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BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Colonial Properties Trust (NYSE: CLP) today announced its operating partnership, Colonial Realty Limited Partnership (CRLP) has closed a $150 million unsecured term loan agreement. The unsecured term loan bears an interest rate of LIBOR plus a margin ranging from 1.10% to 2.05%, based on credit ratings on the companyas unsecured debt from time to time, with an initial margin of 1.60%. The company executed two interest rate swaps that fixed the rate of this unsecured term loan through maturity at an all-in initial fixed interest rate of 2.71%, based on the initial margin of 1.60%. The proceeds from the loan were used to pay down a portion of the outstanding balance under the companyas unsecured credit facility. The covenants for the term loan mirror CRLPas recently closed $500 million unsecured revolving credit facility.

U.S. Bank, N.A. and PNC Capital Markets LLC served as joint lead arrangers. U.S. Bank, N.A. acted as administrative agent and PNC Bank, National Association acted as syndication agent. Other participating lenders included: Wells Fargo Bank, National Association, Synovus Bank, JPMorgan Chase Bank, N.A., Branch Banking and Trust Company and Capital One, N.A.

For additional information, see the companyas Current Report on Form 8-K filed on May 16, 2012.

Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio and the management and development of select commercial assets in the Sunbelt region of the United States. As of March 31, 2012, the company owned or managed 35,517 apartment units and 9.7 million square feet of commercial space. Headquartered in Birmingham, Alabama, 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

aSafe Harbora Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release may constitute aforward-looking statementsa 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 companyas 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, changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, government deficits (including the European sovereign debt crisis), high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties; exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to obtain financing on favorable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; uncertainties associated with the timing and amount of real estate disposition and the resulting gains/losses associated with such dispositions; legislative or regulatory decisions; the companyas ability to continue to maintain our status as a REIT for federal income tax purposes; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; 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 aRisk Factorsa in the companyas Annual Report on Form 10-K for the year ended December31, 2011, as may be updated or supplemented in the companyas Form 10-Q filings, which discuss these and other factors that could adversely affect the companyas results.