Colonial Realty plans to buy back all $50 million of 7.25% preferreds

By Ashley Montgomery

Kansas City, Kan., Dec. 5 - Colonial Properties Trust and its operating partnership, Colonial Realty LP, announced the repurchase of its $50 million par value outstanding of 7.25% series B cumulative redeemable preferred units of Colonial Realty LP.

The repurchase price is $47.5 million plus accrued interest to the date of closing.

The company said it expects to complete the repurchase in January 2012 and fund the repurchase through asset dispositions and its unsecured credit facility.

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

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