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Preferred Apartment Communities, Inc. (NYSE: APTS) has announced the cancellation of its conference call regarding fourth quarter and year-end 2021 earnings due to its proposed acquisition by Blackstone Real Estate Income Trust, Inc.. The company plans to release its earnings report on February 28, 2022, after market close. Preferred Apartment Communities focuses on owning and operating Class A multifamily properties and grocery-anchored shopping centers, holding 107 properties in 13 states as of September 30, 2021.
Brodsky & Smith has announced investigations into Preferred Apartment Communities (APTS), MoneyGram International (MGI), and Resonant Inc. (RESN) regarding their acquisition agreements. Preferred Apartment Communities is set to be acquired by Blackstone Real Estate for $25.00 per share, valued at approximately $5.8 billion. MoneyGram will be acquired by Madison Dearborn Partners for $11.00 per share, below its 52-week high of $12.36. Resonant is being acquired by Murata Electronics for $4.50 per share, also below its 52-week high of $7.16. The investigations question potential breaches of fiduciary duties by all three companies' boards.
Preferred Apartment Communities (NYSE: APTS) has entered an all-cash agreement with Blackstone Real Estate Income Trust (BREIT) to acquire all outstanding shares for
Preferred Apartment Communities, Inc. (NYSE: APTS) will release its fourth quarter and year-end 2021 earnings after market close on February 28, 2022. A conference call to discuss these results is scheduled for March 1, 2022, at 11:00 a.m. ET. Participants can join the call using the domestic dial-in number (877) 883-0383 or the international number (412) 902-6506, with passcode 5239504. A replay will be accessible from 3:00 PM ET on March 1 until 11:59 PM ET on March 29, 2022.
NewStar Asset Management, on behalf of Preferred Apartment Communities (APTS), has signed a 15-year lease with Hapag-Lloyd for 127,115 square feet at Three Ravinia in Atlanta, Georgia. This move comes as APTS nearly completes backfilling all but one of the seven floors vacated by State Farm in February 2021, making the property 94% leased. The lease reflects the growing demand in the SunBelt region and the Atlanta market, reaffirming the desirability of Three Ravinia.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced a new 15-year lease for 127,000 square feet at its Three Ravinia office building in Atlanta, Georgia. This lease with Hapag-Lloyd, expected to create 250 new jobs, boosts the property’s occupancy to approximately 94%. The average lease term is just over nine years. The lease is set for initial occupancy in Q3 2022. CEO Joel Murphy stated this lease enhances the value of the asset and diversifies the tenant base.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced the election of Daphne Bryson Jackson to its Board of Directors, effective December 10, 2021. Serving as an independent director, she will also join the Nominating and Corporate Governance Committee. Jackson, a seasoned executive, brings over 25 years of experience in governmental affairs and corporate diversity. Her appointment expands the Board to eight members, and she is expected to stand for re-election at the upcoming annual stockholder meeting in June 2022.
Preferred Apartment Communities, Inc. (NYSE: APTS) announced the sale of Brookwood Center in Birmingham, Alabama, on November 12 for $55 million, resulting in net proceeds of approximately $25.1 million. This sale generated a GAAP gain of around $12.4 million. Following this transaction, the company retains only two office buildings, one in Atlanta and another in San Antonio. So far, PAC has sold eight office assets for total gross proceeds of $780 million, signifying a strategic exit from the office business.
Preferred Apartment Communities reported total revenues of $111 million for Q3 2021, down 12.2% year-over-year. The net loss per share was ($0.92). Despite these challenges, Core FFO increased 7.7% to $0.28 per share while AFFO soared 471.4% to $0.40. The company acquired four multifamily communities and closed sales of seven office assets for $725 million. Guidance for Core FFO for the full year is raised to $1.00 - $1.07. Strong rental growth was noted, with same-store NOI up 8.8%.
On November 3, 2021, Preferred Apartment Communities (NYSE: APTS) announced a real estate loan investment of up to $9.1 million for the development of Beaver Ruin Apartments in Gwinnett County, Atlanta. This investment supports the construction of a 246-unit Class A multifamily community, with the first units expected in early 2023. The loan matures by November 2026 and highlights PAC's strategy of generating strong current returns through real estate investment. The company continues to focus on multifamily loan investments as a core strength for growth.
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