Colonial Properties Inc history

James's twin brother, Thomas H. Lowder, took charge of Colonial Properties in 1976.

Colonial was founded in 1978 and has served the region for almost 40 years.

Not until the Tax Reform Act of 1986 changed the nature of real estate investment did REITs begin to be truly viable.

Edward Lowder died in 1987.

In November 1993 management announced plans to expand on two current apartment complexes located in Orlando and Montgomery.

Colonial's focus in 1995 was on the retail sector. As a result of its expansion efforts, revenues more than doubled in 1995, and net income now approached $15 million.

For the year 1996, revenues totaled $134.9 million while net income showed significant improvement, topping $27.5 million.

In 1998 Colonial entered into a pair of joint ventures to acquire a community shopping center and an enclosed mall.

The REIT took a step back in 1999 to adjust its asset mix.

Colonial made a handful of acquisitions in 2002, buying three office properties and a Birmingham village-style retail center.

In 2003 the REIT acquired two multifamily properties in Florida and Austin, Texas, and an office property located in Huntsville.

In 2004, the company acquired Cornerstone Realty Income Trust for $650 million in stock.

In March 2006, the company sold 2 shopping centers.

In October 2013, the company was acquired by Mid-America Apartment Communities.