Colonial Properties Trust, a commercial REIT, reported a net loss of $107.2 million for the fourth quarter, compared to income of $3.2 million, for the same period in 2007. Results for the fourth quarter include a non-cash impairment charge of $116.9 million related to some of the REIT's "for-sale" residential properties and writedowns on land held for future development. "The balance sheet and liquidity will be our top priority in 2009," said company CEO Thomas H. Lowder. "We are reducing overhead, postponing any new development and focusing on operations." He added that the outlook for 2009 remains challenging. Colonial is based in Birmingham, Ala.
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