Preferred Apartment Communities announced that it intends to redeem 208,786 shares of its 6 percent Series A Redeemable Preferred Stock representing approximately 11 percent of the total outstanding shares of Series A Preferred Stock, on Nov. 24 ( the redemption date).
The called shares represent approximately 80 percent of all Series A Preferred Stock currently available to call at the company’s option. The shares of Series A Preferred Stock will be redeemed at their initial stated value of $1,000 per share, plus accrued and unpaid dividends up to, and including, the redemption date in an amount equal to $4 per share, for total proceeds of $1,004 per share. Payment will be made in cash.
“The recently completed sale of our student housing asse