EX-5.2 3 g18035exv5w2.htm EX-5.2 OPINION OF SIROTE & PERMUTT PC, RE: ALABAMA LAW EX-5.2 OPINION OF SIROTE & PERMUTT PC RE: LAW
Exhibit 5.2
                 
THOMAS A. ANSLEY
HAROLD I. APOLINSKY
JOHN BAGGETTE
  EDWARD M. FRIEND, III
RUSSELL CARTER GACHE’ STEPHEN R. GEISLER
  (SIROTE & PERMUTT LOGO)
2311 Highland Avenue South
Birmingham, Alabama 35205
Reply to:
Post Office Box 55727
Birmingham, Alabama 35255-5727
Telephone (205) 930-5100
Facsimile (205) 930-5101
  CHERYL HOWELL OSWALT
LENORA WALKER PATE
STEPHEN B. PORTERFIELD
  REGISTERED PATENT ATTORNEYS:
   C. BRANDON BROWNING
   RUSSELL CARTER GACHE’
KATHERINE N. BARR
  GAILE PUGH GRATTON     SHAUN K. RAMEY      J. JEFFERY RICH
S. TRAVIS BARTEE
  PETER J. HARDIN     CYNTHIA RANSBURG-BROWN    
ROBERT R. BAUGH
  JACK E. HELD     C. LEE REEVES   OF COUNSEL:
ROBIN L. BEARDSLEY
  JERRY E. HELD     MATTHEW B. REEVES      JULIE W. JORDAN
CHRISTOPHER S. BERDY
  ERIN E. HESLIP     J. JEFFERY RICH      LEIGH A. KAYLOR
JOSEPH S. BLUESTEIN
  W. MICHAEL HILL, JR.     JOE H. RITCH      STUART LEACH
CHRISTOPHER A. BOTTCHER
  CRYSTAL H. HOLMES     JOSEPH T. RITCHEY      COLLEEN McCULLOUGH
STEVEN A. BRICKMAN
  KAYE K. HOUSER     KELLI F. ROBINSON      WANDA S. McNEIL
C. BRANDON BROWNING
  JOHN M. HUNTER     MEAGHAN E. RYAN      JOEL A. MENDLER
JOHN P. BURBACH
  ELIZABETH H. HUTCHINS     MAURICE L. SHEVIN      DIANE C. MURRAY
DANIEL J. BURNICK
  TRAVIS S. JACKSON     TANYA K. SHUNNARA      DAVID M. O’BRIEN
TIMOTHY A. BUSH
  DONALD E. JOHNSON     J. SCOTT SIMS      MICHAEL R. PILLSBURY
JULIAN D. BUTLER
  SHIRLEY M. JUSTICE     BRADLEY J. SKLAR      GINNY COCHRAN RUTLEDGE
W. TODD CARLISLE
  RONALD A. LEVITT     ANTHONY R. SMITH      JAMES R. STURDIVANT
JAMES B. CARLSON
  MICHAEL B. MADDOX       KYLE T. SMITH      JEFF G. UNDERWOOD
JOHN GREGORY CARWIE
  JAY G. MAPLES       RODERIC G. STEAKLEY       VICTOR S. VASILE
FRED L. COFFEY, JR.
  MARCUS M. MAPLES       CRAIG M. STEPHENS      SANDRA L. VINIK
RICHARD COHN
  MELINDA M. MATHEWS       JUDITH F. TODD      CAROLINE E. WALKER
STEPHEN G. COLLINS
  J. RUSHTON McCLEES       THOMAS G. TUTTEN, JR.      SUSANNAH R. WALKER
JOHN H. COOPER
  KERRY P. McINERNEY       GEORGE M. VAN TASSEL, JR.      CYNTHIA W. WILLIAMS
KRISTEN S. CROSS
  DAVID R. MELLON       JAMES E. VANN  
 
R. RYAN DAUGHERTY
  JEFFREY G. MILLER       JOSE D. VEGA    
J. MASON DAVIS, JR.
  RICHARD L. MORRIS       JAMES S. WILLIAMS   MORRIS K. SIROTE (1909-1994)
TIMOTHY D. DAVIS
  T. JULIAN MOTES       CATHERINE L. WILSON   JAMES L. PERMUTT (1910-2005)
GREGGORY M. DEITSCH
  J. SANFORD MULLINS, III       DAVID M. WOOLDRID   GE E. M. FRIEND, JR. (1912-1995)
CHARLES R. DRIGGARS
  R. MICHAEL MURPHY       DONALD M. WRIGHT   WILLIAM G. WEST, JR. (1922-1975)
JAIME C. ERDBERG
  GEORGE M. NEAL, JR.       PETER M. WRIGHT   MAYER U. NEWFIELD (1905-2000)
KARL B. FRIEDMAN
  MARY BLANCHE NEESE   March 12, 2009        
SAMUEL D. FRIEDMAN
  RODNEY E. NOLEN            
Board of Trustees
Colonial Properties Trust
2101 Sixth Avenue North
Suite 750
Birmingham, Alabama 35202
Ladies and Gentlemen:
          We have acted as special Alabama counsel to Colonial Properties Trust, an Alabama real estate investment trust (the “Company”), in connection with its registration statement on Form S-3 (the “Registration Statement”) filed with the United States Securities and Exchange Commission, relating to the proposed public offering of up to 7,000,000 common shares of beneficial interest, par value $0.01 per share, of the Company (the “Shares”), all of which may be sold from time to time on a delayed or continuous basis in connection with the Company’s Direct Investment Program (the “Program”), as set forth in the prospectus which forms a part of the Registration Statement. This Opinion Letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.
          For purposes of this Opinion Letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinion hereinafter expressed (the “Documents”). In our examination of such Documents, we have assumed the genuineness of all signatures thereon, the legal capacity of all natural persons, the accuracy and completeness of all of the Documents, the authenticity of all originals of the Documents, and the conformity to authentic original documents of all of the Documents submitted to us as copies (including telecopies). As to all matters of fact, we have relied on the representations and statements of fact made in the Documents so reviewed, and we have not independently established the facts so relied on. This Opinion Letter is given, and all statements herein are made, in the context of the foregoing.
          For purposes of this Opinion Letter, we have assumed that (i) the Shares will not be issued in violation of the ownership limits contained in the Company’s Declaration of Trust; (ii) at the time of the offer, issuance and sale of any Shares, the Registration Statement will have been declared effective under the Securities Act of 1933, as amended, and no stop order suspending its effectiveness will have been issued and remain in effect; (iii) if being sold by the issuer thereof, the Shares will be delivered against payment of valid consideration therefor as contemplated by the Registration Statement and the Program; and (iv) the Company will remain an Alabama Real Estate Investment Trust.
         
    Law Offices and Mediation Centers    
2311 Highland Avenue South
  305 Church Street/Suite 800   One St. Louis Centre/Suite 1000
Birmingham, Alabama 35205
  Huntsville, Alabama 35801   Mobile, Alabama 36602
Main: (205) 930-5100
  Main: (256) 536-1711   Main: (251) 432-1671
 
  http://www.sirote.com    

 


 

Board of Trustees
Colonial Properties Trust
March 12, 2009
Page 2
          This Opinion Letter is based as to matters of law solely on the applicable provisions of the Alabama Real Estate Investment Trust Act of 1995, as currently in effect. We express no opinion herein as to any other laws, statutes, ordinances, rules or regulations (and in particular, we express no opinion as to any effect that such other laws, statutes, ordinances, rules, or regulations may have on the opinion expressed herein). As used herein, the term “Alabama Real Estate Investment Trust Act of 1995” includes the statutory provisions contained therein, all applicable provisions of the Alabama Constitution and reported judicial decisions interpreting these laws.
          Based upon, subject to and limited by the foregoing, we are of the opinion that, when issued and delivered in the manner and on the terms described in the Registration Statement and the Program, the Shares will be validly issued, fully paid, and nonassessable.
          In addition to the qualifications, exceptions and limitations elsewhere set forth in this Opinion Letter, the foregoing opinion is also subject to the effect of: (1) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances, fraudulent transfers and preferential transfers); and (2) the exercise of judicial discretion and the application of principles of equity including, without limitation, requirements of good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law).
          In accordance with the general policies of this law firm in rendering legal opinions, we have assumed for the purposes of the opinions expressed herein that no fraud exists with respect to any of the matters relevant to the opinions expressed herein, although we have no reason to believe that there exists any fraud which would render invalid the opinion expressed above.
          This Opinion Letter has been prepared for your use in connection with the Registration Statement and speaks as of the date hereof. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.
          We hereby consent to the filing of this Opinion Letter as Exhibit 5.2 to the Registration Statement and to the reference to this firm under the caption “Legal Matters” in the prospectus constituting a part of the Registration Statement. Hogan & Hartson L.L.P., counsel to the Company, may rely on this opinion in rendering its opinion to you with respect to those matters specified herein. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Securities Act of 1933, as amended.
         
  Very truly yours,
 
 
  /s/ Sirote & Permutt, P.C.    
  Sirote & Permutt, P.C.