Preferred Apartment Communities, Inc. (NYSE:APTS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Preferred Apartment Communities, Inc., (the “Company”) today announced that on October 14, 2019, the Board of Directors (the \”Board\”) of the Company unanimously elected Joel T. Murphy, age 61, as Chief Executive Officer of the Company, effective January 1, 2020, as part of a succession plan adopted by the Board, to serve in such role until the next annual meeting of the Board and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. As part of the succession plan, on October 8, 2019, Daniel M. DuPree, age 73, informed the Nominating and Corporate Governance Committee of the Board that he will resign as the Company\’s current Chief Executive Officer, effective as of the close of business on December 31, 2019. Mr. Murphy will continue as a member of the Board, where he has served since May 2019. Mr. DuPree will remain with the Company as Executive Chairman of the Board.
Prior to his appointment as CEO of the Company, Mr. Murphy has served as Chief Executive Officer of New Market Properties, LLC, a wholly-owned subsidiary of the Company since September 1, 2014 and as Chair of the Investment Committee for the Company since June 2018. Mr. Murphy has over 30 years of experience as an executive officer, principal and advisor in retail and multifamily projects, portfolios and investments. >From 1992 to 1995, Mr. Murphy served as the Director of Development of Cousins Properties Incorporated and from 1995 to 2008, he served as President of the Retail Division of Cousins Properties Incorporated, as well as a member of its investment committee. From January 2009 to present, Mr. Murphy served as Chief Executive Officer of Murphy Capital and Advisory Group LLC; from May 2010 to present, as Managing Partner of Paces Andrews Associates; from January 2011 to December 2013, as Principal of Iron Tree Capital LLC; and from August 2012 to July 2014, as Chief Executive Officer of Iron Tree Retail LLC. Mr. Murphy also currently serves on the board of directors of The Orvis Company.
At the time of the filing of this Current Report on Form 8-K, the Board and its Compensation Committee had not made any determination regarding changes in compensation or other employment arrangements in connection with Mr. Murphy\’s promotion. Neither Mr. DuPree nor Mr. Murphy currently have a written employment agreement with the Company.
Item 7.01 Regulation FD
On October 14, 2019, the Company issued a press release announcing the appointment of Joel T. Murphy as Chief Executive Officer of the Company, a copy of which is furnished as Exhibit 99.1 hereto to Item 7.01 of Form 8-K. The information contained in this Item 7.01 and in the press release attached as Exhibit 99.1 is being furnished to Item 7.01 “Regulation FD Disclosure,” and is not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
PREFERRED APARTMENT COMMUNITIES INC Exhibit
EX-99.1 2 exhibit9911.htm EXHIBIT 99.1 Exhibit Preferred Apartment Communities,…
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About Preferred Apartment Communities, Inc. (NYSE:APTS)
Preferred Apartment Communities, Inc. is a real estate investment trust (REIT). The Company is formed primarily to acquire and operate multifamily properties in select-targeted markets throughout the United States. It operates through three segments: multifamily communities, retail and real estate related financing. The multifamily communities segment consists of owned residential multifamily communities. It owns approximately 20 multifamily communities with a total of over 6,140 units in over eight states. The retail segment consists of owned grocery-anchored shopping centers. The Company owns over 31 grocery-anchored centers across over seven Sunbelt states. It owns Champions Village, a Randalls-anchored shopping center. The financing segment consists of a portfolio of real estate loans, bridge loans and other financial instruments, which partially finance the development, construction and prestabilization carrying costs of multifamily communities and other real estate assets.
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