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Gables Residential to Redeem Preferred Units

BOCA RATON, FL-The two million outstanding 8.625% Series B Preferred Units will be redeemed Nov. 17 for almost $25.37 total per unit. The price will be paid to unit holders of record on the redemption date.

By Melissa Bogdany | Updated on October 28, 2003

BOCA RATON, FL-Gables Realty LP, the entity through which Gables Residential Trust conducts its business, says it will redeem each of its two million outstanding 8.625% Series B Preferred Units on Nov. 17. The units will be redeemed at $25 per unit, plus nearly 37 cents per unit in accrued and unpaid distributions as of the redemption date, for almost $25.37 total per unit.

The redemption price will be paid to holders of record of the Series B Preferred Units on the redemption date. From the redemption date on, distributions on the Series B Preferred Units will no longer accrue, and Series B Preferred Unit holders will have no rights other than the right to receive the redemption price of almost $25.37, without interest.

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