Business & Finance
Business and Finance
Business and Finance
Tue, January 6, 2009 Colonial Properties Trust Announces Management Changes
BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Colonial Properties Trust (NYSE: CLP)("the Company") today announced that Thomas H. Lowder, Chairman of the Board of Trustees, has been appointed as the Chief Executive Officer of the Company and C. Reynolds Thompson, III has been appointed to the positions of President and Chief Financial Officer. Mr. Lowder will serve as the principal executive officer of the Company and Mr. Thompson will serve as the principal financial officer of the Company. In addition, Weston M. Andress has resigned as President and Chief Financial Officer and as a member of the Board of Trustees of the Company, effective December 30, 2008. In connection with Mr. Andress' resignation, the Company and Mr. Andress have entered into a one-year consulting agreement.
Mr. Lowder served as Chief Executive Officer of the Company from July 1993 until April 2006 and has been the Chairman of the Company's Board of Trustees since the Company's formation in July 1993. Mr. Thompson had served as the Company's Chief Executive Officer since April 2006 and served as the Chief Operating Officer of the Company from September 1999 to April 2006. Commenting on the appointments, Mr. Lowder noted, "The Board of Trustees felt it would be in the best interest of our shareholders for me to take a more active role in the day-to-day operations of the Company as we navigate the current economic environment. We appreciate Weston for his significant contributions and dedication to our growth during the last five years and wish him well. One of Colonial Properties Trust's many strengths is the depth of our senior management team."
The Company does not anticipate a material impact to net income or funds from operations per share for the full-year 2008 as a result of these management changes.
Colonial Properties Trust is a multifamily real estate investment trust (REIT) that creates additional value for its shareholders by managing commercial assets through joint venture investments and pursuing development opportunities. As of September 30, 2008, the company owned or managed 36,481 apartment units, 16.5 million square feet of office space and 9.1 million square feet of retail shopping space located in key Sunbelt states from Virginia to Nevada. Headquartered in Birmingham, Ala., Colonial Properties 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: 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, 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, real estate conditions and markets; increased exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; risks of development or conversion of for-sale projects; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; 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.
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, 2007, 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.
