XML 67 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Condensed Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Other non-property related revenue $ 1,471 $ 2,173 $ 2,815 $ 3,984
Total revenues 99,603 89,905 196,950 175,667
Operating expenses:        
Property management expense (3,001) (2,181) (5,847) (4,603)
General and administrative expense (5,446) (5,188) (11,213) (10,390)
Management fees and other expenses (1,769) (1,884) (3,814) (3,653)
Investment and development expense (205) [1] (393) [1] (592) [1] (979) [1]
Depreciation (30,472) (29,130) (60,818) (57,874)
Amortization (1,324) (1,773) (3,142) (3,584)
Impairment and other losses 395 [2] 148 [2] 895 [2] 2,244 [2]
Income from operations 18,541 14,032 34,396 23,059
Other income (expense):        
Total other income (expense) (3,060) [3] (21,586) [3] (26,293) [3] (43,951) [3]
Income (loss) from continuing operations 15,481 (7,554) 8,103 (20,892)
Income from discontinued operations (3,266) (5,065) (6,249) (10,644)
Colonial Properties Trust
        
Revenues:        
Minimum rent 81,582 73,093 161,628 143,168
Tenant recoveries 2,120 1,928 4,437 3,935
Other property related revenue 14,430 12,711 28,070 24,580
Other non-property related revenue 1,471 2,173 2,815 3,984
Total revenues 99,603 89,905 196,950 175,667
Operating expenses:        
Property operating expense 27,335 25,131 53,894 48,990
Taxes, licenses and insurance 11,115 10,045 22,339 20,291
Property management expense 3,001 2,181 5,847 4,603
General and administrative expense 5,446 5,188 11,213 10,390
Management fees and other expenses 1,769 1,884 3,814 3,653
Investment and development expense 205 393 592 979
Depreciation 30,472 29,130 60,818 57,874
Amortization 1,324 1,773 3,142 3,584
Impairment and other losses 395 148 895 2,244
Total operating expenses 81,062 75,873 162,554 152,608
Income from operations 18,541 14,032 34,396 23,059
Other income (expense):        
Interest expense (23,277) (20,394) (46,330) (41,272)
Debt cost amortization (1,402) (1,146) (2,835) (2,298)
Interest income 556 336 1,550 668
Income (loss) from partially-owned unconsolidated entities 21,349 (134) 22,022 (474)
(Loss) gain on sales of property (9) 23 (235) (56)
Income taxes and other (277) (271) (465) (519)
Total other income (expense) (3,060) (21,586) (26,293) (43,951)
Income (loss) from continuing operations 15,481 (7,554) 8,103 (20,892)
Income from discontinued operations 2,250 1,510 3,177 3,092
Loss on disposal of discontinued operations (12) 0 (14) 0
Net income from discontinued operations 2,238 1,510 3,163 3,092
Net income (loss) 17,719 (6,044) 11,266 (17,800)
Continuing operations        
Noncontrolling interest in CRLP - common unitholders (1,166) 673 (609) 1,847
Noncontrolling interest in CRLP - preferred unitholders 0 (906) 0 (1,813)
Noncontrolling interest of limited partners - continuing operations (8) (41) (17) (43)
Discontinued operations        
Noncontrolling interest in CRLP - discontinued operations (168) (119) (239) (251)
Income attributable to noncontrolling interest (1,342) (393) (865) (260)
Net income (loss) attributable to parent company 16,377 (6,437) 10,401 (18,060)
Net income (loss) available to common shareholders 16,377 (6,437) 10,401 (18,060)
Net income (loss) per common share/unit — basic:        
Continuing operations $ 0.16 $ (0.09) $ 0.08 $ (0.26)
Discontinued operations $ 0.03 $ 0.01 $ 0.04 $ 0.04
Net income (loss) per common share/unit — basic $ 0.19 $ (0.08) $ 0.12 $ (0.22)
Net income (loss) per common share/unit — diluted:        
Continuing operations $ 0.16 $ (0.09) $ 0.08 $ (0.26)
Discontinued operations $ 0.03 $ 0.01 $ 0.04 $ 0.04
Net income (loss) per common share/unit — diluted $ 0.19 $ (0.08) $ 0.12 $ (0.22)
Weighted average common shares/units outstanding        
Basic 87,201 83,588 87,106 81,562
Diluted 87,490 83,588 87,382 81,562
Other comprehensive income (loss):        
Changes in fair value of qualifying hedges (10,750) 537 (10,585) 537
Adjust for amounts included in net income (loss) 1,800 120 3,332 240
Comprehensive income (loss) 8,769 (5,387) 4,013 (17,023)
Colonial Realty Limited Partnership
        
Revenues:        
Minimum rent 81,582 73,093 161,628 143,168
Tenant recoveries 2,120 1,928 4,437 3,935
Other property related revenue 14,430 12,711 28,070 24,580
Other non-property related revenue 1,471 2,173 2,815 3,984
Total revenues 99,603 89,905 196,950 175,667
Operating expenses:        
Property operating expense 27,335 25,131 53,894 48,990
Taxes, licenses and insurance 11,115 10,045 22,339 20,291
Property management expense 3,001 2,181 5,847 4,603
General and administrative expense 5,446 5,188 11,213 10,390
Management fees and other expenses 1,769 1,884 3,814 3,653
Investment and development expense 205 393 592 979
Depreciation 30,472 29,130 60,818 57,874
Amortization 1,324 1,773 3,142 3,584
Impairment and other losses 395 148 895 2,244
Total operating expenses 81,062 75,873 162,554 152,608
Income from operations 18,541 14,032 34,396 23,059
Other income (expense):        
Interest expense (23,277) (20,394) (46,330) (41,272)
Debt cost amortization (1,402) (1,146) (2,835) (2,298)
Interest income 556 336 1,550 668
Income (loss) from partially-owned unconsolidated entities 17,204 (134) 17,877 (474)
(Loss) gain on sales of property (9) 23 (235) (56)
Income taxes and other (277) (271) (465) (519)
Total other income (expense) (7,205) (21,586) (30,438) (43,951)
Income (loss) from continuing operations 11,336 (7,554) 3,958 (20,892)
Income from discontinued operations 2,250 1,510 3,177 3,092
Loss on disposal of discontinued operations (12) 0 (14) 0
Net income from discontinued operations 2,238 1,510 3,163 3,092
Net income (loss) 13,574 (6,044) 7,121 (17,800)
Continuing operations        
Noncontrolling interest in CRLP - common unitholders (1,166) 673 (609) 1,847
Noncontrolling interest in CRLP - preferred unitholders 0 (906) 0 (1,813)
Noncontrolling interest of limited partners - continuing operations (8) (41) (17) (43)
Discontinued operations        
Noncontrolling interest in CRLP - discontinued operations (168) (119) (239) (251)
Net income (loss) attributable to parent company 12,232 (6,437) 6,256 (18,060)
Net income (loss) attributable to CRLP 13,566 (6,085) 7,104 (17,843)
Net income (loss) available to common unitholders 13,566 (6,991) 7,104 (19,656)
Net income (loss) per common share/unit — basic:        
Continuing operations $ 0.12 $ (0.09) $ 0.04 $ (0.26)
Discontinued operations $ 0.03 $ 0.01 $ 0.04 $ 0.04
Net income (loss) per common share/unit — basic $ 0.15 $ (0.08) $ 0.08 $ (0.22)
Net income (loss) per common share/unit — diluted:        
Continuing operations $ 0.12 $ (0.09) $ 0.04 $ (0.26)
Discontinued operations $ 0.03 $ 0.01 $ 0.04 $ 0.04
Net income (loss) per common share/unit — diluted $ 0.15 $ (0.08) $ 0.08 $ (0.22)
Weighted average common shares/units outstanding        
Basic 94,363 90,847 94,272 88,833
Diluted 94,652 90,847 94,548 88,833
Other comprehensive income (loss):        
Changes in fair value of qualifying hedges (10,750) 537 (10,585) 537
Adjust for amounts included in net income (loss) 1,800 120 3,332 240
Comprehensive income (loss) $ 4,616 $ (5,428) $ (149) $ (17,066)
[1] Reflects costs incurred related to acquisitions and abandoned pursuits. These costs are volatile and, therefore, may vary between periods.
[2] See Note 3 - "Real Estate Activity - Impairment and Other Losses" for a description of the charges.
[3] For-sale residential activities, including net loss on sales and income tax expense (benefit), are included in the line item “Total other income (expense)”. See Note 3 - "Real Estate Activity - For-Sale Activities".