BNP Residential Properties Announces Private Placement of Preferred Stock.Business Editors/Real Estate Writers CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 8, 2003 BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. (AMEX AMEX See: American Stock Exchange : BNP) today announced the placement of 454,545 shares of the Company's Series B Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". for $5 million to Preferred Investment I, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New Jersey based investment group led by Charles Kushner and Peter Weidhorn. This is an expansion of the original offering in December 2001. The preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. have a purchase price and liquidation preference of $11 per share, and an initial dividend yield of 10%. The investor will have the right to convert each Series B share into one share of the Company's common stock beginning in December 2004, or in certain circumstances such as a change of control or the Company's calling the Series B stock for redemption. With this placement, Preferred Investment owns 909,090 shares of Series B stock with a face value of $10 million. The proceeds of the offering will be used to reduce the outstanding amount of the Company's existing line of credit. Company Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. BNP owns and operates 20 apartment communities containing a total of 4,859 apartments and provides third-party management services for 8 apartment communities containing a total of 2,061 apartments. In addition to the apartment properties, the Company owns 40 restaurant properties that are leased on a triple-net basis to a restaurant operator. The Company currently operates in the states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Virginia. BNP Residential Properties, Inc. is structured as an UPREIT or umbrella partnership real estate investment trust. The Company is the sole general partner and owns a controlling interest in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership. More information may be obtained by calling the company's Corporate Offices at (704) 944-0100 or on the Internet through the company website at www.bnp-residential.com. Information requests may be e-mailed to the investor relations department at investor.relations@bnp-residential.com. |
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