# Colonial Properties

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{{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](/source/Real_estate_investment_trust)
| fate       = Acquired by [Mid-America Apartment Communities](/source/Mid-America_Apartment_Communities)
| founded    = {{Start date and age|1970}}
| defunct    = {{End date and age|2013|10|01}}
| location   = [Birmingham, Alabama](/source/Birmingham%2C_Alabama)
| key_people = {{nowrap| Thomas H. Lowder, [Chairman](/source/Chairman) and [CEO](/source/CEO)<br>C. Reynolds Thompson, [President](/source/President_(corporate_title)) and [CFO](/source/CFO)}}
}}
'''Colonial Properties Trust''' was a publicly traded diversified [real estate investment trust](/source/real_estate_investment_trust) headquartered in [Birmingham, Alabama](/source/Birmingham%2C_Alabama). In October 2013, the company was acquired by [Mid-America Apartment Communities](/source/Mid-America_Apartment_Communities).

==Company history==
In 1970, the company was founded by Edward Lowder, the father of [Bobby Lowder](/source/Bobby_Lowder), the head of the failed [Colonial Bank](/source/Colonial_Bank_(United_States)) and [Colonial Bancgroup](/source/Colonial_Bancgroup).

In September 1993, the company became a [public company](/source/public_company) via an [initial public offering](/source/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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/Arizona), [Nevada](/source/Nevada), and [New Mexico](/source/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](/source/American_City_Business_Journals) | date=January 12, 2007 | url-access=subscription}}</ref>

In 2014, the company sold [Brookwood Village](/source/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](/source/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](/source/The_Birmingham_News) | date=April 2, 2014}}</ref>

In October 2013, the company was acquired by [Mid-America Apartment Communities](/source/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](/source/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

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Adapted from the Wikipedia article [Colonial Properties](https://en.wikipedia.org/wiki/Colonial_Properties) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Colonial_Properties?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.