Lehman Brothers Collection - Contemporary Business Archives

Harvard Business School Baker Library Historical Collections

Lehman Brothers Collection

Twentieth-Century Business Archives

Citizens and Southern Realty Investors - Lehman Brothers Collection

Citizens and Southern Realty Investors

List of Deals

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).

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