BIRMINGHAM, AL-Shareholders of Colonial Properties Trust’s preferred shares are getting a pre-New Year’s gift in dividends that equate to annualized payments of over $2 per share.

The Birmingham, AL-based REIT will be paying fourth-quarter dividends of 55 cents per share on its 8.75% Series A Cumulative Redeemable Preferred Shares and 58 cents per share on its 9.25% Series C issue.

The Series A dividend represents an annualized dividend of $2.19 per share; the Series C issue, $2.31 per share. The dividends will be paid Dec. 31 to holders of record on Dec. 17, the company says in a prepared statement.

With a total market capitalization of $2.8 billion, Colonial is one of the largest diversified REITs in the United States. The company operates 14,500 apartment units; 5.2 million sf of office; 15.3 million sf of retail in 17 malls and 27 non-mall properties.

Colonial’s properties are in Alabama, Florida, Georgia, Mississippi, North and South Carolina, Tennessee, Texas and Virginia. “The cornerstone of Colonial Properties’ success is its live, work and shop diversified investment strategy,” Colonial senior vice president Sandra Lee Robertson says in the statement.

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