{{Use mdy dates|date=June 2013}} {{Infobox company | name = Colonial Properties Trust | logo = Colonial Properties Trust.jpg | logo_size = 200px | industry = Real estate investment trust | fate = Acquired by Mid-America Apartment Communities | founded = {{Start date and age|1970}} | defunct = {{End date and age|2013|10|01}} | location = Birmingham, Alabama | key_people = {{nowrap| Thomas H. Lowder, Chairman and CEO<br>C. Reynolds Thompson, President and CFO}} }} '''Colonial Properties Trust''' was a publicly traded diversified real estate investment trust headquartered in Birmingham, Alabama. In October 2013, the company was acquired by Mid-America Apartment Communities.
==Company history== In 1970, the company was founded by Edward Lowder, the father of Bobby Lowder, the head of the failed Colonial Bank and Colonial Bancgroup.
In September 1993, the company became a public company via an initial public offering.<ref>{{cite news | url=https://www.bizjournals.com/birmingham/stories/2001/10/22/daily40.html | title=Colonial Properties to pay 63-cent dividend | work=American City Business Journals | date=October 25, 2001}}</ref>
In 1994, the company acquired the Rime Companies for $190.7 million.<ref name=rime>{{cite news | url=https://www.nytimes.com/1994/12/08/business/company-news-colonial-properties-to-buy-rime-for-190.7-million.html | title=COLONIAL PROPERTIES TO BUY RIME FOR $190.7 MILLION | work=The New York Times | date=December 8, 1994}}</ref> Rime owned 10 apartment complexes containing 4,953 apartment units.<ref name=rime/> The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama.<ref name=rime/>
In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.<ref>{{cite news | url=https://www.nytimes.com/2004/10/26/business/company-news-colonial-properties-to-acquire-cornerstone.html | title=COLONIAL PROPERTIES TO ACQUIRE CORNERSTONE | work=The New York Times | date=October 26, 2004 | url-access=limited}}</ref>
In 2005, the company partnered with DRA Advisors to acquire CRT properties. Colonial received a 15% stake in CRT, which was acquired for $1.8 billion. CRT owned 11.7 million square feet of office space mostly in Atlanta, Houston, Orlando and Charlotte.<ref>{{cite news | url=https://www.bizjournals.com/orlando/stories/2005/09/26/daily25.html | title=Colonial Properties Trust completes CRT acquisition | work=American City Business Journals | date=September 26, 2005 | url-access=subscription}}</ref>
In 2007, a joint venture between the company and DRA Advisors sold 15 properties in Arizona, Nevada, and New Mexico containing 3,959 units for $468 million.<ref>{{cite news | url=https://www.bizjournals.com/albuquerque/stories/2007/01/08/daily34.html | title=Alabama REIT sells three Albuquerque properties | work=American City Business Journals | date=January 12, 2007 | url-access=subscription}}</ref>
In 2014, the company sold Brookwood Village, which it had acquired in 1999.<ref>{{cite news | url=https://www.bizjournals.com/birmingham/news/2014/04/02/brookwood-village-sold-to-cypress-equities.html | title=Brookwood Village sold to Cypress Equities | first=Ty | last=West | work=American City Business Journals | date=April 2, 2014 | url-access=subscription}}</ref><ref>{{cite news | url=http://www.al.com/business/index.ssf/2014/04/dallas-based_cyprus_equities_b.html | title=Dallas-based Cypress Equities buys Brookwood Village | first=Michael | last=Tomberlin | work=The Birmingham News | date=April 2, 2014}}</ref>
In October 2013, the company was acquired by Mid-America Apartment Communities.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/maa-and-colonial-properties-trust-complete-83-billion-merger-225969221.html | title=MAA and Colonial Properties Trust complete $8.3 billion merger | publisher=PR Newswire | date=October 1, 2013}}</ref>
==References== {{Reflist|1}}
Category:2013 mergers and acquisitions Category:Real estate companies established in 1970 Category:Companies disestablished in 2013 Category:1970 establishments in Alabama Category:2013 disestablishments in Alabama