Colonial Properties Trust (NYSE:CLP) was able to beat estimate in the fourth quarter, getting the win on stronger multifamily same property NOI.
FBR says, "CLP’s reported 4Q10 results beat both ours and consensus estimates for the quarter. Excluding a $0.01 per share charge related to the repurchase of $50 million 7.25% redeemable preferred units, the beat was driven by stronger multifamily same property NOI. The delta to our estimate appears to be driven by higher than expected commercial property revenue and lower G&A expense. The company’s 2011 guidance at the mid-point is in-line with the current FBR estimate. The key take-away is the positive multifamily same store NOI growth for 4Q10, which reflects continued portfolio progress. The results do not change our thesis on the stock. Looking ahead, we expect CLP to make additional progress towards streamlining its portfolio and improving its capital structure. Recovery will likely be slow, however."
FBR Capital reiterates a "Market Perform" rating on Colonial Properties Trust (CLP), which closed at $19.38, up $0.27, or 1.41 percent.
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