UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event Commission File Number: 1-12358
reported): January 20, 1998
COLONIAL PROPERTIES TRUST
(Exact name of registrant as specified in its charter)
Alabama 59-7007599
(State of organization) (IRS Employer
Identification Number)
2101 Sixth Avenue North 35203
Suite 750 (Zip Code)
Birmingham, Alabama
(Address of principal executive offices)
(205) 250-8700
(Registrant's telephone number, including area code)
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COLONIAL PROPERTIES TRUST
Item 5. Other Events. On January 20, 1998, the Registrant issued a press
release announcing financial results for the quarter and the year
ended December 31, 1997. The registrant is filing as exhibits to
this Form 8-K the Balance Sheet Highlights, Fourth Quarter Operating
Results and Year-to-Date Operating Results that were
attached to the press release, as updated.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired--Not Applicable
(b) Pro Forma Financial Information--Not Applicable
(c) Exhibits
1. Balance Sheet Highlights.......................................5
2. Fourth Quarter Operating Results...............................6
3. Year-to-Date Operating Results.................................7
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
COLONIAL PROPERTIES TRUST
Date: February 11, 1998 /s/ Howard B. Nelson, Jr.
-------------------------
Howard B. Nelson, Jr.
Chief Financial Officer
(Duly Authorized Officer
and Principal Financial Officer)
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COLONIAL PROPERTIES TRUST
Index to Exhibits
Exhibits
1. Balance Sheet Highlights.......................................5
2. Fourth Quarter Operating Results...............................6
3. Year-to-Date Operating Results.................................7
4
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COLONIAL PROPERTIES TRUST
BALANCE SHEET HIGHLIGHTS
(In Thousands, Except Per Share Data)
<CAPTION>
December 31, 1997 December 31, 1996
- -------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C>
Real estate owned, before depreciation ........ $ 1,491,241 $ 1,017,038
Accumulated depreciation ...................... (124,254) (101,549)
Cash and equivalents .......................... 4,531 3,342
Investment in subsidiaries .................... 685 5,692
Other assets .................................. 24,875 23,582
----------- -----------
Total assets ........................................ $ 1,397,078 $ 948,105
=========== ===========
LIABILITIES AND EQUITY:
Notes and mortgages payable ................... $ 702,044 $ 506,435
Other liabilities ............................. 30,334 28,693
----------- -----------
Total liabilities ....................... 732,378 535,128
Total equity, including minority interest 664,700 412,977
----------- -----------
Total liabilities and equity ........................ $ 1,397,078 $ 948,105
=========== ===========
OTHER:
Ending common shares outstanding .................... 21,153 17,660
=========== ===========
Ending shares and units outstanding ................. 31,129 26,091
=========== ===========
Ending stock price per share ........................ $ 30.125 $ 30.375
=========== ===========
Total market capitalization ......................... $ 1,764,810 $ 1,298,946
=========== ===========
Ratio of debt to total market capitalization ........ 39.8% 39.0%
=========== ===========
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COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
4th Quarter 4th Quarter Percent
1997 1996 Change
-----------------------------------
REVENUE:
<S> <C> <C> <C>
Rent .......................................... $ 52,891 $ 37,279 41.9%
Other ......................................... 1,764 1,340 31.6%
---------------------------------
Total revenue ....................................... 54,655 38,619 41.5%
---------------------------------
OPERATING EXPENSES:
Properties:
General operating expenses .................... 3,593 2,430 47.9%
Salaries and benefits ......................... 2,815 2,157 30.5%
Repairs and maintenance ....................... 5,465 3,296 65.8%
Taxes, licenses, and insurance ................ 4,089 3,164 29.2%
General and administrative .......................... 2,176 1,473 47.7%
Depreciation ........................................ 9,530 6,233 52.9%
Amortization ........................................ 434 267 62.5%
---------------------------------
Total operating expenses ............................ 28,102 19,020 47.7%
---------------------------------
Income from operations .............................. 26,553 19,599 35.5%
---------------------------------
OTHER INCOME (EXPENSE):
Interest expense .............................. (11,701) (7,970) 46.8%
Income from subsidiaries ...................... 688 679 -1.3%
Gains from sales of property .................. 2,568 453 466.9%
Minority interest in consolidated
property partnership ..................... (19) 0 N/A
---------------------------------
Total other expense ................................. (8,464) (6,838) 23.8%
---------------------------------
Income before extraordinary items and
minority interest ........................ 18,089 12,761 41.8%
Extraordinary loss from debt repayment ........ (242) (23) 952.2%
---------------------------------
Income before minority interest ..................... 17,847 12,738 40.1%
Minority interest ............................. 5,528 3,678 50.3%
---------------------------------
Net income .......................................... $ 12,319 $ 9,060 36.0%
Dividends to preferred shareholders ........... (1,671) 0 N/A
---------------------------------
Net income available to common shareholders ......... $ 10,648 $ 9,060 17.5%
=================================
EBITDA .............................................. $ 39,880 $ 27,534 44.8%
=================================
Basic and Diluted net income per share:
Net income per share before extraordinary items $ 0.52 $ 0.51 2.0%
=================================
Net income per share .......................... $ 0.51 $ 0.51 0.0%
=================================
Weighted average shares outstanding ........... 20,977 17,658
=====================
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<TABLE>
COLONIAL PROPERTIES TRUST
OPERATING RESULTS
(In Thousands, Except Per Share Data)
<CAPTION>
Year-to-Date Year-to-Date Percent
December 1997 December 1996 Change
------------------------------------
REVENUE:
<S> <C> <C> <C>
Rent .......................................... $ 177,149 $ 130,370 35.9%
Other ......................................... 6,977 4,511 54.7%
-----------------------------------
Total revenue ....................................... 184,126 134,881 36.5%
-----------------------------------
OPERATING EXPENSES:
Properties:
General operating expenses .................... 12,603 9,530 32.2%
Salaries and benefits ......................... 10,283 8,606 19.5%
Repairs and maintenance ....................... 18,669 13,073 42.8%
Taxes, licenses, and insurance ................ 15,578 11,538 35.0%
General and administrative .......................... 6,448 4,072 58.3%
Depreciation ........................................ 31,956 22,025 45.1%
Amortization ........................................ 1,322 1,509 -12.4%
-----------------------------------
Total operating expenses ............................ 96,859 70,353 37.7%
-----------------------------------
Income from operations .............................. 87,267 64,528 35.2%
-----------------------------------
OTHER INCOME (EXPENSE):
Interest expense .............................. (40,496) (24,584) 64.7%
Income from subsidiaries ...................... 818 836 2.2%
Gains from sales of property .................. 2,567 468 448.5%
Minority interest in consolidated
property partnership ..................... (198) 0 N/A
-----------------------------------
Total other expense ................................. (37,309) (23,280) 60.3%
-----------------------------------
Income before extraordinary items and
minority interest ........................ 49,958 41,248 21.1%
Extraordinary loss from debt repayment ........ (3,650) (511) 614.3%
-----------------------------------
Income before minority interest ..................... 46,308 40,737 13.7%
Minority interest ............................. 14,360 13,231 8.5%
-----------------------------------
Net income .......................................... $ 31,948 $ 27,506 16.1%
Dividends to preferred shareholders ........... (1,671) 0 N/A
-----------------------------------
Net income available to common shareholders ......... $ 30,277 $ 27,506 10.1%
===================================
EBITDA .............................................. $ 124,573 $ 90,311 37.9%
===================================
Basic and Diluted net income per share:
Net income per share before extraordinary items $ 1.66 $ 1.60 3.7%
===================================
Net income per share .......................... $ 1.53 $ 1.58 -3.2%
===================================
Weighted average shares outstanding ........... 19,808 17,378
========================
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