Colonial Properties Trust reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $103,886,000 against $93,997,000 a year ago. Income from operations was $20,171,000 against $14,883,000 a year ago. Loss from continuing operations was $2,148,000 against $8,317,000 a year ago. Net income available to common shareholders was $5,576,000 against net loss available to common shareholders of $5,974,000 a year ago. Loss per diluted share from continuing operations was $0.03 against $0.09 a year ago. Earnings per diluted share were $0.06 against loss per diluted share of $0.07 a year ago. Funds from operations were $32,008,000 against $28,266,000 a year ago. Funds from operations available to common shareholders and unit holders were $31,811,000 against $28,047,000 a year ago. FFO per diluted share was $0.34 against $0.30 a year ago. The increase in revenue was primarily driven by higher average revenue per occupied unit of $959, which is up 4.6% from the first quarter of 2012 and 0.6%, sequentially. For the full year of 2013, the company expects diluted earnings per share to be in the range of $0.29 to $0.45. Total diluted FFO per share is expected to be in the range of $1.34 to $1.40. Revenue expected to increase from 4.25% to 5.25%. Development spending expected to be in the range of $125 million to $150 million. The company anticipates development spending of $125 million to $150 million for the full year. It had completed $20 million of this spending for the first quarter and has another 4 developments currently underway. The company continues to expect annual property tax expense to increase 7% to 8% this year, with total expenses being up 4% to 5% over last year.

On April 24, 2013, the board of trustees of Colonial Properties Trust declared a quarterly cash dividend on common shares for the second quarter 2013 of $0.21 per common share. The dividend is payable May 13, 2013, to shareholders of record as of May 6, 2013, representing an ex-dividend date of May 2, 2013.

Colonial Properties Trust announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on Apr 25, 2013