Preferred Apartment Communities, Inc. (NYSE:APTS) Files An 8-K Other EventsItem 8.01Other Events.
Preferred Apartment Communities, Inc. (the "Company"), to its registration statement on Form S-3 (File No.333-211924) (the "Registration Statement"), is offering (the "Unit Offering") shares of the Company’s Series A Redeemable Preferred Stock, par value $0.01 per share (the "Series A Redeemable Preferred Stock"), and warrants to purchase shares of the Company’s common stock, par value $0.01 per share ("Warrants"). The Offering is being made to a final prospectus, dated March 16, 2017 (as modified or supplemented, the "Prospectus"), which forms a part of the Registration Statement, which was declared effective by the Securities and Exchange Commission on February 14, 2017. The Series A Redeemable Preferred Stock and Warrants are sold in units ("Units") for $1,000 per Unit, subject to adjustment if a participating broker dealer reduces commissions, with each Unit consisting of (i) one share of Series A Redeemable Preferred Stock with an initial stated value of $1,000 per share, and (ii) one Warrant to purchase 20 shares of common stock, exercisable by the holder at an exercise price that is set at a 20% premium to the current market price per share of the Company’s common stock determined using the closing price of the Company’s common stock immediately preceding the issuance of such Warrant, subject to a minimum exercise price of $19.50 per share (subject to adjustment).
The Registration Statement is being clarified to state the Company’s offering of Units is designed to potentially provide investors with preservation of capital, steady income, and growth.
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.
