Colonial Properties
 | |
| Industry | Real estate investment trust |
|---|---|
| Founded | 1970 |
| Defunct | October 1, 2013 |
| Fate | Acquired by Mid-America Apartment Communities |
| Headquarters | Birmingham, Alabama |
Key people | Thomas H. Lowder, Chairman and CEO C. Reynolds Thompson, President and CFO |
| Revenue | $0.393 billion (2012) |
| $0.008 billion (2012) | |
| Total assets | $3.286 billion (2012) |
| Total equity | $1.150 billion (2012) |
Number of employees | 911 (2012) |
| Footnotes / references [1] | |
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
[edit]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.[2]
In 1994, the company acquired the Rime Companies for $190.7 million.[3] Rime owned 10 apartment complexes containing 4,953 apartment units.[3] The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama.[3]
In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.[4]
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.[5]
In March 2006, the company sold 2 shopping centers.[6]
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.[7]
In 2007, the company sold a majority interest in development assets in Alabama for $48.5 million.[8][9][10]
In 2014, the company sold Brookwood Village, which it had acquired in 1999.[11][12]
In October 2013, the company was acquired by Mid-America Apartment Communities.[13]
References
[edit]- ^ "Colonial Properties Trust 2012 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Colonial Properties to pay 63-cent dividend". American City Business Journals. October 25, 2001.
- ^ a b c "COLONIAL PROPERTIES TO BUY RIME FOR $190.7 MILLION". The New York Times. December 8, 1994.
- ^ "COLONIAL PROPERTIES TO ACQUIRE CORNERSTONE". The New York Times. October 26, 2004.
- ^ "Colonial Properties Trust and DRA Advisors, LLC Complete their Acquisition of CRT Properties, Inc" (Press release). Business Wire. September 27, 2005.
- ^ "Colonial Properties Trust Announces Sale of Colonial Pinnacle and Colonial Promenade Tutwiler Farm and Reaffirms 2006 Annual Guidance" (Press release). Business Wire. October 2, 2006.
- ^ "Alabama REIT sells three Albuquerque properties". American City Business Journals. January 12, 2007.
- ^ "Colonial Properties Trust Sells $48.5 Million of Commercial Development Assets" (Press release). Business Wire. December 26, 2007.
- ^ Nagaraj, Amulya (December 26, 2007). "Colonial Properties sells two properties for $48.5 mln". Reuters.
- ^ Underwood, Jerry (December 26, 2007). "Colonial Properties sells two properties for $48.5 million to unnamed buyer". The Birmingham News.
- ^ West, Ty (April 2, 2014). "Brookwood Village sold to Cypress Equities". American City Business Journals.
- ^ Tomberlin, Michael (April 2, 2014). "Dallas-based Cypress Equities buys Brookwood Village". The Birmingham News.
- ^ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.