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Colonial Disposing Office, Retail

Colonial Properties Trust has been working on it for years, but it appears it has found a way to sell off its remaining office and retail assets.

It is working with DRA Advisors, which over the years has been a frequent partner with Developers Diversified Realty Trust.

Real estate investment trust Colonial Properties Trust said Thursday it sold its interests in 26 office and 11 retail properties to two separate joint ventures for an undisclosed amount.

The REIT will keep a 15 percent interest in each of the joint ventures, while the partners -- OZRE Retail LLC and a fund managed by DRA Advisors LLC -- will hold the remaining interests. The company also said it will continue to manage and lease the properties.

As a result of these deals, Colonial Properties expects to pay out a special dividend of about $10.75 per share if approved by the company's board. The company also said it expects to reduce its annualized dividend rate to between $2.05 per share to $2.15 per share, from $2.72 per share, beginning in the third quarter.

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