First Union Announces Repurchase of 364,200 Preferred Shares.Business Editors NEW YORK--(BUSINESS WIRE)--July 5, 2000 First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange : FUR) announced today that it has repurchased, in a private transaction, an aggregate of 364,200 shares of its Series A Cumulative Redeemable 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. of Beneficial Interest from three institutional investors at a purchase price of $21.25 per share, for aggregate cash consideration of $7,739,250. As a result of this transaction, there are presently 984,800 shares of Series A Cumulative Redeemable Preferred Shares of Beneficial Interest of First Union outstanding. Certain statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Form 10-Q Form 10-Q See 10-Q. filed by the Company with the SEC. First Union Real Estate Equity and Mortgage Investments is a NYSE-listed stapled-stock real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in New York, New York. |
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