iCrowdNewswire Nov 26, 2020 12:45 PM ET
Preferred Apartment Communities, Inc. announced that holders of the Company’s common stock voted to approve both Proposal 1, a proposal to approve an Articles of Amendment to give bylaw access to common stockholders, and Proposal 2, a proposal to approve an Articles of Amendment to reduce the Company’s call option on its Series A Redeemable Preferred Stock from 10 years to 5 years. Of the 70.11% voting on Proposals 1 and 2, 97.75% and 95.4% voted in favor of Proposal 1 and Proposal 2, respectively.
“We are extremely pleased that our common stockholders were overwhelmingly supportive of our efforts to enhance our corporate governance and improve our capital flexibility,” said Joel T. Murphy, the Company’s President and Chief Executive Officer. Mr. Murphy added, “Our Board of Directors is committed to best practices in corporate governance and our effort to proactively provide bylaw access to our common stockholders is consistent with that goal. Further, with the passage of Proposal 2, PAC now has enhanced flexibility to strategically redeem our Series A preferred stock much earlier, so as to provide us with greater balance sheet and expense control flexibility. We believe all of these efforts should ultimately help drive long term earnings growth and value creation for our stockholders.”
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. 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 and Class A office buildings. 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. 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. Learn more at www.pacapts.com.