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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.

Related to issuing the Series B Preferred Units in November 1998, the company incurred $1.3 million in issuance costs and recorded the costs as a reduction of shareholders’ equity. The redemption price of the units exceeds the related carrying value by the $1.3 million in costs. Upon redemption of the units, the company will show the $1.3 million excess as a reduction of earnings in arriving at net income and funds from operations available to common shareholders.

Gables Residential, based in here, manages, develops, acquires and builds luxury multi-family communities in high-job-growth markets nationwide. The company manages 49,799 apartment homes in 180 communities, owns 84 communities with 23,338 stabilized apartment homes, and has nine communities with 2,388 apartment homes under development or lease-up.

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