The owner and operator of multifamily rental properties will use the net proceeds of approximately $148.5 million to repay $100 million of 6.8% senior unsecured notes that mature today, March 15. The remaining proceeds will be used to reduce outstanding borrowings under its unsecured credit facilities and for general corporate purposes.

Wachovia Securities is the sole book-running manager for the offering. The co-managers are Banc of America Securities LLC, Piper Jaffray, Wells Fargo Securities, PNC Capital Markets Inc. and Sun Trust Robinson Humphrey.

Gables currently manages 42,135 residential rental units in 165 multifamily properties, including 76 properties that it owns, which have an aggregate of 19,838 units. Its portfolio is primarily in Atlanta; Houston, Dallas and Austin, TX; South Florida; Washington, DC, and San Diego. An additional 12 multifamily properties with an aggregate of 2,984 units are under development or lease-up.

Gables trades under GBP on the NYSE. Shares of GBP common stock opened trading on March 14 at $34.55 a share. The 52-week high is $37.41 per share and occurred on Nov. 4, 2004. The 52-week low, $29.84 a share, occurred on May 10, 2004.