Update: Colonial Properties Trust Closes Retail Joint Venture Transaction and Confirms Related Special Cash Distribution 
BIRMINGHAM, AL (REIT Media) June 20, 2007 - Colonial Properties Trust (NYSE:CLP), a multifamily-focused real estate investment trust (REIT) with extensive commercial development and management capabilities, today announced the closing of the previously announced retail joint venture transaction and confirmed the previously announced declaration of a special cash distribution, to holders of the company's common shares, of $2.67 per common share. This special cash distribution constitutes sale proceeds received by the company upon the closing of the retail joint venture transaction, plus additional cash distributions from Colonial Realty Limited Partnership, to be paid on June 27, 2007 to shareholders of record on June 19, 2007.
As previously announced, the payment date for the special distribution related to the office joint venture transaction, which closed on June 15, 2007, is eight days after the record date for the retail joint venture distribution. As a result, the special cash distribution of $8.08 per common share declared in connection with the office joint venture transaction will be paid on June 27, 2007 to shareholders of record on June 14, 2007. The combined special cash distributions related to the office and retail joint venture transactions to be paid on June 27, 2007 total $10.75 per common share.
About Colonial Properties Trust
Colonial Properties Trust is a multifamily-focused real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture partnerships and aggressively pursuing development opportunities. As of March 31, 2007, the company owned or managed 40,162 apartment units, 16.8 million square feet of office space and 12.3 million square feet of retail shopping space located in key Sunbelt states from Virginia to California. Headquartered in Birmingham, Ala., Colonial Properties Trust is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, please visit the company's website at www.colonialprop.com.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, real estate conditions and markets; performance of affiliates or companies in which we have made investments; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; our ability to successfully close previously announced transactions; the effect of any rating agency action; the cost and availability of new debt financings; level and volatility of interest rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical crisis; or other factors affecting the real estate industry generally.
Except as otherwise required by the federal securities laws, the company assumes no responsibility to update the information in this press release.
The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2006, as may be updated or supplemented in the company's Form 10-Q filings, which discuss these and other factors that could adversely affect the company's results.
CONTACT:
Jerry A. Brewer, senior vice president, corporate treasurer, 1-800-645-3917
SOURCE: Colonial Properties Trust
Share It: 
Bookmark It: 
Jun.20.2007. 13:28
This article hasn't been commented yet.
* = required field