Preferred Apartment Communities, Inc. Stockholders Approve Acquisition by Blackstone Real Estate Income Trust

Rhea-AI Summary

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.

Positive

• None.

Negative

• PAC common stock will cease to exist post-merger, affecting market liquidity for shareholders.
• Stockholders will receive a fixed cash amount, which may limit potential future gains if the company value increases.

ATLANTA--(BUSINESS WIRE)-- Preferred Apartment Communities, Inc. (NYSE: APTS) (“PAC” or the “Company”) announced that, at the reconvened special meeting of stockholders (the “Special Meeting”) held today, its stockholders approved the acquisition of PAC by Blackstone Real Estate Income Trust, Inc. Based on the preliminary voting results provided by the independent Inspector of Election, over 99% of votes cast were in favor of the transaction. PAC will provide final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.

The transaction is expected to close on or about June 23, 2022, subject to the satisfaction or waiver of customary closing conditions. Under the terms of the merger agreement announced on February 16, 2022, among other things, each share of PAC common stock issued and outstanding at the effective time of the merger will be automatically cancelled and converted into the right to receive, in accordance with the terms of the merger agreement, an amount in cash equal to $25.00 per share, without interest. Upon closing of the transaction, PAC common stock will no longer be listed on any public market.

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 real estate loans. As of March 31, 2022, the Company owned or was invested in 113 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220617005318/en/

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 acquisition of Preferred Apartment Communities by Blackstone Real Estate Income Trust about?

The acquisition involves Preferred Apartment Communities being purchased by Blackstone Real Estate Income Trust, with stockholders approving the deal at a special meeting.

When is the acquisition of APTS expected to close?

The acquisition is expected to close on or about June 23, 2022.

What will happen to APTS shares after the acquisition?

After the acquisition, each share of APTS will be converted into $25.00 in cash, and the stock will no longer be listed on public markets.

How many votes were cast in favor of the APTS acquisition?

Over 99% of votes cast during the special meeting were in favor of the acquisition.