PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, April 25, 9:00 AM
| This Slide: #266 of 620 |
Slide #266. Preferred Apartment Communities, Inc. — Preferred Stock Offering
Company:
Preferred Apartment Communities, Inc. (APTS)
Date announced:
5/8/2017
Shares Offered:
2,750,000
Date of Pricing:
5/9/2017
Price Per Share:
$15.25
Preferred Stock Offering Details:
Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it has agreed to sell 2,750,000 shares of its common stock in an underwritten public offering. In connection with this offering, PAC has granted the underwriters a 30-day option to purchase an additional 412,500 shares of its common stock. All shares in the offering are being offered by PAC. There can be no assurance as to whether or when the offering may be completed. PAC intends to use the net proceeds from this offering, including net proceeds from any exercise by the underwriters of their option to purchase additional shares of PAC's common stock, to repay outstanding indebtedness under PAC's existing senior secured revolving credit facility, and any remainder for other general corporate purposes, including making investments in accordance with PAC's investment objectives. -updated 5/9- Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced the pricing of an underwritten public offering of 2,750,000 shares of its common stock, offered at a price of $15.25 per share to the public. All of the shares in the offering are to be sold by PAC. The offering is expected to close on or about May 12, 2017, subject to the satisfaction of customary closing conditions. PAC has granted the underwriters a 30-day option to purchase up to an aggregate of 412,500 additional shares. PAC intends to use the net proceeds from this offering, including net proceeds from any exercise by the underwriters of their option to purchase additional shares of PAC's common stock, to repay outstanding indebtedness under PAC's existing senior secured revolving credit facility, and any remainder for other general corporate purposes, including making investments in accordance with PAC's investment objectives.
Preferred Apartment Communities is a holding company. Through its subsidiaries, Co. is a real estate investment trust, engaged primarily in the ownership and operation of multifamily properties, with select investments in grocery-anchored shopping centers. Co. operates within the following four operating segments: Residential Properties, which consists of its portfolio of residential multifamily communities; Financing, which consists of its portfolio of real estate loans, bridge loans, and other instruments; New Market Properties, which consists of its portfolio of grocery-anchored shopping centers; and Preferred Office Properties, which consists of its portfolio of office buildings.
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Avg. Broker Rec.
 
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Buy (3.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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