Colonial Properties' FFO Up; Net Income Down

BIRMINGHAM, AL-Colonial Properties Trust, one of the nation’s largest REITs, is reporting a sound second quarter, even though net income is down. The firm’s quarterly conference call reviewing its earnings report is at 1 pm today (July 31).

Funds from operations were $28.4 million or 89 cents per share, up 11.3%, versus $26.5 million or 80 cents per share in the first quarter. Funds available for distribution per share increased 9.7% to 79 cents.

Net income, however, was down–$7.3 million or 35 cents per share compared to $9.4 million or 44 cents per share in the first period. In a prepared statement, the REIT says the decrease was due to a $3.5 million gain on the sale of property in second quarter 2000.