BIRMINGHAM, Ala., April 20 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("The Company") announced today that it has completed the
sale of Colonial Mall Temple, located in Temple, Texas to Coyote Temple Mall,
LP. There was no debt associated with this asset. Proceeds from the sale
will be used to reduce the borrowings under the Company's unsecured line of
credit and to support the Company's development pipeline.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Colonial Mall Temple, developed in 1976 and acquired by Colonial
Properties Trust in 2000, is a 555,300 square foot regional mall. It is
anchored by Foley's, Dillard's, and JC Penney department stores. On
December 31, 2004, the mall was 91% occupied including both in-line and anchor
tenants.
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 approximately 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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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Related links:
http://www.colonialprop.com
CONTACT:
Barbara M. Pooley, SVP - Investor Relations,
+1-800-645-3917, or Linda S. Geiss, VP - Media Relations,
+1-205-250-8768, both of Colonial Properties Trust
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