Preferred Apartment Communities (NYSE: APTS), a publicly traded real estate investment trust, reported that, at its reconvened special meeting, stockholders approved the company’s acquisition by Blackstone Real Estate Income Trust Inc, a publicly registered non-traded REIT managed by private equity giant The Blackstone Group (NYSE: BX).
The special meeting was originally scheduled on June 8th but was adjourned until June 17th.
Based on the preliminary voting results, more than 99 percent of votes cast were in favor of the transaction, which is expected to close on June 23, 2022.
Blackstone REIT agreed to purchase all of the outstanding shares of Preferred Apartment Communities for $25.00 each, and once the transaction closes, Preferred Apartment Communities’ common stock will no longer be listed on the New York Stock Exchange.
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 $4.8 billion, and as of May 31, 2022, its aggregate NAV was $67.5 billion. As of May 31, 2022, Blackstone REIT’s portfolio included $97.9 billion in real estate investments and $11.1 billion in real estate debt.