In Brief: Colonial Properties Up 61% in 3d Quarter

quarter funds from operations amounted to $12.4 million, a 61% increase $7.7 million reported in the same quarter a year ago. The real estate investment trust said funds from operations for the first nine months of the year amounted to $33.4 million, a 51% increase from $22.1 million reported in the nine months ended Sept. 30, 1994. Property revenues in the third quarter amounted to $29 million, an increase of 70% from the same period last year. Property operating income was $18.9 million, a 65% jump. Colonial Properties attributed the increase in operating results to improved same-property performance in the retail division and to the results of multifamily and retail properties acquired during 1994 and 1995. For the quarter, the multifamily and retail divisions reported increases in same-property operating income of 0.6% and 7%, respectively, the company reported. Colonial Properties culled the results from its holdings of 60 retail, multifamily, and office properties in Alabama, Florida, and Georgia.