BIRMINGHAM, Ala., Feb. 27 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that Colonial Realty Limited Partnership
completed the re-pricing of its privately placed 8.875% Series B Cumulative
Redeemable Perpetual Preferred Units. The coupon rate on the $100 million of
Preferred Units was reduced from 8.875% to 7.25%, reducing the annual payment
to preferred unitholders by $1.6 million. In addition, the call date has been
extended from February 23, 2004 to February 24, 2009. The Preferred Units
have no stated maturity or mandatory redemption and are not convertible into
any other securities of the partnership.
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Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $3.1 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 21,300 apartment units, 6.7 million square feet of
office space and 15.7 million square feet of retail shopping space. In 2003,
the National Association of Industrial and Office Properties (NAIOP) named
Colonial Properties Trust "National Developer of the Year". Additional
information on Colonial Properties Trust is available on the Internet
at http://www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is
listed on the New York Stock Exchange under the symbol "CLP" and is included
in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
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CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance of Colonial Properties Trust, +1-205-250-8788
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