Colonial Properties to redeem 8 1/8% series D cumulative preferreds

By Devika Patel

Knoxville, Tenn., Aug. 9 - Colonial Properties Trust said it will redeem all of its outstanding 4,004,735 depositary shares, each representing 1/10th of an 8 1/8% series D cumulative redeemable preferred share, on Sept. 10.

The redemption price will be $25.00 per share plus dividends for the period from Aug. 1 through and including the redemption date, for an aggregate redemption price of $25.2257 per share.

The redemption will be funded from the proceeds of the company's recently completed $100 million at-the-market shares sale.

Upon the completion of the redemption, the company expects to record a charge of about $3.5 million in the third quarter.

Questions relating to the redemption may be addressed to Computershare (800-546-5141).

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

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