// Workers AI · dad joke modeWhat did Colonial Properties say to the rent? "You're evicting my trust
 | |
| Industry | Real estate investment trust |
|---|---|
| Founded | 1970 |
| Defunct | October 1, 2013 |
| Fate | Acquired by Mid-America Apartment Communities |
| Headquarters | Birmingham, Alabama |
| Key people | Thomas H. Lowder, Chairman and CEO 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
[edit]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.[1]
In 1994, the company acquired the Rime Companies for $190.7 million.[2] Rime owned 10 apartment complexes containing 4,953 apartment units.[2] The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama.[2]
In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.[3]
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.[4]
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.[5]
In 2014, the company sold Brookwood Village, which it had acquired in 1999.[6][7]
In October 2013, the company was acquired by Mid-America Apartment Communities.[8]
References
[edit]- ↑ "Colonial Properties to pay 63-cent dividend". American City Business Journals. October 25, 2001.
- 1 2 3 "COLONIAL PROPERTIES TO BUY RIME FOR $190.7 MILLION". The New York Times. December 8, 1994.
- ↑ "COLONIAL PROPERTIES TO ACQUIRE CORNERSTONE". The New York Times. October 26, 2004.
- ↑ "Colonial Properties Trust completes CRT acquisition". American City Business Journals. September 26, 2005.
- ↑ "Alabama REIT sells three Albuquerque properties". American City Business Journals. January 12, 2007.
- ↑ West, Ty (April 2, 2014). "Brookwood Village sold to Cypress Equities". American City Business Journals.
- ↑ Tomberlin, Michael (April 2, 2014). "Dallas-based Cypress Equities buys Brookwood Village". The Birmingham News.
- ↑ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.