BIRMINGHAM, Ala., April 4 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("The Company") announced today the sale of six multifamily
properties totaling 2,074 units for a sales price of $143.8 million excluding
closing costs. The Company paid off mortgage debt of $69.8 million at a
blended interest rate of 5.97% in conjunction with the sale. The Company will
use the proceeds from the sale to reduce its unsecured line of credit. Paul
Earle, EVP, Multifamily, commented, "This sale contributes to the Company's
stated objectives of reducing secured debt and re-cycling assets which have
reached their maximum potential inside our portfolio. We continue to execute
our strategy of exiting markets with lower growth potential and repositioning
our portfolio into high growth, demographically attractive Sunbelt markets."
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
The properties sold include two Colonial Grand apartment communities
totaling 572 units located in Macon, GA and Birmingham, AL and four Colonial
Village apartment communities totaling 1,502 units located in Gainesville, FL;
Augusta, GA; Bluffton, SC; and Sarasota, FL. The six properties averaged
10 years of age and were approximately 94% occupied.
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, Virginia, Tennessee, Texas, Arizona, Nevada and New
Mexico. Colonial Properties Trust performs development, acquisition,
management, leasing and brokerage services for its portfolio and properties
owned by third parties. The Company has a total market capitalization of
approximately $5 billion. The foundation of Colonial Properties' success is
its live, work and shop diversified investment strategy. The Company manages
or leases 50,000 apartment units, 6.8 million square feet of office space and
15.1 million square feet of retail shopping space. 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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AP Archive: http://photoarchive.ap.org
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CONTACT:
Barbara M. Pooley, SVP - Investor Relations,
+1-704-376-1774, or +1-800-645-3917, or Linda S. Geiss, VP -
Media Relations, +1-205-250-8768, both of Colonial Properties
Trust
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