Colonial Realty Limited Partnership (1013844) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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Colonial Realty Limited Partnership
CIK: 1013844

Exhibit 99.1

Listed on the New York Stock Exchange (CLP) NEWS RELEASE

Colonial Properties Trust Reports Results for Fourth Quarter 2012

BIRMINGHAM, Ala. - January 24, 2013 - Colonial Properties Trust (NYSE: CLP) announced its results for the quarter and year ended December 31, 2012.

For the fourth quarter 2012, the company reported net income available to common shareholders (EPS) of $16.0 million, or $0.18 per diluted share, compared with net income available to common shareholders of $9.1 million, or $0.10 per diluted share, for the same period in 2011. The increase compared with the prior-year period is primarily attributable to $22.7 million of gains recognized from the sale of four multifamily apartment communities and one commercial asset during the fourth quarter 2012 and an increase in multifamily same-property net operating income (NOI) in 2012 as a result of improving rental rates, partially offset by certain one-time charges totaling $14.2 million, as further discussed below under Other Charges.

For the year ended December 31, 2012, the company reported net income available to common shareholders of $19.9 million, or $0.22 per diluted share, compared with net income available to common shareholders of $3.4 million, or $0.04 per diluted share, for 2011. The increase compared with the prior-year is primarily attributable to an increase in multifamily same-property NOI in 2012 as a result of improving rental rates, income derived from multifamily apartment communities acquired during 2011 and 2012, and a $21.9 million gain recognized from the company's disposition of its ownership interest in the DRA/CLP office joint venture, partially offset by certain one-time charges totaling $14.2 million, as further discussed below under Other Charges.

Funds from Operations Available to Common Shareholders and Unitholders (FFO), a widely accepted measure of REIT performance, for the fourth quarter 2012 was $18.1 million, or $0.19 per diluted share, compared with $26.4 million, or $0.28 per diluted share, for the same period in 2011. FFO for the year ended December 31, 2012 totaled $105.1 million, or $1.11 per diluted share, compared with $104.7 million, or $1.15 per diluted share, for the same period in 2011. The results were primarily influenced by an increase in company's multifamily same-property NOI as a result of improving rental rates and income from multifamily apartment communities acquired in 2011 and 2012, partially offset by the Other Charges discussed below.

A reconciliation of net income/loss available to common shareholders to FFO, and a reconciliation of NOI to income/loss from continuing operations, as well as definitions and statements of purpose are included in the financial tables accompanying this press release.

Thomas H. Lowder, Chairman and Chief Executive Officer, noted, “Our core multifamily operating fundamentals continue to perform well. Solid occupancy and leasing, combined with expense controls, led to our best year-over-year same-property NOI growth rate in our company's history. The asset recycling transactions we completed in the fourth quarter improved the growth profile of the company. We intend to capitalize on this stronger portfolio, as well as our multifamily development pipeline to create additional value for our shareholders in 2013.”

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The following information was filed by Colonial Realty Limited Partnership on Thursday, January 24, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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