BIRMINGHAM, Ala., Oct. 26 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP), a real estate investment trust (REIT) that owns a
diversified portfolio of multifamily, office and retail properties, today
announced that it entered into a partnership with DRA to acquire a total of 16
multifamily properties in Albuquerque, Phoenix, Tucson and Las Vegas. The
Company acquired a 20 percent interest in the partnership and will handle the
property leasing and management of more than 4,200 units. This transaction
expands Colonial Properties' relationship with DRA to 16 joint venture
properties, totaling 4,223 units.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Commenting on the transaction, Thomas H. Lowder, Colonial Properties'
chairman and chief executive officer, said, "We are very excited to enter
these dynamic southwest markets through our existing relationship with DRA.
This transaction represents another example of Colonial Properties expanding
our presence in high growth markets and diversifying our Net Operating Income
(NOI) geographically."
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 $3.7 billion. The foundation of Colonial Properties' success
is its live, work and shop diversified investment strategy. The Company
manages or leases 23,786 apartment units, 6.7 million square feet of office
space and 16.3 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.
Forward Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Except for the historical information contained herein, this news
release contains forward-looking statements regarding Company and property
performance, and is based on the Company's current expectations and judgment.
Actual results could vary materially depending on risks and uncertainties
inherent to general and local real estate conditions, competitive factors
specific to markets in which Colonial Properties operates, legislative or
other regulatory decisions, future interest rate levels or capital markets
conditions. The Company assumes no liability to update this information. For
more details, please refer to the Company's SEC filings, including its most
recent Annual Report on Form 10-K and quarterly reports on Form 10-Q.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Weston M. Andress, CFO-CIO, +1-704-376-3391,
or Barbara M. Pooley, SVP Investor Relations, +1-704-376-1774,
both of Colonial Properties Trust
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