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Cornerstone Realty Completes Exchange Offer

ATLANTA-The deal, involving outstanding Series A convertible preferred shares, is expected to generate $5 million in additional cash flow per year, according to the company's prepared statement.

By remstaff | Globe Street | | Updated on April 19, 2001

ATLANTA-Cornerstone Realty Income Trust, Inc. has completed its exchange offer of outstanding Series A convertible preferred shares. The firm, which owns and manages apartment communities in Georgia, metro Atlanta and four other states, tendered the shares for exchange last month.

The exchange is intended to generate $5 million in additional cash flow per year, according to the company’s prepared statement.

The offering will exchange each preferred share for either two common shares or one common share and $12.25 in cash. A total of 12.4 million preferred shares were validly tendered and not withdrawn as per the exchange offer and represent 99% of the issued and outstanding Series A convertible preferred shares.

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