Citizens and Southern Realty Investors
List of Deals
- 1972 300,000 units consisting of $30,000,000 6 3/4% subordinated debentures due 1978 with series A warrants to purchase shares of beneficial interest of the trust
City & Southern Realty Investors was a business trust created in Maryland under a declaration of trust on August 12, 1970. It qualified as a real estate investment trust under the Internal Revenue Code. The purpose of the trust was to invest initially in short-term construction and development loans and in real estate equity ownership.
The trust commenced full-scale operations on October 8, 1970, when the proceeds of approximately $50 million were received from its initial public offering. Within three business days the trust had completely invested these proceeds in real estate and began borrowing money to fund additional investments.
In 1971 City & Southern had $127.5 million in assets, of which $120.2 million were in mortgages held. By the end of the following year, assets had nearly doubled, with $236.9 million and $218.2 million in mortgages. In 1972 the trust was committed to 276 investment properties in seventeen states. The majority of these properties were in Florida (60) and Georgia (166).