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Another Proxy Advisory Firm Recommends PAC Shareholders Vote “For” Blackstone REIT Deal

Preferred Apartment Communities reports that another proxy advisory firm recommend stockholders vote in favor of proposed acquisition by Blackstone Real Estate Income Trust.

Preferred Apartment Communities (NYSE: APTS), a publicly traded real estate investment trust, reported that another third-party proxy advisory firm, Egan-Jones Proxy Services, has recommended that stockholders vote in favor of the company’s all-cash acquisition by Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust managed by The Blackstone Group (NYSE: BX).

Independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. recently issued the same voting recommendation.

Preferred Apartment Communities’ special meeting of stockholders was adjourned until June 17, 2022 at 11:00 a.m. ET to give shareholders additional time to consider the proposal.

In order to approve the $5.8 billion transaction, the company requires two-thirds (66 2/3 percent) of all of the votes entitled to be cast. As of June 7, 2022, approximately 63.9 percent had voted, and, of these votes, approximately 99 percent were in favor of the proposal.

As previously reported, Blackstone REIT has agreed to purchase Preferred Apartment Communities for $25.00 per share of common stock.

The acquisition is expected to close around June 23, 2022, if approved.

Preferred Apartment Communities primarily invests in Class A multifamily properties and select grocery anchored shopping centers. As of March 31, 2022, the company owned or was invested in 113 properties in 13 states, predominantly in the Southeast.

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