Exactly as I said, revenue exploded upward with a 21% increase. Read this:
Funds from operations (FFO) for the second quarter ended June 30, 2011 was $0.27 per common share (basic and diluted) compared with $0.15 per common share (basic and diluted) for the second quarter ended June 30, 2010. FFO as adjusted for the second quarter of 2011 was $0.27 per common share (basic and diluted), compared to $0.21 per common share (basic and diluted) for the second quarter ended June 30, 2010, after adjusting for non-cash charges of approximately $1.7 million associated with the redemption of the Company’s Series B preferred shares and trust preferred debt, or $0.06 per common share.
Net loss applicable to common shares was $1.6 million, or $0.04 per common share (basic and diluted) for the second quarter ended June 30, 2011, compared with net loss applicable to common shares of $4.5 million, or $0.17 per common share (basic and diluted) for the second quarter ended June 30, 2010.
Total property revenue for the second quarter of 2011 was $39.8 million compared with $33.0 million for the second quarter of 2010, a 21% increase.
Where was the loss concentrated? Well, part of it looks to be depreciation, again taking out a huge chunk of cash. But to hell with property values. First sign of stability and this thing is deep in paper profits. More importantly, the company is aggressively seizing cash flow, and their FFO is up another 5.1% on the backs of stronger revenue.
Occupancy rates and revenues, as well as Net Operating Income, were all extremely positive also.
Net operating income (NOI) for the second quarter of 2011 for the Company’s same community portfolio increased 5.3% compared with the second quarter of 2010. Revenue increased 3.4% and property operating expenses increased 0.8%. Physical occupancy was 96.8% at the end of the second quarter 2011 versus 96.6% at the end of the same period in 2010. Net rent collected per unit for the second quarter 2011 for the Company’s same community Midwest portfolio increased 4.5%; net rent collected per unit for the Company’s same community Mid-Atlantic portfolio increased 3.7%; and net rent collected per unit for the Company’s same community properties in the Southeast markets increased 1.4%.
The company sold off on the news, which I gather from the last few weeks was largely anticipated. I will be looking to add marginally, in both this position and CLP, on further dips.
Watch for CLP to report similar, high flying performance this Thursday.
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