Colonial Properties

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Colonial Properties Trust
IndustryReal estate investment trust
Founded1970; 55 years ago (1970)
DefunctOctober 1, 2013; 11 years ago (2013-10-01)
FateAcquired by Mid-America Apartment Communities
HeadquartersBirmingham, Alabama
Key people
 Thomas H. Lowder, Chairman and CEO
C. Reynolds Thompson, President and CFO

Colonial Properties Trust was a publicly traded diversified real estate investment trust headquartered in Birmingham, Alabama. In October 2013, the company was acquired by Mid-America Apartment Communities.

Company history

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In 1970, the company was founded by Edward Lowder, the father of Bobby Lowder, the head of the failed Colonial Bank and Colonial Bancgroup.

In September 1993, the company became a public company via an initial public offering.[1]

In 1994, the company acquired the Rime Companies for $190.7 million.[2] Rime owned 10 apartment complexes containing 4,953 apartment units.[2] The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama.[2]

In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.[3]

In 2005, the company partnered with DRA Advisors to acquire CRT properties. Colonial received a 15% stake in CRT, which was acquired for $1.8 billion. CRT owned 11.7 million square feet of office space mostly in Atlanta, Houston, Orlando and Charlotte.[4]

In 2007, a joint venture between the company and DRA Advisors sold 15 properties in Arizona, Nevada, and New Mexico containing 3,959 units for $468 million.[5]

In 2014, the company sold Brookwood Village, which it had acquired in 1999.[6][7]

In October 2013, the company was acquired by Mid-America Apartment Communities.[8]

References

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  1. ^ "Colonial Properties to pay 63-cent dividend". American City Business Journals. October 25, 2001.
  2. ^ a b c "COLONIAL PROPERTIES TO BUY RIME FOR $190.7 MILLION". The New York Times. December 8, 1994.
  3. ^ "COLONIAL PROPERTIES TO ACQUIRE CORNERSTONE". The New York Times. October 26, 2004.
  4. ^ "Colonial Properties Trust completes CRT acquisition". American City Business Journals. September 26, 2005.
  5. ^ "Alabama REIT sells three Albuquerque properties". American City Business Journals. January 12, 2007.
  6. ^ West, Ty (April 2, 2014). "Brookwood Village sold to Cypress Equities". American City Business Journals.
  7. ^ Tomberlin, Michael (April 2, 2014). "Dallas-based Cypress Equities buys Brookwood Village". The Birmingham News.
  8. ^ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.