Colonial Properties may repurchase an additional $300 million of Colonial Realty's senior notes

By Devika Patel

Knoxville, Tenn., Dec. 4 - Colonial Properties Trust announced that it has authorized the repurchase of an additional $300 million of Colonial Realty Ltd. Partnership's outstanding unsecured senior notes under a previously announced notes repurchase program.

The repurchase program runs through Dec. 31, 2009.

This latest action brings the total repurchase authorization under the program to $500 million, of which about $188 million of outstanding senior notes have been repurchased to date.

Under the repurchase program, senior notes may be repurchased from time to time in open-market transactions or privately negotiated transactions.

The company will continue to monitor the debt markets and repurchase certain senior notes that meet its required criteria as funds are available.

The company anticipates funding potential repurchases from borrowings under existing credit facilities, proceeds from property sales and/or other available funds.

Colonial Properties Trust is a multifamily real estate investment trust based in Birmingham, Ala.

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