Colonial Properties Trust Announces Series E Share Repurchase Program.BIRMINGHAM, Ala. -- Colonial Properties Trust (NYSE NYSE See: New York Stock Exchange : CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. ), a diversified real estate investment trust that owns a portfolio of multifamily, office and retail properties, announced today that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has authorized the repurchase of up to $65 million of the company's Series E Depositary Shares, each representing 1/100 of a share of the company's 7.62% Series E Cumulative Redeemable Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . This repurchase program is effective immediately and extends through January 27, 2007. The company anticipates funding potential repurchases from available funds resulting from asset dispositions or operations or a combination of both. Under the repurchase program, the company is authorized to make purchases in the open market or in privately negotiated transactions from time to time, subject to market conditions, applicable legal requirements and other factors. The repurchase program does not obligate obligate /ob·li·gate/ (ob´li-gat) pertaining to or characterized by the ability to survive only in a particular environment or to assume only a particular role, as an obligate anaerobe. the Company to repurchase any specific number of shares, and repurchases pursuant to the program may be suspended or resumed at any time or from time to time without further notice or announcement. About Colonial Properties Trust Colonial Properties Trust, through its subsidiaries, owns a portfolio of multifamily, office and retail properties where you live, work and shop in the Sunbelt. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. The company has a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of approximately $5.6 billion. As of December 31, 2005 the company owned or managed 46,537 apartment units, 20.2 million square feet of office space and 11.5 million square feet of retail shopping space. Headquartered in Birmingham, Ala., Colonial Properties is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, visit www.colonialprop.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 or achievements to be materially different from the results, performance or achievements 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; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). for federal income tax purposes; the cost and availability of new debt financings; volatility of interest rates or capital market conditions; effect of any terrorist activity; or other factors affecting the real estate industry generally. Except as otherwise required by the federal securities laws, the company assumes no liability 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 "Business-Risk Factors" in the company's Annual Report on Form 10-K for the year-ended December 31, 2004, which discuss these and other factors that could adversely affect the company's results. |
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