Colonial Properties Trust was a publicly traded diversified

real estate investment trust 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, including office and apartment buildings, warehouses, hospitals, shopping cente ...

headquartered in

Birmingham, Alabama Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...

. In October 2013, the company was acquired by

Mid-America Apartment Communities Mid-America Apartment Communities (MAA) 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. As of December 31, 2020, the com ...

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. In September 1993, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

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

Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...

. In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock. 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. In March 2006, the company sold 2 shopping centers. In 2007, a joint venture between the company and DRA Advisors sold 15 properties in

Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...

Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...

, and

New Mexico ) , population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano) , seat = Santa Fe , LargestCity = Albuquerque , LargestMetro = Tiguex , OfficialLang = None , Languages = English, Spanish ( New Mexican), Navajo, Ker ...

containing 3,959 units for $468 million. In 2007, the company sold a majority interest in development assets in Alabama for $48.5 million. In 2014, the company sold

Brookwood Village Brookwood Village was a upscale shopping mall located near Birmingham in the cities of Mountain Brook and Homewood, Alabama. History Early history Originally known as Brookwood Mall, it was constructed in 1973 by the Shepherd family. The ...

, which it had acquired in 1999. In October 2013, the company was acquired by

References

{{Reflist, 1 2013 mergers and acquisitions Real estate companies established in 1970 Companies disestablished in 2013 1970 establishments in Alabama 2013 disestablishments in Alabama