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Blackstone (NYSE: BX) has successfully completed its acquisition of Preferred Apartment Communities, Inc. (NYSE: APTS) for $25.00 per share, totaling around $5.8 billion. This all-cash transaction includes a liquidation preference of $1,000 per preferred share, plus accrued dividends. Following the acquisition, PAC's common stock will be delisted. The deal was supported by over 99% of PAC's voting stockholders. Blackstone aims to integrate PAC's high-quality multifamily properties into its existing portfolio, enhancing its presence in the residential market.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced that its stockholders approved the acquisition by Blackstone Real Estate Income Trust, Inc. during a special meeting, with over 99% of votes in favor. The transaction is expected to close on or about June 23, 2022, pending customary closing conditions. As per the merger agreement announced on February 16, 2022, each share of APTS will be converted into $25.00 in cash at closing, and the stock will no longer be publicly listed. Final voting results will be provided in a Form 8-K filing with the SEC.
Preferred Apartment Communities, Inc. (NYSE: APTS) has reopened the exercise of warrants for purchasing its Common Stock due to the adjournment of a special stockholder meeting considering its acquisition by Blackstone Real Estate Income Trust, Inc. (BREIT). The warrant exercises will be available until June 15, 2022, with a cashless exercise option yielding $25.00 per share. The acquisition is anticipated to close around June 23, 2022, pending stockholder approval and other conditions.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced the adjournment of its Special Meeting of Stockholders to June 17, 2022. The meeting will focus on voting for a proposed all-cash acquisition by Blackstone Real Estate Income Trust, Inc., requiring a two-thirds approval. As of June 7, 2022, 63.9% of votes were cast, with 99.0% in favor. Stockholders of record as of April 11, 2022 are eligible to vote. Detailed materials can be found in the Proxy Statement filed with the SEC.
Preferred Apartment Communities, Inc. (NYSE: APTS) reminds stockholders of the special meeting on
Preferred Apartment Communities, Inc. (NYSE: APTS) announced the suspension of the voluntary redemption of its Preferred Shares and the exercise of Warrants, effective after June 2, 2022, as part of its acquisition process by Blackstone Real Estate Income Trust, Inc. (BREIT). This strategic move is intended to facilitate the accurate assessment of securities and to ensure proper payment to holders of Preferred Shares and Common Stock. The acquisition is anticipated to close on or around June 9, 2022, subject to stockholder approval and customary conditions.
Preferred Apartment Communities (NYSE: APTS) has published its inaugural Environmental, Social, and Governance (ESG) Report, showcasing its commitment to corporate responsibility. The report details quantitative results for 2021 and outlines PAC's ESG strategies, focusing on environmental sustainability, social initiatives, and governance practices. Key highlights include energy reduction efforts, establishment of a Diversity, Equity, and Inclusion committee, and recognition as a top workplace in Atlanta. The report adheres to SASB Reporting Guidelines and is accessible online.
Preferred Apartment Communities reported total revenues of $104.9 million for Q1 2022, reflecting a 9.4% decline from the prior year due to the absence of prior office property revenues. The net loss per share improved to $(0.62), while Core FFO and AFFO per share dropped to $0.19 and $0.15, respectively. Multifamily same-store rental revenues rose by 11.9%, with net operating income increasing by 15.9%. PAC announced a merger with Blackstone, converting shares to $25 cash. The merger requires stockholder approval by June 7, 2022.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced the expiration of its 30-day ‘go-shop’ period related to its merger with Blackstone Real Estate Income Trust, Inc. (BREIT), set to acquire the company for $25.00 per share, valuing the transaction at approximately $5.8 billion. The Board did not receive any alternative acquisition proposals during this period. Following the expiration, the company is now under ‘no-shop’ provisions limiting negotiations with other parties. The merger is expected to close in Q2 2022, pending stockholder approval and customary conditions.
Preferred Apartment Communities announced its Q4 2021 results, reporting Total Revenues of $105.7 million, a 12.5% decline from Q4 2020, and a Net Loss of $(0.31) per share. For the full year, revenues dropped by 10% to $451.1 million. Core FFO per share was $0.24, down 22.6%, while AFFO per share decreased 28% to $0.18. Despite the declines, same-store rental revenue increased 9.6%, and net operating income rose 14.8% for Q4 year-over-year. The company is set to be acquired by Blackstone Real Estate Income Trust, expected to close in Q2 2022 at $25 per share.
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