CLP FFO rises on increasing same-property net operating income

Results: Funds from operations (FFO) rose to $22.3 million or 27 cents per share from $20.6 million or 28 cents per share a year earlier.

Revenue: Rose to $94.4 million YoY.

Actual vs. Wall St. Expectations: Estimates ranged from 26 cents per share to 30 cents per share with a mean of 28 cents/share for CLP .

Quoting Management: “Strong new and renewal leasing, combined with solid occupancy and lower operating expenses, led to a 5.7 percent increase in same-property net operating income in the first quarter,” stated Thomas H. Lowder, Chairman and Chief Executive Officer. “In addition to the improved core multifamily operating results, the renewal phase of our business is gaining momentum as we acquired three apartment communities for a total of $93 million in the quarter, began construction on another new apartment community and completed our latest $100 million at-the-market equity offering program.”