"We're continuing to take steps to make our way through a difficult market," acknowledged company chairman and CEO Thomas H. Lowder. Those steps have included exiting a joint venture interest on the 414-unit Colony Woods in Birmingham and continuing to dispose of condominium units in Florida. Lowder said the proceeds are being used to "continue delevering the company." Capital raises in the form of an issuance of more than 12 million shares also took place, along with an issuance of 4.2 million common shares through the REIT's at-the-market equity offering program.
Operating FFO during the quarter was $13.8 million, compared with $23.3 million during the same period the year before. The FFO decrease was due to a decrease in operating FFO of 6.2%.
Colonial Properties' construction pipeline is close to depletion, with less than half a million square feet under construction at the end of the quarter. An additional $10.4 million is expected to complete the remaining developments.
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