Post Properties Announces Redemption of 7-5/8% Series B Cumulative Redeemable Preferred Shares
08 Febbraio 2011 - 11:20PM
Business Wire
Post Properties, Inc. (NYSE: PPS) (cusip 737464305) (the
"Company") announced today that it is giving notice that it will
redeem each of its 1,982,829 outstanding 7-5/8% Series B Cumulative
Redeemable Preferred Shares ("Series B Preferred Shares") on March
14, 2011 (the “Redemption Date”) at a price of $25.00 per share,
plus $0.386543 in accrued and unpaid dividends up to and including
the Redemption Date, for a total redemption price of $25.386543 per
share (the “Redemption Price”). Dividends on the Series B Preferred
Shares will cease to accumulate on the Redemption Date.
Holders of record must surrender Series B Preferred Shares to
Computershare to receive the Redemption Price in accordance with
written instructions specified in the Notice of Redemption to be
dated February 9, 2011.
The Notice of Redemption will be mailed to holders of record of
the Series B Preferred Shares on or about February 9, 2011.
About Post Properties
Post Properties, founded 40 years ago, is a leading developer
and operator of upscale multifamily communities. The Company’s
mission is delivering superior satisfaction and value to its
residents, associates, and investors, with a vision of being the
first choice in quality multifamily living. Operating as a real
estate investment trust (“REIT”), the Company focuses on developing
and managing Post® branded resort-style garden and high density
urban apartments. Post Properties is headquartered in Atlanta,
Georgia, and has operations in nine markets across the country.
Post Properties has interests in 20,505 apartment units in 56
communities, including 1,747 apartment units in five communities
held in unconsolidated entities and 642 apartment units at two
communities currently under construction. The Company is also
selling luxury for-sale condominium homes in two communities
through a taxable REIT subsidiary.
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