UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 2010
COLONIAL PROPERTIES TRUST
(Exact name of registrant as specified in its charter)
Alabama | 1-12358 | 59-7007599 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
COLONIAL REALTY LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Delaware | 0-20707 | 63-1098468 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2101 Sixth Avenue North, Suite 750, Birmingham, Alabama | 35203 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code:(205) 250-8700
Not applicable |
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01. Other Events.
On June 7, 2010, one of Colonial Properties Trust’s existing joint ventures, Parkway Place, completed the refinancing of an existing $51.0 million outstanding mortgage loan associated with the joint venture’s Parkway Place retail shopping center, located in Huntsville, Alabama. Colonial Properties Trust, through its operating partnership, Colonial Realty Limited Partnership (“CRLP”, and collectively, the “Company”), owns a 50% interest in the joint venture. The joint venture obtained a new ten-year $42.0 million mortgage loan which bears interest at a fixed rate of 6.5% per annum. The loan is non-recourse to the Company (except that CRLP is guarantor of customary non-recourse carveouts). The loan proceeds were used to pay off the existing mortgage debt of $51.0 million on the property, which was scheduled to mature in June 2010. Each of CRLP and its joint venture partner contributed its pro-rata portion of the existing mortgage debt shortfall in cash to the joint venture, which was used to pay off the balance on the existing mortgage debt. CRLP’s cash payment was funded from the Company’s unsecured credit facility.
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“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this Current Report onForm 8-K 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, including recent deterioration in the multifamily market and the strength or duration of the current recession or recovery; increased exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to obtain financing on reasonable 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 dispositions, including our existing inventory of condominium and for-sale residential assets; legislative or regulatory decisions; our 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 Current Report onForm 8-K.
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 onForm 10-K for the year ended December 31, 2009, as may be updated or supplemented in the company’sForm 10-Q filings, which discuss these and other factors that could adversely affect the company’s results.
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This Current Report onForm 8-K is being filed or furnished (as the case may be) on behalf of Colonial Properties Trust(“CLP”) and Colonial Realty Limited Partnership (“CRLP”) to the extent applicable to either or both registrants. Certain of the events disclosed in the items covered by this Current Report onForm 8-K may apply to CLP only, CRLP only or both CLP and CRLP, as applicable.
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SIGNATURE
COLONIAL PROPERTIES TRUST
Date: June 8, 2010
By: /s/ C. Reynolds Thompson, III
C. Reynolds Thompson, III
President & Chief Financial Officer
COLONIAL REALTY LIMITED PARTNERSHIP
By: Colonial Properties Trust, its general partner
Date: June 8, 2010
By: /s/ C. Reynolds Thompson, III
C. Reynolds Thompson, III
President & Chief Financial Officer
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