CLP Colonial Properties Trust March 2010 Presentation Slides Deck

8/8/2019 CLP Colonial Properties Trust March 2010 Presentation Slides Deck

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Citi 2010 Global Property CEO Conference


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2 NYSE: CLPCiti 2010 Global Property CEO Conference

Company Overview

AncillaryIncome

10% - 20%

Commercial Portfolio 1.3MM wholly owned office square feet (6.6MM joint

venture office square feet)

1.1MM wholly owned retail square feet (1.9MM jointventure retail square feet)

Minority ownership from 5% to 50% in joint venturecommercial assets

High Quality Multifamily Portfolio 33,524 apartment homes

111 apartment communities

94.7% Occupancy

Average age: 14 years

Diversified in high-growth Sunbelt markets

Core NOI

Current: 75%Target: 90%

Ancillary NOI

Current: 25%

Target: 10%

NOTE: Property statistics as of 12/31/09. Multifamily and Commercial portfolios do not include third-party managed business.


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Core Portfol io Statistics

Colonial Grand

Properties: 53 Units: 16,679

Avg Monthly Rent: $793

Class A

Colonial Village

Properties: 45

Units: 12,992

Avg Monthly Rent: $692

Class B

Two distinct brands that appeal to both A and B renters

NOTE: In addition 3,853 non-branded units are either wholly-owned or held in joint ventures


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High-growth Sunbelt markets exhibit strong long-term demographics

Portfol io diversified in over 20 Sunbelt markets

85% of Mult ifamily 4Q 2009 NOIGenerated from Top Quartile

Sunbelt MarketsCharlotte, NC 13.9%

Dallas/Fort Worth, TX 12.4%At lanta, GA 10.7%

Aust in, TX 8.7%

Orlando, FL 7.4%

Raleigh-Durham, NC 6.5%

Richmond, VA 5.7%

Charleston, SC 5.1%

Birmingham, AL 4.1%Phoenix, AZ 2.7%

Norfolk, VA 1.6%

Nashville, TN 1.5%

Tampa, FL 1.4%

Sarasota, FL 1.4%

Washington, DC 1.2%

Las Vegas, NV 0.7%Sarasota

At lanta Charleston

Aust inOrlando

Richmond

Nashville

Birmingham

Norfolk

Washington, DC

Tampa

Las Vegas

Phoenix Dallas/Ft Worth

Raleigh-Durham

Charlotte

4Q 2009 Multifamily NOI %

Geographic Diversity


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Geographic Demand

Cumulative Percent Change in Apartment Absorption(2009Q4 - 2014Q4)

Source: PPR *As of 09Q4

> 10%

7.5% - 10%

5% - 7.5%

2.5 % - 5 %

0% - 2.5%

7.5%

5.5-7.5%

5-5.5%

4-5%

3-4%

2-3%

0-2%


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Employment Concentrations

CLP markets have a similar concentration relative to US average

CLP MARKETS5%

8%

7%

16%

13%10%

15%

5%

11%

10%

Construction Manufacturing

Financial Activities Business and Professional Services

Education and Health Services Leisure and Hospitality

Government Wholesale Trade

Retail Sales Other

CLP MARKETS5%

9%

6%

13%

15%

10%

17%

4%

11%

10%

U.S. AVERAGE

Construction Manufacturing

Financial Activities Business and Professional Services

Education and Health Services Leisure and Hospitality

Government Wholesale Trade

Retail Sales OtherSource: Economy.com


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Job Creation

Business & Professional Services, Education & Health Services, and Governmentwill drive job creation in CLP markets over the next 4 years

0%

5%

10%

15%

20%

25%

Cons

truc

tion

Manu

fac

turing

Re

tailTra

de

Who

lesa

le

Tra

de

Financ

ial

Ac

tiv

ities

Educa

tionan

d

Hea

lthServ

ices

Bus

inessand

Pro

fess

ional

Serv

ices

Government

Le

isureand

Hosp

ita

lity

Other

0

50

100

150

200

250

Total Jobs % Growth

% Job GrowthTotal Jobs

Source: Economy.com

Cumulative Percentage Growth and Number of Jobs For the Major Sectors in CLPs Metros


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$106.9MM non-core asset sales

Repurchased $579.2MM unsecured notesat a 10.4% discount and recognized$54.7MM in net gains

Obtained $506MM of 10-year securedfinancing (5.81% Avg Int Rate)

Exited 7 JVs (37 properties) Eliminating$231MM of debt exposure

2009 Initiatives

Strengthen the Balance Sheet

Improve Liquidity

Address Near Term Maturities

Reduce G&A Expenses

Postpone/Phase Developments

2009 Accomplishments

Successfully issued $152.4MM of netequity through ATM and follow-on offering

Reduced quarterly dividend to $0.15/share retains ~$80MM annually

Annual reduction in G&A by $6.9MM

Reduced development spending -$42.6MM spent in 2009

Improved Debt+Pref / GAV 500Bps to53.8%

1

22

3

4

5


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Simplify business structure

Non-core asset sales

Reduce exposure to joint ventures

Continue to strengthen balance sheet

Improve operating margins

Grow the Company

2010 Directives


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(1) Debt maturities as of 12/31/09, and exclude the Companys unsecured line of credit that matures in June 2012 with a balance as of 12/31/2009 of $310.5 million.(2) Unconsolidated debt represents Companys pro-rata share(3) Values represented in millions

Staggered maturity schedule with balanced maturities through 2013

Pro-forma Debt Maturity

$44 $57$82 $99

$200 $193

$95

$40

$570

$69

$116

$15

$13

$33

$6$2

$-

$100

$200

$300

$400

$500

$600

$700

2010 2011 2012 2013 2014 2015 2016 Thereafter

Unsecured Consolidated Secured Unconsolidated Secured


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$675MM unsecured line of credit matures in June 2012

NOTE: Represents the debt balances as of 12/31/09. Includes the companys pro-rata portion of joint venture debt.

Debt Structure

Unsecured/Secured Fixed/Floating

Unsecured

(Other)

40%

Unsecured(LOC)

16%

Secured

44%

Floating (LOC)

16%

Floating (Other)

4%Fixed

81%

Avg Wtd

$$ Interest Rate Maturity

Unsecured LOC 310.5$ 1.3% 2.5 yr

Unsecured Other 769.1 6.1% 4.3 yr

Secured 863.8 5.4% 7.6 yr1,943.4$ 5.0% 5.5 yr

Avg Wtd$$ Interest Rate Maturity

Fixed 1,558.8$ 5.9% 6.2 yrFloating - LOC 310.5 1.3% 2.5 yr

Floating - Other 74.1 1.7% 1.3 yr1,943.4$ 5.0% 5.5 yr


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High Quality Multifamily Portfolio

85% of NOI from high-growth Sunbelt markets

Portfolio with an average age of 14 years

Maintained strong occupancy levels

Well-Laddered Debt Maturity Schedule

Strong Liquidity Position

Experienced Management Team

Favorable Long-Term Demographic Trends

Echo-boom population

Job growth

Company Highlights


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FFO per share: $0.92 - $1.00

Operating FFO per share: $0.92 - $0.97

Multifamily Same-Property NOI: (6.00%) (8.00%)

Revenue: (2.50%) to (3.50%)

Expenses: 2.00% to 3.00%

Development Spending: $25 - $30 mill ion

Acquisitions: $25 - $50 mi llion

Land and For-sale Dispositions: $15 25 mill ion

Secured Financings: $150 - $200 mil lion

Corporate G&A: $17 - $19 million

Land, Bond and/or Preferred Share Gains: $0.00 - $0.03per share

2010 Guidance


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Forward Looking StatementsEstimates of future earnings are, by definition, and certain other statements in this presentation mayconstitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform

Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause thecompany's actual results, performance, achievements or transactions to be materially different from theresults, performance, achievements or transactions expressed or implied by the forward lookingstatements. Certain statements in this presentation may constitute forward-looking statements within

the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknownrisks, uncertainties and other factors that may cause the companys actual results, performance,achievements or transactions to be materially different from the results, performance, achievements ortransactions expressed or implied by the forward looking statements include, among others, real estateconditions and markets; performance of affiliates or companies in which we have made investments;legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal

income tax purposes; the effect of any rating agency action; the cost and availability of new debtfinancings; level and volatility of interest rates or capital market conditions; effect of any terrorist activityor other heightened geopolitical crisis; or other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company assumes no responsibility toupdate the information in this presentation.

The company refers you to the documents filed by the company from time to time with the Securitiesand Exchange Commission, specifically the section titled "Risk Factors" in the company's AnnualReport on Form 10-K for the year ended December 31, 2009, which discuss these and other factors thatcould adversely affect the company's results.


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APPENDIX


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4.4%

3.0%

(6.8%)

(3.9%)

3.4%

5.2% 5.0% 5.2%

2.7%

(6.9%)

FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10E

Same Store NOI %

Employment Growth CLP Markets

CLP SS NOI % and Employment % - 2000 to FY 2010E

Same-Property Performance

(6.0%) (8.0%)


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Y/Y Job Growth

Expected Employment Growth

Sources: PPR, Moody's Economy.com

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

PPR54 Average Colonial Proper ties Weighted Average

As of 09Q4


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Y/Y Population Growth

Expected Population Growth

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

Source: PPR, Moody's Economy.com

CLP Weighted Average PPR54 Average

As of 09Q4


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Source: Woods & Poole Economics

Echo Boomers are a key demand driver for apartment rentals

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010E 2012E 2014E 2016E 2018E 2020E

70

65

60

55

National Population Aged 20-34 (in millions)

Echo Boomer Population Growth


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Average Annual Supply Growth

Supply Risk Less Prevalent

Source: PPR

Historical Average (1990Q1-2009Q4) Forecast Average (2010Q1-2014Q4)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Raleigh Phoenix Orlando Charlotte Austin Dallas Atlanta Richmond

As of 09Q4


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Development and Land

Start Compl. Stab. Total Thru

Location Total Deliv'd Leased Date Date Date Cost Q409 After

Commercial

Colonial Pinnacle Craft Farms II Gulf Shores, AL 68 n/a 46 2Q09 2Q10 4Q11 9.9 6.9 3.0

Total Active Development Projects 9.9 6.9 3.0

Future Development Projects (see below) 121.6Investment Land (see below) 108.6

Total Properties Under Development (per Balance Sheet) 237.1$

FUTURE DEVELOPMENT PIPELINE / LAND AND ASSETS HELD FOR SALE

Units/ HeldLocation SF-in 000s for Sale

Multifamily

CG at Thunderbird Phoenix, AZ 244 8.4$ - -

CG at Sweetwater Phoenix, AZ 195 7.3 - -

CG at Azure Las Vegas, NV 188 7.8 - -

CG at Cityway Austin, TX 320 5.0 - -

CG at South End Charlotte, NC 353 12.1 - -

CG at Hampton Preserve Tampa, FL 486 14.4 - -

CG at Randal Park (1) Orlando, FL 750 19.2 - -

Total Multifamily Assets 74.2$ - -$

Commercial

Colonial Promenade Nord du Lac (2) Covington, LA 497 37.7 - -

Colonial Promenade Huntsville Huntsville, AL 111 9.7 - -

Total Commerical Assets 47.4$ -$ -$

Multifamily - 3.5 -Commerical - 48.1 -

Condo / Townhome - - 22.3

For-sale Residential Land - 57.0 42.7

Total Projects 121.6 108.6 65.0

(2) Total cost to date for this project is presented net of a $6.5 million non-cash impairment charge recorded in 4Q09 and a $19.3 million non-cash impairment charge recorded in 4Q08.

Units / SF-in 000s

LandInvestment

(1) This project is part of a mixed-use development.

DevelopmentFuture

Development Costs


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Joint Venture Detail

Property

Units/

SF-000s CLP % Own

Occupancy

Rate Sec'd Debt Equity Invest

DRA

The Grove at Riverchase 345 20% 94.2% 3,850 1,133

Colonial Village at Cary 319 20% 93.4% 4,320 1,440

664 8,170 2,573

Other

Colonial Grand at Research Park 370 20% 93.0% 4,491 914

Colonial Grand at Huntcliff 358 20% 95.0% 5,149 1,646

Regents Park (Phase II) - 40% - - 3,387

Colonial Grand at Traditions 324 35% 94.8% 11,707 -

Belterra 288 10% 93.4% 1,996 525

Colonial Grand at McKinney (Development) - 25% - - 1,721

1,340 23,343 8,193

Total Multifamily 2,004 31,513$ 10,766$

DRA/CLP 5,236 15% 86.4% 111,286 (15,321)

Huntsville TIC 1,704 10% 96.9% 10,754 (4,617)Parkway Place 623 50% 90.7% 28,229 10,168

Colonial Pinnacle at Turkey Creek 486 50% 95.0% 32,500 3,073

Colonial Pinnacle at Turkey Creek III (Development) 166 50% 80.6% 5,949 7,210

Other

Land Title Building 30 33% 100.0% 291 154

Colonial Promenade Madison 111 25% 95.4% - 2,119

Colonial Promenade Hoover 381 10% 92.4% 1,607 59

Colonial Promenade Smyrna 416 50% 96.6% 14,814 2,174

Colonial Promenade Alabaster II/Tutwiler II 420 5% 98.4% 2,000 (190)

Total Commercial 9,572 207,430$ 4,829$

Other Unconsolidated Investments 113 1,827

Total Investments in Unconsolidated Subsidiaries 239,056$ 17,422$

Notes:

LU = Properties in lease up.

NOTE: Please refer to 4Q09 Supplemental for further disclosure regarding the above noted Joint Ventures


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Fully diluted EPS before minority interest $ (0.78) $ (0.70)

Plus: Real estate depreciation and amortization $ 1.70 $ 1.70

Less: Gains on sale of assets - -

Fully diluted FFO per share $ 0.92 $ 1.00

Less: Gain on sale of land and bond

or preferred stock repurchase (0.00) (0.03)

Operating FFO per share $ 0.92 $ 0.97

2010 GuidanceLow High

Reconciliations


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Documents

CLP Colonial Properties Trust March 2010 Presentation Slides Deck