Colonial Properties Trust announced earnings yesterday, and they were largely what I expected, particularly after seeing AEC’s numbers. The two firms emulate each other closely. CLP took a break from pursuing fast paced growth to work on cleaning up their books. They dropped debt by ~$200 million, selling off roughly equivalent properties in non-core assets.
Towards the end of this quarter, they began making purchases and pursuing their development pipeline.
And of course they arranged the merger with MAA.
The lull in multifamily performance should be coming to an end shortly. At that point, I expect great things to resume from these firms, with their depreciation-masked cash flow and record demand for their units.If you enjoy the content at iBankCoin, please follow us on Twitter