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BIRMINGHAM, AL-Colonial Properties Trust, one of the nation’s largest REITs, is reporting a sound second quarter, even though net income is down. The firm’s quarterly conference call reviewing its earnings report is at 1 pm today (July 31).

Funds from operations were $28.4 million or 89 cents per share, up 11.3%, versus $26.5 million or 80 cents per share in the first quarter. Funds available for distribution per share increased 9.7% to 79 cents.

Net income, however, was down–$7.3 million or 35 cents per share compared to $9.4 million or 44 cents per share in the first period. In a prepared statement, the REIT says the decrease was due to a $3.5 million gain on the sale of property in second quarter 2000.

For the quarter, Colonial’s multifamily, office and retail divisions posted same-property net operating income growth of 6%, 12.4% and 4.3%, respectively. Occupancies were 94%, 93% and 90% for the multifamily, office and retail sectors, respectively.

“Each of the divisions posted solid same-property results.” Thomas H. Lowder, Colonial’s chairman/CEO, says in a prepared statement. “The retail environment remains challenging (but) the multifamily and office divisions’ results continue to be strong, emphasizing the strength of our diversified property strategy.”

The company’s $235-million development pipeline is 50% funded. The REIT has a total market capitalization of $2.5 billion. Colonial’s portfolio comprises 115 multifamily, office and retail properties in Alabama, Florida, Georgia, Mississippi, North and South Carolina, Tennessee, Texas and Virginia.

The company operates 17,000 apartment units; 3.4 million sf of office; and 15.3 million sf of retail.

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