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Equity of the Trust (Colonial Properties Trust)
 6 Months Ended
Jun. 30, 2012
Colonial Properties Trust
  
Equity  
Equity [Text Block]
Equity of the Trust

The following table presents the changes in the issued common shares of beneficial interest of the Trust since December 31, 2011 (but excludes 7,153,752 and 7,169,388 units of CRLP at June 30, 2012 and December 31, 2011, respectively, each of which is redeemable for either cash equal to the fair market value of a common share at the time of redemption or, at the option of the Trust, one common share):
Issued at December 31, 2011 (1)
93,096,722

Common shares issued through dividend reinvestments
169,422

Restricted shares issued (cancelled), net
279,219

Redemption of CRLP units for common shares
15,636

Issuances under other employee and nonemployee share plans
88,263

Issued at June 30, 2012 (1)
93,649,262

___________________
(1)
Includes 5,623,150 treasury shares.
Equity Offerings
The Trust's last continuous "at-the-market" equity offering program was fully exhausted in July 2011. During the six months ended June 30, 2011, the Trust completed the following offerings of its common shares under two separate continuous "at-the-market" equity offering programs:
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
Issuance Authorized
 
 
Amount Authorized
 
Shares Issued
 
Weighted Avg Issuance Price Per Share
 
Net Proceeds (1)
1st Qtr
December 2010
(2) 
 
$
100,000

 
4,271,425

 
$
19.13

 
$
80,084

2nd Qtr
December 2010
(2) 
 
 
 
517,100

 
19.20

 
9,729

 
May 2011
(3) 
 
$
75,000

 
3,273,066

 
20.68

 
66,666

 
2011 Total
 
 
8,061,591

 
$
19.76

 
$
156,479

___________________
(1)
Amounts are shown net of underwriting discounts, but exclude $0.2 million of one-time administrative expenses paid by the Company during the six months ended June 30, 2011.
(2)
This "at-the-market" equity offering program was fully exhausted in April 2011.
(3)
This "at-the-market" equity offering program was fully exhausted in July 2011.
The net proceeds resulting from the equity offerings were used to pay down a portion of the outstanding borrowings under the Company's unsecured credit facility, to partially fund the acquisition of three multifamily properties, to partially fund the purchase of the Colonial Grand at Traditions joint venture mortgage loan and to fund other general corporate purposes.