BIRMINGHAM, AL-Colonial Properties Trust currently is in a growth phase, according to the company’s Chairman and CEO Thomas Lowder. He made the claim during the REIT’s first quarter 2011 earnings conference call.

“Having managed our way through the reduction phase and now with only a few targets left to be achieved in the restructuring phase, we’re well within the renewal or growth phase in building momentum,” Lowder said. “In addition to the improved core multifamily operating results, the renewal phase of our business is gaining momentum as we acquired three apartment communities for a total of $93 million in the quarter, began construction on another new apartment community and completed our latest $100 million at-the-market equity offering program.”

Lowder noted that Colonial Properties’ development spending for 2011 is projected to be $50 million to $100 million. The forecast includes the two multifamily developments the REIT currently has underway and at least two additional multifamily starts before year end.