760 | 0.78 | S | ||||||||||||||||||||||
CG at Patterson Place |
Raleigh | NC | 1997 | 100 | % | 252 | 237 | 92.5 | % | 765 | 0.81 | S | ||||||||||||||||||||||
CG at Crabtree Valley |
Raleigh | NC | 1997 | 100 | % | 210 | 210 | 95.2 | % | 727 | 0.73 | S | ||||||||||||||||||||||
CV at Highland Hills |
Raleigh | NC | 1987 | 100 | % | 264 | 277 | 85.2 | % | 698 | 0.66 | |||||||||||||||||||||||
Parkside at Woodlake |
Raleigh | NC | 1996 | 100 | % | 266 | 255 | 94.7 | % | 634 | 0.66 | S | ||||||||||||||||||||||
CV at Deerfield |
Raleigh | NC | 1985 | 100 | % | 204 | 198 | 95.6 | % | 692 | 0.71 | S | ||||||||||||||||||||||
CG at Trinity Commons |
Raleigh | NC | 1999 | 100 | % | 462 | 484 | 97.6 | % | 741 | 0.71 | S | ||||||||||||||||||||||
Total |
9 | 11.3 Years | 2,667 | 2,757 | 94.7 | % | 727 | 0.72 | ||||||||||||||||||||||||||
Same Store |
6 | 10.8 Years | 1,714 | 1,695 | 95.9 | % | 724 | 0.73 | ||||||||||||||||||||||||||
Ashley Park |
Richmond | VA | 1988 | 100 | % | 272 | 194 | 99.6 | % | 701 | 0.98 | S | ||||||||||||||||||||||
Trolley Square East & West |
Richmond | VA | 1966 | 100 | % | 328 | 170 | 95.1 | % | 749 | 1.44 | S | ||||||||||||||||||||||
CV at Hampton Glen |
Richmond | VA | 1986 | 100 | % | 232 | 178 | 97.8 | % | 841 | 1.10 | S | ||||||||||||||||||||||
CV at West End |
Richmond | VA | 1987 | 100 | % | 224 | 137 | 97.3 | % | 777 | 1.27 | S | ||||||||||||||||||||||
CV at Chase Gayton |
Richmond | VA | 1984 | 100 | % | 328 | 311 | 91.8 | % | 802 | 0.85 | S | ||||||||||||||||||||||
CV at Waterford |
Richmond | VA | 1990 | 100 | % | 312 | 289 | 98.7 | % | 818 | 0.88 | S | ||||||||||||||||||||||
Total |
6 | 23.5 Years | 1,696 | 1,280 | 96.5 | % | 780 | 1.03 | ||||||||||||||||||||||||||
Same Store |
6 | 23.5 Years | 1,696 | 1,280 | 96.5 | % | 780 | 1.03 | ||||||||||||||||||||||||||
CG at Godley Station I |
Savannah | GA | 2005 | 100 | % | 312 | 337 | 94.9 | % | 897 | 0.83 | |||||||||||||||||||||||
CV at Greentree |
Savannah | GA | 1983 | 100 | % | 194 | 165 | 94.8 | % | 702 | 0.82 | S | ||||||||||||||||||||||
CG at Hammocks |
Savannah | GA | 1997 | 100 | % | 308 | 324 | 95.5 | % | 919 | 0.87 | S | ||||||||||||||||||||||
CV at Huntington |
Savannah | GA | 1986 | 100 | % | 147 | 121 | 94.6 | % | 728 | 0.88 | S | ||||||||||||||||||||||
CV at Marsh Cove |
Savannah | GA | 1983 | 100 | % | 188 | 197 | 97.9 | % | 771 | 0.73 | S | ||||||||||||||||||||||
Total |
5 | 16.2 Years | 1,149 | 1,145 | 95.5 | % | 828 | 0.83 | ||||||||||||||||||||||||||
Same Store |
4 | 19.8 Years | 837 | 807 | 95.7 | % | 802 | 0.83 | ||||||||||||||||||||||||||
-29-
Year Built / | Apartment | Square | Occupancy | Market Rental Rates | ||||||||||||||||||||||||||||||
Property | MSA | State | Avg Age | % Own | Homes | Feet(000s) | Rate | Per Home | Per SF | S-P | ||||||||||||||||||||||||
TOTAL PROPERTIES IN MAJOR MARKETS |
100 | 13.3 Years | 30,580 | 29,903 | 95.2 | % | $ | 769 | $ | 0.79 | ||||||||||||||||||||||||
Same Store |
67 | 15.2 Years | 19,740 | 18,962 | 96.1 | % | $ | 760 | $ | 0.79 | ||||||||||||||||||||||||
PROPERTIES IN OTHER MARKETS |
||||||||||||||||||||||||||||||||||
Autumn Park I & II |
Greensboro | NC | 2002 | 100 | % | 402 | 404 | 98.3 | % | $ | 737 | $ | 0.73 | S | ||||||||||||||||||||
Arbors at Windsor Lake |
Columbia | SC | 1991 | 10 | % | 228 | 216 | 95.2 | % | 732 | 0.78 | |||||||||||||||||||||||
CG at Shelby Farms I |
Memphis | TN | 1998 | 100 | % | 296 | 318 | 95.9 | % | 831 | 0.77 | S | ||||||||||||||||||||||
CG at Bellevue |
Nashville | TN | 1996 | 100 | % | 349 | 344 | 98.3 | % | 848 | 0.86 | S | ||||||||||||||||||||||
CG at Seven Oaks |
Tampa | FL | 2004 | 100 | % | 318 | 302 | 98.4 | % | 903 | 0.95 | S | ||||||||||||||||||||||
CG at Wilmington |
Wilmington | NC | 2002 | 100 | % | 390 | 356 | 93.3 | % | 727 | 0.80 | S | ||||||||||||||||||||||
CG at Brentwood |
Nashville | TN | 1995 | 25 | % | 254 | 287 | 97.2 | % | 943 | 0.84 | |||||||||||||||||||||||
CG at Palma Sola |
Sarasota | FL | 1990 | 25 | % | 340 | 293 | 93.5 | % | 796 | 0.92 | |||||||||||||||||||||||
CG at Lakewood Ranch |
Sarasota | FL | 1999 | 100 | % | 288 | 302 | 94.4 | % | 1,006 | 0.96 | S | ||||||||||||||||||||||
CV at Greenbrier |
Washington DC | VA | 1988 | 100 | % | 258 | 218 | 96.5 | % | 923 | 1.09 | S | ||||||||||||||||||||||
CV at Pinnacle Ridge |
Asheville | NC | 1948 | 100 | % | 166 | 147 | 99.4 | % | 665 | 0.75 | S | ||||||||||||||||||||||
CV at Huntleigh Woods |
Mobile | AL | 1978 | 100 | % | 233 | 199 | 99.6 | % | 553 | 0.65 | S | ||||||||||||||||||||||
CV at Ashford Place |
Mobile | AL | 1983 | 100 | % | 168 | 146 | 100.0 | % | 607 | 0.70 | S | ||||||||||||||||||||||
CV at Tradewinds |
Norfolk | VA | 1988 | 100 | % | 284 | 280 | 93.7 | % | 868 | 0.88 | S | ||||||||||||||||||||||
CV at Mill Creek |
Winston-Salem | NC | 1984 | 100 | % | 220 | 210 | 94.1 | % | 588 | 0.62 | S | ||||||||||||||||||||||
CV at Harbour Club |
Norfolk | VA | 1988 | 100 | % | 213 | 193 | 94.8 | % | 919 | 1.01 | S | ||||||||||||||||||||||
Glen Eagles I & II |
Winston-Salem | NC | 1993 | 100 | % | 310 | 314 | 91.0 | % | 665 | 0.66 | S | ||||||||||||||||||||||
Park Crossing |
Fairfield | CA | 2005 | 10 | % | 200 | 210 | 96.0 | % | 1,194 | 1.14 | |||||||||||||||||||||||
Portofino at Jensen Beach |
Port St. Lucie | FL | 2002 | 100 | % | 118 | 137 | LU | — | — | ||||||||||||||||||||||||
Murano at Delray Beach |
West Palm Beach | FL | 2002 | 100 | % | 241 | 259 | LU | — | — | ||||||||||||||||||||||||
Stone Ridge |
Columbia | SC | 1972 | 10 | % | 191 | 199 | 94.8 | % | 609 | 0.58 | |||||||||||||||||||||||
Trophy Chase I & II |
Charlottesville | VA | 1970 | 100 | % | 425 | 370 | 89.6 | % | 741 | 0.85 | S | ||||||||||||||||||||||
TOTAL PROPERTIES IN OTHER MARKETS |
22 | 17.1 Years | 5,892 | 5,701 | 95.4 | % | $ | 784 | $ | 0.82 | ||||||||||||||||||||||||
Same Store |
15 | 18.9 Years | 4,320 | 4,100 | 95.4 | % | $ | 780 | $ | 0.82 | ||||||||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||||||||||||
Hawthorne Groves |
Orlando | FL | 0 | % | 328 | 363 | ||||||||||||||||||||||||||||
Hawthorne Village |
Daytona Beach | FL | 0 | % | 378 | 414 | ||||||||||||||||||||||||||||
Monte D’oro |
Birmingham | AL | 0 | % | 200 | 296 | ||||||||||||||||||||||||||||
PH Coursey Place |
Baton Rouge | LA | 0 | % | 352 | 344 | ||||||||||||||||||||||||||||
PH Rocky Ridge |
Atlanta | GA | 0 | % | 300 | 347 | ||||||||||||||||||||||||||||
TOTAL MANAGED |
5 | 1,558 | 1,764 | |||||||||||||||||||||||||||||||
TOTAL ALL PROPERTIES |
127 | 14.0 Years | 38,030 | 38,247 | 95.3 | % | $ | 772 | $ | 0.80 | ||||||||||||||||||||||||
Same Store |
82 | 15.9 Years | 24,060 | 23,062 | 96.0 | % | $ | 764 | $ | 0.80 | ||||||||||||||||||||||||
-30-
Base Rent | ||||||||||||||||||||||||
Year | % | Occupancy | Per | |||||||||||||||||||||
Property | MSA | State | Built | Own | SF - 000s | Rate | Sq. Foot (1) | S-P | ||||||||||||||||
CONSOLIDATED PROPERTIES |
||||||||||||||||||||||||
250 Commerce Center |
Montgomery | AL | 1904/81 | 100 | % | 37 | 97.1 | % | $ | 16.14 | S | |||||||||||||
CC Brookwood Village |
Birmingham | AL | 2007 | 100 | % | 169 | LU | LU | ||||||||||||||||
Total Consolidated |
2 | 207 | 97.1 | % | 16.14 | |||||||||||||||||||
UNCONSOLIDATED PROPERTIES |
||||||||||||||||||||||||
DRA/CRT Joint Venture |
||||||||||||||||||||||||
Atlanta Chamblee |
Atlanta | GA | 2000 | 15 | % | 1,133 | 92.8 | % | 19.62 | |||||||||||||||
Atlanta Perimeter |
Atlanta | GA | 1985 | 15 | % | 182 | 87.2 | % | 18.84 | |||||||||||||||
Atlantic Center Plaza |
Atlanta | GA | 2001 | 15 | % | 500 | 96.1 | % | 28.86 | |||||||||||||||
Baymeadows Way |
Jacksonville | FL | 1999 | 15 | % | 224 | 100.0 | % | 13.62 | |||||||||||||||
Broward Financial Center |
Ft.Lauderdale | FL | 1986 | 15 | % | 325 | 71.0 | % | 29.39 | |||||||||||||||
Charlotte University |
Charlotte | NC | 1999 | 15 | % | 183 | 87.2 | % | 22.51 | |||||||||||||||
Decoverly |
Rockville | MD | 1989 | 15 | % | 155 | 84.4 | % | 24.68 | |||||||||||||||
Germantown Center |
Memphis | TN | 1999 | 15 | % | 532 | 87.1 | % | 18.96 | |||||||||||||||
Jacksonville Baymeadows |
Jacksonville | FL | 1999 | 15 | % | 751 | 82.3 | % | 10.21 | |||||||||||||||
Jacksonville JTB |
Jacksonville | FL | 2001 | 15 | % | 417 | 100.0 | % | 13.46 | |||||||||||||||
McGinnis Park |
Atlanta | GA | 2001 | 15 | % | 202 | 66.8 | % | 17.52 | |||||||||||||||
Orlando Central |
Orlando | FL | 1980 | 15 | % | 617 | 86.0 | % | 17.72 | |||||||||||||||
Orlando Lake Mary |
Orlando | FL | 1999 | 15 | % | 304 | 87.1 | % | 18.41 | |||||||||||||||
Orlando University |
Orlando | FL | 2001 | 15 | % | 385 | 93.3 | % | 19.18 | |||||||||||||||
Post Oak |
Houston | TX | 1982 | 15 | % | 1,196 | 96.2 | % | 18.68 | |||||||||||||||
Ravinia 3 |
Atlanta | GA | 1991 | 15 | % | 802 | 82.1 | % | 19.02 | |||||||||||||||
Signature Place |
Dallas | TX | 1983/1986 | 15 | % | 437 | 77.5 | % | 18.74 | |||||||||||||||
Westchase |
Houston | TX | 2000 | 15 | % | 184 | 97.8 | % | 22.97 | |||||||||||||||
Totals |
18 | 8,530 | 88.5 | % | 19.10 | |||||||||||||||||||
Totals (Weighted) |
1,279 | 88.5 | % | 19.10 | ||||||||||||||||||||
DRA/CLP Joint Venture |
||||||||||||||||||||||||
901 Maitland |
Orlando | FL | 1985 | 15 | % | 156 | 78.5 | % | 19.32 | |||||||||||||||
Colonial Center at TownPark |
Orlando | FL | 2001 | 15 | % | 658 | 98.7 | % | 21.36 | |||||||||||||||
Colonial Center at Bayside |
Tampa | FL | 1997 | 15 | % | 213 | 99.5 | % | 19.66 | |||||||||||||||
Colonal Center at Colonnade |
Birmingham | AL | 1989/99 | 15 | % | 419 | 99.7 | % | 21.29 | |||||||||||||||
Colonial Center Blue Lake |
Birmingham | AL | 1982/95 | 15 | % | 167 | 99.2 | % | 17.57 | |||||||||||||||
Colonial Center Heathrow |
Orlando | FL | 1988/96-00/01 | 15 | % | 922 | 86.4 | % | 19.54 | |||||||||||||||
Colonial Center Lakeside |
Huntsville | AL | 1989/90 | 15 | % | 122 | 100.0 | % | 14.48 | |||||||||||||||
Colonial Center Research Park |
Huntsville | AL | 1999 | 15 | % | 134 | 100.0 | % | 18.22 | |||||||||||||||
Colonial Center Research Place |
Huntsville | AL | 1979/84/88 | 15 | % | 273 | 100.0 | % | 13.00 | |||||||||||||||
Colonial Place I and II |
Tampa | FL | 1984/86 | 15 | % | 371 | 96.8 | % | 23.19 | |||||||||||||||
Colonial Plaza |
Birmingham | AL | 1982 | 15 | % | 171 | 84.7 | % | 17.94 | |||||||||||||||
Colonial TownPark Office — Lifestyle |
Orlando | FL | 2004 | 15 | % | 38 | 100.0 | % | 23.53 | |||||||||||||||
Concourse Center |
Tampa | FL | 1981/85 | 15 | % | 294 | 97.5 | % | 19.93 | |||||||||||||||
DRS Building |
Huntsville | AL | 1972/86/90/03 | 15 | % | 215 | 100.0 | % | 8.46 | |||||||||||||||
Esplanade |
Charlotte | NC | 1981 | 15 | % | 203 | 82.9 | % | 18.35 | |||||||||||||||
Independence Plaza |
Birmingham | AL | 1981/92 | 15 | % | 106 | 97.4 | % | 17.32 | |||||||||||||||
International Park |
Birmingham | AL | 1987/89 | 15 | % | 211 | 100.0 | % | 19.74 | |||||||||||||||
Northrop Grumman Building |
Huntsville | AL | 2007 | 15 | % | 110 | 100.0 | % | 13.73 | |||||||||||||||
Perimeter Corporate Park |
Huntsville | AL | 1986/89 | 15 | % | 235 | 98.4 | % | 17.49 | |||||||||||||||
The Peachtree |
Atlanta | GA | 1989 | 15 | % | 317 | 91.6 | % | 23.62 | |||||||||||||||
Progress Center |
Huntsville | AL | 1983-91 | 15 | % | 222 | 98.8 | % | 12.17 | |||||||||||||||
Regions Bank Center |
Huntsville | AL | 1990 | 15 | % | 155 | 90.8 | % | 19.05 | |||||||||||||||
Research Park Office Center |
Huntsville | AL | 1984/00 | 15 | % | 236 | 87.4 | % | 11.41 | |||||||||||||||
Research Park Plaza III and IV |
Austin | TX | 2001 | 15 | % | 358 | 100.0 | % | 22.20 | |||||||||||||||
Riverchase Center |
Birmingham | AL | 1984-88 | 15 | % | 306 | 92.8 | % | 10.54 | |||||||||||||||
Totals |
25 | 6,612 | 94.7 | % | 18.42 | |||||||||||||||||||
Totals (Weighted) |
992 | 94.7 | % | 18.42 | ||||||||||||||||||||
-31-
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 | 99.0 | % | 21.22 | |||||||||||||||
Lakeside & Shoppes at Mansell |
Atlanta | GA | 1996/97/05 | 15 | % | 36 | 92.7 | % | 25.33 | |||||||||||||||
Totals |
2 | 689 | 98.7 | % | $ | 21.42 | ||||||||||||||||||
Totals (Weighted) |
103 | 98.7 | % | $ | 21.42 | |||||||||||||||||||
Land Title Building |
Birmingham | AL | 1975 | 33 | % | 30 | 100.0 | % | 13.65 | |||||||||||||||
Total Unconsolidated |
45 | 15,860 | 91.6 | % | $ | 18.89 | ||||||||||||||||||
Total Unconsolidated (Weighted) |
2,385 | |||||||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||
International Park 2000 |
Birmingham | AL | 0 | % | 130 | |||||||||||||||||||
Colonial Center Heathrow 500 |
Orlando | FL | 0 | % | 76 | |||||||||||||||||||
TOTAL MANAGED |
2 | 206 | ||||||||||||||||||||||
TOTAL ALL PROPERTIES |
49 | 16,273 | 91.7 | % | $ | 18.85 | ||||||||||||||||||
(1) | Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP. |
-32-
Square Feet (000s) | Base Rent per Sq. | |||||||||||||||||||||||||||||||
Property | MSA | State | Year Built | % Own | Total | Anchor Owned | CLP Owned | Occupancy Rate | Foot (1) | S-P | ||||||||||||||||||||||
CONSOLIDATED PROPERTIES |
||||||||||||||||||||||||||||||||
Brookwood Village |
Birmingham | AL | 1973/91/00 | 100 | % | 604.0 | 231.9 | 372.1 | 94.6 | % | 18.94 | S | ||||||||||||||||||||
Brookwood Convenience Center |
Birmingham | AL | 1974 | 100 | % | 16.1 | — | 16.1 | 100.0 | % | 16.96 | S | ||||||||||||||||||||
CP Winter Haven |
Orlando | FL | 1986 | 100 | % | 161.6 | — | 161.6 | 92.0 | % | 7.79 | S | ||||||||||||||||||||
CP Alabaster II |
Birmingham | AL | 2007 | 100 | % | 355.2 | 225.9 | 129.3 | 96.1 | % | 16.39 | |||||||||||||||||||||
CP Fultondale |
Birmingham | AL | 2007 | 100 | % | 132.8 | 126.8 | 6.0 | LU | LU | ||||||||||||||||||||||
Tutwiler Pinnacle II |
Birmingham | AL | 2008 | 100 | % | 30.0 | — | 30.0 | LU | LU | ||||||||||||||||||||||
Total Consolidated |
6 | 1,299.7 | 584.6 | 715.1 | 94.4 | % | 15.70 | |||||||||||||||||||||||||
UNCONSOLIDATED PROPERTIES |
||||||||||||||||||||||||||||||||
GPT Joint Venture |
||||||||||||||||||||||||||||||||
CM Bel Air |
Mobile | AL | 1966/90/97 | 10 | % | 1,334.5 | 334.0 | 1,000.5 | 98.7 | % | 11.96 | |||||||||||||||||||||
CM Glynn Place |
Brunswick | GA | 1986 | 10 | % | 503.9 | 225.6 | 278.3 | 90.5 | % | 12.05 | |||||||||||||||||||||
CM Greenville |
Greenville | NC | 1965/89/99 | 10 | % | 450.8 | 45.8 | 405.0 | 95.5 | % | 13.03 | |||||||||||||||||||||
CM Myrtle Beach |
Myrtle Beach | SC | 1986 | 10 | % | 524.1 | — | 524.1 | 89.1 | % | 10.04 | |||||||||||||||||||||
CM Valdosta |
Valdosta | GA | 1982/85/06 | 10 | % | 536.3 | 93.7 | 442.5 | 88.7 | % | 11.40 | |||||||||||||||||||||
Colonial University Village |
Auburn | AL | 1973/84/89/06 | 10 | % | 526.7 | 124.7 | 402.0 | 89.7 | % | 7.69 | |||||||||||||||||||||
Totals |
6 | 3,876.3 | 823.8 | 3,052.5 | 93.2 | % | 11.13 | |||||||||||||||||||||||||
Totals (Weighted) |
6 | 305.2 | 93.2 | % | 11.13 | |||||||||||||||||||||||||||
OZRE Joint Venture |
||||||||||||||||||||||||||||||||
CP Alabaster |
Birmingham | AL | 2005 | 15 | % | 537.8 | 319.1 | 218.7 | 94.9 | % | 15.53 | |||||||||||||||||||||
CP Beechwood |
Athens | GA | 1963/92/05 | 15 | % | 350.1 | — | 350.1 | 99.8 | % | 11.00 | |||||||||||||||||||||
CP Burnt Store |
Punta Gorda | FL | 1990 | 15 | % | 197.1 | 102.1 | 95.0 | 95.6 | % | 10.01 | |||||||||||||||||||||
CP Hunter’s Creek |
Orlando | FL | 1993/95 | 15 | % | 227.5 | — | 227.5 | 52.6 | % | 14.64 | |||||||||||||||||||||
CP Lakewood |
Jacksonville | FL | 1995 | 15 | % | 194.6 | — | 194.6 | 96.3 | % | 11.82 | |||||||||||||||||||||
CP Northdale |
Tampa | FL | 1988/2000 | 15 | % | 230.9 | 55.0 | 175.9 | 95.2 | % | 10.82 | |||||||||||||||||||||
CP Trussville |
Birmingham | AL | 2000 | 15 | % | 388.3 | — | 388.3 | 99.6 | % | 8.76 | |||||||||||||||||||||
CP Trussville II |
Birmingham | AL | 2004 | 15 | % | 282.7 | 224.5 | 58.2 | 91.8 | % | 16.09 | |||||||||||||||||||||
CS Clay |
Birmingham | AL | 1982/2004 | 15 | % | 66.2 | — | 66.2 | 92.7 | % | 12.34 | |||||||||||||||||||||
Kingwood Commons |
Houston | TX | 2003/2004 | 15 | % | 164.4 | — | 164.4 | 86.9 | % | 17.90 | |||||||||||||||||||||
CP at Portofino |
Houston | TX | 2000 | 15 | % | 374.0 | — | 374.0 | 88.7 | % | 15.68 | |||||||||||||||||||||
Totals |
11 | 3,013.5 | 700.7 | 2,312.9 | 90.7 | % | 12.64 | |||||||||||||||||||||||||
Totals (Weighted) |
11 | 346.9 | 90.7 | % | 12.64 | |||||||||||||||||||||||||||
DRA/CLP Joint Venture |
||||||||||||||||||||||||||||||||
CP TownPark |
Orlando | FL | 2005 | 15 | % | 199.2 | — | 199.2 | 93.1 | % | 14.69 | |||||||||||||||||||||
Colonial Shops Colonnade |
Birmingham | AL | 1989/2005 | 15 | % | 125.5 | — | 125.5 | 95.3 | % | 15.92 | |||||||||||||||||||||
Totals |
2 | 324.7 | — | 324.7 | 93.9 | % | 15.19 | |||||||||||||||||||||||||
Totals (Weighted) |
2 | 48.7 | 93.9 | % | 15.19 | |||||||||||||||||||||||||||
Parkway Place |
Huntsville | AL | 1999 | 45 | % | 635.7 | 348.2 | 287.6 | 82.3 | % | 28.61 | |||||||||||||||||||||
CP Hoover |
Birmingham | AL | 2002 | 10 | % | 380.6 | 215.8 | 164.9 | 92.4 | % | 11.87 | |||||||||||||||||||||
CP Madison |
Huntsville | AL | 2000 | 25 | % | 110.7 | — | 110.7 | 98.6 | % | 10.59 | |||||||||||||||||||||
Craft Farms |
Gulf Shores | AL | 2007 | 15 | % | 265.0 | 125.0 | 140.0 | LU | LU | ||||||||||||||||||||||
CP Turkey Creek |
Knoxville | TN | 2005 | 50 | % | 478.8 | — | 478.8 | 95.9 | % | 19.88 | |||||||||||||||||||||
Totals |
5 | 1,870.9 | 688.9 | 1,181.9 | 91.9 | % | 19.59 | |||||||||||||||||||||||||
Totals (Weighted) |
5 | 434.0 | 91.7 | % | 21.37 | |||||||||||||||||||||||||||
Total Unconsolidated |
24 | 9,085.4 | 2,213.4 | 6,872.0 | 92.2 | % | 13.11 | |||||||||||||||||||||||||
Total Unconsolidated (Weighted) |
24 | — | — | 1,134.8 | 91.9 | % | 15.40 | |||||||||||||||||||||||||
THIRD-PARTY MANAGED BUSINESS |
||||||||||||||||||||||||||||||||
Calico Corner |
Birmingham | AL | 0 | % | 5.5 | |||||||||||||||||||||||||||
Hoover Commons |
Birmingham | AL | 0 | % | 196.8 | |||||||||||||||||||||||||||
Bear Lake |
Orlando | FL | 0 | % | 131.3 | |||||||||||||||||||||||||||
CP Boulevard Square |
Pembroke Pines | FL | 0 | % | 220.7 | |||||||||||||||||||||||||||
CP Deerfield |
Deerfield Beach | FL | 0 | % | 378.7 | |||||||||||||||||||||||||||
CS College Parkway |
Ft. Myers | FL | 0 | % | 78.9 | |||||||||||||||||||||||||||
CS Pines Plaza |
Pembroke Pines | FL | 0 | % | 68.2 | |||||||||||||||||||||||||||
TOTAL MANAGED |
7 | 1,080.1 | ||||||||||||||||||||||||||||||
Total Retail Properties |
37 | 11,465.3 | 2,798.1 | 7,587.1 | 92.4 | % | 13.38 | |||||||||||||||||||||||||
Total Retail Properties (Weighted) |
37 | 1,849.9 | 92.9 | % | 15.52 | |||||||||||||||||||||||||||
(1) | Base rent per square foot amounts are calculated on a straight-line basis in accordance with GAAP. |
-33-
Units/ | Occupancy | |||||||||||||||||||||||
Property | Location | SF-000s | CLP % Own | Rate | Sec“d Debt | Equity Invest | ||||||||||||||||||
Joint Venture I |
||||||||||||||||||||||||
Colonial Grand at Mountain Brook |
Birmingham | AL | 392 | 15 | % | 97.4 | % | $ | 2,955 | $ | 448 | |||||||||||||
CMS Joint Venture II |
||||||||||||||||||||||||
Colonial Village at Rocky Ridge |
Birmingham | AL | 226 | 15 | % | 98.7 | % | 1,669 | (412 | ) | ||||||||||||||
CMS Joint Venture III |
||||||||||||||||||||||||
Colonial Village at Palma Sola |
Sarasota | FL | 340 | 25 | % | 93.5 | % | 5,825 | (286 | ) | ||||||||||||||
CMS Joint Venture IV |
||||||||||||||||||||||||
Colonial Grand at Brentwood |
Nashville | TN | 254 | 25 | % | 97.2 | % | 4,805 | 291 | |||||||||||||||
DRA |
||||||||||||||||||||||||
Colony Woods |
Birmingham | AL | 414 | 10 | % | 91.8 | % | |||||||||||||||||
Meadows of Brook Highland |
Birmingham | AL | 400 | 10 | % | 95.3 | % | |||||||||||||||||
Madison at Shoal Run |
Birmingham | AL | 276 | 10 | % | 94.9 | % | |||||||||||||||||
1,090 | 4,094 | 2,268 | ||||||||||||||||||||||
DRA |
||||||||||||||||||||||||
The Grove at Riverchase |
Birmingham | AL | 345 | 20 | % | 93.9 | % | 3,850 | 1,434 | |||||||||||||||
Cunningham |
Austin | TX | 280 | 20 | % | 95.0 | % | 2,800 | 990 | |||||||||||||||
Colonial Village at Cary |
Raleigh | NC | 319 | 20 | % | 99.4 | % | 4,320 | 2,165 | |||||||||||||||
944 | 10,970 | 4,589 | ||||||||||||||||||||||
Other |
||||||||||||||||||||||||
Colonial Grand at Research Park |
Raleigh | NC | 370 | 20 | % | 97.8 | % | 4,673 | 1,222 | |||||||||||||||
Colonial Grand at Huntcliff |
Atlanta | GA | 358 | 20 | % | 95.0 | % | 5,200 | 2,166 | |||||||||||||||
Colonial Grand at Canyon Creek (Development) |
Austin | TX | 336 | 25 | % | LU | 6,330 | 1,220 | ||||||||||||||||
Regents Park (Development) |
Atlanta | GA | 23 | 40 | % | LU | — | 6,435 | ||||||||||||||||
Colonial Village at Matthews |
Charlotte | NC | 270 | 25 | % | 97.4 | % | 3,675 | 991 | |||||||||||||||
Colonial Grand at Traditions |
Gulf Shores | AL | 324 | 35 | % | LU | 5,014 | 1,924 | ||||||||||||||||
Belterra |
Fort Worth | TX | 288 | 10 | % | 94.8 | % | 2,000 | 841 | |||||||||||||||
Arbors at Windsor Lake |
Columbia | SC | 228 | 10 | % | 95.2 | % | 885 | 574 | |||||||||||||||
Stone Ridge |
Columbia | SC | 191 | 10 | % | 94.8 | % | 496 | 455 | |||||||||||||||
Park Crossing |
Fairfield | CA | 200 | 10 | % | 96.0 | % | 2,588 | 868 | |||||||||||||||
Fairmont at Fossil Creek |
Fort Worth | TX | 240 | 15 | % | 95.4 | % | 2,573 | 580 | |||||||||||||||
Auberry at Twin Creeks |
Dallas | TX | 216 | 15 | % | 95.4 | % | 2,550 | 723 | |||||||||||||||
3,044 | 35,984 | 17,999 | ||||||||||||||||||||||
Total Multifamily |
6,290 | 66,302 | 24,897 | |||||||||||||||||||||
Land Title Building |
Birmingham | AL | 30 | 33 | % | 100.0 | % | 385 | 65 | |||||||||||||||
Colonial Center Mansell JV |
Atlanta | GA | 689 | 15 | % | 98.7 | % | 13,903 | 1,643 | |||||||||||||||
DRA/CRT (1) |
8,530 | 15 | % | 88.5 | % | 147,554 | 22,558 | |||||||||||||||||
DRA/CLP (2) |
6,937 | 15 | % | 94.7 | % | 111,286 | 13,675 | |||||||||||||||||
Total Office |
16,186 | 273,128 | 37,941 | |||||||||||||||||||||
GPT |
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Colonial Mall Bel Air |
Mobile | AL | 1,334 | 10 | % | 98.7 | % | |||||||||||||||||
Colonial Mall Glynn Place |
Brunswick | GA | 504 | 10 | % | 90.5 | % | |||||||||||||||||
Colonial Mall Greenville |
Greenville | NC | 451 | 10 | % | 95.5 | % | |||||||||||||||||
Colonial Mall Myrtle Beach |
Mrytle Beach | SC | 524 | 10 | % | 89.1 | % | |||||||||||||||||
Colonial Mall Valdosta |
Valdosta | GA | 536 | 10 | % | 88.7 | % | |||||||||||||||||
Colonial University Village |
Auburn | AL | 527 | 10 | % | 89.7 | % | |||||||||||||||||
3,876 | 32,292 | (4,637 | )(3) | |||||||||||||||||||||
Other |
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Parkway Place |
Huntsville | AL | 636 | 45 | % | 82.3 | % | 26,344 | 10,732 | |||||||||||||||
Colonial Promenade Madison |
Huntsville | AL | 111 | 25 | % | 98.6 | % | — | 2,252 | |||||||||||||||
Colonial Promenade Hoover |
Birmingham | AL | 381 | 10 | % | 92.4 | % | 1,670 | 67 | |||||||||||||||
Colonial Promenade Smyrna (Development) |
Smyrna | TN | 194 | 50 | % | LU | 11,145 | 2,312 | ||||||||||||||||
Craft Farms |
Gulf Shores | AL | 441 | 15 | % | LU | 6,450 | 1,443 | ||||||||||||||||
Pinnacle at Turkey Creek |
Knoxville | TN | 479 | 50 | % | 95.9 | % | 32,500 | 7,412 | |||||||||||||||
2,241 | 78,109 | 24,218 | ||||||||||||||||||||||
OZRE (4) |
3,014 | 15 | % | 90.7 | % | 42,601 | (5,556 | ) | ||||||||||||||||
Total Retail |
9,131 | (5) | 153,002 | 14,025 | ||||||||||||||||||||
Other Unconsolidated Investments |
— | 1,696 | ||||||||||||||||||||||
Total Investments in Unconsolidated Subsidiaries |
$ | 492,432 | $ | 78,559 | ||||||||||||||||||||
Notes: | ||
LU = Properties in lease up. | ||
(1) | As of September 30, 2007, this joint venture included 18 properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Rockville, Maryland; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas. | |
(2) | As of September 30, 2007, this joint venture included 25 office properties and 2 retail properties located in Birmingham and Huntsville, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas. | |
(3) | Amount includes the value of Colonial’s investment in the Joint Venture of approximately $5.6 million, offset by the excess basis difference of approximately $10.2 million, which will be amortized over the weighted average life of the investment. | |
(4) | As of September 30, 2007, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas. | |
(5) | Includes anchor-owned square footage. |
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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. | |
OCCUPANCY COST PERCENT: |
Tenants’ occupancy cost as a percentage of their gross sales. | |
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: |
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. |
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