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NEW YORK ( TheStreet) -- The ex-dividend date for Colonial Properties (NYSE: CLP) is tomorrow, May 3, 2012. Owners of shares as of market close today will be eligible for a dividend of 18 cents per share. At a price of $22.37 as of 9:30 a.m. ET, the dividend yield is 3.2%. The average volume for Colonial has been 677,700 shares per day over the past 30 days. Colonial has a market cap of $1.97 billion and is part of the financial sector and real estate industry. Shares are up 8.3% year to date as of the close of trading on Tuesday. Colonial Properties Trust is a real estate investment trust (REIT). The firm engages in the acquisition, development, ownership, management, and leasing of commercial real estate properties. It invests in the public equity and real estate markets of the United States.