Preferred Apartment Communities, Inc. (NYSE:APTS) (“PAC” or the “Company”) has extended its external management agreement with Preferred Apartment Advisors, LLC (“PAA”).
Duff & Phelps served as exclusive financial advisor to the Conflicts Committee of PAC to determine the fairness of the amended management agreement.
The original management agreement was entered into concurrently with the Company's initial public offering in April 2011. It had a term of five years, followed by successive one-year terms unless either party terminated the agreement. The amended management agreement has a three-year evergreen term. No material changes were made to the overall fees payable to PAA for its services and the Company retains the right to terminate PAA for cause.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a real estate investment trust, which invests in the U.S. real estate market. It primarily acquires and operates multifamily apartment properties and retail properties.
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has been acquired by
Following an accelerated M&A process, Duff & Phelps sold the business and assets to Reynolds Catering Supplies Limited in a transaction which preserved the jobs of all 62 staff.
has been acquired by
Duff & Phelps achieved a business turnaround following 18 months of trading, during which time the theme park and additional properties were developed through investment of £35m. Exit was via CVA which enabled dividend to be paid to unsecured creditors.
has received a USD 40,000,000 Loan Facility.
has received a dual tranche credit facility.
has received a credit facility to finance the acquisition of
has completed a $378 million real property sale/leaseback transaction with a privately-held group of real property holding companies for skilled-nursing facilities.
March 21-22, 2018 Düsseldorf , Germany