Colonial Realty makes revolver draw to repurchase preferred units

By Angela McDaniels

Tacoma, Wash., Dec. 29 - Colonial Properties Trust said its operating partnership, Colonial Realty LP, used its revolving credit facility due June 21, 2012 to help fund the repurchase of 1 million outstanding 7.25% series B cumulative redeemable preferred units.

The company paid $47.5 million plus accrued dividends for the $50 million of preferred units.

Colonial Realty also funded the repurchase with proceeds from asset dispositions.

The company expects to record a gain of about $1.2 million, net of issuance costs, in the fourth quarter due to the repurchase.

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

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