BIRMINGHAM, Ala., Sept. 7 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) has announced that the impact from Hurricane Frances caused
no major structural damage to its Florida properties. The primary effect was
to property landscaping with some minor exterior damage being reported.
Repairs and clean up are underway, and the Company expects to complete the
majority of the exterior work in twenty-four to forty-eight hours.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Combined with the effects of Hurricane Charley, the Company expects the
financial impact to be a total of approximately $900,000, or approximately
$0.025 per fully diluted shares and operating units to the third quarter
results. Nearly $600,000 of this total is related to Hurricane Charley's
damage at Colonial Promenade at Burnt Store, located in Punta Gorda, Florida.
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 $3.4 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,400 apartment units, 6.8 million square feet of
office space and 15.7 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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CONTACT:
Sandra Lee Robertson, Senior Vice President -
Finance of Colonial Properties Trust, +1-205-250-8788
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