Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans for multifamily properties. As of September 30, 2020, the Company owned or was invested in 125 properties in 15 states, predominantly in the Southeast region of the United States.
IPO Year: 2011
Exchange: NYSE
Website: pacapts.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/2/2022 | Buy → Hold | JonesTrading | |
| 9/1/2021 | $11.00 → $15.00 | Market Outperform | JMP Securities |
| 8/27/2021 | $11.00 → $13.50 | Buy | JonesTrading |
| 7/9/2021 | $11.50 | Buy | Colliers Securities |
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Extending Crawford Board to Ten Directors Crawford & Company® (NYSE:CRD) is pleased to announce the appointment of Joel Murphy as an independent director, effective June 25, 2024. Murphy boasts an impressive background with 35 years of experience in national capital markets, real estate acquisition and development, market analysis, board membership and legal expertise. From 2019 to 2022, Murphy served as president, CEO and board chair of Preferred Apartment Communities, Inc. (PAC) (NYSE:APTS). Prior to becoming CEO of PAC, Murphy founded and grew New Market Properties, LLC as a wholly owned subsidiary of PAC and served as president. Currently, he is chief executive officer of Murphy Cap
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JonesTrading downgraded Preferred Apartment from Buy to Hold
JMP Securities reiterated coverage of Preferred Apartment with a rating of Market Outperform and set a new price target of $15.00 from $11.00 previously
JonesTrading reiterated coverage of Preferred Apartment with a rating of Buy and set a new price target of $13.50 from $11.00 previously
Colliers Securities initiated coverage of Preferred Apt. Communities with a rating of Buy and set a new price target of $11.50
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Blackstone (NYSE:BX) and Preferred Apartments Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that Blackstone Real Estate Income Trust, Inc. ("BREIT") has completed its previously announced acquisition of PAC for $25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately $5.8 billion. The holders of each series of PAC's preferred stock will receive the $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest. As a result of the transaction, PAC's common stock will no longer be listed on any public market. Joel T. Murphy, PAC's Chairman and Chief Ex
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that, in connection with its previously announced acquisition by Blackstone Real Estate Income Trust, Inc. ("BREIT"), which, subject to PAC stockholder approval at the upcoming special meeting and satisfaction of other customary conditions, is expected to close on or about June 9, 2022, PAC will: suspend voluntary redemptions of shares of Series A Redeemable Preferred Stock of the Company, $0.01 par value per share, Series A1 Redeemable Preferred Stock of the Company, $0.01 par value per share, Series M Redeemable Preferred Stock of the Company, $0.01 par value per share, and Series M1 Redeemable Pr
Total Revenues $104.9 million for Q1 2022; down 9.4% from Q1 2021 due primarily to absence of $18.7 million of office property revenues _____________ Net Loss per Share $(0.62) per share for Q1 2022; $0.11 per share improvement over Q1 2021 _____________ Core FFO per Share* $0.19 per share for Q1 2022 versus $0.25 per share for Q1 2021 _____________ AFFO per Share* $0.15 per share for Q1 2022 versus $0.18 per share for Q1 2021 _____________ Multifamily Same Store Results* Same-store rental and other property revenues increased 11.9% and same-store net operating income increased 15.9% for Q1 2022 versus Q1 2021 _____________ Two Real Estate Loans and One Preferred Equity Inves
Total Revenues $105.7 million for Q4 2021; $451.1 million for the year ended December 31, 2021 ———————— Net Loss Per Share $(0.31) per share for Q4 2021; $(2.59) per share for the year ended December 31, 2021 ———————— Core FFO per Share* $0.24 per share for Q4 2021; $1.10 per share for the year ended December 31, 2021 ———————— AFFO Per Share* $0.18 per share for Q4 2021; $0.93 per share for the year ended December 31, 2021 ———————— Multifamily Same Store Results* Same-store rental and other property revenues increased 9.6% and same-store net operating income increased 14.8% for Q4 year over year; Same-store rental and other property revenues increased 5.9% and same-store net o
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that as a result of its proposed acquisition by Blackstone Real Estate Income Trust, Inc., the Company has cancelled its conference call to discuss its fourth quarter and year ended 2021 earnings previously scheduled for Tuesday, March 1, 2022, at 11:00 a.m. Eastern Time. The Company intends to issue a press release detailing its fourth quarter and year ended 2021 earnings after the market closes on Monday, February 28, 2022. About Preferred Apartment Communities, Inc. Preferred Apartment Communities, Inc. (NYSE:APTS) is a real estate investment trust engaged primarily in the ownership and operation
All-Cash Transaction For $25 Per Share of Common Stock Valued at Approximately $5.8 Billion Preferred Apartment Communities (NYSE:APTS) ("PAC" or the "Company") today announced that it has entered into a definitive agreement with Blackstone Real Estate Income Trust, Inc. ("BREIT"), under which BREIT will acquire all outstanding shares of common stock of PAC for $25.00 per share in an all-cash transaction valued at approximately $5.8 billion. Under the terms of the agreement, BREIT will acquire PAC, which includes 44 high-quality multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced plans to release its fourth quarter and year ended 2021 earnings after the market closes on Monday, February 28, 2022. Following are the details of a conference call PAC will host on Tuesday, March 1, 2022, at 11:00 a.m. Eastern Time to discuss its fourth quarter and year ended 2021 results. To participate in the conference call, please dial in to the following and enter 5239504 as the passcode: Live Conference Call Details Domestic Dial-in Number: (877) 883-0383 International Dial-in Number: (412) 902-6506 Company: Preferred Apartment Communities, Inc. Date: Tuesday, March 1, 2022 Time: 11:00 a.m.
Total Revenues $111.0 million for Q3 2021; $345.4 million for the nine months ended September 30, 2021 ______________ Net Loss Per Share ($0.92) per share for Q3 2021; ($2.30) per share for the nine months ended September 30, 2021 ______________ Core FFO per Share* $0.28 per share for Q3 2021; $0.86 per share for the nine months ended September 30, 2021 ______________ AFFO Per Share* $0.40 per share for Q3 2021; $0.75 per share for the nine months ended September 30, 2021 ______________ Multifamily Same Store Results* Same-store rental and other property revenues increased 7.5% and same-store net operating income increased 8.8% for Q3 year over year ______________ Four Multif
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced plans to release its third quarter 2021 earnings after the market closes on Monday, November 8, 2021. Following are the details of a conference call PAC will host on Tuesday, November 9, 2021 at 11:00 a.m. Eastern Time to discuss its third quarter 2021 results. To participate in the conference call, please dial in to the following and enter 5239504 as the passcode: Live Conference Call Details Domestic Dial-in Number: (877) 883-0383 International Dial-in Number: (412) 902-6506 Company: Preferred Apartment Communities, Inc. Date: Tuesday, November 9, 2021 Time: 11:00 a.m. Eastern Time (8:00 a.m. Pac
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that on September 17, 2021 it completed the acquisition of Solis Chestnut Farm, a 256-Unit Class A multifamily community in the Charlotte, North Carolina MSA. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210928006096/en/Solis Chestnut Farm - Charlotte, NC (Photo: Business Wire) Jeff Sherman, the Company's President of Multifamily said, "Chestnut Farm is a second-to-none, Class A property in the affluent Charlotte suburb of Matthews. Additionally, Chestnut Farm is uniquely advantaged with an inimitable amenity – a 265-acre park directly co
Extending Crawford Board to Ten Directors Crawford & Company® (NYSE:CRD) is pleased to announce the appointment of Joel Murphy as an independent director, effective June 25, 2024. Murphy boasts an impressive background with 35 years of experience in national capital markets, real estate acquisition and development, market analysis, board membership and legal expertise. From 2019 to 2022, Murphy served as president, CEO and board chair of Preferred Apartment Communities, Inc. (PAC) (NYSE:APTS). Prior to becoming CEO of PAC, Murphy founded and grew New Market Properties, LLC as a wholly owned subsidiary of PAC and served as president. Currently, he is chief executive officer of Murphy Cap
Blackstone (NYSE:BX) and Preferred Apartments Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that Blackstone Real Estate Income Trust, Inc. ("BREIT") has completed its previously announced acquisition of PAC for $25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately $5.8 billion. The holders of each series of PAC's preferred stock will receive the $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest. As a result of the transaction, PAC's common stock will no longer be listed on any public market. Joel T. Murphy, PAC's Chairman and Chief Ex
ATLANTA, June 21, 2022 /PRNewswire/ -- NewStar Exchange (the "Company") announced today its acquisition of The Residences at Village Park Center, a built-to-rent single family residential community located in The Villages, approximately 55 miles northwest of Orlando, Florida. According to the U.S. Census Bureau, The Villages was the fastest growing U.S. metropolitan area for 2010 – 2019, and it is the largest active adult community in the world, with a total population of more than 130,000 spanning three counties and approximately 33,000 acres. The property is 100% leased and
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") announced that, at the reconvened special meeting of stockholders (the "Special Meeting") held today, its stockholders approved the acquisition of PAC by Blackstone Real Estate Income Trust, Inc. Based on the preliminary voting results provided by the independent Inspector of Election, over 99% of votes cast were in favor of the transaction. PAC will provide final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K to be filed with the U.S. Securities and Exchange Commission. The transaction is expected to close on or about June 23, 2022, subject to the satisfac
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC") today announced that independent proxy advisory firm Egan-Jones Proxy Services has recommended that PAC stockholders vote "FOR" the previously announced all-cash acquisition of PAC by Blackstone Real Estate Income Trust, Inc. ("BREIT") at PAC's Special Meeting of Stockholders (the "Special Meeting") scheduled to reconvene on June 17, 2022 at 11:00 a.m., Eastern Time. Independent proxy advisory firms Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. recently issued the same voting recommendation. As previously announced, PAC and affiliates of BREIT have entered into a definitive merger agreement pursuant to which
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") today announced that PAC has re-opened exercises of warrants to purchase shares of Common Stock of the Company (the "Company Warrants") due to the adjournment of the special meeting of stockholders to consider and vote on, among other things, the all-cash acquisition of PAC by Blackstone Real Estate Income Trust, Inc. ("BREIT"). Company Warrants can be exercised beginning today through the close of business on June 15, 2022 (the "Cut-Off Date"). PAC will again suspend exercises of the Company Warrants after the Cut-Off Date, which will enable PAC to obtain an accurate count of securities and will facilitate payment
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") announced that it adjourned today's Special Meeting of Stockholders (the "Special Meeting") until June 17, 2022. The Company today convened and then adjourned the Special Meeting to consider and vote on, among other things, a proposal to approve the all-cash acquisition of the Company by Blackstone Real Estate Income Trust, Inc. (the "Merger Proposal") pursuant to the terms of the Agreement and Plan of Merger, dated as of February 16, 2022. The Special Meeting is being adjourned to provide stockholders with additional time to vote on the Merger Proposal. The required vote to approve the Merger Proposal is two-thir
All Stockholders are Encouraged to Vote Today! Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC" or the "Company") is reminding all stockholders that its previously scheduled special meeting to approve the all-cash acquisition by Blackstone Real Estate Income Trust, Inc. is scheduled for June 7, 2022. If the merger is completed, PAC stockholders will be entitled to receive $25.00 in cash, without interest and less any applicable withholding taxes, in exchange for each share of common stock they own. Stockholders who held shares of common stock as of April 11, 2022, the record date for the special meeting, are entitled to vote. All stockholders are encouraged to vote immediately as
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC") today announced that Glass, Lewis & Co., another leading independent proxy advisory firm, has joined Institutional Shareholder Services Inc. ("ISS") in recommending that stockholders vote "FOR" the previously announced all-cash acquisition of PAC by Blackstone Real Estate Income Trust, Inc. ("BREIT") at PAC's upcoming Special Meeting of Stockholders (the "Special Meeting") scheduled for June 7, 2022 at 9:00 a.m., Eastern Time. As previously announced, PAC and affiliates of BREIT have entered into a definitive merger agreement pursuant to which BREIT has agreed to acquire PAC for $25.00 per share of common stock. The proposed acquisi
Preferred Apartment Communities, Inc. (NYSE:APTS) ("PAC") today announced that a leading independent proxy advisory firm Institutional Shareholder Services Inc. ("ISS") has recommended that stockholders vote "FOR" the previously announced all-cash acquisition of PAC by Blackstone Real Estate Income Trust, Inc. ("BREIT") at PAC's upcoming Special Meeting of Stockholders (the "Special Meeting") scheduled for June 7, 2022 at 9:00 a.m., Eastern Time. As previously announced, PAC and affiliates of BREIT have entered into a definitive merger agreement pursuant to which BREIT has agreed to acquire PAC for $25.00 per share of common stock. The proposed acquisition is expected to be completed on or
Preferred Apartment (NYSE:APTS) reported quarterly earnings of $0.19 per share. This is a 24 percent decrease over earnings of $0.25 per share from the same period last year. The company reported $104.90 million in sales this quarter. This is a 9.33 percent decrease over sales of $115.70 million the same period last year.
Truist Securities analyst Michael Lewis maintains Preferred Apartment (NYSE:APTS) with a Hold and raises the price target from $17 to $25.
Preferred Apartment Communities, Inc. (NYSE:APTS) (“PAC” or the “Company”) announced today the expiration of the 30-day “go-shop” period set forth in the previously announced definitive merger agreement with Blackstone Real Estate Income Trust, Inc. (“BREIT”), dated as of February 16, 2022 (the “merger agreement”). Under the terms of the merger agreement, BREIT has agreed to acquire all the outstanding shares of the Company’s common stock for $25.00 per share in an all-cash transaction valued at approximately $5.8 billion. The “go-shop” period expired at 11:59 p.m. Eastern Time on March 18, 2022. During the “go-shop” period, at the direction of PAC’s board of directors (the “Board”), repres
Upgrades Barclays upgraded the previous rating for Equitrans Midstream Corp (NYSE:ETRN) from Underweight to Equal-Weight. Equitrans Midstream earned $0.07 in the fourth quarter, compared to $0.31 in the year-ago quarter. At the moment, the stock has a 52-week-high of $11.52 and a 52-week-low of $5.87. Equitrans Midstream closed at $6.45 at the end of the last trading period. Barclays upgraded the previous rating for WillScot Mobile Mini Holdings Corp (NASDAQ:WSC) from Equal-Weight to Overweight. In the fourth quarter, WillScot Mobile Mini showed an EPS of $0.32, compared to $0.20 from the year-ago quarter. At the moment, the stock has a 52-week-high of $42.00 and a 52-week-low of $24.
JonesTrading analyst Jason Stewart downgrades Preferred Apartment (NYSE:APTS) from Buy to Hold.
Preferred Apartment (NYSE:APTS) reported quarterly earnings of $0.24 per share. This is a 22.58 percent decrease over earnings of $0.31 per share from the same period last year.
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Preferred Apartment (NYSE:APTS) is set to give its latest quarterly earnings report on Monday, 2022-02-28. Here's what investors need to know before the announcement. Analysts estimate that Preferred Apartment will report an earnings per share (EPS) of $-0.65. Preferred Apartment bulls will hope to hear the company to announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Here's a look at Preferred Apartment's past performance and the resulting price change: Quarter Q
Preferred Apartment (NYSE:APTS) is set to give its latest quarterly earnings report on Monday, 2022-02-28. Here's what investors need to know before the announcement. Analysts estimate that Preferred Apartment will report an earnings per share (EPS) of $-0.65. Preferred Apartment bulls will hope to hear the company to announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Here's a look at Preferred Apartment's past performance and the resulting price change: Quarter Q
Blackstone Inc. (NYSE:BX) is acquiring Preferred Apartment Communities Inc. (NYSE:APTS) for $5.8 billion in an all-cash transaction. What Happened: The acquisition values Preferred Apartment at $25 per share. The purchase price represents a premium of approximately 39% over the unaffected closing stock price on Feb. 9, the date before a media report that uncovered the companies were exploring a deal. Blackstone is coordinating the acquisition through its Blackstone Real Estate Income Trust, and the deal encompasses Preferred Apartment’s portfolio of 44 multifamily communities totaling approximately 12,000 units and 54 grocery-anchored retail properties across the Southeast. Also included a