Preferred Apartment Communities, Inc. (NYSE:APTS) Files An 8-K Other Events
Item 8.01Other Events.
Preferred Apartment Communities, Inc. (the “Company”) today announced that on April 1, 2019 Preferred Apartment Advisors, LLC (the “Manager”) has informed the Company that it is considering making a proposal regarding internalizing the functions performed by the Manager and the Manager’s affiliates through a transaction involving the acquisition of the Manager and the Manager’s affiliates. Accordingly, the Company has formed a special committee of the Board of Directors (the “Board”) comprised of three independent directors of the Board to consider any such internalization proposal, if and when made. The special committee of the Board plans to engage appropriate legal, financial and other advisors as it deems necessary and appropriate to discharge its duties in evaluating any such internalization proposal. There can be no assurances that any such internalization proposal will be made by the Manager or, if such proposal is made by the Manager, the timing or completion of any internalization process.
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.