Colonial Properties Trust, Birmingham, Ala., has priced a public offering of 4.5 million shares of common stock at $43.75 per share.The net proceeds are expected to be approximately $187.3 million, Colonial Properties said. The offering was led by Merrill Lynch & Co. and Wachovia Securities. The company has granted the underwriters an option to buy up to 675,000 additional shares to cover any overallotments. Colonial Properties, a real estate investment trust that owns multifamily, office, and retail properties, can be found on the Web at http://www.colonialprop.com.

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