Colonial Properties

Last updated

Colonial Properties Trust
Industry Real estate investment trust
FateAcquired by Mid-America Apartment Communities
Founded1970;49 years ago (1970)
DefunctOctober 1, 2013;5 years ago (2013-10-01)
Headquarters Birmingham, Alabama
Key people
 Thomas H. Lowder, Chairman and CEO
C. Reynolds Thompson, President and CFO
Revenue$0.393 billion (2012)
$0.008 billion (2012)
Total assets $3.286 billion (2012)
Total equity $1.150 billion (2012)
Number of employees
911 (2012)
Website www.colonialprop.com/   Blue pencil.svg
Footnotes /references
[1]

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.

A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate.

Birmingham, Alabama Most populous city in Alabama, United States

Birmingham is a city in the north central region of the U.S. state of Alabama. With an estimated 2017 population of 210,710, it is the most populous city in Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous and fifth largest county. As of 2017, the Birmingham-Hoover Metropolitan Statistical Area had a population of 1,149,807, making it the most populous in Alabama and 49th-most populous in the United States. Birmingham serves as an important regional hub and is associated with the Deep South, Piedmont, and Appalachian regions of the nation.

Mid-America Apartment Communities is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.

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.

Robert E. Lowder is a former American banking executive, and founder and former longtime CEO of the failed Colonial Bank and Colonial BancGroup, Colonial Bank's former parent company. Lowder is an Auburn University alumnus, graduating with a B.S. in Finance in 1964. He is also a former long-serving trustee of Auburn. The Lowder Business Building on Auburn's campus is sometimes thought to be named after him, but according to the AU website, the building is named for his parents, Edward L. and Catherine K. Lowder.

Colonial Bank, formerly a subsidiary of Colonial BancGroup, was headquartered in Montgomery, Alabama. Colonial Bank had 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas.

Colonial BancGroup Inc. was a bank holding company headquartered in Montgomery, Alabama, United States that failed in 2009. It was a financial services company that, through its subsidiaries, provided diversified services, including retail and commercial banking, wealth management services, mortgage banking and insurance. The company was in the top 50 largest banks in the US prior to its failure and its subsidiary, Colonial Bank, operated 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas.

In September 1993, the company became a public company via an initial public offering. [2]

Public company Company that offers its securities for sale to the general public

A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over-the-counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be listed or unlisted.

short description Type of securities offering}}

In 1994, the company acquired the Rime Companies for $190.7 million. [3] Rime owned 10 apartment complexes containing 4,953 apartment units. [3] The acquisition increased the number of apartment owned by the company to 10,873 and made it the largest apartment owner in Alabama. [3]

Alabama State of the United States of America

Alabama is a state in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama is the 30th largest by area and the 24th-most populous of the U.S. states. With a total of 1,500 miles (2,400 km) of inland waterways, Alabama has among the most of any state.

In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock. [4]

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. [5]

In March 2006, the company sold 2 shopping centers. [6]

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. [7]

In 2007, the company sold a majority interest in development assets in Alabama for $48.5 million. [8] [9] [10]

In 2014, the company sold Brookwood Village, which it had acquired in 1999. [11] [12]

In October 2013, the company was acquired by Mid-America Apartment Communities. [13]

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References

  1. ↑ "Colonial Properties Trust 2012 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Colonial Properties to pay 63-cent dividend". American City Business Journals . October 25, 2001.
  3. 1 2 3 "COLONIAL PROPERTIES TO BUY RIME FOR $190.7 MILLION". The New York Times . December 8, 1994.
  4. ↑ "COLONIAL PROPERTIES TO ACQUIRE CORNERSTONE". The New York Times . October 26, 2004.
  5. ↑ "Colonial Properties Trust and DRA Advisors, LLC Complete their Acquisition of CRT Properties, Inc" (Press release). Business Wire. September 27, 2005.
  6. ↑ "Colonial Properties Trust Announces Sale of Colonial Pinnacle and Colonial Promenade Tutwiler Farm and Reaffirms 2006 Annual Guidance" (Press release). Business Wire. October 2, 2006.
  7. ↑ "Alabama REIT sells three Albuquerque properties". American City Business Journals . January 12, 2007.
  8. ↑ "Colonial Properties Trust Sells $48.5 Million of Commercial Development Assets" (Press release). Business Wire. December 26, 2007.
  9. ↑ Nagaraj, Amulya (December 26, 2007). "Colonial Properties sells two properties for $48.5 mln". Reuters .
  10. ↑ Underwood, Jerry (December 26, 2007). "Colonial Properties sells two properties for $48.5 million to unnamed buyer". The Birmingham News .
  11. ↑ West, Ty (April 2, 2014). "Brookwood Village sold to Cypress Equities". American City Business Journals .
  12. ↑ Tomberlin, Michael (April 2, 2014). "Dallas-based Cypress Equities buys Brookwood Village". The Birmingham News .
  13. ↑ "MAA and Colonial Properties Trust complete $8.3 billion merger" (Press release). PR Newswire. October 1, 2013.
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