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February 7, 2013
06:06 EDTCLPColonial Properties restates Q4 FFO to 6c from 19c
Says Q4 reported earnings have been adjusted for subsequent jury verdict. As previously reported, in December 2010, SM Traditions Associates, LLC, a member in TA Colonial Traditions, LLC, the joint venture entity, filed claims against Colonial Realty Limited Partnership, Colonial Properties Trust, Colonial Properties Services, Inc. and Colonial Construction Services, LLC relating to the Company’s oversight and involvement in the development and construction of the Colonial Grand at Traditions, a multifamily apartment community, including breach of management and development agreements, material misrepresentations, fraudulent concealment and breach of fiduciary duties. Also, as previously reported, the Company purchased the note, evidencing the construction loan made to TA Traditions, LLC. On February 1, 2013, a Baldwin County, Alabama jury awarded SM Traditions Associates, LLC $6.7M in compensatory damages and $6M in punitive damages for a total of $12.7M. The jury also returned verdicts in favor of SM Traditions Associates, LLC and TA Colonial Traditions, LLC with respect to the Company’s counter-claims. The Company believes the verdicts should be vacated or a new trial ordered, and intends to pursue all available post-trial remedies. As a result of the jury verdict, the Company has recorded an increase to its loss contingency reserve of $12.7M in Q4.
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