PROPERTIES TRUST STEPS FORWARD
TO ACQUIRE ELECTRIC VEHICLES
Electric Vehicles Cruise Brookwood Village
Birmingham, Ala., December 1, 1999 Colonial Properties Trust is the first non-mandated company in Alabama to acquire electric fleet vehicles. After completing a successful Alabama Power pilot program, the Company leased two Ford Ranger electric trucks to use at Brookwood Village in Birmingham, Ala. Colonial Properties is also using loaned electric vehicles at Bel Air Mall in Mobile, Ala. and Colonial Center at Mansell Overlook in Atlanta, Ga.
"We are pleased by the performance of the electric vehicles being used by our maintenance and security staff at these Alabama malls," said Bill Roden, Assistant Manager of Brookwood Village in Birmingham. "These vehicles require very little maintenance and offer a much cleaner and quieter alternative to gasoline vehicles."
John Moss, Senior Vice President Retail Management for Colonial Properties, says the Company is always interested in pursuing ideas that will help reduce emissions in cities where it does business. He anticipates many potential uses for electric vehicles in the real estate industry. For example, the Company is developing mixed-use sites where retail, office and multifamily properties are clustered in one location. Moss says these mixed-use developments could present unique opportunities for Colonial Properties to offer innovative customer transportation services that help people reduce their dependence on personal vehicles.
"Colonial Properties Trust has taken a leadership role in the use of electric vehicles and their interest has encouraged others to follow suit," says Bob Hawkins, Manager of Electric Transportation for Alabama Power Company. "When a company as large as Colonial Properties looks at a new concept and considers it a good business proposition, other companies pay attention." EVs are zero emission vehicles. According to Hawkins, even when you include emissions from electric generation plants, EVs are much cleaner than gasoline vehicles.
Headquartered in Birmingham, Ala., Colonial Properties Trust is a diversified Real Estate Investment Trust (REIT) that, through its subsidiaries, owns a portfolio of 111 multifamily, office and retail properties where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties Trust performs development, acquisition, management, leasing and brokerage services for its portfolio and properties owned by third parties. Colonial Properties Trust is one of the largest diversified REITs in the United States with a total market capitalization of $2.1 billion. The company operates more than 16,106 apartment units, 3.0 million square feet of office space and 13.8 million square feet of retail shopping space. Additional information on Colonial Properties Trust is available on the Internet at www.colonialprop.com.
Contact: S. Lee Robertson,
Vice President - Investor Relations, 205-250-8788