Colonial Properties Trust to sell up to $50M of common shares
By APThursday, March 4, 2010
Colonial Properties to sell up to $50M of stock
BIRMINGHAM, Ala. — Colonial Properties Trust said Thursday that it filed paperwork that will allow it to sell up to $50 million worth of its common shares through an “at-the-market” offering, in which a broker executes a sale at the best price currently available.
The real estate investment trust said that shares would be offered through BofA Merrill Lynch and Wells Fargo Securities.
Colonial Properties said it plans to put any proceeds toward potential acquisitions and general corporate uses. The company may also use proceeds to pay down debt.
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