Colonial Properties Trust Exits Office Portfolio

Colonial Properties Trust

, today announced that it has sold its remaining 10 percent ownership interest in the Bluerock office portfolio (the “Bluerock Portfolio”). The Bluerock Portfolio consists of nine office assets located in Huntsville, Alabama, comprising 1.7 million square feet of leasable space. Pursuant to the Bluerock Portfolio transaction, effective December 31, 2012, the company received $2.0 million in cash and the company no longer has responsibility for $10.7 million of associated mortgage debt and $7.9 million of other liabilities, primarily related to a ground lease, which represents the company's pro-rata share. The company expects to transition management and leasing responsibilities to a third party, Colliers International, over the next 30 days.