Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BIRMINGHAM, AL-Colonial Properties Trust has launched a cash tender offer for up to $175 million of the series of Colonial Realty’s various outstanding, unsecured notes. The offer involves purchase of senior and medium-term notes, and is set to expire on May 1, 2009.

Based on repurchasing activity and first-quarter transactions, the company has also updated its 2009 guidance. A press release stated that multifamily same-property net operating income would be estimated at 5%, up from 3% in the earlier guidance, with revenue flat to negative 1%. Expenses are anticipated to increase by 6%. Commercial development and for-sale residential property dispositions are anticipated to range from $50 million to $150 million, of which $46 million has been completed so far.

The press release indicated that the changes in guidance “reflects the existence of volatile economic conditions, and is based on a number of assumptions, many of which are outside the company’s control . . .” More details about the tender offer and changes in guidance are available here.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.