Cornerstone Realty calls all series A preferreds

By Caroline Salls

Pittsburgh, Nov. 18 - Cornerstone Realty Income Trust Inc. will redeem all its 127,380 series A convertible preferred shares at a price of $25 per share plus $0.5228 in accrued and unpaid dividends on Dec. 21, according to a company news release.

Holders may convert their preferreds into Cornerstone common shares at a conversion price of $15.80 per common share. Each preferred share is convertible into 1.5823 common shares.

Cornerstone stock closed at $9.99 on Wednesday.

Cornerstone is a Richmond, Va.-based fully integrated, self-managed and self-advised real estate investment trust.

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