BIRMINGHAM, Ala., Dec. 16 /PRNewswire-FirstCall/ -- In a move that further
expands its holdings in North Carolina and Georgia, Colonial Properties Trust
(NYSE: CLP), announced today that it has acquired three Class-A multifamily
assets totaling 986 units. The assets are located in Charlotte, North
Carolina; Durham, North Carolina; and Suwannee, Georgia.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
Colonial Village at Beverly Crest, formerly known as Montclair Parc, is a
300-unit multifamily apartment community located in the prestigious Arboretum
area of southeast Charlotte, North Carolina. The property, built in 1996, has
an occupancy rate of 89 percent. Colonial Village at Patterson Place,
formerly known as North Creek Apartments, is a 252-unit multifamily community
located in southwest Durham. Built in 1997, the property is currently 90
percent occupied. Both of these properties were acquired from Clayton,
Williams and Sherwood.
Colonial Grand at McGinnis Ferry, formerly known as Harrington Farms, is a
434-unit multifamily community located in Suwannee, Georgia at the
intersection of Peachtree Industrial Boulevard and McGinnis Ferry Road. This
property, along with four other recently acquired properties, is located in
Gwinnett County, one of the nation's fastest growing counties. Colonial Grand
at McGinnis Ferry was constructed in two phases in 1996 and in 1998 and is
currently 98 percent occupied. The property was acquired from Executive
Affiliates, Incorporated.
"The acquisition of these three assets adds to our growing presence in
these markets where we have both existing properties and properties under
development," stated Paul F. Earle, Executive Vice President, Colonial
Properties Trust, Multifamily Division. "We have committed to these markets
because our research indicates that these markets are demographically strong
and have improving multifamily market fundamentals. Our recently announced
impending merger with Cornerstone Real Estate Investment Trust (NYSE: TCR)
will further increase our presence in these markets."
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 24,772 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.
Additional Information about the Merger and Where to Find It
In connection with the proposed merger of Cornerstone Realty Income Trust,
Inc. with and into Colonial Properties Trust, Cornerstone and Colonial intend
to file relevant materials with the Securities and Exchange Commission,
including a registration statement on Form S-4 that will contain a prospectus
and a joint proxy statement. INVESTORS AND SECURITY HOLDERS OF CORNERSTONE
AND COLONIAL ARE URGED TO READ THE MATERIALS WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CORNERSTONE, COLONIAL
AND THE MERGER. The proxy statement, prospectus and other relevant materials
(when they become available), and any other documents filed by Cornerstone and
Colonial with the SEC, may be obtained free of charge at the SEC's web site
at http://www.sec.gov . In addition, investors and security holders may
obtain free copies of the documents filed with the SEC by Colonial by
directing a written request to Colonial Properties Trust, 2101 Sixth Avenue
North, Suite 750, Birmingham, Alabama 35203, Attention: Investor Relations,
and free copies of the documents filed with the SEC by Cornerstone by
directing a written request to Cornerstone Realty Income Trust, Inc., 306 East
Main Street, Richmond, Virginia 23219, Attention: Investor Relations.
Investors and security holders are urged to read the proxy statement,
prospectus and the other relevant materials when they become available before
making any voting or investment decision with respect to the merger.
Cornerstone, Colonial and their respective executive officers, trustees
and directors may be deemed to be participants in the solicitation of proxies
from the security holders of Cornerstone and Colonial in connection with the
merger. Information about those executive officers and directors of
Cornerstone and their ownership of Cornerstone common shares is set forth in
the proxy statement for Cornerstone's 2004 Annual Meeting of Shareholders,
which was filed with the SEC on April 8, 2004. Information about the
executive officers and trustees of Colonial and their ownership of Colonial
common stock and limited partnership units in Colonial Realty Limited
Partnership is set forth in the proxy statement for Colonial's 2004 Annual
Meeting of Shareholders, which was filed with the SEC on March 22, 2004.
Investors and security holders may obtain additional information regarding the
direct and indirect interests of Cornerstone, Colonial and their respective
executive officers, trustees and directors in the merger by reading the proxy
statement and prospectus regarding the merger when they become available.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No
offering of securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as amended.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
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
CONTACT:
Linda S. Geiss, Vice President - Corporate
Affairs of Colonial Properties Trust, +1-205-250-8768
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