Colonial Properties Trust Announces "At-the-Market" Equity Offering Up to $75M Shares (CLP)

Colonial Properties Trust CLP, a real estate investment trust, announced today that it has filed a prospectus supplement under which it may from time to time sell up to $75 million aggregate offering price of its common shares through an “at-the-market” equity offering program. The shares would be offered through BofA Merrill Lynch and Wells Fargo Securities as sales agents. Sales, if any, would be made in negotiated transactions or transactions that are deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The company intends to use the net proceeds from any sales to pay down a portion of the outstanding balance under its unsecured revolving credit facility and its cash management line. The company also intends to use the net proceeds for potential future asset developments and for potential future asset acquisitions and other general corporate purposes. Sales in the offering, if any, would be made pursuant to a prospectus supplement, dated May 10, 2011, to the company's prospectus, dated April 10, 2009, filed as part of its effective shelf registration statement.