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Preferred Apartment Communities, Inc. Completes Disposition of Brookwood Center Office Building for $55.0 Million
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
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.
Positive
Generated a GAAP gain of approximately $12.4 million from the sale.
Proceeds from the sale totaled approximately $25.1 million after closing adjustments.
Company has successfully sold eight office assets for a total gross of $780 million, indicating effective asset management.
Negative
None.
ATLANTA--(BUSINESS WIRE)--
Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) today announced its disposition, on November 12th, of Brookwood Center, an office property located in Birmingham, Alabama, to Pope & Land, a highly regarded Atlanta-based real estate firm, along with Fairway Investments, a respected local Birmingham real estate firm. The purchase price was $55.0 million, including assumption of debt, which will result in net proceeds at closing of approximately $25.1 million after closing adjustments and costs. This sale generated a GAAP gain on sale of approximately $12.4 million. With this sale, the Company now owns only two remaining office buildings, one in Atlanta and one in San Antonio.
Joel Murphy, PAC’s Chairman and Chief Executive Officer, said: “With the sale of Brookwood Center, we have now sold eight office assets for total gross proceeds of approximately $780 million and we have further demonstrated our continued intent and ability to effectively wind down our office business and prudently monetize our few remaining office assets strategically and thoughtfully over time.”
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 expected use of proceeds. 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:
