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Preferred Apartment Communities, Inc. Announces Major Lease at Three Ravinia in Atlanta, Georgia
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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.
Positive
New 15-year lease increases occupancy to approximately 94%.
Lease expected to create 250 new jobs in the region.
Enhances value and diversifies tenant base of the Class A asset.
Average lease term extended to just over nine years.
Negative
None.
127,000 Square Foot Lease with Hapag-Lloyd Brings Percentage Leased to Approximately 94%
ATLANTA--(BUSINESS WIRE)--
Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") announced today that it has signed a new 15-year lease for approximately five floors and 127,000 square feet at its Three Ravinia office building in the central perimeter submarket of the Atlanta, Georgia MSA.
"This significant long-term lease further diversifies our already high-quality tenant base, creates material additional cash flows and enhances the value of this Class A asset,” said Joel Murphy, PAC’s Chairman and Chief Executive Officer. “We are excited that Hapag-Lloyd has chosen Three Ravinia, Dunwoody and the Atlanta, Georgia MSA as its new North American headquarters. Three Ravinia offers a Class A office environment in the central perimeter market, which will become even more desirable as the considerable transportation infrastructure improvements in the area are completed in 2022. We look forward to Hapag-Lloyd's continued success and welcome them to our community.”
Hapag-Lloyd, one of the world’s leading liner shipping companies, is expected to create approximately 250 new jobs in the region over the next several years as it establishes its new office presence at Three Ravinia. Initial occupancy is expected during the third quarter of 2022. With this lease, the property is now approximately 94% leased with an average weighted lease term of just over nine years.
Kyle Kenyon of CBRE represented PAC and Ellen Stern, Sam Holmes, Jon Springer and Andrew Kaplan, also with CBRE, represented Hapag-Lloyd.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating multifamily real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of forward-looking terminology such as "may", "trend", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "goals", "objectives", "outlook" and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the Hapag-Lloyd lease and Three Ravinia property. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, (a) the impact of the COVID-19 pandemic and related federal, state and local government actions on PAC’s business operations and the economic conditions in the markets in which PAC operates; (b) PAC’s ability to mitigate the impacts arising from COVID-19; and (c) those disclosed in PAC's filings with the Securities and Exchange Commission. PAC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Additional Information
The SEC has declared effective the registration statement filed by the Company for each of our public offerings. Before you invest, you should read the final prospectus, and any prospectus supplements forming a part of the registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering. In particular, you should carefully read the risk factors described in the final prospectus and in any related prospectus supplement and in the documents incorporated by reference in the final prospectus and any related prospectus supplement. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or its dealer manager, Preferred Capital Securities, LLC, will arrange to send you a prospectus with respect to the Series A1/M1 Offering upon request by contacting John A. Isakson at (770) 818-4109, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The final prospectus for the Series A1/M1 Offering, dated October 22, 2019, can be accessed through the following link:
Preferred Apartment Communities, Inc. John A. Isakson 770-818-4109
Chief Financial Officer
Email: jisakson@pacapts.com
Preferred Apartment Communities, Inc. Paul Cullen 770-818-4144
Executive Vice President-Investor Relations
Email: InvestorRelations@pacapts.com
Source: Preferred Apartment Communities, Inc.
FAQ
What is the new lease agreement for Preferred Apartment Communities (APTS)?
Preferred Apartment Communities (APTS) has signed a new 15-year lease for 127,000 square feet with Hapag-Lloyd at the Three Ravinia office building in Atlanta, Georgia.
How many jobs will Hapag-Lloyd create at the new headquarters?
Hapag-Lloyd is expected to create approximately 250 new jobs in the region as part of its new headquarters at Three Ravinia.
What is the current occupancy rate for the Three Ravinia property after the lease?
After the lease with Hapag-Lloyd, the occupancy rate for the Three Ravinia property is approximately 94%.
When is the initial occupancy date for the Hapag-Lloyd lease?
Initial occupancy for the Hapag-Lloyd lease is expected during the third quarter of 2022.
What is the average lease term for the property after the new lease?
The average lease term for the property is now just over nine years after the new lease agreement.
