Colonial Properties to redeem 7¼% series B cumulative preferred units

By Melissa Kory

Cleveland, Dec. 7 - Colonial Properties Trust's operating partnership Colonial Realty LP announced that it will repurchase about half of its outstanding 2 million 7¼% series B cumulative redeemable preferred units, par value $50 per unit.

The preferred units will be redeemed for $47 million, plus accrued dividends. Colonial Realty expects to use funds from its existing credit facility to fund the purchase price.

The repurchase is expected to occur in December.

The preferred units are exchangeable for 7.25% series B preferred shares of the trust in whole or in part on or after Jan. 1, 2014.

Colonial Properties is a real estate investment trust based in Birmingham, Ala., that focuses on multifamily properties.

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