Colonial Properties Trust (NYSE: CLP), today announced the disposition of its Colonial Promenade Tannehill retail asset in Birmingham, Alabama, for a total sales price of $38.5 million. Colonial Promenade Tannehill is a 210,000 square foot retail center that is shadow anchored by Target and JCPenney. The property was unencumbered and sales proceeds were used to repay a portion of the outstanding balance on the company’s unsecured credit facility.
Colonial Properties Trust is a multifamily focused real estate investment trust (REIT) that is engaged in the ownership, development, acquisition and management of quality real estate properties in the Sunbelt region of the United States. As of June 30, 2013, the company owns interests in 115 apartment properties containing 34,577 apartment homes and 1.2 million square feet of commercial space. Headquartered in Birmingham, Alabama, 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: Estimates of future earnings are, by definition, and certain other statements in this press release, including statements regarding future dispositions and developments, development costs, operating performance outlook, and other business fundamentals, 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, changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, government deficits (including the European sovereign debt crisis), high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties; exposure, as a multifamily REIT, to risks inherent in investments in a single industry; ability to obtain financing on favorable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; uncertainties associated with the timing and amount of real estate disposition and the resulting gains/losses associated with such dispositions; legislative or regulatory decisions; the company’s ability to continue to maintain our status as a REIT for federal income tax purposes; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; the effect of any rating agency action on 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. Other factors or risks that could cause our actual results to differ materially from the results we anticipate also include: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with MAA; (2) the inability to complete the proposed merger due to the failure to obtain the required shareholder approvals for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger; (3) risks related to disruption of management’s attention from the company’s ongoing business operations due to the proposed merger transaction; and (4) the effect of the announcement of the proposed merger on the company’s relationships with its customers, tenants, operating results and business 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, 2012, 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.
|MAA and Colonial Properties Trust complete $8.3 billion merger (2013/10/1)|
|Colonial Properties Trust Shareholders Approve Merger with Mid-America Apartment Communities, Inc. (2013/9/27)|
|Colonial Properties Trust Reports Results for Second Quarter 2013 (2013/8/1)|
|MAA Announces Taxable Composition of Colonial Properties Trust 2013 Distributions (2014/1/23)|
|MAA Shareholders Approve Merger with Colonial Properties Trust (2013/9/27)|
|MAA Announces Taxable Composition of Colonial Realty Trust 2013 Distributions (2014/1/22)|
|Photo Release -- Ramco-Gershenson Properties Trust Acquires 461,000 Square Foot Deerfield Towne Center in Cincinnati, Ohio and Sells 51,000 Square Foot Staples Anchored Shopping Center in Grand Haven, Michigan ()|
|Liberty Property Trust To Sell 97 Properties In Five States (2013/11/7)|
|Gramercy Property Trust Inc. Reports Second Quarter 2013 Financial Results (2013/8/6)|
|Starwood Property Trust And Starwood European Real Estate Finance Co-originate £288 Million Loan ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.