Colonial Properties Trust (CLP, Financial) filed Annual Report for the period ended 2010-12-31.
Colonial Properties Trust has a market cap of $1.47 billion; its shares were traded at around $18.92 with a P/E ratio of 18.37 and P/S ratio of 4. The dividend yield of Colonial Properties Trust stocks is 3.17%.Hedge Fund Gurus that owns CLP: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns CLP: Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Our long-term target is to increase the percentage of net operating income from our multifamily portfolio to greater than 90% of our total net operating income. Since the start of 2009, we have been successful in exiting ten joint ventures, resulting in the elimination of $260.1 million of our pro-rata share of secured debt, and we sold three wholly-owned commercial retail centers for proceeds of approximately $51.5 million. We continue to look for similar opportunities, to further simplify our business. Additionally, we have focused on refining our corporate operations, including streamlining our processes, procedures and organizational structure to create efficiencies and reduce associated overhead.
In 2010, we reduced our leverage by issuing $156.2 million of common equity through our continuous equity programs, exiting three joint ventures and disposing of non-income producing assets. We extended our debt maturities with the issuance of $73.2 million of ten-year secured financing and improved our fixed charge ratio with the repurchase of preferred securities and unsecured bonds with higher coupon rates. All of these actions strengthened our balance sheet.
As of December 31, 2010, we had one project under construction. We are currently developing Colonial Grand at Hampton Preserve, a 486-unit multifamily apartment community located in Tampa, Florida. Project development costs, including land acquisition costs, are expected to be approximately $58.3 million. As of December 31, 2010, we had spent $15.8 million on this project. The development is expected to be completed in the fourth quarter of 2012. This development is expected to be funded through our unsecured credit facility (discussed in this Form 10-K below under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital
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Colonial Properties Trust has a market cap of $1.47 billion; its shares were traded at around $18.92 with a P/E ratio of 18.37 and P/S ratio of 4. The dividend yield of Colonial Properties Trust stocks is 3.17%.Hedge Fund Gurus that owns CLP: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns CLP: Kenneth Fisher of Fisher Asset Management, LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
The aggregate market value of the 64,532,496 Common Shares of Beneficial Interest held by non-affiliates of Colonial Properties Trust was approximately $937,657,165 based on the closing price of $14.53 as reported on the New York Stock Exchange for such Common Shares of Beneficial Interest on June 30, 2010. The aggregate market value of the 4,090,609 common units of partnership interest held by non-affiliates of the Colonial Realty Limited Partnership was approximately $59,436,549 based on the closing price of $14.53 of the Common Shares of Beneficial Interest of Colonial Properties Trust into which the common units are exchangeable, as reported on the New York Stock Exchange on June 30, 2010. Number of Colonial Properties Trust’s Common Shares of Beneficial Interest outstanding as of February 24, 2011: 80,927,493Our long-term target is to increase the percentage of net operating income from our multifamily portfolio to greater than 90% of our total net operating income. Since the start of 2009, we have been successful in exiting ten joint ventures, resulting in the elimination of $260.1 million of our pro-rata share of secured debt, and we sold three wholly-owned commercial retail centers for proceeds of approximately $51.5 million. We continue to look for similar opportunities, to further simplify our business. Additionally, we have focused on refining our corporate operations, including streamlining our processes, procedures and organizational structure to create efficiencies and reduce associated overhead.
In 2010, we reduced our leverage by issuing $156.2 million of common equity through our continuous equity programs, exiting three joint ventures and disposing of non-income producing assets. We extended our debt maturities with the issuance of $73.2 million of ten-year secured financing and improved our fixed charge ratio with the repurchase of preferred securities and unsecured bonds with higher coupon rates. All of these actions strengthened our balance sheet.
As of December 31, 2010, we had one project under construction. We are currently developing Colonial Grand at Hampton Preserve, a 486-unit multifamily apartment community located in Tampa, Florida. Project development costs, including land acquisition costs, are expected to be approximately $58.3 million. As of December 31, 2010, we had spent $15.8 million on this project. The development is expected to be completed in the fourth quarter of 2012. This development is expected to be funded through our unsecured credit facility (discussed in this Form 10-K below under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital
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