Preferred Apartment Communities (NYSE: APTS), a publicly traded real estate investment trust, has adjourned yesterday’s special meeting of stockholders until June 17, 2022, giving shareholders additional time to consider the proposed all-cash acquisition by Blackstone Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust managed by private equity giant The Blackstone Group (NYSE: BX).
The transaction is valued at approximately $5.8 billion, and prior to the adjournment, was expected to be completed around June 9, 2022.
The required vote to approve the merger proposal is 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.
Glass, Lewis & Co. and Institutional Shareholder Services Inc., two independent proxy advisory firms, each recommended that shareholders vote “for” the proposal.
Stockholders of record on April 11, 2022, are entitled to and are being requested to vote.
The company noted that stockholders who have already voted do not need to recast their votes unless they wish to change them. Stockholders who have not already voted or wish to change their vote are encouraged to do so by executing a new proxy, revoking a previously given proxy, or attending and voting at the meeting.
The special meeting was adjourned to 11:00 a.m., Eastern Time, on June 17, 2022, via a live webcast.
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.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $53.9 billion in three public offerings as of March 2022. The currently offering has raised $3.4 billion, and as of April 30, 2022, its aggregate NAV was $66.3 billion. As of April 30, 2022, Blackstone REIT’s portfolio includes $89.8 billion in real estate investments and $9.6 billion in real estate debt.