Key Developments: Preferred Apartment Communities Inc (APTS.A)
8.49USD
1 Aug 2013
$-0.30 (-3.41%)
$8.79
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Latest Key Developments (Source: Significant Developments)
Preferred Apartment Communities Inc Announces Acquisition
Preferred Apartment Communities Inc announced that its acquisition of a 96-unit townhome community located in Hampton, Virginia (Trail II) adjacent to the Company's 204-unit Trail Creek community (Trail I) for a purchase price of approximately $18.1 million. Trail II was completed in 2012 and has a current occupancy of approximately 94%. PAC intends to combine Trail II with Trail I and operate the combined properties as Trail Creek and brand it as a Preferred Apartment Community. PAC acquired Trail II pursuant to the terms of the purchase option that was executed when PAC made a mezzanine loan investment to partially finance the construction of Trail II. In connection with the acquisition, PAC's mezzanine loan was paid in full, including the payment of approximately $283,000 in an accrued exit fee. Full Article
Preferred Apartment Communities Inc's Trail Creek Apartments, LLC Enters Into Purchase And Sale Agreement With Oxford Hampton Partners LLC-Form 8-K
Preferred Apartment Communities Inc reported in its Form 8-K that on June 14, 2013, Trail Creek Apartments, LLC (Purchaser), a wholly owned subsidiary of Preferred Apartment Communities Operating Partnership, L.P. ("PAC-OP"), entered into a Purchase and Sale Agreement with Oxford Hampton Partners LLC (Seller) to acquire a fee simple interest in a 96-unit townhome community on approximately 10.2 acres in Hampton, Virginia (Trail II) for a purchase price of approximately $18.1 million, exclusive of acquisition-related and financing-related transaction costs. Purchaser is currently the owner of a 204-unit multifamily community located adjacent to Trail II (Trail I). Full Article
Preferred Apartment Communities Inc Increases Quarterly Common Stock Dividend
Preferred Apartment Communities Inc announced that Board of Directors has declared a quarterly dividend on its common stock of $0.15 per share for the second quarter of 2013, an increase of $.005 per share or approximately 3.4% from the prior quarterly dividend rate of $0.145 per share paid to common stockholders for the first quarter of 2013. This also represents a 20% overall increase in our common stock dividend since IPO and an annualized dividend growth rate of 10%. The dividend is payable on July 22, 2013 to all common stockholders of record as of June 26, 2013. Full Article
Preferred Apartment Communities Inc Announces First Quarter 2013 Common Stock and Series B Preferred Stock Dividends
Preferred Apartment Communities Inc announced that its Board of Directors has declared a quarterly dividend on its common stock of $0.145 per share of common stock payable April 22, 2013, to common stockholders of record on March 28, 2013. The Company also announced that its Board of Directors concurrently declared a quarterly dividend on its Series B Mandatorily Convertible Cumulative Perpetual Preferred Stock, or the Series B Preferred, of $0.145 per share of common stock that is issuable upon the conversion of the shares of Series B Preferred, pro-rata from the date of issuance of the Series B Preferred on January 16, 2013, payable April 22, 2013 to Series B Preferred stockholders of record on March 28, 2013. Full Article
Preferred Apartment Communities Inc Announces Acquisition of Three Multifamily Communities
Preferred Apartment Communities Inc announced its acquisition of three multifamily communities aggregating 928 apartment homes located in Atlanta, Georgia, Austin, Texas and suburban Raleigh, North Carolina utilizing a portion of the net proceeds from PAC's recently completed $40.0 million private placement transaction. Following the closings of these acquisitions, the multifamily communities will each be rebranded as a Preferred Apartment Community. Full Article
Preferred Apartment Communities Inc Announces $40.0 Million Private Placement
Preferred Apartment Communities Inc announced that it has entered into definitive purchase agreements with institutional accredited investors and closed a private placement transaction raising gross proceeds of $40.0 million. Under the terms of this transaction, PAC issued 40,000 shares of its Series B Mandatorily Convertible Cumulative Perpetual Preferred Stock at a purchase price of $1,000 per share. The Series B Preferred Stock will automatically be converted into shares of common stock of the Company following, and subject to, stockholder approval. The shares of Series B Preferred Stock have a conversion price of $7.00 per common share. The Company has agreed to file a resale registration statement by no later than April 15, 2013 for the purpose of registering the resale of the underlying shares of common stock into which the shares of Series B Preferred Stock are convertible following stockholder approval. The Company expects to use the net offering proceeds to acquire multifamily residential properties. Wunderlich Securities, Inc. and Compass Point Research & Trading, LLC acted as the lead placements agents for the private placement. Full Article
Preferred Apartment Communities Inc Declares Quarterly Dividend
Preferred Apartment Communities Inc announced that it has declared a quarterly dividend on its Common Stock of $0.145 per share for the fourth quarter 2012, a 3.6% increase from the prior quarterly dividend rate of $0.14 per share. The dividend will be paid on January 15, 2013 to all common stockholders of record as of December 31, 2012. Full Article
Preferred Apartment Communities Inc Announces Mezzanine Loan Investment Closing
Preferred Apartment Communities Inc announced that on August 31, 2012 it closed on a mezzanine loan investment of up to approximately $12.2 million to Oxford City Vista Apartments LLC (City Vista), a Georgia limited liability company, in connection with City Vista's plans to construct a 272-unit multifamily community in Pittsburgh, Pennsylvania. In connection with the mezzanine loan, the Company was granted an option to purchase the 272-unit apartment community between the 42nd and 45th months following the closing of the mezzanine loan for a pre-negotiated purchase price of approximately $43.6 million. Full Article
Preferred Apartment Communities Inc Announces Officer Realignment
Preferred Apartment Communities Inc announced that, effective as of August 15, 2012, it has realigned the duties and responsibilities of certain Officers and Directors of the Company. Leonard A. Silverstein, formerly the Company's Vice Chairman of the Board of Directors (Board), Executive Vice President, General Counsel and Secretary, has been appointed to the new positions of President and Chief Operating Officer, and remains a member of the Board. In connection with Mr. Silverstein's realignment of duties and responsibilities, John A. Williams will continue to serve as Chairman of the Board and Chief Executive Officer (CEO), and Daniel M. DuPree, the Company's independent Director, will serve as the Vice Chairman of the Board. In addition, Michael J. Cronin, the Company's Chief Accounting Officer and Treasurer, has been appointed Executive Vice President of the Company, and Jeffrey R. Sprain has been appointed General Counsel and Secretary of the Company. Full Article
Preferred Apartment Communities Inc Increases Quarterly Common Stock Dividend
Preferred Apartment Communities Inc announced that its Board of Directors has declared a quarterly dividend on its common stock of $0.14 per share for the third quarter 2012, an increase of approximately 7.7% from the prior quarterly dividend rate of $0.13 per share paid to common stockholders for the first two quarters of 2012. The dividend is payable on October 15, 2012 to all common stockholders of record as of September 28, 2012. Full Article

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